<SEC-DOCUMENT>0001493152-21-030067.txt : 20211130
<SEC-HEADER>0001493152-21-030067.hdr.sgml : 20211130
<ACCEPTANCE-DATETIME>20211130132159
ACCESSION NUMBER:		0001493152-21-030067
CONFORMED SUBMISSION TYPE:	424B3
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20211130
DATE AS OF CHANGE:		20211130

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			theMaven, Inc.
		CENTRAL INDEX KEY:			0000894871
		STANDARD INDUSTRIAL CLASSIFICATION:	CABLE & OTHER PAY TELEVISION SERVICES [4841]
		IRS NUMBER:				680232575
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		424B3
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-260597
		FILM NUMBER:		211459010

	BUSINESS ADDRESS:	
		STREET 1:		1500 FOURTH AVENUE, SUITE 200
		CITY:			SEATTLE
		STATE:			WA
		ZIP:			98101
		BUSINESS PHONE:		775-600-2765

	MAIL ADDRESS:	
		STREET 1:		1500 FOURTH AVENUE, SUITE 200
		CITY:			SEATTLE
		STATE:			WA
		ZIP:			98101

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	THEMAVEN, INC.
		DATE OF NAME CHANGE:	20161209

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	INTEGRATED SURGICAL SYSTEMS INC
		DATE OF NAME CHANGE:	19960725
</SEC-HEADER>
<DOCUMENT>
<TYPE>424B3
<SEQUENCE>1
<FILENAME>form424b3.htm
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>Filed Pursuant to Rule 424(b)(3)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>Registration No. 333-260597</B></P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&#160;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>UP
TO 259,752,977 SHARES OF COMMON STOCK </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">This prospectus relates to the resale by certain
selling stockholders named in this prospectus (each, a &#8220;Selling Stockholder&#8221; and, collectively, the &#8220;Selling Stockholders&#8221;)
of up to 259,752,977 shares (the &#8220;Shares&#8221;) of our common stock, par value $0.01 per share (our &#8220;common stock&#8221;).
The Shares consist of (i) up to 203,226,131 shares of our common stock issued in connection with (1) the 2018 PIPE Investment
(as defined below), (2) the Debenture Conversions (as defined below), (3) the Preferred Stock Conversions (as defined below), (4) the
2021 PIPE Investment (as defined below) and (5) the Piggy-back Shares (as defined below); (ii) up to 2,375,000 shares of our common stock
issuable upon the exercise of outstanding Warrants (as defined below); and (iii) up to 54,151,846 shares of our common stock issuable
upon the conversion of outstanding shares of our Series H Convertible Preferred Stock (&#8220;Series H Preferred Stock&#8221;).</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT>&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Our
common stock is quoted on the OTC Markets Group, Inc.&#8217;s (the &#8220;OTCM&#8221;) OTCQX&#174; Best Market (the &#8220;OTCQX&#8221;)
under the symbol &#8220;MVEN.&#8221; The Shares covered by this prospectus may be sold at prevailing market prices or privately negotiated
prices. For additional information on the possible methods of sale that may be used by the Selling Stockholders, you should refer to
the section entitled &#8220;Plan of Distribution&#8221; beginning on page 23 of this prospectus. We do not know when or in what amount
the Selling Stockholders may offer these Shares. The Selling Stockholders may sell some, all, or none of the Shares offered by this prospectus.
The last sales price of our common stock was $0.56 on November 15, 2021.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">We
will receive the proceeds from any exercise of the Warrants for cash. The Selling Stockholders will receive all proceeds from
the sale of the Shares hereunder, and we will not receive any of the proceeds from their sale of the Shares hereunder.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">We
will bear all costs, expenses, and fees in connection with the registration of the Shares. The Selling Stockholders will bear all commissions
and discounts, if any, attributable to their respective sales of the Shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Investing
in shares of our common stock involves significant risks. You should read the section entitled &#8220;Risk Factors&#8221; beginning on
page 6 for a discussion of certain risk factors that you should consider before investing in our common stock. </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Neither
the Securities and Exchange Commission nor any state securities commission has approved or disapproved of the securities to be issued
under this prospectus or determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.
</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&#160;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>The
date of this prospectus is November 19, 2021.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Page</B></FONT></TD>
    </TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#a_001">CAUTIONARY
    STATEMENT REGARDING FORWARD-LOOKING STATEMENTS</A></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">i</FONT></TD>
    </TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#a_002">PROSPECTUS
    SUMMARY</A></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1</FONT></TD>
    </TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#a_003">THE
    OFFERING</A></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5</FONT></TD>
    </TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#a_004">RISK
    FACTORS</A></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">6</FONT></TD>
    </TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#a_005">USE
    OF PROCEEDS</A></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">19</FONT></TD>
    </TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#a_006">DETERMINATION
    OF OFFERING PRICE</A></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">19</FONT></TD>
    </TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#a_007">SELLING
    STOCKHOLDERS</A></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">20</FONT></TD>
    </TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#a_008">PLAN
    OF DISTRIBUTION</A></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">23</FONT></TD>
    </TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#a_009">DESCRIPTION
    OF OUR SECURITIES</A></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">25</FONT></TD>
    </TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#a_010">MARKET
    PRICE AND DIRECTOR INFORMATION</A></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">37</FONT></TD>
    </TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#a_011">BUSINESS</A></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">39</FONT></TD>
    </TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#a_013">MANAGEMENT&#8217;S
    DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</A></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">47</FONT></TD>
    </TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#a_014">MANAGEMENT</A></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">67</FONT></TD>
    </TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#a_015">EXECUTIVE
    COMPENSATION</A></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">74</FONT></TD>
    </TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#a_016">SECURITY
    OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT</A></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">84</FONT></TD>
    </TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#a_017">CERTAIN
    RELATIONSHIPS AND RELATED PERSON TRANSACTIONS</A></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">89</FONT></TD>
    </TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#a_018">LEGAL
    MATTERS</A></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">95</FONT></TD>
    </TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#a_019">EXPERTS</A></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">95</FONT></TD>
    </TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#a_020">WHERE
    YOU CAN FIND ADDITIONAL INFORMATION</A></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">95</FONT></TD>
    </TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#a_021">FINANCIAL
    STATEMENTS</A></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">F-1</FONT></TD>
    </TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">You
should rely only on the information contained in this prospectus. We have not, and the Selling Stockholders have not, authorized anyone
to provide you with different information. If anyone provides you with different information, you should not rely on it. We are not,
and the Selling Stockholders are not, making an offer to sell these securities in any jurisdiction where the offer or sale is not permitted.
You should assume that the information contained in this prospectus is accurate only as of the date on the front cover of this prospectus.
Neither the delivery of this prospectus nor any sale made in connection with this prospectus shall, under any circumstances, create any
implication that there has been no change in our affairs since the date of this prospectus or that the information contained in this
prospectus is correct as of any time after its date. Information contained on our website, or any other website operated by us, is not
part of this prospectus.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&#160;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">This
prospectus incorporates by reference market data and industry statistics and forecasts that are based on independent industry publications
and other publicly available information. Although we believe these sources are reliable, we do not guarantee the accuracy or completeness
of this information and we have not independently verified this information. Although we are not aware of any misstatements regarding
the market and industry data presented in this prospectus and the documents incorporated herein by reference, these estimates involve
risks and uncertainties and are subject to change based on various factors, including those discussed under the heading &#8220;Risk Factors&#8221;
contained in this prospectus and under similar headings in other documents that are incorporated by reference into this prospectus. Accordingly,
investors should not place undue reliance on this information.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><FONT ID="a_001"></FONT>CAUTIONARY
STATEMENT REGARDING FORWARD-LOOKING STATEMENTS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">This
prospectus contains statements that may constitute &#8220;forward-looking statements.&#8221; Forward-looking statements relate to future events or future performance and include, without
limitation, statements concerning our business strategy, future revenues, market growth, capital requirements, product introductions,
and expansion plans and the adequacy of our funding. Other statements contained in this prospectus that are not historical facts are
also forward-looking statements. We have tried, wherever possible, to identify forward-looking statements by terminology such as &#8220;may,&#8221;
&#8220;will,&#8221; &#8220;could,&#8221; &#8220;should,&#8221; &#8220;expects,&#8221; &#8220;anticipates,&#8221; &#8220;intends,&#8221;
&#8220;plans,&#8221; &#8220;believes,&#8221; &#8220;seeks,&#8221; &#8220;estimates,&#8221; and other comparable terminology.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Forward-looking
statements in this prospectus and in any document incorporated by reference in this prospectus may include, for example, statements about:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the
    impact of the novel coronavirus (&#8220;COVID-19&#8221;) pandemic; </FONT></TD></TR>

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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">our
    ability to attract new subscribers and to persuade existing subscribers to renew their subscriptions; </FONT></TD></TR>

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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">our
    ability to attract new advertisers and to persuade existing advertisers to continue to advertise on our digital media platform; </FONT></TD></TR>

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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">our
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">our
    ability to maintain an effective system of internal control over financial reporting; </FONT></TD></TR>

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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">our
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">our
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">our
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">other
    factors detailed under the section entitled &#8220;<I>Risk Factors</I>.&#8221; </FONT></TD></TR>
  </TABLE>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">These
forward-looking statements are based on information available as of the date of this prospectus and current expectations, forecasts,
and assumptions, and involve a number of judgments, risks, and uncertainties. Accordingly, forward-looking statements should not be relied
upon as representing our views as of any subsequent date, and we do not undertake any obligation to update forward-looking statements
to reflect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise,
except as may be required under applicable securities laws.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">As
a result of a number of known and unknown risks and uncertainties, our actual results or performance may be materially different from
those expressed or implied by these forward-looking statements. You should not place undue reliance on these forward-looking statements.</FONT></P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><FONT ID="a_002"></FONT>PROSPECTUS
SUMMARY</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.7pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>This
summary highlights selected information from this prospectus and may not contain all of the information that is important to you in making
an investment decision. Before investing in our securities, you should carefully read this entire prospectus, including our financial
statements and the related notes included in this prospectus and the information set forth under the headings &#8220;Risk Factors&#8221;
and &#8220;Management&#8217;s Discussion and Analysis of Financial Condition and Results of Operations.&#8221; See also the section entitled
&#8220;Where You Can Find Additional Information.&#8221; </I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Unless
context otherwise requires, references in this prospectus to &#8220;The Arena Group,&#8221; the &#8220;Company,&#8221; &#8220;we,&#8221;
&#8220;us,&#8221; or &#8220;our&#8221; refer to theMaven, Inc. and our subsidiaries.</I></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Our
Company</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.7pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">We
operate a best-in-class digital media platform (the &#8220;Platform&#8221;) empowering premium publishers who impact, inform, educate
and entertain. Our focus is on leveraging the Platform and iconic brands in targeted verticals to maximize the audience, improve engagement
and optimize monetization of digital publishing assets for the benefit of our users, our advertiser clients, and our owned and operated
properties as well as properties we run on behalf of independent publisher partners. We operate the media businesses for Sports Illustrated
(as defined below), own and operate TheStreet, Inc. (&#8220;TheStreet&#8221;) and College Spun Media, Inc. (&#8220;The Spun&#8221; and,
collectively, Sports Illustrated, TheStreet and The Spun are hereinafter referred to as our &#8220;Owned and Operated Businesses&#8221;),
and power more than 200 independent media publishers (each a &#8220;Publisher Partner&#8221;). Our strategy is to focus on key verticals
where audiences are passionate about a topic category (e.g., sports, finance) and where we can leverage the strength of our core brands
to grow audience and monetization both within our core brands as well as our Publisher Partners. Each Publisher Partner joins the Platform
by invitation-only and is drawn from premium media brands and independent publishing businesses with the objective of augmenting our
position in key verticals and optimizing the performance of the Partner. Because of the state-of-the-art technology and large scale of
the Platform and our expertise in search engine optimization (SEO), social media, subscription marketing and ad monetization, Publisher
Partners benefit from improved traffic and increased monetization. Additionally, we believe the lead brand within each vertical creates
a halo benefit for all Publisher Partners in the vertical while each of them adds to the breadth and quality of content. While they benefit
from these critical performance improvements they also may save substantially in costs of technology, infrastructure, advertising sales,
and member marketing and management.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.7pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Our
Corporate History and Background</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.7pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&#160;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.7pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">We
were originally incorporated in Delaware as Integrated Surgical Systems, Inc. (&#8220;Integrated&#8221;) in 1990. On October 11, 2016,
Integrated and TheMaven Network, Inc. (&#8220;Maven Network&#8221;) entered into a share exchange agreement (the &#8220;Share Exchange
Agreement&#8221;), whereby the stockholders of Maven Network agreed to exchange all of the then-issued and outstanding shares of common
stock for shares of common stock of Integrated. On November 4, 2016, the parties consummated a recapitalization pursuant to the Share
Exchange Agreement and, as a result, Maven Network became a wholly owned subsidiary of Integrated. Integrated changed its name to theMaven,
Inc. on December 2, 2016.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.7pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.7pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
September 20, 2021, we re-branded to &#8220;The Arena Group.&#8221;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.7pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Registrable
Shares</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.7pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">This
prospectus relates to an offering of up to 259,752,977 Shares that were previously issued to the Selling Stockholders or are issuable
to the Selling Stockholders upon exercise or conversion of certain securities held by them. The following sets forth descriptions of
the various private placements pursuant to which the Selling Stockholders obtained the Shares we are registering herein.</FONT></P>

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</DIV>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.7pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Common
Stock Issuances &#8211; 2018 PIPE Investment and 2021 PIPE Investment</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.7pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>&#160;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.7pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
January 4, 2018, we entered into a securities purchase agreement with The Mark and Tammy Strome Family Trust (&#8220;Strome Trust&#8221;),
pursuant to which we issued 1,200,000 shares of our common stock at a price of $2.50 per share (the &#8220;January 2018 SPA&#8221;).
In addition, we entered into a registration rights agreement, dated January 4, 2018, with Strome Trust (the &#8220;January 2018 Registration
Rights Agreement&#8221;), pursuant to which we agreed to register the 1,200,000 shares of our common stock for resale. On March 30, 2018,
we entered into another securities purchase agreement with Strome Trust, pursuant to which we issued 500,000 shares of our common stock
at a price of $2.50 per share (the &#8220;March 2018 SPA&#8221; and, together with the January 2018 SPA, the &#8220;2018 PIPE Investment&#8221;).
In addition, we entered into a registration rights agreement, dated March 30, 2018, with Strome Trust (the &#8220;March 2018 Registration
Rights Agreement&#8221;), pursuant to which we agreed to register the 500,000 shares of our common stock for resale.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.7pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
May 20 and 25, 2021, we entered into securities purchase agreements with several accredited investors (the &#8220;May 2021 SPAs&#8221;),
pursuant to which we sold an aggregate of 21,435,718 shares of our common stock, at a per share price of $0.70, for aggregate gross proceeds
of approximately $15.0 million in a private placement. On June 2, 2021, we entered into a securities purchase agreement with an accredited
investor (the &#8220;June 2021 SPA&#8221;), pursuant to which we sold an aggregate of 7,142,857 shares of our common stock at a per share
price of $0.70, for gross proceeds of approximately $5.0 million in a private placement. In connection with the
2021 PIPE Investment, we also entered into registration rights agreements with such investors (the &#8220;2021 PIPE Registration Rights
Agreements&#8221;), pursuant to which we agreed to register the shares of our common stock for resale on behalf of such investors.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.7pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.7pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Accordingly,
we are registering an aggregate of 29,564,288 shares of our common stock in connection with the 2018 PIPE Investment and the 2021
PIPE Investment.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.7pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.7pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Common
Stock Issuances &#8211; Debenture Conversions</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.7pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>&#160;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.7pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
December 12, 2018, we entered into securities purchase agreements (the &#8220;December 2018 SPAs&#8221;) with three accredited investors,
pursuant to which we issued to the investors the 12% Senior Secured Subordinated Debentures (the &#8220;Debentures&#8221;) in the aggregate
principal amount of approximately $13.1 million, which included (i) the roll-over of approximately $3.6 million, in the aggregate, in
principal and interest of those certain 10% original issue discount (&#8220;OID&#8221;) senior secured convertible debentures previously
issued to two of the investors in October 2018 and (ii) a placement fee of $540,000 to B. Riley FBR, Inc. (&#8220;B. Riley FBR&#8221;),
our placement agent in the offering. After taking into account legal fees and expenses of the investors, we received net proceeds of
approximately $9.0 million. On March 18 and 27, 2019, we entered into securities purchase agreements (the &#8220;March 2019 SPAs&#8221;)
with accredited investors, including our former Executive Chairman, John Fichthorn, pursuant to which we issued to the investors
the Debentures in the aggregate principal amount of approximately $2.0 million, which included placement fees of $114,000 payable to
B. Riley FBR for acting as our placement agent in the offering. After taking into account legal fees and expenses, we received net proceeds
of approximately $1.9 million. On April 8, 2019, we entered into a securities purchase agreement (the &#8220;April 2019 SPA&#8221;) with
an accredited investor, pursuant to which we issued to the investor the Debenture in the aggregate principal amount of $100,000. The
Debentures were due and payable on December 31, 2020, and interest accrued on the Debentures at the rate of 12% per annum, payable on
the earlier of conversion or the maturity date. The Debentures issued pursuant to the December 2018 SPAs had conversion prices of $0.33
per share, subject to adjustment. The Debentures issued pursuant to the March 2019 SPAs and the April 2019 SPA had conversion prices
of $0.40 per share, subject to adjustment. In connection with the December 2018 SPAs, the March 2019 SPAs, and the April 2019 SPA, we
entered into registration rights agreements with the investors (collectively, the &#8220;Debenture Registration Rights Agreements&#8221;),
pursuant to which we agreed to register for resale the shares of our common stock issuable upon conversion of the Debentures by the investors.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.7pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.7pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
December 31, 2020, noteholders converted the Debentures representing an aggregate of approximately $18.1 million of the then outstanding
principal and accrued but unpaid interest into 53,887,470 shares of our common stock at effective conversion per-share prices ranging
from $0.33 to $0.40 (collectively, the &#8220;Debenture Conversions&#8221;). We are registering an aggregate of 53,887,470 shares
of common stock that were issuable upon the Debenture Conversions.</FONT></P>

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</DIV>

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<DIV STYLE="border: Black 1.5pt solid; padding-right: 0.1in; padding-left: 0.1in"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>&#160;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.7pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Common
Stock Issuances &#8211; Preferred Stock Conversions</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.7pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>&#160;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.7pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
June 28, 2019, we issued shares of our Series I Convertible Preferred Stock (the &#8220;Series I Preferred Stock&#8221;), pursuant to
securities purchase agreements entered into with certain accredited investors (the &#8220;Series I SPAs&#8221;). In accordance with the
Series I SPAs, we issued an aggregate of 23,100 shares of Series I Preferred Stock at a stated value of $1,000, initially convertible
into 46,200,000 shares of our common stock at a conversion rate equal to the stated value divided by the conversion price of $0.50 per
share, for aggregate gross proceeds of approximately $23.1 million. In connection with the Series I SPAs, we entered into registration
rights agreements with the accredited investors (the &#8220;Series I Registration Rights Agreements&#8221;), pursuant to which we agreed
to register for resale the shares of our common stock issuable upon conversion of the Series I Preferred Stock.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.7pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.7pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
October 7, 2019, we issued shares of our Series J Convertible Preferred Stock (the &#8220;Series J Preferred Stock&#8221;), pursuant
to securities purchase agreements entered into with certain accredited investors (the &#8220;2019 Series J SPAs&#8221;). In accordance
with the 2019 Series J SPAs, we issued an aggregate of 20,000 shares of Series J Preferred Stock at a stated value of $1,000, initially
convertible into 28,571,428 shares of our common stock at a conversion rate equal to the stated value divided by the conversion price
of $0.70 per share, for aggregate gross proceeds of approximately $20.0 million. On September 4, 2020, we issued additional shares of
our Series J Preferred Stock pursuant to securities purchase agreements entered into with two accredited investors (the &#8220;2020 Series
J SPAs&#8221; and, together with the 2019 Series J SPAs, the &#8220;Series J SPAs&#8221;). In accordance with the 2020 Series J SPAs,
we issued an aggregate of 10,500 shares of Series J Preferred Stock at a stated value of $1,000 per share, initially convertible into
15,000,000 shares of our common stock at a conversion rate equal to the stated value divided by the conversion price of $0.70, for aggregate
gross proceeds of approximately $6.0 million. In connection with the Series J SPAs, we entered into registration rights agreements with
the accredited investors, pursuant to which we agreed to register for resale the shares of our common stock issuable upon conversion
of the Series J Preferred Stock.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.7pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.7pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Between
October 23, 2020 and November 11, 2020, we entered into several securities purchase agreements with accredited investors (the &#8220;Series
K SPAs&#8221;), pursuant to which we issued an aggregate of 18,042 of Series K Convertible Preferred Stock (the &#8220;Series K Preferred
Stock&#8221;) at a stated value of $1,000 per share, initially convertible into 45,105,000 shares of our common stock at a conversion
rate equal to the stated value divided by the conversion price of $0.40 per share, for aggregate gross proceeds of approximately
$18.0 million. In connection with the Series K SPAs, we entered into registration rights agreements with the accredited investors (the
&#8220;Series K Registration Rights Agreements&#8221;), pursuant to which we agreed to register for resale the shares of our common stock
issuable upon conversion of the Series K Preferred Stock.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.7pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.7pt; text-align: justify">On December 18, 2020, we filed a Certificate
of Amendment to our Certificate of Incorporation (the &#8220;Certificate of Amendment&#8221;), to increase the number of authorized shares
of our common stock. Upon the filing of the Certificate of Amendment, all of our then issued and outstanding shares of Series I Preferred
Stock, Series J Preferred Stock, and Series K Preferred Stock automatically converted into shares of our common stock (the &#8220;Preferred
Stock Conversions&#8221;). Accordingly, we are registering for resale 45,200,000 shares of our common stock that were issued upon
conversion of the Series I Preferred Stock, 40,562,165 shares of our common stock that were issued upon conversion of the Series
J Preferred Stock, and 29,917,500 shares of our common stock that were issued upon conversion of the Series K Preferred Stock.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.7pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.7pt; text-align: justify"><I>Common Stock Issuances &#8211; Piggy-back
Shares </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.7pt; text-align: justify"><I>&#160;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.7pt; text-align: justify">We previously granted a stockholder piggy-back
registration rights with respect to 4,094,708 shares of our common stock in connection with a settlement and release (the &#8220;Piggy-back
Shares&#8221;). Accordingly, we are registering for resale all 4,094,708 shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.7pt; text-align: justify">&#160;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.7pt; text-align: justify"><I>Common Stock Issuable Upon Exercise of
Warrants</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.7pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>&#160;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.7pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
June 15, 2018, we modified the January 2018 SPA and the March 2018 SPA, to eliminate a make-whole provision under which we were committed
to issue up to 1,700,000 shares of our common stock in certain circumstances. The modification removed the prior uncertainty of our obligation
under these agreements. In exchange for the modification, we issued to a designee of Strome Trust a common stock purchase warrant to
purchase up to 1,500,000 shares of our common stock (the &#8220;Strome Warrant&#8221;). The Strome Warrant is exercisable for a period
of five years at an initial exercise price of $1.19 per share, which has been adjusted to $0.50 per share. Pursuant to the March 2018
Registration Rights Agreement entered into with Strome Trust, we agreed to register for resale the 1,500,000 shares of our common stock
underlying the Strome Warrant.</FONT></P>

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</DIV>

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<DIV STYLE="border: Black 1.5pt solid; padding-right: 0.1in; padding-left: 0.1in"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.7pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
October 18, 2018, we entered into securities purchase agreements with two accredited investors, pursuant to which we issued warrants
exercisable for up to 875,000 shares of our common stock (the &#8220;2018 Warrants&#8221; and, together with the Strome Warrant, the
&#8220;Warrants&#8221;), among other securities. The 2018 Warrants are exercisable for a period of seven years at an initial exercise
price of $1.00 per share, subject to customary anti-dilution and other adjustments. The 2018 Warrants also provide that upon the consummation
of a subsequent financing, the $1.00 exercise price will be adjusted to (i) in the event that the security issued in such subsequent
financing is shares of our common stock, 125% of the effective per share purchase price of our common stock in such subsequent financing,
(ii) in the event that the security issued in such subsequent financing is a common stock equivalent, 100% of the effective per-share
purchase price of our common stock underlying the common stock equivalent issued in such subsequent financing, or (iii) in the event
that the primary securities issued in such subsequent financing includes a combination of shares of our common stock and common stock
equivalents, the greater of (a) 125% of the effective per share purchase price of shares of our common stock issued in such subsequent
financing or (b) 100% of the effective per share purchase price of the shares of our common stock underlying the common stock equivalents.
The securities purchase agreements granted the investors piggyback registration rights, pursuant to which we agreed that if we file with
the Securities and Exchange Commission (the &#8220;SEC&#8221;) a registration statement relating to an offering of our common stock of
our own account or the account of others under the Securities Act of 1933, as amended (&#8220;Securities Act&#8221;), other than
on a Form S-4 or a Form S-8, we would notify the investors and provide them with the opportunity to have the shares of our common stock
underlying the 2018 Warrants registered for resale. If at any time after the six-month anniversary of the issuance of the 2018 Warrants,
there is no effective registration statement covering the resale of the shares of our common stock underlying the 2018 Warrants, the
2018 Warrants may be exercised on a cashless basis. The current exercise price of the 2018 Warrants is $0.33 per share.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.7pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Accordingly,
we are registering an aggregate of 2,375,000 shares of our common stock that may be issuable upon the exercise of outstanding Warrants.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.7pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.7pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Common
Stock Issuable Upon Conversion of Series H Preferred Stock </I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.7pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>&#160;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.7pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
August 10, 2018, we entered into securities purchase agreements (&#8220;2018 Series H SPAs&#8221;) with certain accredited investors
pursuant to which we issued an aggregate of 19,399 shares of Series H Preferred Stock at a stated value of $1,000, initially convertible
into 58,784,848 shares of our common stock, at the option of the holder subject to certain limitations, at a conversion right
equal to the stated value divided by the conversion price of $0.33 per share, for aggregate gross proceeds of approximately $19.4 million.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.7pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.7pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Between
August 14, 2020 and August 20, 2020, we entered into several securities purchase agreements (&#8220;2020 Series H SPAs&#8221;) for the
sale of additional shares of Series H Preferred Stock with certain accredited investors, pursuant to which we issued an aggregate of
2,253 shares, at a stated value of $1,000 per share, initially convertible into 6,825,000 shares of our common stock at a conversion
rate equal to the stated value divided by the conversion price of $0.33 per share, for aggregate gross proceeds of approximately $2.7
million. On October 28, 2020, we entered into a mutual rescission agreement with two of the investors, pursuant to which the securities
purchase agreements associated with 2,145 shares of Series H Preferred Stock were rescinded and deemed null and void. All the
shares of Series H Preferred Stock automatically convert into shares of our common stock on the fifth anniversary of the closing date
at the then-conversion price. Finally, on October 31, 2020, we entered into an exchange agreement with a former executive officer pursuant
to which he agreed to convert the outstanding principal amount, plus accrued but unpaid interest, owed to him pursuant to promissory
notes into 389 shares of Series H Preferred Stock, at a stated value of $1,000 per share, initially convertible into 1,178,788 shares
of our common stock at a conversion rate equal to the stated value divided by the conversion price of $0.33 per share.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.7pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.7pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">In
connection with the issuance of the Series H Preferred Stock, we also entered into registration rights agreements with the investors,
pursuant to which we agreed to register the shares issuable upon conversion of the Series H Preferred Stock for resale. Accordingly,
we are registering up to 54,151,846 shares of our common stock issuable upon the conversion of issued and outstanding shares of
Series H Preferred Stock.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.7pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">See
&#8220;Description of Our Securities &#8211; Registrable Shares&#8221; for a more detailed description of the transactions.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.7pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Corporate
Information </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.7pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">We
are a Delaware corporation. Our principal executive office is located at 200 Vesey Street, 24<SUP>th</SUP> Floor, New York, New York,
10281. Our telephone number is (212) 321-5002. Our website address is www.thearenagroup.net. Information on or accessed through our website
is not incorporated into this prospectus and is not a part of this prospectus.</FONT></P>

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</DIV>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><FONT ID="a_003"></FONT>THE
OFFERING</B></FONT></P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 40%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Issuer</I></B></FONT></TD>
    <TD STYLE="width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">theMaven,
    Inc.</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Securities
    Being Offered by the Selling Stockholders:</I></B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><P STYLE="margin-top: 0; margin-bottom: 0">Up to 259,752,977
                                            Shares, including: (i) up to 203,226,131 shares of our common stock issued in
                                            connection with (1) the 2018 PIPE Investment, (2) the Debenture Conversions, (3) the Preferred
                                            Stock Conversions, (4) the 2021 PIPE Investment and (5) the Piggy-back Shares; (ii) up to
                                            2,375,000 shares of our common stock issuable upon the exercise of outstanding Warrants;
                                            and (iii) up to 54,151,846 shares of our common stock issuable upon the conversion
                                            of outstanding shares of our Series H Preferred Stock.</P>
                                                                              <P STYLE="margin-top: 0; margin-bottom: 0"></P></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Offering
    Price:</I></B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
    Selling Stockholders may offer, sell, or distribute all or a portion of their Shares registered on their behalf hereby either through
    public or private transactions at prevailing market prices or privately negotiated prices. </FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Risk
    Factors:</I></B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
    Shares offered hereby involve a high degree of risk and should not be purchased by investors who cannot afford the loss of their
    entire investment. See &#8220;Risk Factors&#8221; for a discussion of the factors you should consider carefully before making an
    investment decision.</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Shares
    of Our Common Stock Issued and Outstanding Prior to the Offering:</I></B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">264,202,421
    </FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">shares (1)</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Use
    of Proceeds:</I></B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">We
    will not receive any proceeds from the sale of the Shares by the Selling Stockholders. However, we will receive proceeds from any
    exercise of the Warrants; provided, that such exercise is not on a cashless basis. We have agreed to bear the expenses relating to
    the registration of the Shares of the Selling Stockholders. See &#8220;Use of Proceeds.&#8221;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Trading
    Symbol:</I></B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Our
    common stock is currently quoted on the OTCQX under the symbol &#8220;MVEN.&#8221;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&#160;</B></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(1)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Unless
    we indicate otherwise, the number of shares of our common stock outstanding prior to this offering is based on 264,202,421
    shares of our common stock outstanding on November 9, 2021, and excludes the following: (i) 24,871,899 shares of our common
    stock issuable upon exercises of outstanding warrants, including the Warrants; (ii) 59,243,926 shares of our common stock issuable
    upon conversions of the Series H Preferred Stock; (iii) 127,078,476 shares of our common stock issuable upon exercises of
    outstanding option awards; (iv) 40,177,275 shares of our common stock issuable upon vesting of outstanding restricted stock
    units and restricted stock awards; (v) 188,791 shares of our common stock issuable upon conversion of Series G Preferred Stock, and
    (vi) 22,403,810 shares of our common stock reserved for issuance under the 2019 Equity Incentive Plan (the &#8220;2019 Plan&#8221;).</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&#160;</B></FONT></P>

</DIV>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><FONT ID="a_004"></FONT>RISK
FACTORS</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>An
investment in our securities involves a high degree of risk. You should carefully consider the risks described below before making an
investment decision. Our business, prospects, financial condition, or operating results could be harmed by any of these risks, as well
as other risks not currently known to us or that we currently consider immaterial. The trading price of our securities could decline
due to any of these risks, and, as a result, you may lose all or part of your investment. </I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>In
the course of conducting our business operations, we are exposed to a variety of risks. Any of the risk factors we describe below have
affected or could materially adversely affect our business, financial condition, and results of operations. The market price of shares
of our common stock could decline, possibly significantly or permanently, if one or more of these risks and uncertainties occurs. Certain
statements in &#8220;Risk Factors&#8221; are forward-looking statements. See &#8220;Cautionary Note Regarding Forward-Looking Statements.&#8221;
</I></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>RISKS
RELATED TO OUR BUSINESS AND OUR FINANCIAL CONDITION</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Our
business operations have been and may continue to be materially and adversely affected by the outbreak of COVID-19. </I></B>An outbreak
of respiratory illness caused by COVID-19 emerged in late 2019 and has spread globally. In March 2020, the World Health Organization
declared the outbreak of COVID-19 as a pandemic based on the rapid increase in global exposure. COVID-19 continues to spread throughout
the world. Many national governments and sports authorities around the world made the decision to postpone/cancel high attendance sports
events in an effort to reduce the spread of the COVID-19 virus. In addition, many governments and businesses limited non-essential work
activity, furloughed, and/or terminated many employees and closed some operations and/or locations, all of which has had a negative impact
on the economic environment.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&#160;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Beginning
in March 2020, as a result of the COVID-19 pandemic, our revenue and earnings began to decline largely due to the cancellation of high
attendance sports events and the resulting decrease in traffic to the Platform and advertising revenue. This initial decrease in revenue
and earnings were partially offset by revenues generated by TheStreet, as well as some recovery of sporting events (including, in some
cases, limited in-person attendance) that have generated content for the media business (the &#8220;Sports Illustrated Licensed Brands&#8221;)
of Sports Illustrated (&#8220;Sports Illustrated&#8221;) that we have the right to operate pursuant to the licensing agreement, as amended
by Amendment No. 1 dated September 1, 2019, Amendment No. 2 dated April 1, 2020, Amendment No. 3 dated July 28, 2020, Amendment No. 4
dated June 4, 2021, and side letter dated June 4, 2021 (collectively, the &#8220;Sports Illustrated Licensing Agreement&#8221;), we previously
entered into with ABG-SI LLC (&#8220;ABG&#8221;). Through 2021, we have increasingly seen sports leagues and events return to pre-pandemic
scheduling, as well as additional lifting of restrictions on in-person attendance at sporting events, which have continued to result
in some recovery of our operational and financial performance. Despite this initial recovery, the future impact, or continued impact,
from the COVID-19 pandemic remains uncertain.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
extent of the impact on our operational and financial performance will depend, in part, on future developments, including the duration
and spread of the COVID-19 pandemic, related group gathering and sports event advisories and restrictions, and the extent and effectiveness
of containment actions taken, all of which remain uncertain at the time of issuance of our accompanying consolidated financial statements.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">These
and other impacts of the COVID-19 pandemic, or other pandemics or epidemics, could have the effect of heightening many of the other risks
described in this Annual Report under this &#8220;Risk Factors&#8221; section.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Because
of the effects of COVID-19 pandemic and the uncertainty about their persistence, we may need to raise more capital to continue operations.
</I></B>At September 30, 2021, we had cash of approximately $8.2 million. We have seen stabilization in our markets since May
2020 and believe that based on our current assessment of the impact of COVID-19, we have sufficient resources to fully fund our business
operations through 12 months from the filing date of this registration statement. However, due to the continuing uncertainty regarding
the duration of the impact of COVID-19 and its effect on our financial performance and the potential that our traffic and advertising
revenue becomes destabilized again, we may require additional capital. We have not had difficulties accessing the capital markets during
2020 and 2021, however, due to the continuing uncertainty surrounding COVID-19, we may experience difficulties in the future.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>As
market conditions present uncertainty as to our ability to secure additional capital, there can be no assurances that we will be able
to secure additional financing on acceptable terms, or at all, as and when necessary to continue to conduct operations. </I></B>Our future
liquidity and capital requirements will depend upon numerous factors, including the success of our offerings and competing technological
and market developments. We may need to raise funds through public or private financings, strategic relationships, or other arrangements.
There can be no assurance that such funding will be available on terms acceptable to us, or at all. Furthermore, any equity financing
may be dilutive to existing stockholders, and debt financing, if available, may involve restrictive covenants that may limit our
operating flexibility with respect to certain business matters. Strategic arrangements may require us to relinquish our rights or grant
licenses to some or substantial parts of our intellectual property. If funds are raised through the issuance of equity securities, the
percentage ownership of our stockholders will be reduced, stockholders may experience additional dilution in net book value per share,
and such equity securities may have rights, preferences, or privileges senior to those of the holders of our existing capital stock.
If adequate funds are not available on acceptable terms, we may not be able to continue operating, develop or enhance products, take
advantage of future opportunities, or respond to competitive pressures, any of which could have a material adverse effect on our business,
operating results, and financial condition.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>We
have incurred losses since our inception, have yet to achieve profitable operations, and anticipate that we will continue to incur losses
for the foreseeable future.</I></B> We have had losses from inception, and as a result, have relied on capital funding or borrowings
to fund our operations. Our accumulated deficit as of December 31, 2020 was approximately $162.1 million. Our accumulated deficit as
of September 30, 2021 was approximately $233.1 million. While we anticipate generating positive cash flow in fiscal 2021,
the uncertainty surrounding the COVID-19 pandemic yields some doubt as to our ability to do so and could require us to raise additional
capital. We cannot predict whether we will be able to continue to find capital to support our business plan if the negative effects of
the COVID-19 pandemic continue longer than anticipated.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>We
identified material weaknesses in our internal control over financial reporting. If we do not adequately address these material weaknesses
or if other material weaknesses or significant deficiencies in our internal control over financial reporting are discovered, our financial
statements could contain material misstatements and our business, operations and stock price may be adversely affected. </I></B>As disclosed
under Item 9A, <I>Controls and Procedures</I>, of our Annual Report on Form 10-K for the year ended December 31, 2020 (the &#8220;Annual
Report&#8221;), our management identified material weaknesses in our internal control over financial reporting at December 31, 2020.
We continued to have material weaknesses in our internal controls over financial reporting at March 31, 2021, June 30, 2021, and
September 30, 2021. We expect to have remediated our material weaknesses in our internal control over financial reporting by December
31, 2021, of which there can be no assurance. Under standards established by the Public Company Accounting Oversight Board, a material
weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable
possibility that a material misstatement of our financial statements will not be prevented or detected on a timely basis. Although no
material misstatement of our historical financial statements was identified, the existence of these material weaknesses or significant
deficiencies could result in material misstatements in our financial statements and we could be required to restate our financial statements.
Further, significant costs and resources may be needed to remediate the identified material weaknesses or any other material weaknesses
or internal control deficiencies. If we are unable to remediate, evaluate, and test our internal controls on a timely basis in the future,
management will be unable to conclude that our internal controls are effective and our independent registered public accounting firm
will be unable to express an unqualified opinion on the effectiveness of our internal controls. If we cannot produce reliable financial
reports, investors may lose confidence in our financial reporting, the price of our common stock could be adversely impacted and we could
be subject to sanctions or investigations by the SEC or other regulatory authorities, which could negatively impact our business, financial
condition, and results of operations.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">As
of the date of filing this registration statement, we currently lack certain internal controls over our financial reporting. While we
have six independent directors serving on our board of directors (our &#8220;Board&#8221;), have added to our accounting staff, and have
hired a Chief Technology Officer, we are still implementing such internal controls at this time. The lack of such controls makes it difficult
to ensure that information required to be disclosed in our reports filed and submitted under the Securities Exchange Act of
1934, as amended (the &#8220;Exchange Act&#8221;), is recorded, processed, summarized, and reported as and when required.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">We
cannot assure you that we will be able to develop and implement the necessary internal controls over financial reporting. The absence
of such internal controls may inhibit investors from purchasing our shares and may make it more difficult for us to raise debt or equity
financing.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>If
we fail to retain current users or add new users, or if our users decrease their level of engagement with the Platform, our business
would be seriously harmed.</I></B> The success of our business heavily depends on the size of our user base and the level of engagement
of our users. Thus, our business performance will also become increasingly dependent on our ability to increase levels of user engagement
in existing and new markets. We are continuously subject to a highly competitive market in order to attract and retain our users&#8217;
attention. A number of factors could negatively affect user retention, growth, and engagement, including if:</FONT></P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 24px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">users
    increasingly engage with competing platforms instead of ours;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">we
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    we display;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">there
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">there
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    or other problems frustrate the user experience, particularly if those problems prevent us from delivering our products in a fast
    and reliable manner;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    our Publisher Partners, or other companies in our industry are the subject of adverse media reports or other negative publicity,
    some of which may be inaccurate or include confidential information that we are unable to correct or retract; or</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Any
decrease in user retention, growth, or engagement could render our products less attractive to users, advertisers, or our Publisher Partners,
thereby reducing our revenues from them, which may have a material and adverse impact on our business, financial condition, and results
of operations. In addition, there can be no assurance that we will succeed in developing products and services that eventually become
widely accepted, that we will be able to timely release products and services that are commercially viable, or that we will establish
ourselves as a successful player in a new business area. Our inability to do so would have an adverse impact on our business, financial
condition, and results of operations.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>&#160;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>The
market in which we participate is intensely competitive, and if we do not compete effectively, our operating results could be harmed.
</I></B>The digital media industry is fragmented and highly competitive. There are many players in the digital media market, many with
greater name recognition and financial resources, which may give them a competitive advantage. Some of our current and potential competitors
have substantially greater financial, technical, marketing, distribution, and other resources than we do. Our competitors may be able
to respond more quickly and effectively than we can to new or changing opportunities, technologies, standards, customer, and user requirements
and trends. In addition, our customers and strategic partners may become competitors in the future. Certain of our competitors may be
able to negotiate alliances with strategic partners on more favorable terms than we are able to negotiate. Pricing pressures and increased
competition generally could result in reduced sales, reduced margins, losses, or the failure of the Platform to achieve or maintain more
widespread market acceptance, any of which could adversely affect our revenues and operating results. With the introduction of new technologies,
the evolution of the Platform, and new market entrants, we expect competition to intensify in the future.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&#160;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>We
may have difficulty managing our growth.</I></B> We have added, and expect to continue to add, Publisher Partner and end-user support
capabilities, to continue software development activities, and to expand our administrative operations. In the past two years, we have
entered into multiple strategic transactions. These strategic transactions, which have significantly expanded our business, have and
are expected to place a significant strain on our managerial, operational, and financial resources. To manage any further growth, we
will be required to improve existing, and implement new, operational, customer service, and financial systems, procedures and controls
and expand, train, and manage our growing employee base. We also will be required to expand our finance, administrative, technical, and
operations staff. There can be no assurance that our current and planned personnel, systems, procedures, and controls will be adequate
to support our anticipated growth, that management will be able to hire, train, retain, motivate, and manage required personnel or that
our management will be able to successfully identify, manage and exploit existing and potential market opportunities. If we are unable
to manage growth effectively, our business could be harmed.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>The
strategic relationships that we may be able to develop and on which we may come to rely may not be successful.</I></B> We will seek to
develop strategic relationships with advertising, media, technology, and other companies to enhance the efforts of our market penetration,
business development, and advertising sales revenues. These relationships are expected to, but may not, succeed. There can be no assurance
that these relationships will develop and mature, or that potential competitors will not develop more substantial relationships with
attractive partners. Our inability to successfully implement our strategy of building valuable strategic relationships could harm our
business.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">We
rely heavily on our ability to collect and disclose data and metrics in order to attract new advertisers and retain existing advertisers.
Any restriction, whether by law, regulation, policy, or other reason, on our ability to collect and disclose data that our advertisers
find useful would impede our ability to attract and retain advertisers. Our advertising revenue could be seriously harmed by many other
factors, including:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
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<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
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<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
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<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    legal developments relating to advertising, including changes mandated by legislation, regulation, or litigation; and</FONT></TD></TR>

<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
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    and frustration from advertisers who may need to reformat or change their advertisements to comply with our guidelines.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
occurrence of any of these or other factors could result in a reduction in demand for advertisements, which may reduce the prices we
receive for our advertisements or cause advertisers to stop advertising with us altogether, either of which would negatively affect our
business, financial condition, and results of operations.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>&#160;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>The
sales and payment cycle for online advertising is long, and such sales, which were significantly impacted by the COVID-19 pandemic during
2020 and the beginning of 2021, may not occur when anticipated or at all.</I></B> The decision process is typically lengthy for brand
advertisers and sponsors to commit to online campaigns. Some of their budgets are planned a full year in advance. The COVID-19 pandemic
significantly impacted the amount and pricing of advertising throughout the media industry during 2020 and it is uncertain when and to
what extent advertisers will return to more normal spending levels. The decision process for such purchases, even in normal business
situations, is subject to delays and aspects that are beyond our control. In addition, some advertisers and sponsors take months after
the campaign runs to pay, and some may not pay at all, or require partial &#8220;make-goods&#8221; based on performance.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>We
are dependent on the continued services and on the performance of our key executive officers, management team, and other key personnel,
the loss of which could adversely affect our business. </I></B>Our future success largely depends upon the continued services of our
key executive officers, management team, and other key personnel. The loss of the services of any of such key personnel could have a
material adverse effect on our business, operating results, and financial condition. We depend on the continued services of our key personnel
as they work closely with both our employees and our Publisher Partners. Such key personnel are also responsible for our day-to-day operations.
Although we have employment agreements with some of our key personnel, these are at-will employment agreements, albeit with non-competition
and confidentiality provisions and other rights typically associated with employment agreements. We do not believe that any of our executive
officers are planning to leave or retire in the near term; however, we cannot assure that our executive officers or members of our management
team will remain with us. We also depend on our ability to identify, attract, hire, train, retain, and motivate other highly skilled
technical, managerial, sales, operational, business development, and customer service personnel. Competition for such personnel is intense,
and there can be no assurance that we will be able to successfully attract, assimilate, or retain sufficiently qualified personnel. The
loss or limitation of the services of any of our executive officers, members of our management team, or key personnel, including our
regional and country managers, or the inability to attract and retain additional qualified key personnel, could have a material adverse
effect on our business, financial condition, or results of operations.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>We
are dependent on the continued services and on the performance of key third party content contributors, the loss of which could adversely
affect our business. </I></B>We rely on content contributed by third party providers, which has in turn attracted users that drive advertising
and subscription revenue. The loss of the services of any of such key contributors could have a material adverse effect on our business,
operating results, and financial condition. Although we have service agreements with some of our key contributors, many are short term
in nature or have cancelation clauses in the agreements. We also depend on our ability to identify, attract, and retain, other highly
skilled third-party content contributors. Competition for such contributors is intense, and there can be no assurance that we will be
able to successfully attract, assimilate, or retain them. The loss or limitation of the services of any of our key third party contributors,
or the inability to attract and retain additional qualified key contributors, could have a material adverse effect on our business, financial
condition, or results of operations.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Our
revenues could decrease if the Platform does not continue to operate as intended. </I></B>The Platform performs complex functions and
is vulnerable to undetected errors or unforeseen defects that could result in a failure to operate or inefficiency. There can be no assurance
that errors and defects will not be found in current or new products or, if discovered, that we will be able to successfully correct
them in a timely manner or at all. The occurrence of errors and defects could result in loss of or delay in revenue, loss of market share,
increased development costs, diversion of development resources and injury to our reputation or damage to our efforts to expand brand
awareness.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Interruptions
or performance problems associated with our technology and infrastructure may adversely affect our business and operating results.</I></B>
Our growth will depend in part on the ability of our users and Publisher Partners to access the Platform at any time and within an acceptable
amount of time. We believe that the Platform is proprietary and we rely on the expertise of members of our engineering, operations, and
software development teams for their continued performance. It is possible that the Platform may experience performance problems due
to a variety of factors, including infrastructure changes, introductions of new functionality, human or software errors, capacity constraints
due to an overwhelming number of users accessing the Platform software simultaneously, denial of service attacks, or other security related
incidents. We may not be able to identify the cause or causes of any performance problems within an acceptable period of time. It may
be that it will be difficult to maintain and/or improve our performance, especially during peak usage times and as the Platform becomes
more complex and our user traffic increases. If the Platform software is unavailable or if our users are unable to access it within a
reasonable amount of time or at all, our business would be negatively affected. Therefore, in the event of any of the factors described
above, or certain other failures of our infrastructure, partner or user data may be permanently lost. Moreover, the partnership agreements
(&#8220;Partnership Agreements&#8221;) with our Publisher Partners include service level standards that obligate us to provide credits
or termination rights in the event of a significant disruption in the Platform. To the extent that we do not effectively address capacity
constraints, upgrade our systems as needed, and continually develop our technology and network architecture to accommodate actual and
anticipated changes in technology, our business and operating results may be adversely affected.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>&#160;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>We
operate our exclusive coalition of professional-managed online media channels on third party cloud platforms and data center hosting
facilities.</I></B> We rely on software and services licensed from, and cloud platforms provided by, third parties in order to offer
our digital media services. Any errors or defects in third-party software or cloud platforms could result in errors in, or a failure
of, our digital media services, which could harm our business. Any damage to, or failure of, these third-party systems generally could
result in interruptions in the availability of our digital media services. As a result of this third-party reliance, we may experience
the aforementioned issues, which could cause us to render credits or pay penalties, could cause our Publisher Partners to terminate their
contractual arrangements with us, and could adversely affect our ability to grow our audience of unique visitors, all of which could
reduce our ability to generate revenue. Our business would also be harmed if our users and potential users believe our product and services
offerings are unreliable. In the event of damage to, or failure of, these third-party systems, we would need to identify alternative
channels for the offering of our digital media services, which would consume substantial resources and may not be effective. We are also
subject to certain standard terms and conditions with Amazon Web Services and Google Cloud related to data storage purposes. These providers
have broad discretion to change their terms of service and other policies with respect to us, and those changes may be unfavorable to
us. Therefore, we believe that maintaining successful partnerships with Amazon Web Services, Google Cloud, and other third-party suppliers
is critical to our success.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Real
or perceived errors, failures, or bugs in the Platform could adversely affect our operating results and growth prospects. </I></B>Because
the Platform is complex, undetected errors, failures, vulnerabilities, or bugs may occur, especially when updates are deployed. Despite
testing by us, errors, failures, vulnerabilities, or bugs may not be found in the Platform until after they are deployed to our customers.
We expect from time to time to discover software errors, failures, vulnerabilities, and bugs in the Platform and anticipate that certain
of these errors, failures, vulnerabilities, and bugs will only be discovered and remediated after deployment to our Publisher Partners
and used by subscribers. Real or perceived errors, failures, or bugs in our software could result in negative publicity, loss of or delay
in market acceptance of the Platform, loss of competitive position, or claims by our Publisher Partners or subscribers for losses sustained
by them. In such an event, we may be required, or may choose, for customer relations or other reasons, to expend additional resources
in order to help correct the problem.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Malware,
viruses, hacking attacks, and improper or illegal use of the Platform could harm our business and results of operations. </I></B>Malware,
viruses, and hacking attacks have become more prevalent in our industry and may occur on our systems in the future. Any security breach
caused by hacking, which involves efforts to gain unauthorized access to information or systems, or to cause intentional malfunctions
or loss or corruption of data, software, hardware, or other computer equipment, and the inadvertent transmission of computer viruses
could harm our business, financial condition, and operating results. Any failure to detect such attack and maintain performance, reliability,
security and availability of products and technical infrastructure to the satisfaction of our users may also seriously harm our reputation
and our ability to retain existing users and attract new users.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Our
information technology systems are susceptible to a growing and evolving threat of cybersecurity risk. Any substantial compromise of
our data security, whether externally or internally, or misuse of agent, customer, or employee data, could cause considerable damage
to our reputation, cause the public disclosure of confidential information, and result in lost sales, significant costs, and litigation,
which would negatively affect our financial position and results of operations. Although we maintain policies and processes surrounding
the protection of sensitive data, which we believe to be adequate, there can be no assurances that we will not be subject to such claims
in the future.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>&#160;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>If
we are unable to protect our intellectual property rights, our business could suffer. </I></B>Our success significantly depends on our
proprietary technology. We rely on a combination of copyright, trademark and trade secret laws, employee and third-party non-disclosure
and invention assignment agreements and other methods to protect our proprietary technology. However, these only afford limited protection,
and unauthorized parties may attempt to copy aspects of the Platform&#8217;s features and functionality, or to use information that we
consider proprietary or confidential. There can be no assurance that the Platform will be protectable by patents, but if they are, any
efforts to obtain patent protection that is not successful may harm our business in that others will be able to use our technologies.
For example, previous disclosures or activities unknown at present may be uncovered in the future and adversely impact any patent rights
that we may obtain. In addition, the laws of some foreign countries do not protect proprietary rights to the same extent as do the laws
of the United States. There can be no assurance that the steps taken by us to protect our proprietary rights will be adequate or that
third parties will not infringe or misappropriate our trademarks, copyrights, and similar proprietary rights. If we resort to legal proceedings
to enforce our intellectual property rights, those proceedings could be expensive and time-consuming and could distract our management
from our business operations. Our business, profitability and growth prospects could be adversely affected if we fail to receive adequate
protection of our proprietary rights.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>We
could be required to cease certain activities and/or incur substantial costs as a result of any claim of infringement of another party&#8217;s
intellectual property rights.</I></B> Some of our competitors, and other third parties, may own technology patents, copyrights, trademarks,
trade secrets and website content, which they may use to assert claims against us. We cannot assure you that we will not become subject
to claims that we have misappropriated or misused other parties&#8217; intellectual property rights. Any claim or litigation alleging
that we have infringed or otherwise violated intellectual property or other rights of third parties, with or without merit, and whether
or not settled out of court or determined in our favor, could be time-consuming and costly to address and resolve, and could divert the
time and attention of our management and technical personnel.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
results of any intellectual property litigation to which we might become a party may require us to do one or more of the following:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">cease
    making, selling, offering, or using technologies or products that incorporate the challenged intellectual property;</FONT></TD></TR>

<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
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<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">make
    substantial payments for legal fees, settlement payments, or other costs or damages;</FONT></TD></TR>

<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
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<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">obtain
    a license, which may not be available on reasonable terms, to sell or use the relevant technology; or</FONT></TD></TR>

<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">redesign
    technology to avoid infringement.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">If
we are required to make substantial payments or undertake any of the other actions noted above as a result of any intellectual property
infringement claims against us, such payments or costs could have a material adverse effect upon our business and financial results.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>We
are subject to a variety of laws and regulations in the United States and abroad that involve matters central to our business, including
privacy, data protection, and personal information, rights of publicity, content, intellectual property, advertising, marketing, distribution,
data security, data retention and deletion, personal information, electronic contracts and other communications, competition, protection
of minors, consumer protection, telecommunications, employee classification, product liability, taxation, economic or other trade prohibitions
or sanctions, securities law compliance, and online payment services.</I></B> The introduction of new products, expansion of our activities
in certain jurisdictions, or other actions that we may take may subject us to additional laws, regulations, monetary penalties, or other
government scrutiny. In addition, foreign data protection, privacy, competition, and other laws and regulations can impose different
obligations or be more restrictive than those in the United States. Many of these laws and regulations are still evolving and could be
interpreted or applied in ways that could limit or harm our business, require us to make certain fundamental and potentially detrimental
changes to the products and services we offer, or subject us to claims. For example, laws relating to the liability of providers of online
services for activities of their users and other third-parties are currently being tested by a number of claims, including actions based
on invasion of privacy and other torts, unfair competition, copyright, and trademark infringement, and other theories based on the nature
and content of the materials searched, the ads posted, or the content provided by users. In addition, there have been calls by members
of Congress, from both parties, to limit the scope of the current immunities and safe harbors afforded online publishers with regard
to user content and communications under the federal Digital Millennium Copyright Act and the federal Communications Decency Act. Any
material reduction of those protections would make us more vulnerable to third party claims arising out of user content published by
our online services.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>&#160;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>
United States federal and state and foreign laws and regulations, which in some cases can be enforced by private parties in addition
to government entities, are constantly evolving and can be subject to significant change, which could adversely affect our business.
</I></B>As a result, the application, interpretation, and enforcement of these laws and regulations are often uncertain, particularly
in the new and rapidly evolving industry in which we operate and may be interpreted and applied inconsistently from country to country
and inconsistently with our current policies and practices. Any change in legislation and regulations could affect our business. For
example, regulatory or legislative actions affecting the manner in which we display content to our users or obtain consent to various
practices could adversely affect user growth and engagement. Such actions could affect the manner in which we provide our services or
adversely affect our financial results.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Furthermore,
significant penalties could be imposed on us for failure to comply with various statutes or regulations. Violations may result from:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
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<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
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<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
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<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
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<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">new
    regulations affecting our business; and</FONT></TD></TR>

<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">changes
    to, or interpretations of, existing regulations affecting our business.</FONT></TD></TR>
  </TABLE>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">While
we prioritize ensuring that our business and compensation model are compliant, and that any product or income related claims are truthful
and non-deceptive, we cannot be certain that the Federal Trade Commission (&#8220;FTC&#8221;) or similar regulatory body in another country
will not modify or otherwise amend its guidance, laws, or regulations or interpret in a way that would render our current practices inconsistent
with the same.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Our
services involve the storage and transmission of digital information; therefore, cybersecurity incidents, including those caused by unintentional
errors and those intentionally caused by third parties, may expose us to a risk of loss, unauthorized disclosure or other misuse of this
information, litigation liability and regulatory exposure, reputational harm and increased security costs. </I></B>We and our third-party
service providers experience cyber-attacks of varying degrees on a regular basis. We expect to incur significant costs in ongoing efforts
to detect and prevent cybersecurity-related incidents and these costs may increase in the event of an actual or perceived data breach
or other cybersecurity incident. The COVID-19 pandemic has increased opportunities for cyber-criminals and the risk of potential cybersecurity
incidents, as more companies and individuals work online. We cannot ensure that our efforts to prevent cybersecurity incidents will succeed.
An actual or perceived breach of our cybersecurity could impact the market perception of the effectiveness of our cybersecurity controls.
If our users or business partners, including our Publisher Partners, are harmed by such an incident, they could lose trust and confidence
in us, decrease their use of our services or stop using them in entirely. We could also incur significant legal and financial exposure,
including legal claims, higher transaction fees and regulatory fines and penalties, which in turn could have a material and adverse effect
on our business, reputation and operating results. While our insurance policies include liability coverage for certain of these types
of matters, a significant cybersecurity incident could subject us to liability or other damages that exceed our insurance coverage.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Prior
employers of our employees may assert violations of past employment arrangements.</I></B> Our employees are highly experienced, having
worked in our industry for many years. Prior employers may try to assert that our employees are breaching restrictive covenants and other
limitations imposed by past employment arrangements. We believe that all of our employees are free to work for us in their various capacities
and have not breached past employment arrangements. Notwithstanding our care in our employment practices, a prior employer may assert
a claim. Such claims will be costly to contest, highly disruptive to our work environment, and may be detrimental to our operations.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Our
products may require availability of components or known technology from third parties and their non-availability can impede our growth.
</I></B>We license/buy certain technology integral to our products from third parties, including open-source and commercially available
software. Our inability to acquire and maintain any third-party product licenses or integrate the related third-party products into our
products in compliance with license arrangements, could result in delays in product development until equivalent products can be identified,
licensed, and integrated. We also expect to require new licenses in the future as our business grows and technology evolves. We cannot
provide assurance that these licenses will continue to be available to us on commercially reasonable terms, if at all.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Government
regulations may increase our costs of doing business.</I></B> The adoption or modification of laws or regulations relating to online
media, communities, commerce, security, and privacy could harm our business, operating results, and financial condition by increasing
our costs and administrative burdens. It may take years to determine whether and how existing laws such as those governing intellectual
property, privacy, security, libel, consumer protection, and taxation apply. Laws and regulations directly applicable to Internet activities
are becoming more diverse and prevalent in all global markets. We must comply with regulations in the United States, as well as any other
regulations adopted by other countries where we may do business. The growth and development of Internet content, commerce and communities
may prompt calls for more stringent consumer protection laws, privacy laws and data protection laws, both in the United States and abroad,
as well as new laws governing the taxation of these activities. Compliance with any newly adopted laws may prove difficult for us and
may harm our business, operating results, and financial condition.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>We
may face lawsuits or incur liabilities in the future in connection with our businesses.</I></B> In the future, we may face lawsuits or
incur liabilities in connection with our businesses. For example, we could face claims relating to information that is published or made
available on the Platform. In particular, the nature of our business exposes us to claims related to defamation, intellectual property
rights and rights of publicity and privacy. We might not be able to monitor or edit a significant portion of the content that appears
on the Platform. This risk is enhanced in certain jurisdictions outside the United States where our protection from liability for third-party
actions may be unclear and where we may be less protected under local laws than we are in the United States. We could also face fines
or orders restricting or blocking our services in particular geographies as a result of content hosted on our services. If any of these
events occur, our business could be seriously harmed.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>RISKS
RELATED TO AN INVESTMENT IN OUR SECURITIES</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>There
may be no liquid market for our common stock. </I></B>We provide no assurances of any kind or nature whatsoever that an active market
for our common stock will ever develop. There has been no sustained activity in the market for our common stock. Investors should understand
that there may be no alternative exit strategy for them to recover or liquidate their investments in our common stock. Accordingly, investors
must be prepared to bear the entire economic risk of an investment in us for an indefinite period of time. Even if an active trading
market develops over time, we cannot predict how liquid that market might become. Our common stock is quoted on the OTCM&#8217;s OTCQX.
Trading in stock quoted on over-the-counter markets is often thin and characterized by wide fluctuations in trading prices, due to many
factors that may have little to do with our operations or business prospects. The trading price of our common stock is likely to be highly
volatile and could be subject to wide fluctuations in price in response to various factors, some of which are beyond our control. These
factors include:</FONT></P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Quarterly
    variations in our results of operations or those of our competitors;</FONT></TD></TR>

<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Announcements
    by us or our competitors of acquisitions, new products and services, significant contracts, commercial relationships, or capital
    commitments;</FONT></TD></TR>

<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Disruption
    or substantive changes to our operations, including the impact of the COVID-19 pandemic;</FONT></TD></TR>

<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Variations
    in our sales and earnings from period to period;</FONT></TD></TR>

<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Commencement
    of, or our involvement in, litigation;</FONT></TD></TR>

<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Any
    major change in our board or management;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Changes
    in governmental regulations or in the status of our regulatory approvals; and</FONT></TD></TR>

<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">General
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  </TABLE>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>We
are subject to the reporting requirements of the United States securities laws, which will require expenditure of capital and other resources,
and may divert management&#8217;s attention.</I></B> We are a public reporting company subject to the information and reporting requirements
of the Exchange Act, the Sarbanes-Oxley Act (&#8220;Sarbanes&#8221;), and other applicable securities rules and regulations. Complying
with these rules and regulations have caused us and will continue to cause us to incur additional legal and financial compliance costs,
make some activities more difficult, be time-consuming or costly, and continue to increase demand on our systems and resources. The Exchange
Act requires, among other things, that we file annual, quarterly, and current reports with respect to our business and operating results.
The cost of maintaining current financial reporting has been, and will continue to be, a financial burden for us. If we fail to or are
unable to comply with Sarbanes, we will not be able to obtain independent accountant certifications that Sarbanes requires publicly traded
companies to obtain. Further, by complying with public disclosure requirements, our business and financial condition are more visible,
which we believe may result in the likelihood of increased threatened or actual litigation, including by competitors and other third
parties. Compliance with these additional requirements may also divert management&#8217;s attention from operating our business. Any
of these may adversely affect our operating results.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>We
may not be able to attract the attention of major brokerage firms or securities analysts in our efforts to raise capital.</I></B> In
due course, we plan to seek to have our common stock quoted on a national securities exchange in the United States. There can be no assurance
that we will be able to garner a quote for our common stock on an exchange. Even if we are successful in doing so, security analysts
and major brokerage houses may not provide coverage of us. We may also not be able to attract any brokerage houses to conduct secondary
offerings with respect to our securities.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Our
common stock is categorized as &#8220;penny stock,&#8221; which may make it more difficult for investors to sell their shares of our
common stock due to suitability requirements. </I></B>Our common stock is categorized as &#8220;penny stock.&#8221; The SEC adopted Rule
15g-9, which generally defines &#8220;penny stock&#8221; to be any equity security that has a market price (as defined) less than $5.00
per share or an exercise price of less than $5.00 per share, subject to certain exceptions. Historically, the price of our common stock
has been significantly less than $5.00 per share and we did not qualify for any of the other exceptions; therefore, our common stock
is considered &#8220;penny stock.&#8221; This designation imposes additional sales practice requirements on broker-dealers who sell to
persons other than established customers and &#8220;accredited investors.&#8221; The term &#8220;accredited investor&#8221; refers generally
to institutions with assets in excess of $5.0 million or individuals with a net worth in excess of $1.0 million or annual income exceeding
$200,000, or $300,000 jointly with his or her spouse. The penny stock rules require a broker-dealer buying our securities, prior to a
transaction in a penny stock not otherwise exempt from the rules, to deliver a standardized risk disclosure document in a form prepared
by the SEC that provides information about penny stocks and the nature and level of risks in the penny stock market. The broker-dealer
also must provide the customer with current bid and offer quotations for the penny stock, the compensation of the broker-dealer and its
salesperson in the transaction and monthly account statements showing the market value of each penny stock held in the customer&#8217;s
account. The bid and offer quotations, and the broker-dealer and salesperson compensation information, must be given to the customer
orally or in writing prior to effecting the transaction and must be given to the customer in writing before or with the customer&#8217;s
confirmation. In addition, the penny stock rules require that, prior to a transaction in a penny stock not otherwise exempt from these
rules, the broker-dealer must make a special written determination that the penny stock is a suitable investment for the purchaser and
receive the purchaser&#8217;s written agreement to the transaction. These disclosure requirements may have the effect of reducing the
level of trading activity in the secondary market for the stock that is subject to these penny stock rules. Consequently, these penny
stock rules may affect the ability and/or willingness of broker-dealers to trade our securities, either directly or on behalf of their
clients, may discourage potential investor&#8217;s from purchasing our securities, or may adversely affect the ability of our stockholders
to sell their shares.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>In
addition to the &#8220;penny stock&#8221; rules promulgated by the SEC, the Financial Industry Regulatory Authority (&#8220;FINRA&#8221;)
has adopted rules that require that in recommending an investment to a customer, a broker-dealer must have reasonable grounds for believing
that the investment is suitable for that customer.</I></B> Prior to recommending speculative low-priced securities to their non-institutional
customers, broker-dealers must make reasonable efforts to obtain information about the customer&#8217;s financial status, tax status,
investment objectives, and other information. Under interpretations of these rules, FINRA believes that there is a high probability that
speculative low-priced securities will not be suitable for at least some customers. FINRA requirements make it more difficult for broker-dealers
to recommend that their customers buy our common stock, which may limit your ability to buy and sell our common stock.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Our Board is authorized to issue additional
shares of our common stock that would dilute existing stockholders. </I></B>We are authorized to issue up to 1,000,000,000 shares of
our common stock and 1,000,000 shares of preferred stock, par value $0.01 per share (our &#8220;Preferred Stock&#8221;) of which 264,202,421
shares of our common stock and 19,714 shares of our Preferred Stock, consisting of 19,546 shares of Series H Preferred Stock
and 168 shares of Series G Convertible Preferred Stock (the &#8220;Series G Preferred Stock&#8221;) are issued and outstanding as of
November 9, 2021. The number of shares of our common stock issued and outstanding as of November 9, 2021 excludes 127,078,476
shares of our common stock issuable upon exercise of outstanding option awards, 40,177,275 shares of our common stock issuable
upon vesting of restricted stock units and restricted stock awards, 24,871,899 shares of our common stock issuable upon exercise of outstanding
warrants, including the Warrants, 59,243,926 shares of our common stock issuable upon conversion of Series H Preferred Stock, 188,791
shares of our common stock issuable upon conversion of Series G Preferred Stock, and 22,403,810 shares of our common stock reserved
for issuance under the 2019 Plan. We expect to seek additional financing in order to provide working capital to our business in the future.
Our Board has the power to issue any or all such authorized but unissued shares of our common stock at any price and, in respect of our
Preferred Stock, at any price and with any attributes our Board considers sufficient, without stockholder approval. The issuance of additional
shares of our common stock in the future will reduce the proportionate ownership and voting power of current stockholders and may negatively
impact the market price of our common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>We
may issue additional securities with rights superior to those of our common stock, which could materially limit the ownership rights
of our stockholders. </I></B>We may offer additional debt or equity securities in private and/or public offerings in order to
raise working capital or to refinance our debt. Our Board has the right to determine the terms and rights of any debt securities and
Preferred Stock without obtaining the approval of our stockholders. It is possible that any debt securities or Preferred Stock that we
sell would have terms and rights superior to those of our common stock and may be convertible into shares of our common stock. Any sale
of securities could adversely affect the interests or voting rights of the holders of our common stock, result in substantial dilution
to existing stockholders, or adversely affect the market price of our common stock.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>The
elimination of monetary liability against our directors, officers, and employees under Delaware law and the existence of indemnification
rights for our obligations to our directors, officers, and employees may result in substantial expenditures by us and may discourage
lawsuits against our directors, officers, and employees.</I></B> Our Amended and Restated Certificate of Incorporation (our &#8220;Certificate
of Incorporation&#8221;) and our Second Amended and Restated Bylaws (our &#8220;Bylaws&#8221;) contain provision
permitting us to eliminate the personal liability of our directors and officers to us and our stockholders for damages for the breach
of a fiduciary duty as a director or officer to the extent provided by Delaware law. We may also have contractual indemnification obligations
under any future employment agreements with our officers. The foregoing indemnification obligations could result in us incurring substantial
expenditures to cover the cost of settlement or damage awards against directors and officers, which we may be unable to recoup. These
provisions and the resulting costs may also discourage us from bringing a lawsuit against directors and officers for breaches of their
fiduciary duties, and may similarly discourage the filing of derivative litigation by our stockholders against our directors and officers
even through such actions, if successful, might otherwise benefit us and our stockholders.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>We
are not subject to the rules of a national securities exchange requiring the adoption of certain corporate governance measures and, as
a result, our stockholders do not have the same protections. </I></B>We are quoted on the OTCQX and are not subject to the rules of a
national securities exchange, such as the New York Stock Exchange, the NYSE-American, or the Nasdaq Stock Market. National securities
exchanges generally require more rigorous measures relating to corporate governance that are designed to enhance the integrity of corporate
management. The requirements of the OTCQX afford our stockholders fewer corporate governance protections than those of a national securities
exchange. We have taken steps to institute greater corporate governance measures, even though such compliance is not required by the
OTCM for quotations of shares of our common stock on the OTCQX; however, because such measures are not required, our stockholders will
have fewer protections, such as those related to director independence, stockholder approval rights, and governance measures that are
designed to provide oversight of a corporation&#8217;s management by its board of directors.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Because
we are a &#8220;smaller reporting company,&#8221; we will not be required to comply with certain disclosure requirements that are applicable
to other public companies and we cannot be certain if the reduced disclosure requirements applicable to smaller reporting companies will
make our common stock less attractive to investors. </I></B>We are a &#8220;smaller reporting company,&#8221; as defined in Item 10(f)(1)
of Regulation S-K. As a smaller reporting company, we are eligible for exemptions from various reporting requirements applicable to other
public companies that are not smaller reporting companies, including, but not limited to:</FONT></P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">reduced
    disclosure obligations regarding executive compensation in our periodic reports, proxy statements, and registration statements&#894;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">not
    being required to comply with the auditor attestation requirements of Section 404(b) of the Sarbanes-Oxley Act of 2002; and</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">reduced
    disclosure obligations for our annual and quarterly reports, proxy statements, and registration statements.</FONT></TD></TR>
  </TABLE>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">We
will remain a smaller reporting company until the end of the fiscal year in which (1) we have a public common equity float of more than
$250 million, or (2) we have annual revenues for the most recently completed fiscal year of more than $100 million plus we have any
public common equity float or public float of more than $700 million. We also would not be eligible for status as smaller reporting
company if we become an investment company, an asset-backed issuer, or a majority-owned subsidiary of a parent company that is not a
smaller reporting company.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Sales
by our stockholders of a substantial number of shares of our common stock in the public market could adversely affect the market price
of our common stock.</I></B> A substantial portion of the total outstanding shares of our common stock may be sold into the market at
any time. Some of these shares are owned by our executive officers and directors, and we believe that such holders have no current intention
to sell a significant number of shares of our stock. If all of the major stockholders were to decide to sell large amounts of stock over
a short period of time, such sales could cause the market price of our common stock to drop significantly, even if our business were
doing well.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Provisions
in our Certificate of Incorporation and Bylaws and Delaware law may discourage a takeover attempt even if a takeover might be beneficial
to our stockholders.</I></B> Provisions contained in our Certificate of Incorporation and Bylaws could make it more difficult for a third
party to acquire us. Provisions in our Certificate of Incorporation and Bylaws impose various procedural and other requirements, which
could make it more difficult for stockholders to effect certain corporate actions. For example, our Certificate of Incorporation authorizes
our Board to determine the rights, preferences, privileges, and restrictions of unissued series of our Preferred Stock without any vote
or action by our stockholders. Thus, our Board can authorize and issue shares of our Preferred Stock with voting or conversion rights
that could dilute the voting power of holders of other series of our capital stock. These rights may have the effect of delaying or deterring
a change of control of us. Additionally, our Certificate of Incorporation and/or Bylaws establish limitations on the removal of directors
and include advance notice requirements for nominations for election to our Board and for proposing matters that can be acted upon at
stockholder meetings.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Moreover,
because we are incorporated in Delaware, we are governed by the provisions of Section 203 of the DGCL, which prohibits an &#8220;interested
stockholder&#8221; owning in excess of 15% of our outstanding voting stock from merging or combining with us for a period of three years
after the date of the transaction in which such stockholder acquired in excess of 15% of our outstanding voting stock, unless the merger
or combination is approved in a prescribed manner.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">See
&#8220;Description of Securities &#8211; Certain Provisions of our Certificate of Incorporation, our Bylaws, and the DGCL.&#8221; These
provisions could limit the price that certain investors might be willing to pay in the future for shares of our common stock.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>The terms of our Rights Agreement, dated
May 4, 2021 (the &#8220;Rights Agreement&#8221;) and Series L Junior Participating Preferred Stock may discourage a takeover attempt
even if a takeover might be beneficial to our stockholders. </I></B>Features of our Rights Agreement will make it difficult for a party
to acquire control of our Company in a transaction not approved by our Board.&#160; On May 4, 2021, we adopted a Rights Agreement, which
provided for a dividend distribution of a right to purchase from us one-thousandth of a share of our Series L Junior Participating Preferred
Stock for: (i) each outstanding share of our common stock and (ii) each share of our common stock issuable upon conversion of each share
of our Series H Preferred Stock. The description of such rights are set forth in the Rights Agreement, between America Stock Transfer
&amp; Trust Company, LLC as Rights Agent and us.&#160; The Rights Agreement is set to expire on May 3, 2022; however, our Board may elect
to extend the termination date at any time, subject to ratification by our stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">See &#8220;Description of Securities &#8211; Rights
Agreement and Series L Junior Participating Preferred Stock.&#8221;&#160; This Rights Agreement could limit the price that certain investors
might be willing to pay in the future for shares of our common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>&#160;</I></B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Claims
for indemnification by our directors and officers may reduce our available funds to satisfy successful third-party claims against us
and may reduce the amount of money available to us. </I></B>Our Certificate of Incorporation provides that we will indemnify our directors
and officers, in each case to the fullest extent permitted by Delaware law. In addition, Section 145 of the DGCL or our Certificate of
Incorporation provides that:</FONT></P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">We
    will indemnify our directors and officers for serving us in those capacities or for serving other business enterprises at our request,
    to the fullest extent permitted by Delaware law. Delaware law provides that a corporation may indemnify such person if such person
    acted in good faith and in a manner such person 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 such person&#8217;s conduct was unlawful.</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">We
    may, in our discretion, indemnify employees and agents in those circumstances where indemnification is permitted by applicable law.</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">We
    are required to advance expenses, as incurred, to our directors and officers in connection with defending a proceeding, except that
    such directors or officers shall undertake to repay such advances if it is ultimately determined that such person is not entitled
    to indemnification.</FONT></TD></TR>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
    rights conferred in our Certificate of Incorporation are not exclusive, and we are authorized to enter into indemnification agreements
    with our directors, officers, employees, and agents and to obtain insurance to indemnify such persons.</FONT></TD></TR>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">We
    may not retroactively amend our Certificate of Incorporation or indemnification agreement, if any, to reduce our indemnification
    obligations to directors, officers, employees, and agents.</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><FONT ID="a_005"></FONT>USE
OF PROCEEDS</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">All
of the Shares offered by the Selling Stockholders will be sold by them for their respective accounts. We will not receive any of the
proceeds from these sales.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Selling Stockholders will pay any underwriting fees, discounts, selling commissions, stock transfer taxes, and certain legal expenses
incurred by such Selling Stockholders in disposing of their Shares, and we will bear all other costs, fees and expenses incurred in effecting
the registration of such Shares covered by this prospectus, including, without limitation, all registration and filing fees, listing
fees, and fees and expenses of our counsel and our independent registered public accountants.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">We
will receive any proceeds from the exercise of the Warrants for cash, but not from the sale of the Shares issuable upon such exercise.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><FONT ID="a_006"></FONT>DETERMINATION
OF OFFERING PRICE</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Selling Stockholders will determine at what price they may sell the Shares offered by this prospectus, and such sales may be made at
fixed prices, prevailing market prices at the time of sale, varying prices determined at the time of sale, or at privately negotiated
prices.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><FONT ID="a_007"></FONT>SELLING
STOCKHOLDERS</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Shares registered hereunder are being offered
by the Selling Stockholders. For additional information regarding the issuances of the Shares, see &#8220;Description of Our Securities
&#8211; Registrable Shares.&#8221; We are registering the Shares in order to permit the Selling Stockholders to offer the Shares for
resale from time to time. Except (i) as disclosed under the section titled &#8220;Certain Relationships and Related Person Transactions,&#8221;
(ii) as disclosed under the section titled &#8220;Management,&#8221; and (iii) for the ownership of shares of our common stock,
the Selling Stockholders have not had any material relationship with us within the past three years.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
table below lists the Selling Stockholders and other information regarding the beneficial ownership of our common stock by each of the
Selling Stockholders. The second column lists the number of shares of our common stock beneficially owned by each Selling Stockholder,
based on its ownership of our common stock, as of November 9, 2021. The third column lists the Shares being offered by this prospectus
by the Selling Stockholders. The fourth column assumes the sale of all the Shares offered by the Selling Stockholders pursuant to this
prospectus.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Selling Stockholders may sell all, some, or none of their Shares in this offering. See &#8220;Plan of Distribution.&#8221;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Name
    of Selling Stockholders</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Number
    of Shares our Common Stock Beneficially Owned Prior to Offering (1)</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Maximum
    Number of Shares of our Common Stock to be Sold Pursuant to this Prospectus (2)</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Number
    of Shares of our Common Stock Beneficially Owned After Offering</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Percentage
                                            of Shares of our Common Stock Beneficially</B></FONT></P>
                                                                                <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Owned
                                            After Offering (1)</B></FONT></P></TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 26%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Invenire
    Equity Opportunities, LP</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Invenire
    Select Fund I, LP</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">625,000
    </FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(4)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Invenire
    Partners, LP</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">6,608,000
    </FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Athletes
    First Media, LLC</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">15,000,000
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">15,000,000</FONT></TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Webb
    Mulligan</FONT></TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">71,429
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Pangea
    Capital, L.L.C.</FONT></TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Pledge
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">714,286
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">714,286</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(13)</FONT></TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Taylor
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Hassie
    Hunt &#8211; Douglas H. Hunt Trust</FONT></TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">839,286</FONT></TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,250,000</FONT></TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Lyda
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,964,286
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,964,286</FONT></TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">839,286
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">839,286</FONT></TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">William
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">12,267,857
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">12,267,857</FONT></TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Allred
    2002 Trust &#8211; NLA</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">857,365
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">857,365</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(22)</FONT></TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Lyda
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,964,286
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,964,286</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(23)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">MACABA
    Holdings, L.L.C.</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,178,571
    </FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,178,571</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(24)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Redcap
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,324,875</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,324,875</FONT></TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Herbert
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">227,325
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">227,325</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(26)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Allred
    2002 Trust &#8211; HHA</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">857,365
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">857,365</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(27)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">180
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">22,932,170
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">22,932,170</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(28)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">TCS
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">20,714,286</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">15,000,000</FONT></TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Reiss
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">769,983</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(36)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(37)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Voss
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3,097,672</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2,911,975</FONT></TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Jon
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Michael
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Strome
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Mark
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Strome
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
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    <TD STYLE="width: 1%">&#160;</TD>
    <TD STYLE="text-align: right; width: 14%"><FONT STYLE="font-size: 10pt">-</FONT></TD>
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    <TD STYLE="width: 1%">&#160;</TD>
    <TD STYLE="width: 1%">&#160;</TD>
    <TD STYLE="text-align: right; width: 14%"><FONT STYLE="font-size: 10pt">-</FONT></TD>
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    <TD>&#160;</TD>
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    <TD>&#160;</TD>
    <TD>&#160;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD>&#160;</TD>
    <TD>&#160;</TD>
    <TD>&#160;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
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    <TD>&#160;</TD>
    <TD>&#160;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD>&#160;</TD>
    <TD>&#160;</TD>
    <TD>&#160;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
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    <TD>&#160;</TD>
    <TD>&#160;</TD>
    <TD>&#160;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">318,591</FONT></TD>
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    <TD>&#160;</TD>
    <TD>&#160;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD>&#160;</TD>
    <TD>&#160;</TD>
    <TD>&#160;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD>&#160;</TD></TR>
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    <TD>&#160;</TD>
    <TD>&#160;</TD>
    <TD>&#160;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">30,310</FONT></TD>
    <TD>(61)&#160;</TD>
    <TD>&#160;</TD>
    <TD>&#160;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD>&#160;</TD>
    <TD>&#160;</TD>
    <TD>&#160;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD>&#160;</TD></TR>
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    <TD>&#160;</TD>
    <TD>&#160;</TD>
    <TD>&#160;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">30,310</FONT></TD>
    <TD>(62)&#160;</TD>
    <TD>&#160;</TD>
    <TD>&#160;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD>&#160;</TD>
    <TD>&#160;</TD>
    <TD>&#160;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD>&#160;</TD></TR>
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    <TD>&#160;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">30,310</FONT></TD>
    <TD>&#160;</TD>
    <TD>&#160;</TD>
    <TD>&#160;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">30,310</FONT></TD>
    <TD>(63)&#160;</TD>
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    <TD>&#160;</TD>
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    <TD>&#160;</TD>
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    <TD>(64)&#160;</TD>
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    <TD>&#160;</TD>
    <TD>&#160;</TD>
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    <TD>(65)&#160;</TD>
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    <TD>&#160;</TD>
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    <TD>&#160;</TD>
    <TD>&#160;</TD>
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    <TD>(66)&#160;</TD>
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    <TD>&#160;</TD>
    <TD>&#160;</TD>
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    <TD>&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <TD>&#160;</TD>
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    <TD>&#160;</TD>
    <TD>&#160;</TD>
    <TD>&#160;</TD>
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    <TD>(67)&#160;</TD>
    <TD>&#160;</TD>
    <TD>&#160;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD>&#160;</TD>
    <TD>&#160;</TD>
    <TD>&#160;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD>&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-size: 10pt">James C. Heckman, Jr.</FONT></TD>
    <TD>&#160;</TD>
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    <TD>&#160;</TD>
    <TD>&#160;</TD>
    <TD>&#160;</TD>
    <TD STYLE="text-align: right">390,999</TD>
    <TD>(68)&#160;</TD>
    <TD>&#160;</TD>
    <TD>&#160;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">5,360,850</FONT></TD>
    <TD>&#160;</TD>
    <TD>&#160;</TD>
    <TD>&#160;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*</FONT></TD>
    <TD>&#160;</TD></TR>
  </TABLE>

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

<!-- Field: Rule-Page --><DIV STYLE="width: 25%"><DIV STYLE="border-top: Black 1.5pt solid; font-size: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></DIV></DIV><!-- Field: /Rule-Page -->

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">*</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Less than 1%. </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The number and percentage of shares beneficially owned includes any
    securities that such person has the right to acquire within sixty (60) days of November 9, 2021 pursuant to options, warrants,
    conversion privileges, or other rights based on 264,202,421 shares of our common stock outstanding as of such date.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">(2)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The amounts set forth in this column are the number of shares of our
    common stock that may be offered by such Selling Stockholder using this prospectus. These amounts do not represent any other shares
    of our common stock that the Selling Stockholder may own beneficially or otherwise. </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">(3)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Consists of 285,715 shares of our common stock obtained in the 2021
    PIPE Investment, the voting and investment control of which belongs to Mr. Chad M. Nelson and David G. Kern as managing members.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">(4)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Consists of 625,000 shares of our common stock that were issued
    upon conversion of the Series K Preferred Stock, the voting and investment control of which belongs to Chad M. Nelson and David G.
    Kern, as managing members.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">(5)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Consists of (i) 2,858,000 shares of our common stock that were issued
    upon conversion of the Series J Preferred Stock and (ii) 3,750,000 shares of our common stock that were issued upon conversion of
    the Series K Preferred Stock, the voting and investment control of which belongs to Chad M. Nelson as managing partner.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">(6)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Consists of 15,000,000 shares of our common stock that were issued
    upon conversion of the Series I Preferred Stock, the voting and investment control of which belongs to Brian G. Murphy.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">(7)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Consists of 150,000 shares of our common stock obtained in the 2021
    PIPE Investment.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">(8)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Consists of 71,429 shares of our common stock obtained in the 2021
    PIPE Investment.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">(9)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Consists of (i) 625,000 shares of our common stock that were issued
    upon conversion of the Series K Preferred Stock and (ii) 285,714 shares of our common stock obtained in the 2021 PIPE Investment.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">(10)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Consists of 142,857 shares of our common stock obtained in the 2021
    PIPE Investment.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">(11) </FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Consists of 714,286 shares of our common stock obtained in the 2021
    PIPE Investment, the voting and investment control of which belongs to John L. Zogg, as trustee.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">(12)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Consists of 285,714 shares of our common stock obtained in the 2021
    PIPE Investment, the voting and investment control of which belongs to Casey H. Hunt, as manager.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">(13) </FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Consists of 714,286 shares of our common stock obtained in the 2021
    PIPE Investment, the voting and investment control of which belongs to Carter W. Hunt, as president.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">(14)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Consists of 71,429 shares of our common stock obtained in the
    2021 PIPE Investment.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">(15)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Consists of (i) 500,150 shares of our common stock that were issued
    upon conversion of the Series J Preferred Stock and (ii) 1,250,000 shares of our common stock that were issued upon conversion of
    the Series K Preferred Stock.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">(16) </FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Consists of (i) 625,000 shares of our common stock that were issued
    upon conversion of the Series K Preferred Stock and (ii) 214,286 shares of our common stock obtained in the 2021 PIPE Investment,
    the voting and investment control of which belongs to Margaret F. Hunt, as trustee.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">(17)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Consists of 1,250,000 shares of our common stock that were issued
    upon conversion of the Series K Preferred Stock, the voting and investment control of which belongs to David S. Hunt, president of
    D.S. Hunt Corp., its general partner.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">(18)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Consists of 1,250,000 shares of our common stock that were issued
    upon conversion of the Series K Preferred Stock, the voting and investment control of which belongs to Gage A. Prichard, Sr., Trustee
    of the William Herbert Hunt Trust Estate, its general partner.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">(19)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Consists of (i) 1,250,000 shares of our common stock that were issued
    upon conversion of the Series K Preferred Stock and (ii) 714,286 shares of our common stock obtained in the 2021 PIPE Investment,
    Ronald D. Hurst, as trustee.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">(20)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Consists of (i) 625,000 shares of our common stock that were issued
    upon conversion of the Series K Preferred Stock and (ii) 214,286 shares of our common stock obtained in the 2021 PIPE Investment,
    J.M. Mason, as trustee.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">(21)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Consists of (i) 5,125,000 shares of our common stock that were issued
    upon conversion of the Series K Preferred Stock and (ii) 7,142,857 shares of our common stock obtained in the 2021 PIPE Investment,
    Gage A. Prichard, Sr., as trustee.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">(22)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Consists of (i) 500,115 shares of our common stock that are issuable
    upon conversion of the Series H Preferred Stock and (ii) 357,250 shares of our common stock that were issued upon conversion of the
    Series J Preferred Stock, the voting and investment control of which belongs to Brittny Allred, as trustee. Mr. Herbert Hunt Allred,
    one of our directors, is a beneficiary</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">(23)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Consists of (i) 1,250,000 shares of our common stock that were issued
    upon conversion of the Series K Preferred Stock and (ii) 714,286 shares of our common stock obtained in the 2021 PIPE Investment,
    Davin P. Hunt, as trustee.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">(24)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Consists of (i) 750,000 shares of our common stock that were issued
    upon conversion of the Series K Preferred Stock and (ii) 428,571 shares of our common stock obtained in the 2021 PIPE Investment,
    Carter W. Hunt, as president.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">(25)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Consists of (i) 681,975 shares of our common stock that are issuable
    upon conversion of the Series H Preferred Stock, (ii) 142,900 shares of our common stock that were issued upon conversion of the
    Series J Preferred Stock, and (iii) 500,000 shares of our common stock that were issued upon conversion of the Series K Preferred
    Stock, the voting and investment control of which belongs to Herbert Hunt Allred.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">(26)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Consists of 227,325 shares of our common stock that are issuable
    upon conversion of the Series H Preferred Stock.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">(27)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Consists of (i) 500,115 shares of our common stock that are issuable
    upon conversion of the Series H Preferred Stock and (ii) 357,250 shares of our common stock that were issued upon conversion of the
    Series J Preferred Stock, the voting and investment control of which belongs to Brittny Allred, as trustee.&#160;&#160;Mr. Herbert
    Hunt Allred, one of our directors, is a beneficiary.</FONT></TD></TR>
</TABLE>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(28)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Consists
    (i) 10,000,000 shares of our common stock that were issued upon conversion of the Series I Preferred Stock, (ii) 1,429,000 shares
    of our common stock that were issued upon conversion of the Series J Preferred Stock, and (iii) 4,000,920 shares of our common stock
    that are issuable upon conversion of the Series H Preferred Stock, the voting and investment control of which belongs to Kevin M.
    Rendino.&#160;&#160;Also consists of 7,502,250 shares of our common stock that were issued upon conversion of the Series J Preferred
    Stock that are registered in the name of B&amp;W Pension Trust, but for which 180 Degree Capital Corp. serves as the investment manager
    and the voting and investment control of which belongs to Kevin M. Rendino.</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(29)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Consists
    of 285,800 shares of our common stock that were issued upon conversion of the Series J Preferred Stock, the voting and investment
    control of which belongs to Michael Lee Bamburg.</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(30)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Consists
    of 545,580 shares of our common stock that are issuable upon conversion of the Series H Preferred Stock, the voting and investment
    control of which belongs to Thomas Scalia.</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(31)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Consists
    of 714,500 shares of our common stock that were issued upon conversion of the Series J Preferred Stock, the voting and investment
    control of which belongs to Charles Frumberg.</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(32)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Consists
    of (i) 1,309,392 shares of our common stock that are issuable upon conversion of the Series H Preferred Stock and (ii) 250,000 shares
    of our common stock that were issued upon conversion of the Series K Preferred Stock, the voting and investment control of which
    belongs to John B. Berding.</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(33)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Consists
    of 148,616 shares of our common stock that were issued upon conversion of the Series J Preferred Stock.</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(34)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Consists
    of (i) 75,775 shares of our common stock that are issuable upon conversion of the Series H Preferred Stock and (ii) 35,725 shares
    of our common stock that were issued upon conversion of the Series J Preferred Stock.</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(35)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Consists
    of 5,714,286 shares of our common stock obtained in the 2021 PIPE Investment, the voting and investment control of which belongs
    to H. Eric Semler.&#160;&#160;Mr. H. Eric Semler previously served as a director of ours.</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(36)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Consists
    of 769,983 shares of our common stock that were issued upon conversion of the Debentures, the voting and investment control of which
    belongs to Richard Reiss.</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(37)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Consists
    of 320,395 shares of our common stock that were issued upon conversion of the Debentures.&#160;&#160;Mr. John A. Fichthorn previously
    served as a director of ours.</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(38)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Consists
    of (i) 714,500 shares of our common stock that were issued upon conversion of the Series J Preferred Stock and (ii) 2,197,475 shares
    of our common stock that are issuable upon conversion of the Series H Preferred Stock, the voting and investment control of which
    belongs to Travis Cocke.</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(39)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Consists
    of 200,060 shares of our common stock that were issued upon conversion of the Series J Preferred Stock, the voting and investment
    control of which belongs to Peter Mitchell Scott IV.</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(40)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">B.
    Riley Principal Investments, LLC and BRF Investments, LLC are affiliated entities.&#160;&#160;Reflects shares beneficially owned by
    each entity but d</FONT>oes not include 2,955,225 shares of our common stock that are issuable upon conversion of
    Series H Preferred Stock and 625,000 issuable upon the exercise of the 2018 Warrants due to beneficial ownership blockers, all of which are being registered
    hereunder.</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(41)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Consists
    of (i) 7,577,500 shares of our common stock that are issuable upon conversion of the Series H Preferred Stock, (ii) 250,000 shares
    of our common stock that are issuable upon exercise of the 2018 Warrants, (iii) 1,780,534 shares of our common stock that were issued
    upon conversion of the Series J Preferred Stock, and (iv)&#160;&#160;5,831,555 shares of our common stock that were issued upon conversion
    of the Debentures, the voting and investment control of which belongs to Bryant Riley.&#160;&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(42)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Consists
    of (i) 4,094,708 Piggy-back Shares and (ii) 333,410 shares of our common stock that are issuable upon conversion of the Series H
    Preferred Stock, the voting and investment control of which belongs to Bryant Riley</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(43)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Consists
    of (i) 2,621,815 shares of our common stock that are issuable upon conversion of the Series H Preferred Stock, (ii) 625,000 shares
    issuable upon exercise of the 2018 Warrants, (iii) 21,792,250 shares of our common stock that were issued upon conversion of the
    Series J Preferred Stock, (iv) 8,417,500 shares of our common stock that were issued upon conversion of the Series K Preferred Stock,
    (v) 38,376,090 shares of our common stock issued upon conversion of the Debentures, and (vi) 2,857,143 shares of our common stock
    issued in the 2021 PIPE Investment, the voting and investment control of which belongs to Bryant Riley.</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(44)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Consists
    of 4,546,500 shares of our common stock that are issuable upon conversion of the Series H Preferred Stock, the voting and investment
    control of which belongs to John Lanier.</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(45)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Consists
    of 212,170 shares of our common stock that are issuable upon conversion of the Series H Preferred Stock, the voting and investment
    control of which belongs to Thomas Scalia.</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(46)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Consists
    of (i) 6,668,200 shares of our common stock that are issuable upon conversion of the Series H Preferred Stock, (ii) 20,000,000 shares
    of our common stock that were issued upon conversion of the Series I Preferred Stock, (iii) 714,500 shares of our common stock that
    were issued upon conversion of the Series J Preferred Stock, (iv) 1,924,959 shares of our common stock upon conversion of the Debentures,
    and (v) 7,142,857 shares of our common stock that were issued in the 2021 PIPE Investment, the voting and investment control of which
    belongs to Brock Pierce.</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(47)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Consists
    of 625,000 shares of our common stock that were issued upon conversion of the Series K Preferred Stock, the voting and investment
    control of which belongs to Bruce W. Hunt, as president of its general partner.</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(48)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Consists
    of 1,250,000 shares of our common stock that were issued upon conversion of the Series K Preferred Stock, the voting and investment
    control of which belongs to David S. Hunt, as president of its general partner.</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(49)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Consists
    of 500,000 shares of our common stock that were issued upon conversion of the Series K Preferred Stock, the voting and investment
    control of which belongs to Robert Nathaniel Crow, as trustee.</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(50)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Consists
    of (i) 1,000,230 shares of our common stock that are issuable upon conversion of the Series H Preferred Stock and (ii) 885,980 shares
    of our common stock that were issued upon conversion of the Series J Preferred Stock, the voting and investment control of which
    belongs to Jon D. Gruber, as trustee.</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(51)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Consists
    of (i) 303,100 shares of our common stock that are issuable upon conversion of the Series H Preferred Stock and (ii) 192,496 shares
    of our common stock that were issued upon conversion of the Debentures.</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><FONT STYLE="font-size: 10pt">(52)</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">Consists of 27,404,330
    shares of our common stock beneficially owned by The Mark and Tammy Strome Family Trust, Strome Mezzanine Fund LP, Mark E. Strome
    Living Trust U/A dtd 01/15/1997, and Strome Mezzanine Fund II, LP.</FONT></TD></TR>

<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(53)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Consists
    of 1,700,000 shares of our common stock that were issued in the 2018 PIPE Investment, the voting and investment control of which
    belongs to Mark Strome.</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(54)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Consists
    of (i) 1,500,000 shares of our common stock that are issuable upon exercise of the Strome Warrant and (ii) 14,548,800 shares of our
    common stock that are issuable upon conversion of the Series H Preferred Stock, the voting and investment control of which belongs
    to Mark Strome.</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(55)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Consists
    of 4,849,600 shares of our common stock that are issuable upon conversion of the Series H Preferred Stock, the voting and
    investment control of which belongs to Mark Strome.</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(56)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Consists
    of 4,805,930 shares of our common stock that were issued upon conversion of the Debentures, the voting and investment control of
    which belongs to Mark Strome.</FONT></TD></TR>

<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(57)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Consists
    of 192,496 shares of our common stock that were issued upon conversion of the Debentures.</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(58)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Consists
    of 200,000 shares of our common stock that were issued upon conversion of the Series I Preferred Stock.</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(59)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Consists
    of (i) 142,900 shares of our common stock that were issued upon conversion of the Series J Preferred Stock and (ii) 1,154,975 shares
    of our common stock that were issued upon conversion of the Debentures, the voting and investment control of which belongs to Luke
    E. Fichthorn.</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(60)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Consists
    of 318,591 shares of our common stock that were issued upon conversion of the Debentures.</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(61)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Consists
    of 30,310 shares of our common stock that are issuable upon conversion of the Series H Preferred Stock.</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(62)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Consists
    of 30,310 shares of our common stock that are issuable upon conversion of the Series H Preferred Stock.</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(63)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Consists
    of 30,310 shares of our common stock that are issuable upon conversion of the Series H Preferred Stock.</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(64)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Consists
    of 30,310 shares of our common stock that are issuable upon conversion of the Series H Preferred Stock.</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(65)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Consists
    of 30,310 shares of our common stock that are issuable upon conversion of the Series H Preferred Stock.</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(66)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Consists
    of 303,100 shares of our common stock that are issuable upon conversion of the Series H Preferred Stock.</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(67)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Consists
    of 606,200 shares of our common stock that are issuable upon conversion of the Series H Preferred Stock, the voting and investment
    control of which belongs to James C. Heckman, Jr.</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(68)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Consists
    of 390,999 shares of our common stock that are issuable upon conversion of the Series H Preferred Stock.</FONT></TD></TR>
  </TABLE>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&#160;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><FONT ID="a_008"></FONT>PLAN
OF DISTRIBUTION</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Selling Stockholders of the Shares and any of their pledgees, assignees, and successors-in interest may, from time to time, sell, transfer,
distribute, or otherwise dispose of any or all of their Shares covered hereby on any stock exchange, market, or trading facility on which
shares of our common stock are traded or in private transactions. The Shares covered by this prospectus may be sold at prevailing market
prices at the time of sale, at prices related to the prevailing market price, at varying prices determined at the time of sale, at fixed
prices, or at negotiated prices.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Selling Stockholders may use any one or more of the following methods when disposing of their Shares:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.35in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">ordinary
    brokerage transactions and transactions in which the broker-dealer solicits purchasers; </FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">block
    trades in which the broker-dealer will attempt to sell the Shares as agent, but may position and resell a portion of the block as
    principal to facilitate the transaction; </FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">purchases
    by a broker-dealer as principal and resale by the broker-dealer for its accounts; </FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">an
    exchange distribution in accordance with the rules of the applicable exchange; </FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">settlement
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">through
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">directly
    to one or more purchasers; </FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">through
    agents; </FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">in
    transactions through broker-dealers that agree with the Selling Stockholders to sell a specified number of such Shares at a stipulated
    price per share; </FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">a
    combination of any such methods of sale; or </FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">any
    other method permitted pursuant to applicable law. </FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Selling Stockholders may also sell the Shares under Rule 144 or any other exemption from registration under the Securities Act, if available,
rather than under this prospectus.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Broker-dealers
engaged by the Selling Stockholders may arrange for other brokers-dealers to participate in sales. Broker-dealers may receive commissions
or discounts from the Selling Stockholders (or, if any broker-dealer acts as agent for the purchaser of the Shares, 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 2440; and in the case of a principal transaction a markup or
markdown in compliance with FINRA IM-2440.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">In
connection with the sale of the Shares or interests therein, the Selling Stockholders may enter into hedging transactions with broker-dealers
or other financial institutions, which may in turn engage in short sales of the Shares in the course of hedging the positions they assume.
The Selling Stockholders may also sell the Shares short and deliver these Shares to close out their short positions, or loan or pledge
the Shares to broker-dealers that in turn may sell these Shares. The Selling Stockholders 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 the Shares offered by this prospectus, which Shares such broker-dealer or other financial institution
may resell pursuant to this prospectus (as supplemented or amended to reflect such transaction).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Selling Stockholders and any broker-dealers or agents that are involved in selling the shares may be deemed to be &#8220;underwriters&#8221;
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 Shares purchased by them may be deemed to be underwriting commissions or discounts under
the Securities Act. Each Selling Stockholder has informed us that it does not have any written or oral agreement or understanding, directly
or indirectly, with any person to distribute the Shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">We
are required to pay all fees and expenses incident to the registration of the Shares to be offered and sold pursuant to this prospectus,
which we expect to be approximately $185,385. We have agreed to indemnify the Selling Stockholders against certain losses, claims,
damages, and liabilities, including liabilities under the Securities Act.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">We
agreed to keep this prospectus effective until all of the Shares have been sold pursuant to this prospectus or Rule 144 under the
Securities Act. The resale Shares will be sold only through registered or licensed brokers or dealers if required under applicable
state securities laws. In addition, in certain states, the resale Shares covered hereby may not be sold unless they have been registered
or qualified for sale in the applicable state or an exemption from the registration or qualification requirement is available and is
complied with. We intend to amend this registration statement to register the resale Shares on Form S-3 as soon as reasonably practicable
after August 16, 2022, the one-year anniversary date of we became current in our Exchange Act periodic filings; provided, that, we remain
current in our Exchange Act filing obligations, of which there can be no assurance.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Under
applicable rules and regulations under the Exchange Act, any person engaged in the distribution of the resale Shares may not simultaneously
engage in market making activities with respect to our common stock for the applicable restricted period, as defined in Regulation M,
prior to the commencement of the distribution. In addition, the Selling Stockholders 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 our
common stock by the Selling Stockholders or any other person. We will make copies of this prospectus available to the Selling Stockholders
and have informed them 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).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><FONT ID="a_009"></FONT>DESCRIPTION
OF OUR SECURITIES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
following is a summary of all material characteristics of our capital stock as set forth in our Certificate of Incorporation and our
Bylaws. The summary does not purport to be complete and is qualified in its entirety by reference to our Certificate of Incorporation
and our Bylaws, each of which are incorporated by reference as exhibits to the registration statement of which this prospectus is a part,
and to the provisions of the Delaware General Corporation Law (the &#8220;DGCL&#8221;). We encourage you to review complete copies of
our Certificate of Incorporation and our Bylaws, and the applicable provisions of the DGCL for additional information.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Our
authorized capital stock consists of 1,001,000,000 shares, divided into 1,000,000,000 shares of our common stock and 1,000,000 shares
of Preferred Stock. Under our Certificate of Incorporation, our Board has the authority to issue such shares of our common stock and
Preferred Stock in one or more classes or series, with such voting powers, designations, preferences and relative, participating, optional
or other special rights, if any, and such qualifications, limitations or restrictions thereof, if any, as shall be provided for in a
resolution or resolutions adopted by our Board and filed as designations.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&#160;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">As
of November 9, 2021, 264,202,421 shares of our common stock were outstanding.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Holders
of our common stock are entitled to one vote for each share held of record on all matters submitted to a vote of stockholders, including
the election of directors, and are entitled to receive dividends when and as declared by our Board out of funds legally available therefore
for distribution to stockholders and to share ratably in the assets legally available for distribution to stockholders in the event of
the liquidation or dissolution, whether voluntary or involuntary, of the Company. We have not paid any dividends and do not anticipate
paying any dividends on our common stock in the foreseeable future. It is our present policy to retain earnings, if any, for use in the
development of our business. Our common stockholders have cumulative voting rights in the election of directors and have no preemptive,
subscription, or conversion rights. Our common stock is not subject to redemption by us.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
transfer agent and registrar for our common stock is American Stock Transfer and Trust Company, LLC.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&#160;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Of
the 1,000,000 shares of Preferred Stock authorized, our Board has previously designated:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,800
    shares of Preferred Stock as Series G Convertible Preferred Stock (&#8220;Series G Preferred Stock&#8221;); of which approximately
    168 shares remain outstanding as of November 9, 2021;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">23,000
    shares of Preferred Stock as Series H Preferred Stock; of which 19,546 shares remain outstanding as of November 9, 2021; and</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">600,000
    shares of Preferred Stock as Series L Junior Participating Preferred Stock, none of which is currently outstanding.</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Of the 1,000,000 shares of Preferred Stock, 375,200
shares of Preferred Stock remain available for designation by our Board as of November 9, 2021. Accordingly, our Board is empowered,
without stockholder approval, to issue Preferred Stock with dividend, liquidation, conversion, voting, or other rights that could adversely
affect the voting power or other rights of the holders of our common stock. The issuance of Preferred Stock could have the effect of
restricting dividends on our common stock, diluting the voting power of our common stock, impairing the liquidation rights of our common
stock, or delaying or preventing a change in control of us, all without further action by our stockholders.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;&#160;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&#160;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Series G Preferred Stock is convertible into shares of our common stock, at the option of the holder, subject to certain limitations.
We may require holders to convert all (but not less than all) of the Series G Preferred Stock or buy out all outstanding shares of Series
G Preferred Stock at the liquidation value of approximately $168,500. Holders of Series G Preferred Stock are not entitled to dividends
and have no voting rights, unless required by law or with respect to certain matters relating to the Series G Preferred Stock.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Upon
a change in control, sale of or similar transaction, as defined in the Certificate of Designation for the Series G Preferred Stock, the
holder of the Series G Preferred Stock has the option to deem such transaction as a liquidation and may redeem the approximately 168
shares outstanding at the liquidation value of $1,000 per share, or an aggregate amount of approximately $168,500. The sale of all our
assets on June 28, 2007 triggered the redemption option.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Series
H Preferred Stock</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&#160;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Series H Preferred Stock has a stated value of $1,000, convertible into shares of our common stock, at the option of the holder subject
to certain limitations, at a conversion rate equal to the stated value divided by the conversion price of $0.33 per share. In addition,
if at any time prior to the nine month anniversary of the closing date, we sell or grant any option or right to purchase or issue any
shares of our common stock, or securities convertible into shares of our common stock, with net proceeds in excess of $1.0 million in
the aggregate, entitling any person to acquire shares of our common stock at an effective price per share that is lower than the then
conversion price (such lower price, the &#8220;Base Conversion Price&#8221;), then the conversion price will be reduced to equal the
Base Conversion Price. All the shares of Series H Preferred Stock automatically convert into shares of our common stock on the fifth
anniversary of the closing date at the then-conversion price. The number of shares issuable upon conversion of the Series H Preferred
Stock will be adjusted in the event of stock splits, stock dividends, combinations of shares, and similar transactions. Each share of
Series H Preferred Stock is entitled to vote on an as-if-converted to common stock basis, subject to beneficial ownership blocker provisions
and other certain conditions.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Rights
Agreement and Series L Junior Participating Preferred Stock</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&#160;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
May 4, 2021, the Special Finance &amp; Governance Committee of our Board declared a dividend of one preferred stock purchase right (each,
a &#8220;Right&#8221;) for (i) each outstanding share of our common stock and (ii) each share of our common stock issuable upon conversion
of each share of our Series H Preferred Stock. The dividend was paid to stockholders of record as of May 14, 2021. Each Right entitles
the registered holder, subject to the terms of the Rights Agreement to
purchase from us one one-thousandth of a share of our Series L Junior Participating Preferred Stock at a price of $4.00, subject to certain
adjustments (the &#8220;Exercise Price&#8221;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">In
general terms, and subject to certain exceptions, the Rights Agreement works by significantly diluting the stock ownership of any person
or group of affiliated or associated persons who, at any time after the date of the Rights Agreement, acquires, or obtains the right
to acquire, beneficial ownership of 15% or more of the outstanding shares of our common stock, on a fully diluted basis without the approval
of our Board.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Subject
to certain exceptions, the Rights will not be exercisable until the earlier to occur of (i) the close of business on the tenth business
day after a public announcement or filing that a person has, or group of affiliated or associated persons have, become an Acquiring Person
(as defined below) or (ii) the close of business on the tenth business day after the commencement by any person of, or the first public
announcement of the intention of any person to commence, a tender offer or exchange offer the consummation of which would result in any
person becoming an Acquiring Person (the earlier of such dates being called the &#8220;Distribution Date&#8221;). &#8220;Acquiring Person&#8221;
is a person or group of affiliated or associated persons who, at any time after the date of the Rights Agreement, have acquired, or obtained
the right to acquire, beneficial ownership of 15% or more of our outstanding shares of our common stock, including through such person&#8217;s
ownership of the Preferred Stock. No such person or group of affiliated or associated persons having beneficial ownership of 15% or more
of such outstanding shares at the time of the first announcement of adoption of the Rights Agreement will be deemed an Acquiring Person
until such time as such person or group becomes the beneficial owner of additional shares of our common stock (other than by reason of
a stock dividend, stock split or other corporate action effected by us in which all holders of our common stock are treated equally).</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Each
share of Series L Junior Participating Preferred Stock will be entitled, when, as and if declared, to a preferential per share quarterly
dividend payment equal to the greater of (i) $1.00 per share or (ii) 1,000 times the aggregate per share amount of all cash dividends,
and 1,000 times the aggregate per share amount (payable in kind) of all non-cash dividends or other distributions, in each case, paid
to holders of our common stock during such period. Each share of Series L Junior Participating Preferred Stock will entitle the holder
thereof to 1,000 votes on all matters submitted to a vote of our stockholders. In the event of any merger, consolidation, or other transaction
in which shares of our common stock are converted or exchanged, each share of Series L Junior Participating Preferred Stock will be entitled
to receive 1,000 times the amount received per one share of our common stock.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Because
of the nature of the Series L Junior Participating Preferred Stock&#8217;s dividend, liquidation and voting rights, the value of the
one one-thousandth interest in a share of Series L Junior Participating Preferred Stock purchasable upon exercise of each Right should
approximate the value of one share of common stock.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">In
the event that any person or group of persons becomes an Acquiring Person, each holder of a Right, other than the Rights beneficially
owned by the Acquiring Person, affiliates and associates of the Acquiring Person and certain transferees thereof (which will thereupon
become null and void), will thereafter have the right to receive upon exercise of a Right that number of shares of common stock (or at
our option, other of our securities) having a market value of two times the Exercise Price, unless the Rights were earlier redeemed or
exchanged.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Our
Board may amend or supplement the Rights Agreement without the approval of any holders of Rights, including, without limitation, in order
to (a) cure any ambiguity, (b) correct inconsistent provisions, (c) alter time period provisions, including, without limitation, the
expiration date, or (d) make additional changes to the Rights Agreement that our Board deems necessary or desirable. However, from and
after the time when any person or group of persons becomes an Acquiring Person, the Rights Agreement may not be supplemented or amended
in any manner that would adversely affect the interests of the holders of Rights (other than the holders of Rights that have become null
and void in accordance with the Rights Agreement).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Until
a Right is exercised or exchanged, the holder thereof, as such, will have no rights as one of our stockholders, including, without limitation,
the right to vote or to receive dividends.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.7pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Registrable
Shares</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.7pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.7pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">This
prospectus relates to an offering of up to 259,752,977 Shares that were previously issued to the Selling Stockholders or are issuable
to the Selling Stockholders upon exercise or conversion of certain securities held by them. The following sets forth descriptions of
the various private placements pursuant to which the Selling Stockholders obtained the Shares we are registering herein.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.7pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.7pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Common
Stock Issuances &#8211; 2018 PIPE Investment, 2021 PIPE Investment, and Piggy-back Shares</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.7pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>&#160;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.7pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">We
are registering an aggregate of 33,658,996 shares of our common stock in connection with the 2018 PIPE Investment and the 2021
PIPE Investment as more fully described below.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.7pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.7pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="text-decoration: underline">January
2018 SPA</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.7pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.7pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
January 4, 2018, we entered into the January 2018 SPA with Strome Trust, pursuant to which we issued 1,200,000 shares of our common stock
at a price of $2.50 per share. We received net proceeds after estimated issuance costs of approximately $3.0 million. In connection with
this offering, MDB Capital Group, LLC (&#8220;MDB&#8221;) served as placement agent and was entitled to receive an aggregate of 60,000
shares of our common stock, as well as warrants to purchase an additional 60,000 shares of common stock. To date, neither the 60,000
shares of common stock nor the warrants have been issued. In addition, we entered into the January 2018 Registration Rights Agreement,
pursuant to which we agreed to register the 1,200,000 shares of our common stock for resale. Pursuant to the January 2018 Registration
Rights Agreement, we committed to file a registration statement no later than 200 days after the closing of the private placement and
to cause the registration statement to become effective no later than the earlier of (i) seven business days after the SEC informs us
that no review of the registration statement will be made or that the SEC has no further comments on the registration statement. The
January 2018 Registration Rights Agreement also provides for liquidated damages upon the occurrence of certain events, including our
failure to file the registration statement or cause it to become effective by the deadlines set forth above. The amount of liquidated
damages payable to Strome Trust would be 1% of the aggregate amount invested by Strome Trust (or the value of the placement agent shares,
as applicable) for each 30-day period, or pro rata portion thereof, during which the default continues, up to a maximum amount of 5.0%
of the aggregate amount invested by Strome Trust pursuant to the January 2018 SPA, in the case of Strome Trust, or the value of the securities
registered by the placement agent. We were not able to meet these deadlines. Accordingly, as of November 9, 2021, we have incurred
approximately $15,000 in liquidated damages expenses.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.7pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.7pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
shares of our common stock issued pursuant to the January 2018 SPA were offered and sold exclusively to Strome Trust, an accredited investor,
in a transaction exempt from registration under the Securities Act, as a transaction not involving a public offering, pursuant to Section
4(a)(2) of the Securities Act and Rule 506 of Regulation D promulgated thereunder.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.7pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.7pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="text-decoration: underline">March
2018 SPA</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.7pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.7pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
March 30, 2018, we entered into the March 2018 SPA, pursuant to which we issued and sold 500,000 shares at a price per share of $2.50
to Strome Trust, for total gross proceeds of approximately $1.3 million. In addition, we entered into the March 2018 Registration Rights
Agreement, pursuant to which we agreed to register the 500,000 shares of our common stock for resale. Pursuant to the March 2018 Registration
Rights Agreement, we committed to file the registration statement no later than 270 days after the closing and to cause the registration
statement to become effective no later than the earlier of (i) 7 business days after the SEC informs us that no review of the registration
statement will be made or (ii) when the SEC has no further comments on the registration statement. The March 2018 Registration Rights
Agreement also provides for liquidated damages upon the occurrence of certain events, including our failure to file the registration
statement or to cause it to become effective by the deadlines set forth above. The amount of liquidated damages payable to Strome Trust
is 1.0% of the aggregate amount invested for each 30-day period, or pro rata portion thereof, during which the default continues, up
to a maximum amount of 5.0% of the aggregate amount invested. Strome Trust waived the liquidated damages when it converted certain notes
payable into Series H Preferred Stock in August 2018.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.7pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.7pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
shares of our common stock issued pursuant to the March 2018 SPA were offered and sold exclusively to Strome Trust, an accredited investor,
in a transaction exempt from registration under the Securities Act, as a transaction not involving a public offering, pursuant to Section
4(a)(2) of the Securities Act and Rule 506 of Regulation D promulgated thereunder.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.7pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.7pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="text-decoration: underline">May
2021 SPAs and June 2021 SPA</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.7pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.7pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
May 20 and 25, 2021, we entered into the May 2021 SPAs, pursuant to which we sold an aggregate of 21,435,718 shares of our common stock,
at a per share price of $0.70, for aggregate gross proceeds of approximately $15.0 million in a private placement. On June 2, 2021, we
entered into the June 2021 SPA, pursuant to which we sold an aggregate of 7,142,857 shares of our common stock at a per share price of
$0.70, for gross proceeds of approximately $5.0 million in a private placement. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.7pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.7pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">In
connection with the 2021 PIPE Investment, we also entered into the 2021 PIPE Registration Rights Agreements with such investors, pursuant
to which we agreed to register the shares of our common stock for resale on behalf of such investors. Pursuant to the 2021 PIPE Registration
Rights Agreements, we committed to file the registration statement on the earlier of (i) in the event we do not obtain a waiver from
the holders of the shares of our common stock that were issued upon the conversion of the Series K Preferred Stock (the &#8220;Waiver&#8221;),
within ten (10) calendar days following the date our registration statement(s) on Form S-1, registering for resale shares of our common
stock that were issued in connection with offerings prior to the dates of the 2021 PIPE Registration Rights Agreements (the &#8220;Prior
Registration Statements&#8221;), is declared effective by the SEC and (ii) in the event we do obtain the Waiver, the earliest practicable
date on which we are permitted by SEC guidance to file the initial registration statement following the filing of the Prior Registration
Statements (the &#8220;Filing Date&#8221;). We are also committed to cause the registration statement to become effective by no later
than 90 days after the Filing Date (or, in the event of a full review by the staff of the SEC, 120 days following the Filing Date). The
2021 PIPE Registration Rights Agreements provides for liquidated damages upon the occurrence of certain events up to a maximum amount
of 6% of the aggregate amount invested by such purchaser pursuant to the May 2021 SPAs or June 2021 SPA, as applicable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.7pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.7pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
shares of our common stock issued pursuant to the 2021 PIPE Investment were offered and sold exclusively to accredited investors, in
transactions exempt from registration under the Securities Act, as transactions not involving a public offering, pursuant to Section
4(a)(2) of the Securities Act and Rule 506 of Regulation D promulgated thereunder.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.7pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.7pt; text-align: justify"><I>Common Stock Issuances &#8211; Piggy-back
Shares</I></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.7pt; text-align: justify">We previously granted a stockholder piggy-back
registration rights with respect to 4,094,708 shares of our common stock in connection with a settlement and release. Accordingly, we are registering for resale all 4,094,708 shares.</P>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.7pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Common
Stock Issuances &#8211; Debenture Conversions</I></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.7pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
December 12, 2018, we entered into the December 2018 SPAs with three accredited investors, pursuant to which we issued to the investors
the Debentures in the aggregate principal amount of approximately $13.1 million, which included (i) the roll-over of an aggregate of
approximately $3.6 million in principal and interest of those certain 10% OID senior secured convertible debentures previously issued
to two of the investors in October 2018 and (ii) a placement fee of $540,000 for our placement agent in the offering. After taking into
account legal fees and expenses of the investors, we received net proceeds of approximately $9.0 million. On March 18 and 27, 2019, we
entered into the March 2019 SPAs with accredited investors, including our former Executive Chairman, John Fichthorn, pursuant
to which we issued to the investors the Debentures in the aggregate principal amount of approximately $2.0 million, which included placement
fees of $114,000 payable to B. Riley FBR for acting as our placement agent in the offering. After taking into account legal fees and
expenses, we received net proceeds of approximately $1.9 million. On April 8, 2019, we entered into the April 2019 SPA with an accredited
investor, pursuant to which we issued to the investor the Debenture in the aggregate principal amount of $100,000. The Debentures were
due and payable on December 31, 2020, and interest accrued on the Debentures at the rate of 12% per annum, payable on the earlier of
conversion or the maturity date. The Debentures issued pursuant to the December 2018 SPAs had conversion prices of $0.33 per share, subject
to adjustment. The Debentures issued pursuant to the March 2019 SPAs and the April 2019 SPA had conversion prices of $0.40 per share,
subject to adjustment.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.7pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">In
connection with the December 2018 SPAs, the March 2019 SPAs, and the April 2019 SPA, we entered into the Debenture Registration Rights
Agreements with the investors, pursuant to which we agreed to register for resale the shares of our common stock issuable upon conversion
of the Debentures by the investors. Pursuant to the Debenture Registration Rights Agreements, we committed to file a registration statement
by no later than the 30th calendar day following the date we filed our Annual Report on Form 10-K for the fiscal year ended December
31, 2018 with the SEC, but in no event later than May 15, 2019, but after satisfaction of other outstanding registration rights provisions,
and to cause the registration statement to become effective by no later than 90 days after the filing date (or, in the event of a full
review by the staff of the SEC, 120 days following the filing date). The Debenture Registration Rights Agreements provides for liquidated
damages upon the occurrence of certain events up to a maximum amount of 6% of the aggregate amount invested by such investor pursuant
to the December 2018 SPAs, the March 2019 SPAs, or the April 2019 SPA, as applicable. We were not able to meet these deadlines. Accordingly,
as of November 9, 2021, we had incurred approximately $1.1 million in liquidated damages expenses.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.7pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
offer and sale of the Debentures, including the shares of our common stock underlying the Debentures, were not registered under the Securities
Act. The Debentures, including the shares of our common stock underlying the Debentures, were sold in reliance upon the exemption from
registration afforded by Section 4(a)(2) of the Securities Act and Regulation D promulgated thereunder.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.7pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.7pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
December 31, 2020, noteholders converted the Debentures representing an aggregate of approximately $18.1 million of the then-outstanding
principal and accrued but unpaid interest into 53,887,470 shares of our common stock at effective conversion per-share prices ranging
from $0.33 to $0.40. We are registering 53,887,470 shares of our common stock hereunder.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.7pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Common
Stock Issuances &#8211; Preferred Stock Conversions</I></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.7pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="text-decoration: underline">Series
I Preferred Stock Issuances</FONT></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.7pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
June 28, 2019, we issued shares of the Series I Preferred Stock, pursuant to the Series I SPAs entered into with certain accredited investors.
In accordance with the Series I SPAs, we issued an aggregate of 23,100 shares of Series I Preferred Stock at a stated value of $1,000,
initially convertible into 46,200,000 shares of our common stock at a conversion rate equal to the stated value divided by the conversion
price of $0.50 per share, for aggregate gross proceeds of approximately $23.1 million. B. Riley FBR acted as placement agent for the
financing and earned a fee of approximately $1.4 million in consideration for its services plus approximately $73,900 in reimbursement
of legal fees and other transaction costs.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.7pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.7pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">In
connection with the Series I SPAs, we entered into the Series I Registration Rights Agreements with the accredited investors, pursuant
to which we agreed to register for resale the shares of our common stock issuable upon conversion of the Series I Preferred Stock. Pursuant
to the Series I Registration Rights Agreements, we committed to file the registration statement by no later than the 30th calendar day
following the date we filed with the SEC our (i) Annual Report on Form 10-K for the fiscal year ended December 31, 2018, (ii) all of
our required Quarterly Reports on Form 10-Q since the quarter ended September 30, 2018, through the quarter ended September 30, 2019
and our refiling of the Quarterly Report on Form 10-Q for the quarter ended June 30, 2018, and (iii) Current Report on Form 8-K in connection
with the acquisitions of The Street and our license with ABG, but in no event later than December 1, 2019. We also committed to cause
the registration statement to become effective by no later than 90 days after the filing date (or, in the event of a full review by the
staff of the SEC, 120 days following the filing date). The Series I Registration Rights Agreements provides for liquidated damages upon
the occurrence of certain events up to a maximum amount of 6% of the aggregate amount invested by such investor pursuant to the Series
I SPAs. We were not able to meet these deadlines. Accordingly, as of November 9, 2021, we had incurred approximately $3.3 million
in liquidated damages expenses.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.7pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Series I Preferred Stock, and the shares issuable upon conversion of the Series I Preferred stock, were not registered under the Securities
Act pursuant to an exemption under Section 4(a)(2) of the Securities Act and Regulation D promulgated thereunder for transactions not
involving a public offering.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.7pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="text-decoration: underline">Series
J Preferred Stock Issuances</FONT></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.7pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
October 7, 2019, we issued shares of the Series J Preferred Stock, pursuant to the 2019 Series J SPAs entered into with certain accredited
investors. In accordance with the 2019 Series J SPAs, we issued an aggregate of 20,000 shares of Series J Preferred Stock at a stated
value of $1,000, initially convertible into 28,571,428 shares of our common stock at a conversion rate equal to the stated value divided
by the conversion price of $0.70 per share, for aggregate gross proceeds of approximately $20.0 million. B. Riley FBR acted as placement
agent for the financing and earned a fee of approximately $525,200 in consideration for its services plus approximately $43,000 in reimbursement
of legal fees and other transaction costs.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.7pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.7pt; text-indent: 0pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">In
connection with the 2019 Series J SPAs, we entered into a registration rights agreement with the accredited investors (the &#8220;Series
J 2019 Registration Rights Agreements&#8221;), pursuant to which we agreed to register for resale the shares of our common stock issuable
upon conversion of the Series J Preferred Stock. Pursuant to the Series J 2019 Registration Rights Agreements, we committed to file the
registration statement by no later than the 30th calendar day following the date we filed our (i) Annual Report on Form 10-K for the
fiscal year ended December 31, 2018, (ii) all our required Quarterly Reports on Form 10-Q since the quarter ended September 30, 2018,
through the quarter ended September 30, 2019, and (iii) Current Reports on Form 8-K in connection with the acquisitions of The Street,
Say Media, Inc. (&#8220;Say Media&#8221;) and HubPages, Inc. (&#8220;HubPages&#8221;), and our license with ABG, with the SEC, but in
no event later than March 31, 2020. We also committed to cause the registration statement to become effective by no later than 90 days
after the filing date (or, in the event of a full review by the staff of the SEC, 120 days following the filing date). The Series J 2019
Registration Rights Agreement provides for liquidated damages upon the occurrence of certain events up to a maximum amount of 6% of the
aggregate amount invested by such investor pursuant to the 2019 Series J SPAs. We were not able to meet these deadlines. Accordingly,
as of November 9, 2021, we had incurred approximately $2.8 million in liquidated damages expenses.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.7pt 0 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
September 4, 2020, we issued additional shares of our Series J Preferred Stock pursuant to the 2020 Series J SPAs. In accordance with
the 2020 Series J SPAs, we issued an aggregate of 10,500 shares of Series J Preferred Stock at a stated value of $1,000 per share, initially
convertible into 15,000,000 shares of our common stock at a conversion rate equal to the stated value divided by the conversion price
of $0.70, for aggregate gross proceeds of approximately $6.0 million.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.7pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.7pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">In
connection with the 2020 Series J SPAs, we entered into a registration rights agreement with the accredited investors (the &#8220;Series
J 2020 Registration Rights Agreements&#8221;), pursuant to which we agreed to register for resale the shares of our common stock issuable
upon conversion of the Series J Preferred Stock. Pursuant to the Series J 2020 Registration Rights Agreements, we agreed to register
the shares issuable upon conversion of the Series J Preferred Stock for resale by the investors. We committed to file the registration
statement by no later than the 30th calendar day following the date we filed our (i) Annual Reports on Form 10-K for the fiscal years
ended December 31, 2018 and December 31, 2019, (ii) all our required Quarterly Reports on Form 10-Q since the quarter ended September
30, 2018, through the quarter ended September 30, 2020, and (iii) any Form 8-K Reports that may be required through the last of the aforementioned
filings with the SEC, but in no event later than April 30, 2021. We have also committed to cause the registration statement to become
effective by no later than 60 days after the filing date (or, in the event of a full review by the staff of the SEC, 120 days following
the filing date). The Series J 2020 Registration Rights Agreement provides for liquidated damages upon the occurrence of certain events
up to a maximum amount of 6% of the aggregate amount invested by the investors pursuant to the 2020 Series J SPAs. We were not able to
meet these deadlines. Accordingly, as of November 9, 2021, we had incurred approximately $754,440 in liquidated damages
expenses.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.7pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.7pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Series J Preferred Stock, and the shares issuable upon conversion of the Series J Preferred Stock, were not registered under the Securities
Act pursuant to an exemption under Section 4(a)(2) of the Securities Act and Regulation D promulgated thereunder for transactions not
involving a public offering.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.7pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="text-decoration: underline">Series
K Preferred Stock </FONT></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.7pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Between
October 23, 2020 and November 11, 2020, we entered into the Series K SPAs with accredited investors, pursuant to which we issued an aggregate
of 18,042 of Series K Preferred Stock at a stated value of $1,000 per share, initially convertible into 45,105,000 shares of our common
stock at a conversion rate equal to the stated value divided by the conversion price of $0.40 per share, for aggregate gross proceeds
of approximately $18.0 million. B. Riley FBR acted as placement agent for the financing and earned a fee of $560,500 in consideration
for its services.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.7pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.7pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">In
connection with the Series K SPAs, we entered into the Series K Registration Rights Agreements with the accredited investors, pursuant
to which we agreed to register for resale the shares of our common stock issuable upon conversion of the Series K Preferred Stock. Pursuant
to the Series K Registration Rights Agreements, we committed to file the registration statement by no later than the 30th calendar day
following the date we filed our (i) Annual Reports on Form 10-K for the fiscal year ended December 31, 2018 and December 31, 2019, (ii)
all its required Quarterly Reports on Form 10-Q since the quarter ended September 30, 2018, through the quarter ended September 30, 2020,
and (iii) any Form 8-K Reports that the Company is required to file with the SEC; provided, however, if such 30th calendar day is on
or after February 12, 2021, then such 30th calendar date will be tolled until the 30th calendar day following the date that we file our
Annual Report on Form 10-K for the fiscal year ended December 31, 2020. We also committed to cause the registration statement to become
effective by no later than 90 days after the filing date (or, in the event of a full review by the staff of the SEC, 120 days following
the filing date). The Series K Registration Rights Agreements provides for liquidated damages upon the occurrence of certain events up
to a maximum amount of 6% of the aggregate amount invested by such investor pursuant to the Series K SPAs. We were not able to meet these
deadlines. Accordingly, as of November 9, 2021, we had incurred approximately $756,690 in liquidated damages expenses.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.7pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="text-decoration: underline">Conversions</FONT></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.7pt; text-align: justify">On December 18, 2020, we filed the Certificate
of Amendment, to increase the number of authorized shares of our common stock. Upon the filing of the Certificate of Amendment, all of
our issued and outstanding shares of Series I Preferred Stock, Series J Preferred Stock, and Series K Preferred Stock automatically converted
into shares of our common stock. Accordingly, we are registering for resale 45,200,000 shares of our common stock that were issued
upon conversion of the Series I Preferred Stock, 40,562,165 shares of our common stock that were issued upon conversion of the
Series J Preferred Stock, and 29,917,500 shares of our common stock that were issued upon conversion of the Series K Preferred Stock.</P>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.7pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Common
Stock Issuable Upon Exercise of Warrants</I></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.7pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">We
are registering an aggregate of 2,375,000 shares of our common stock that may be issuable upon the exercise of the Warrants as more
fully described below.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.7pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="text-decoration: underline">Strome
Warrant</FONT></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.7pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
June 15, 2018, we modified the January 2018 SPA and the March 2018 SPA, to eliminate a make-whole provision under which we were committed
to issue up to 1,700,000 shares of our common stock in certain circumstances. The modification removed the prior uncertainty of our obligation
under these agreements. In exchange for the modification, we issued to a designee of Strome Trust, the investor, the Strome Warrant to
purchase up to 1,500,000 shares of our common stock. The Strome Warrant is exercisable for a period of five years at an initial exercise
price of $1.19 per share, which has been adjusted to $0.50 per share. We agreed to register for resale the 1,500,000 shares of our common
stock underlying the Strome Warrant, and the parties agreed that such registration rights would be as set forth in the March 2018 Registration
Rights Agreement (which is described in more detail above). If the underlying shares are registered, the Strome Warrant is exercisable
for cash only. If the underlying shares are not registered, the Strome Warrant may be exercised on a cashless basis.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.7pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="text-decoration: underline">2018
Warrants</FONT></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.7pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
October 18, 2018, we entered into securities purchase agreements with two accredited investors, pursuant to which we issued the 2018
Warrants exercisable for up to 875,000 shares of our common stock, among other securities. The 2018 Warrants are exercisable for a period
of seven years at an initial exercise price of $1.00 per share, subject to customary anti-dilution and other adjustments. The 2018 Warrants
also provide that upon the consummation of a subsequent financing, the $1.00 exercise price will be adjusted to (i) in the event that
security issued in such subsequent financing is shares of our common stock, 125% of the effective per share purchase price of our common
stock in such subsequent financing, (ii) in the event that the security issued in such subsequent financing is a common stock equivalent,
100% of the effective per-share purchase price of our common stock underlying the common stock equivalent issued in such subsequent financing,
or (iii) in the event that the primary securities issued such subsequent financing includes a combination of shares of our common stock
and common stock equivalents, the greater of (a) 125% of the effective per share purchase price of shares of our common stock issued
in such subsequent financing or (b) 100% of the effective per share purchase price of the shares of our common stock underlying the common
stock equivalents. The securities purchase agreements granted the investors piggyback registration rights, pursuant to which we agreed
that if we file with the SEC a registration statement relating to an offering of our common stock of our own account or the account of
others under the Securities Act, other than on a Form S-4 or a Form S-8, we would notify the investors and provide them with the opportunity
to have the shares of our common stock underlying the 2018 Warrants registered for resale. If at any time after the six-month anniversary
of the issuance of the 2018 Warrants, there is no effective registration statement covering the resale of the shares of our common stock
underlying the 2018 Warrants, the 2018 Warrants may be exercised on a cashless basis. The current exercise price of the 2018 Warrants
is $0.33 per share.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.7pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Common
Stock Issuable Upon Conversion of Series H Preferred Stock </I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.7pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>&#160;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.7pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
August 10, 2018, we entered into the 2018 Series H SPAs with certain accredited investors pursuant to which we issued an aggregate of
19,399 shares of Series H Preferred Stock at a stated value of $1,000, initially convertible into 58,784,848 shares of
our common stock, at the option of the holder subject to certain limitations, at a conversion right equal to the stated value divided
by the conversion price of $0.33 per share, for aggregate gross proceeds of approximately $19.4 million. B. Riley FBR acted as placement
agent for the financing. In consideration for its services as placement, we paid B. Riley a fee of $575,000 (including a previously paid
retainer of $75,000) and issued to B. Riley 669 shares of Series H Preferred Stock. In addition, entities affiliated with B. Riley purchased
5,592 shares of Series H Preferred Stock in the financing.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.7pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Between
August 14, 2020 and August 20, 2020, we entered into the 2020 Series H SPAs for the sale of additional shares of Series H Preferred Stock
with certain accredited investors, pursuant to which we issued an aggregate of 2,253 shares, at a stated value of $1,000 per share, initially
convertible into 6,825,000 shares of our common stock at a conversion rate equal to the stated value divided by the conversion price
of $0.33 per share, for aggregate gross proceeds of approximately $2.7 million. On October 28, 2020, we entered into a mutual rescission
agreement with two of the investors, pursuant to which the securities purchase agreements associated with 2,145 shares of Series
H Preferred Stock were rescinded and deemed null and void.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.7pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">All
the shares of Series H Preferred Stock automatically convert into shares of our common stock on the fifth anniversary of the closing
date at the then-conversion price.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.7pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.7pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Finally,
on October 31, 2020, we entered into an exchange agreement with a former executive officer pursuant to which he agreed to convert the
outstanding principal amount, plus accrued but unpaid interest, owed to him pursuant to promissory notes into 389 shares of Series H
Preferred Stock, at a stated value of $1,000 per share, initially convertible into 1,178,788 shares of our common stock at a conversion
rate equal to the stated value divided by the conversion price of $0.33 per share. We granted the former executive officer piggyback
registration rights with respect to these shares of our common stock pursuant a General Release and Continuing Obligations Agreement
dated June 3, 2021 (&#8220;GRCOA&#8221;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.7pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.7pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">In
connection with the issuances of the Series H Preferred Stock, we also entered into registration rights agreements with the investors,
pursuant to which we agreed to register the shares issuable upon conversion of the Series H Preferred Stock for resale. We committed
to file the registration statement by no later than 75 days after the closing date and to cause the registration statement to become
effective by no later than 120 days after the closing date (or, in the event of a full review by the staff of the SEC, 150 days following
the Closing Date). The registration rights agreement provides for liquidated damages upon the occurrence of certain events up to a maximum
amount of 6% of the aggregate amount invested by such investor. We were not able to meet these deadlines. Accordingly, as of November
9, 2021, we had incurred approximately $3.1 million in liquidated damages expenses.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.7pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Accordingly,
we are registering up to 54,151,846 shares of our common stock issuable upon the conversion of issued and outstanding shares of
Series H Preferred Stock.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Certain
Provisions of our Certificate of Incorporation, our Bylaws, and the DGCL</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Certain
provisions in our Certificate of Incorporation and Bylaws, as well as certain provisions of the DGCL, may be deemed to have an anti-takeover
effect and may delay, deter, or prevent a tender offer or takeover attempt that a stockholder might consider to be in its best interests,
including attempts that might result in a premium being paid over the market price of the shares held by stockholders. These provisions
contained in our Certificate of Incorporation and Bylaws include the items described below.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Special
    Meetings of Stockholders.</I> Our Bylaws provide that special meetings of our stockholders may be called only by a majority of our
    Board, the Chairman of our Board, our Chief Executive Officer, or President (in the absence of our Chief Executive Officer). </FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Stockholder
    Advance Notice Procedures.</I> Our Bylaws provide that stockholders seeking to present proposals before a meeting of stockholders
    or to nominate candidates for election as directors at a meeting of stockholders must provide timely notice in writing and also specify
    requirements as to the form and content of a stockholder&#8217;s notice. These provisions may delay or preclude stockholders from
    bringing matters before a meeting of our stockholders or from making nominations for directors at a meeting of stockholders, which
    could delay or deter takeover attempts or changes in our management.</FONT></TD></TR>
  </TABLE>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Exclusive
    Forum.</I> Our Bylaws provide that unless we consent in writing to the selection of an alternative forum, the courts in the State
    of Delaware are, to the fullest extent permitted by applicable law, the sole and exclusive forum for any claims, including claims
    in the right of the Company, any action asserting a claim arising pursuant to any provision of the DGCL, our Certificate of Incorporation,
    or our Bylaws, any action to interpret, apply, enforce, or determine the validity of our Certificate of Incorporation or our Bylaws,
    or any action asserting a claim governed by the internal affairs doctrine.</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>No
    Action by Written Consent</I>. Our Certificate of Incorporation provides that any action required or permitted to by taken by our
    stockholders must be effected at a duly constituted annual or special meeting of the stockholders. </FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Amendments
    to our Certificate of Incorporation.</I> Any amendments to our Certificate of Incorporation requires a supermajority vote unless
    our Board recommends to our stockholders that they approve such amendment. </FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Undesignated
    Preferred Stock.</I> Because our Board has the power to establish the preferences and rights of the shares of any additional series
    of Preferred Stock, it may afford holders of any Preferred Stock preferences, powers, and rights, including voting and dividend rights,
    senior to the rights of holders of our common stock, which could adversely affect the holders of our common stock and could discourage
    a takeover of us even if a change of control of the Company would be beneficial to the interests of our stockholders.</FONT></TD></TR>
  </TABLE>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">These,
other provisions contained in our Certificate of Incorporation and Bylaws, and the Rights are expected to discourage coercive takeover
practices and inadequate takeover bids. These provisions are also designed to encourage persons seeking to acquire control of us to first
negotiate with our Board. However, these provisions could delay or discourage transactions involving an actual or potential change in
control of us, including transactions in which stockholders might otherwise receive a premium for their shares over then current prices.
Such provisions could also limit the ability of stockholders to remove current management or approve transactions that stockholders may
deem to be in their best interests.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">In
addition, we are subject to the provisions of Section 203 of the DGCL. Section 203 of the DGCL prohibits a publicly-held Delaware corporation
from engaging in a &#8220;business combination&#8221; with an &#8220;interested stockholder&#8221; for a period of three years after
the person became an interested stockholder, unless:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
    board of directors of the corporation approved the business combination or other transaction in which the person became an interested
    stockholder prior to the date of the business combination or other transaction;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Upon
    consummation of the transaction that resulted in the person becoming an interested stockholder, the person owned at least 85% of
    the voting stock of the corporation outstanding at the time the transaction commenced, excluding for purposes of determining the
    number of shares outstanding, shares owned by persons who are directors and also officers of the corporation and shares issued under
    which employee participants do not have the right to determine confidentially whether shares held subject to the plan will be tendered
    in a tender or exchange offer; or</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">on
    or subsequent to the date the person became an interested stockholder, the board of directors of the corporation approved the business
    combination and the stockholders of the corporation authorized the business combination at an annual or special meeting of stockholders
    by the affirmative vote of at least 66-2/3% of the outstanding voting stock of the corporation that is not owned by the interested
    stockholder.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">A
&#8220;business combination&#8221; includes mergers, asset sales, and other transactions resulting in a financial benefit to the interested
stockholder. Subject to certain exceptions, an &#8220;interested stockholder&#8221; is a person who, together with affiliates and associates,
owns, or within the prior three years did own, 15% or more of a corporation&#8217;s voting stock.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section
203 of the DGCL could depress our stock price and delay, discourage, or prohibit transactions not approved in advance by our Board, such
as takeover attempts that might otherwise involve the payment to our stockholders of a premium over the market price of our common stock.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Limitation
of Liability and Indemnification Matters</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Our
Certificate of Incorporation provides that to the fullest extent permitted by the DGCL, a director cannot be personally liable to us
or our stockholders for monetary damages for breach of fiduciary duty. DGCL provides that such a provision may not limit the liability
of directors:</FONT></P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">for
    any breach of their duty of loyalty to us or to our stockholders&#894;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">for
    acts or omissions not in good faith or that involve intentional misconduct or a knowing violation of law;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">for
    unlawful payment of a dividend or unlawful stock repurchase or redemption, as provided under Section 174 of the DGCL&#894; or</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">for
    any transaction from which the director derived an improper personal benefit.</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Any
amendment, repeal, or modification of these provisions will be prospective only and would not affect any limitation on liability of a
director for acts or omissions that occurred prior to any such amendment, repeal, or modification.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Further,
our Bylaws provide that we will indemnify, to the fullest extent permitted by the DGCL, as now or hereinafter in effect, 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 our right to procure
a judgment in our favor by reason of the fact that such person is or was a director or officer of our, or is or was a director or officer
of ours serving at our request as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or
other enterprise against expenses (including attorneys&#8217; fees) actually and reasonably incurred by such person in connection with
the defense or settlement of such action or suit if such person acted in good faith and in a manner such person reasonably believed to
be in or not opposed to our best interests; except that no indemnification will be made in respect of any claim, issue, or matter as
to which such person will have been adjudged to be liable to us unless and only to the extent that the Court of Chancery or the court
in which such action or suit was brought determines upon application that, despite the adjudication of liability but in view of all the
circumstances of the case, such person is fairly and reasonably entitled to indemnity for such expenses which the Court of Chancery or
such other court shall deem proper. Subject to the requires in our Bylaws and the DGCL, we are not obligated to indemnify any person
in connection with any action, suit, or proceeding:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">for
    which payment has actually been made to or on behalf of such person under any statute, insurance policy, indemnity provision, vote,
    or otherwise, except with respect to any excess beyond the amount paid;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">for
    an accounting or disgorgement of profits pursuant to Section 16(b) of the Exchange Act, or similar provision of federal, state, or
    local statutory law, or common law, if such person is held liable therefor (including pursuant to any settlement arrangements);</FONT></TD></TR>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">for
    any reimbursement by such person or any bonus or other incentive-based or equity-based compensation or of any profits realized by
    such person from the sale of our securities, as required in each case under the Exchange Act (including any such reimbursements that
    arise from an accounting restatement pursuant to Section 304 of Sarbanes, or the payment to us of profits arising from the purchase
    and sale by such person or securities in violation of Section 306 of Sarbanes, if such is held liable therefor (including pursuant
    to any settlement arrangements);</FONT></TD></TR>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">initiated
    by such person, including any proceeding (or any part of any proceeding) initiated by such person against us or our directors, officers,
    employees, agents, or other indemnitees, unless (i) our Board authorized the proceeding or the relevant part of the proceeding) prior
    to its initiation, (ii) we provide indemnification, in our sole discretion, pursuant to the powers vested in us under appliable law,
    (iii) otherwise required to be made pursuant to our Bylaws, or (iv) otherwise required by applicable law; or</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">if
    prohibited by applicable law; provided, however, that if any provision or provisions of our Bylaws be held to be invalid, illegal,
    or unenforceable for any reason whatsoever: (i) the validity, legality, and enforceability of the remaining provisions of our Bylaws
    (including, without limitation, each portion of any paragraph or clause containing any such provisions held to be invalid, illegal,
    or unenforceable, that is not itself held to be invalid, illegal, or unenforceable) will not in any way be affected or impaired thereby;
    and (ii) to the fullest extent possible, the provisions of our Bylaws (including, without limitation, each such portion of any paragraph
    or clause containing any such provision held to be invalid, illegal, or unenforceable) will be construed so as to give effect to
    the intent manifested by the provisions held invalid, illegal, or unenforceable.</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Our
Bylaws also requires us to pay any expenses incurred by any director or officer in defending against any such action, suit, or proceeding
in advance of the final disposition of such matter upon receipt of a written request to the fullest extent permitted by law, subject
to the receipt of an undertaking by or on behalf of such person to repay all amounts so advanced if it shall ultimately be determined
that such person is not entitled to be indemnified as authorized by our Bylaws or otherwise. We believe that the limitation of liability
provision in our Bylaws facilitates our ability to continue to attract and retain qualified individuals to serve as directors and officers.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&#160;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
transfer agent for our common stock is American Stock Transfer and Trust Company, LLC at 6201 15<SUP>th</SUP> Avenue, Brooklyn, New York
11219. The transfer agent&#8217;s telephone number is (800) 937-5449.<BR></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><FONT ID="a_010"></FONT>MARKET
PRICE AND DIVIDEND INFORMATION</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&#160;</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Beginning
on December 1, 2016 until September 20, 2021, our common stock was quoted on the OTCM&#8217;s Pink Open Market trading under the symbol
&#8220;MVEN.&#8221; Beginning on September 21, 2021, our common stock began to be quoted on the OTCM&#8217;s OTCQX. Despite being quoted
on the OTCM&#8217;s OTCQX, our common stock is still experiencing limited or sporadic quotations; thus, we do not consider the OTCM&#8217;s
OTCQX an established trading market for purposes of this disclosure.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
following table sets forth the high and low bid prices during the periods indicated, as reported by the OTCM. Such prices reflect inter-dealer
prices, without retail mark-up, mark-down or commission and may not necessarily represent actual transactions.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

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    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
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    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="width: 16%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">0.42</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
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    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">0.56</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
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    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">0.40</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
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    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">0.55</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">0.31</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
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    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">First Quarter</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">0.99</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">0.31</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Second Quarter</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">0.80</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">0.30</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Third Quarter</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.12</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">0.50</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Fourth Quarter</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">0.90</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">0.50</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-decoration: underline; font-weight: bold; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">2019</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
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    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">0.75</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">0.40</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Second Quarter</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">0.70</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">0.37</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
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    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.00</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">0.50</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Fourth Quarter</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">0.94</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">0.56</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(1)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Through
    November 9, 2021.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">As
of November 9, 2021, there were approximately 252 holders of record of our common stock. We believe that there are additional
holders of our common stock who have their stock in &#8220;street name&#8221; with their brokers. Currently, we cannot determine the
approximate number of those street name holders. As of such date, 264,202,421 shares of our common stock were issued and outstanding.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">We
have never paid cash dividends on our common stock, and our present policy is to retain any future earnings to support our operations
and finance the growth and development of our business. We do not intend to pay cash dividends on our common stock for the foreseeable
future. Any future determination related to our dividend policy will be made at the discretion of our Board.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">In
general, under Rule 144 of the Securities Act, as currently in effect, a person (or persons whose shares are required to be aggregated),
who is not our affiliate at any time during the preceding three months, and who has beneficially owned the relevant shares of our common
stock for at least six months, including the holding period of any prior owner other than one of our affiliates, would be entitled to
sell an unlimited number of shares of our common stock into the public markets; provided, that current public information about us is
available and, after owning such shares for at least one year, including the holding period of any prior owner other than one of our
affiliates, would be entitled to sell an unlimited number of shares of our common stock into the public markets without restriction.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">A
person who may be deemed an &#8220;affiliate&#8221; of us or who was our affiliate at any time during the preceding three months, and
who has beneficially owned restricted securities for at least six months, including the affiliates, is entitled to sell within any three-month
period, a number of shares that does not exceed the greater of: (1) 1% of the then-outstanding shares of our common stock, which equals
approximately 2,642,024 shares based on the number of shares of our common stock outstanding as of November 9, 2021, or
(2) if and when our common stock is listed on a national securities exchange, the average weekly trading volume of our common stock during
the four calendar weeks preceding the date on which notice of such sale was filed under Rule 144.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Sales
of shares held by our affiliates that are not &#8220;restricted&#8221; are subject to such volume limitations, but are not subject to
the holding period requirement. Sales under Rule 144 by our affiliates are also subject to certain requirements as to the manner of sale,
notice, and availability of current public information about us. A person who is not deemed to have been an affiliate of ours at any
time during the 90 days preceding a sale by such person, and who has beneficially owned the restricted shares for at least one year,
is entitled to sell such shares under Rule 144 without regard to any of the restrictions described above. We cannot estimate the number
of shares of our common stock that our existing stockholders will elect to sell under Rule 144.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Rule
144 &#8211; Restrictions on the Use of Rule 144 by Shell Companies or Former Shell Companies</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Because
we may be deemed previously to have been a &#8220;shell company,&#8221; under such circumstances sales of our securities pursuant to
Rule 144 under the Securities Act may not be made unless, among other things, at the time of a proposed sale, we are subject to the reporting
requirements of Section 13 or 15(d) of the Exchange Act and have filed all reports and other materials required to be filed by Section
13 or 15(d) of the Exchange Act, as applicable, during the preceding 12 months, other than Form 8-K reports. Because, as a possible former
shell company, the reporting requirements of Rule 144(i) will apply regardless of holding period, restrictive legends on certificates
for shares of our common stock cannot be removed except in connection with an actual sale that is subject to an effective registration
statement under, or an applicable exemption from the registration requirements of, the Shares. Because under such circumstances our unregistered
securities may not be sold pursuant to Rule 144 unless we continue to meet such requirements, any unregistered securities we issue will
have limited liquidity unless we continue to comply with such requirements.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&#160;</B></FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&#160;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><FONT ID="a_011"></FONT>BUSINESS
</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>&#160;</I></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>&#160;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.7pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">We
operate a best-in-class digital media platform empowering premium publishers who impact, inform, educate and entertain. Our focus is
on leveraging our Platform and iconic brands in targeted verticals to maximize the audience, improve engagement and optimize monetization
of digital publishing assets for the benefit of our users, our advertiser clients, and our owned and operated properties as well as properties
we run on behalf of independent publisher partners. We operate the media businesses for Sports Illustrated, own and operate TheStreet
and The Spun, and power more than 200 independent Publisher Partners. Our strategy is to focus on key verticals where audiences
are passionate about a topic category (e.g., sports, finance) and where we can leverage the strength of our core brands to grow audience
and monetization both within our core brands as well as our Publisher Partners. Each Publisher Partner joins the Platform by invitation-only
and is drawn from premium media brands and independent publishing businesses with the objective of augmenting our position in key verticals
and optimizing the performance of the Partner. Because of the state-of-the-art technology and large scale of the Platform and our expertise
in search engine optimization (SEO), social media, subscription marketing and ad monetization, Publisher Partners benefit from improved
traffic and increased monetization. Additionally, we believe the lead brand within each vertical creates a halo benefit for all Publisher
Partners in the vertical while each of them adds to the breadth and quality of content. While they benefit from these critical performance
improvements they also may save substantially in costs of technology, infrastructure, advertising sales, and member marketing and management.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>&#160;</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>&#160;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.7pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">We
were originally incorporated in Delaware as Integrated in 1990. On October 11, 2016, Integrated and Maven Network entered into the Share
Exchange Agreement, whereby the stockholders of Maven Network agreed to exchange all of the then-issued and outstanding shares of common
stock for shares of common stock of Integrated. On November 4, 2016, the parties consummated a recapitalization pursuant to the Share
Exchange Agreement and, as a result, Maven Network became a wholly owned subsidiary of Integrated. Integrated changed its name to theMaven,
Inc. on December 2, 2016.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.7pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.7pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">In
2018, we acquired HubPages and Say Media. In 2019, we acquired TheStreet. In connection with this acquisition, we entered into a letter
agreement with Jim Cramer, a finance and stock market expert who co-founded TheStreet, pursuant to which Mr. Cramer and a production
company owned and controlled by Mr. Cramer agreed to provide certain services. Mr. Cramer and his production company ceased providing
services in September 2021.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.7pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.7pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Also,
in 2019, we entered into the Sports Illustrated Licensing Agreement with ABG, pursuant to which we have the exclusive right and license
in the United States, Canada, Mexico, United Kingdom, Republic of Ireland, Australia, and New Zealand to operate the Sports Illustrated
media business (in the English and Spanish languages), including to (i) operate the digital and print editions of Sports Illustrated
(including all special interest issues and the swimsuit issue) and Sports Illustrated for Kids, (ii) develop new digital media channels
under the Sports Illustrated brands, and (iii) operate certain related businesses, including without limitation, special interest publications,
video channels, bookazines, and the licensing and/or syndication of certain products and content under the Sports Illustrated brand.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.7pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.7pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">In
2020, we acquired substantially all the assets of Petametrics Inc., doing business as LiftIgniter, a Delaware corporation (&#8220;LiftIgniter&#8221;).
In 2021, we acquired all of the issued and outstanding shares of capital stock of The Spun.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.7pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.7pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
September 20, 2021, we re-branded to &#8220;The Arena Group.&#8221;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.7pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.7pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>The
Platform</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.7pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.7pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">We
developed the Platform, a proprietary online publishing platform that provides our owned and operated media businesses, Publisher Partners,
whom are third parties producing and publishing content on their own domains, and individual creators contributing content to our owned
and operated sites (&#8220;Expert Contributors&#8221;), the ability to produce and manage editorially focused content through tools and
services provided by us. We have also developed proprietary advertising technology, techniques and relationships that allow us, our Publisher
Partners and Expert Contributors to monetize online, editorially focused content through various display and video advertisements and
tools and services for driving a subscription or membership based business and other monetization services (the &#8220;Monetization Solutions&#8221;
and, together with the Platform, the &#8220;Platform Services&#8221;).</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.7pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Platform comprises state-of-the-art publishing tools, video platforms, commenting features, social distribution channels, newsletter
technology, machine learning content recommendations, notifications and other technology, that deliver a complete set of features to
drive a digital media business in an entirely cloud-based suite of services. Our software engineering and product development teams are
experienced at delivering these services at scale. We continue to develop the Platform software by combining proprietary code with components
from the open-source community, plus select commercial services as well as identifying, acquiring, and integrating other platform technologies,
where we see unique long-term benefits to us.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.7pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Platform Services include:</FONT></P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Content
    management, machine learning driven content recommendations, traffic redistribution, hosting and bandwidth;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2.</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Video
    publishing, hosting, and player solution via an integrated set of third-party providers;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3.</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Dashboards
    for our Publisher Partners as well as integration with leading analytics services like Google Analytics;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4.</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Digital
    subscriptions and membership with paywalls, exclusive member access, and metering, credit card processing and reporting;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5.</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">User
    account management;</FONT></TD></TR>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">6.</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">User
    account migration to platform, including emails and membership data;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">7.</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Technical
    support team to train and support our Publisher Partners and staff (if applicable) on the Platform;</FONT></TD></TR>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">8.</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Advertising
    serving, trafficking/insertion orders, yield management, and reporting and collection;</FONT></TD></TR>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">9.</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Dedicated
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">10.</FONT></TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Structured
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.7pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Our
Platform partners use the Platform Services to produce, manage, host and monetize their content in accordance with the terms and conditions
of partner agreements between each of our Publisher Partners and us (the &#8220;Partnership Agreements&#8221;). Pursuant to the Partnership
Agreements, we and our Publisher Partners split revenue generated from the Platform Services used in connection with the Publisher Partner&#8217;s
content based on certain metrics such as whether the revenue was from direct sales, was generated by our Publisher Partner or us, was
generated in connection with a subscription or a membership, was based on standalone or bundled subscriptions or whether the revenue
was derived from affiliate links.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.7pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Subject
to the terms and conditions of each Partnership Agreement and in exchange for the Platform Services, our Publisher Partners grant us,
for so long as our Publisher Partner&#8217;s assets are hosted on the Platform, (i) exclusive control of ads.txt with respect to our
Publisher Partner&#8217;s domains and (ii) the exclusive right to include our Publisher Partner&#8217;s website domains and related URLs
in our coalition in a consolidated listing assembled by third party measurement companies such as comScore, Nielsen and/or other similar
measuring services selected by us. As such, the Platform serves as the primary digital media and social platform with respect to each
of our Publisher Partners&#8217; website domains during the applicable term of each Partnership Agreement.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.7pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Our
Brands and Growth Strategy</I></B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.7pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Our
growth strategy is to continue to expand the coalition by adding new Publisher Partners in key verticals that management believes will
expand the scale of unique users interacting on the Platform. In each vertical, we seek to build around a leading brand, such as Sports
Illustrated (for sports) and TheStreet (for finance), surround it with subcategory specialists, and further enhance coverage with individual
expert contributors. The primary means of expansion is adding independent Publisher Partners and/or acquiring publishers that have premium
branded content and can broaden the reach and impact of the Platform.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.7pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="text-decoration: underline">The
Arena Group</FONT></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.7pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">We
operate a best-in-class digital media platform empowering premium publishers who impact, inform, educate, and entertain. We operate the
media businesses for Sports Illustrated and TheStreet, and power more than 250 independent brands. These brands range from niche media
businesses to world-leading independent publishers, operating on the Platform, a shared digital publishing, monetization, and distribution
platform.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.7pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="text-decoration: underline">Sports
Illustrated</FONT></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.7pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">We
assumed management of certain Sports Illustrated media assets (pursuant to the Sports Illustrated License Agreement) on October 4, 2019.
Sports Illustrated is owned by ABG, a brand development, marketing, and entertainment company that owns a global portfolio of media,
entertainment, and lifestyle brands. Since assuming management of the Sports Illustrated media assets, we have implemented significant
changes to rebuild the historic brand and beacon of sports journalism, to evolve and expand the business, and to position it for growth
and continued success going forward.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.7pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="text-decoration: underline">TheStreet
</FONT></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.7pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">TheStreet
is a leading financial news and information provider to investors and institutions worldwide and has produced business news and market
analysis for individual investors. TheStreet brings its editorial tradition, strong subscription platform, and
valuable membership base to us, and benefits from our mobile-friendly CMS, social, video, and monetization technology.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.7pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.7pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="text-decoration: underline">HubPages</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.7pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.7pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">We
acquired HubPages to enhance the user&#8217;s experience by increasing content, including from Expert Contributors. HubPages operates
a network of 28 premium content channels that act as an open community for writers, explorers, knowledge seekers, and conversation starters
to connect in an interactive and informative online space. HubPages operates in the United States.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.7pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.7pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="text-decoration: underline">Say
Media</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.7pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.7pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">We
acquired Say Media to enhance the user&#8217;s experience by increasing content. Now fully integrated into the Platform, Say Media&#8217;s
technology provides a comprehensive online media publishing platform and enables brand advertisers to engage today&#8217;s social media
consumer through rich advertising experiences across its network of web properties. Say Media operated in the United States and previously
maintained subsidiaries located in the United Kingdom, Canada, and Australia.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.7pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.7pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="text-decoration: underline">LiftIgniter</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.7pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.7pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">LiftIgniter
provides a distribution and recommendation engine for premium publishers. The LiftIgniter platform connects users efficiently to hundreds
of professional content creators, with custom recommendations of content aligned with users&#8217; personal passions. Aided by machine-learning
technology, publishers can identify and target those interested in their content. LiftIgniter activates the value of hosting hundreds
of premium journalists on a single platform by interconnecting them through unified content distribution.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.7pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.7pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="text-decoration: underline">The
Spun</FONT></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.7pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Spun (thespun.com), founded in September of 2012, is an independent sports publication that brings readers the most interesting athletic
stories of the day. The Spun reaches approximately 15 million unique readers per month and focuses on the social media aspect of the
industry.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.7pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.7pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Intellectual
Property</I></B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.7pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">We
have seven patent registrations in the United States in connection with our technology. All of our patent registrations are owned by
our wholly-owned subsidiary, Maven Coalition, Inc. (&#8220;Maven Coalition&#8221;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.7pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.7pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="text-decoration: underline">Maven
and Key Design</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.7pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.7pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">We
currently have trademark registrations directed to our key design logo and the MAVEN name in the United States, Australia, China,
the European Union (the &#8220;EU&#8221;), the United Kingdom, India, Japan, and New Zealand, as well as international Madrid Protocol
registrations. We have trademark applications directed to our key design logo and the MAVEN name pending in Canada.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.7pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.7pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Moreover,
we have a United States trademark registration for the word mark MAVEN COALITION, trademark registrations in the EU and the United Kingdom
for the word mark THEMAVEN, and a United States trademark registration for the word mark A MAVEN CHANNEL. We have trademark registrations
for the work mark A MAVEN CHANNEL in Australia, New Zealand, the EU, and the United Kingdom, and applications for the word mark
A MAVEN CHANNEL pending in Canada, Mexico, and New Zealand, as well as an international Madrid Protocol registration.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.7pt; text-align: justify"><FONT STYLE="text-decoration: underline">Other Marks</FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.7pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.7pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.7pt; text-align: justify">We have trademark registrations for the word
marks ACTION ALERTS PLUS, ALPHA RISING, BANKING MY WAY, BULL MARKET FANTASY, INCOME SEEKER, MAIN ST. (logo), REAL MONEY, REALMONEY,
STREETLIGHTNING, THE SPUN, THESTREET, THESTREET.COM, THE STREET (logo), and TEMPEST in the United States and a trademark application
for BULL MARKET FANTASY pending in Canada.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.7pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.7pt; text-align: justify">We have trademark applications for the marks
THE ARENA, THE ARENA GROUP, and THE ARENA GROUP (logo) pending in the United States.&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.7pt; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.7pt; text-align: justify">We have a United States trademark registration
for the word mark HUBPAGES, and trademark registrations for the HUBPAGES mark in Argentina, Australia, Brazil, Canada, China, Colombia,
the EU, Hong Kong, India, Indonesia, Japon, Mexico, New Zealand, Peru, Philippines, South Korea, South Africa, and the United Kingdom,
as well as an international Madrid Protocol registration.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.7pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.7pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">We
continue to file updated trademark applications to reflect our branding evolution and intend to continue strengthening our trademark
portfolio as financial resources permit.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.7pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.7pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Our
Publisher Partners and Licensing</I></B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.7pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">In
connection with our Partnership Agreements and any other applicable agreements between us and our Publisher Partners, (i) we and our
affiliates own and retain (a) all right, title, and interest in and to the Platform, Monetization Solutions and data collected by us,
and (b) we and our licensors&#8217; trademarks and branding and all software and technology we use to provide and operate the Platform
and Monetization Solutions, and (ii) each Publisher Partner owns and retains (a) all right, title, and interest in and to the Publisher
Partner&#8217;s assets, content, and data collected by Publisher Partner and (b) each Publisher Partner&#8217;s trademarks and branding.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.7pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.7pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Seasonality</I></B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.7pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">We
expect to experience typical media company advertising and membership sales seasonality, which is strong in the fiscal fourth quarter
and slower in the fiscal first quarter.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.7pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.7pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Competition</I></B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.7pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Currently,
we believe that there are dozens of competitors delivering niche media content on the web and on mobile devices and an even broader array
of general media companies and major media brands. All those competitors use mobile alerts, invest heavily in video, and leverage social
media. We believe that we have developed distribution, production, and technology tactics that are superior because our management team&#8217;s
tactics in the past with prior companies have proven to be highly engaging and effective for our particular model, which organizes channels
into interest groups, led by key brands, such as Sports Illustrated in the sports vertical and TheStreet in the finance vertical.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.7pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.7pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
web provides unlimited access to the market by niche or general media companies, so there are a large number and variety of direct competitors
of ours competing for audience and ad and membership dollars. The general business of online media, combined with some level or method
of leveraging community attracts many potential entrants, and in the future, there may be strong competitors that will compete with us
in general or in selected markets. These and other companies may be better financed and be able to develop their markets more quickly
and penetrate those market more effectively. The following is a list of possible competitors and their respective categories:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.7pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Vice,
    Buzzfeed, Business Insider, et al. &#8211; niche content, leverages social, mobile, and video, and competes for ad dollars;</FONT></TD></TR>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Fortune,
    CNN, ESPN, Yahoo!, Google, et al. &#8211; general content, major media companies, and competes for ad dollars; </FONT></TD></TR>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">WordPress,
    Medium, RebelMouse, Arc &#8211; content management software, open to all including experts and professionals, and competes for publishers;</FONT></TD></TR>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Leaf
    Group Ltd. and Future PLC &#8211; competes for partners and ad dollars;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">YouTube,
    Twitter, Facebook, Reddit &#8211; social platforms open to all including experts and professionals; and</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Affiliate
    networks such as Liberty Alliance &#8211; competes for ad dollars.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.7pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.7pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">We
believe that we compete on the basis of our technology, substantial scale in traffic, ease of use, recognized lead media brands, and
platform evolution through a continuing development and acquisition program. We believe that our scale, methods, technology and experience
enable us to compete for a material amount of market share of media dollars and membership revenue.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.7pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.7pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Government
Regulations</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.7pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.7pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Our
operations are subject to a number of United States federal and state laws and regulations that involve privacy, rights of publicity,
data protection, content regulation, intellectual property, or other subjects. Many of these laws and regulations are still evolving
and being tested in courts and could be interpreted in ways that could harm our business. In addition, the application and interpretation
of these laws and regulations often are uncertain, particularly in the new and rapidly evolving industry in which we operate.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.7pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.7pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">A
number of government authorities, both in the United States and abroad, and private parties are increasing their focus on privacy issues
and the use of personal information. All states have enacted some form of data privacy legislation, including data security and breach
notification laws in all 50 states, and some form of regulation regarding the collection, use and disclosure of personal information
at the federal level and in several states. California has been the most active in the area of consumer privacy legislation, including
passing a comprehensive law requiring transparency, access, and choice known as the California Consumer Privacy Act of 2018 (the &#8220;CCPA&#8221;),
which was amended in November 2020 by a ballot measure known as the California Privacy Rights Act (the &#8220;CPRA&#8221;). The CCPA
went into effect January 1, 2020, with enforcement having begun in June 2020. The CPRA goes into effect over time, with enforcement to
begin July 2023. Other states are also considering comprehensive consumer privacy legislation. Certain states have also enacted legislation
requiring certain encryption technologies for the storage and transmission of personally identifiable information, including credit card
information, and more states are considering laws for or have enacted laws about information security, which may require the adoption
of written information security policies that are consistent with state laws if businesses have personal information of residents of
those states. Data privacy and information security legislation is also being considered at the federal level, concerning the privacy
of individuals and use of internet and marketing information. In the United States, the Federal Trade Commission (&#8220;FTC&#8221;)
and attorneys general in several states have oversight of business operations concerning the use of personal information and breaches
of the privacy laws under existing consumer protection laws. In particular, an attorney general or the FTC may examine privacy policies
to ensure that a company discloses all material practices and fully complies with representations in the policies regarding the manner
in which the information provided by consumers and other visitors to a website is used and disclosed by it, and the failure to do so
could give rise to a complaint under state or federal unfair competition or consumer protection laws. The California Attorney General
has begun aggressively investigating companies, especially those with websites, with respect to CCPA compliance and these investigations
reportedly include inquiries into issues for which there has not yet been clear guidance issued by the state, such as regarding third
party cookies that collect personal information from users when they visit our and other websites.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.7pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.7pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">We
review our privacy policies and overall operations on a regular basis to ensure compliance with applicable United States federal and
state laws, and to the extent applicable, any foreign laws. We launched a CCPA compliance program in January 2020 and at the end of 2020
reviewed the program and made adjustments to our privacy notice and compliance program practices to account for our evolving practices
and the new CCPA regulations, which were promulgated in July 2020 and continue to be subject to ongoing rulemaking. We believe the position
we take regarding various CCPA issues, including third party cookies, is based on sound and good faith interpretations of the law based
on consultation with legal counsel. However, there are conflicting interpretations of the law that have been adopted by various parties
in the digital media industry, and given the lack of guidance to date on many of these issues, our compliance posture on some issues
might not be accepted by the State of California.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.7pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.7pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">In
addition to the laws of the United States, we may be subject to foreign laws regulating web sites and online services, and the laws in
some jurisdictions outside of the United States are stricter than the laws in the United States. For instance, in May 2018, the General
Data Protection Regulation (the &#8220;GDPR&#8221;) went into effect in the EU and European Economic Area and Switzerland. The GDPR includes
operational requirements for companies that receive or process personal data of residents of the EU that include significant penalties
for non-compliance. In addition, some EU countries are considering or have passed legislation implementing additional data protection
requirements or requiring local storage and processing of personal data or similar requirements that could increase the cost and complexity
of delivering our services. How the GDPR will be fully applied to online services, including cookies and digital advertising, is still
being determined through ongoing rulemaking and evolving interpretation by applicable authorities. We operate a GDPR compliance program
that we believe, based on our good faith interpretation of the GDPR in consultation with counsel, is consistent with our obligations
under that law. The highest court in the EU recently ruled that the United States/EU Privacy Shield was inadequate under GDPR and questioned
the viability or legality of any EU to United States personal data transfer methods. We are working to address this issue, for instance,
including standard contractual clauses as part of our Data Processing Agreements, and we continue to monitor the development of EU to
United States personal data transfer methods and the law relating thereto.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.7pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Social
networking websites are under increasing scrutiny. Legislation has been introduced on the state and federal level that could regulate
social networking websites. Some rules call for more stringent age-verification techniques, attempt to mandate data retention or data
destruction by Internet providers, and impose civil and/or criminal penalties on owners or operators of social networking websites.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.7pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
FTC regularly considers issues relating to online behavioral advertising (a/k/a interest-based advertising), which is a significant revenue
source for us, and Congress and state legislatures are frequently asked to regulate this type of advertising, including requiring consumers
to provide express consent for tracking purposes, so that advertisers may know their interests and are, therefore, able to serve them
more relevant, targeted ads. Targeted ads generate higher per impression fees than non-targeted ads. New laws, or new interpretations
of existing laws, could potentially place restrictions on our ability to utilize our database and other marketing data (e.g., from third
parties) on our own behalf and on behalf of our advertising clients, which may adversely affect our business.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.7pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.7pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Legislation
concerning the above described online activities has either been enacted or is in various stages of development and implementation in
other countries around the world and could affect our ability to make our websites available in those countries as future legislation
is made effective. It is possible that state and foreign governments might also attempt to regulate our transmissions of content on our
website or prosecute us for violations of their laws. United States law offers limited safe harbors and immunities to publishers for
certain liability arising out of user-posted content, but other countries do not. Further, there are a number of legislative proposals
in the United States, and internationally, that could impose new obligations in areas affecting our business, such as liability for copyright
infringement by third parties and liability for defamation or other claims arising out of user-posted content. Our business could be
negatively impacted if applicable laws subject us to greater regulation or risk of liability.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.7pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.7pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Our
business could also be adversely affected if regulatory enforcement authorities, such as the California Attorney General or EU/EEA data
protection authorities, take issue with any of our approaches to compliance, or if new laws, regulations or decisions regarding the collection,
storage, transmission, use and/or disclosure of personal information are implemented in such ways that impose new or additional technology
requirements on us, limit our ability to collect, transmit, store and use or disclose the information, or if government authorities or
private parties challenge our data privacy and/or security practices that result in liability to, or restrictions, on us, or we experience
a significant data or information breach which would require public disclosure under existing notification laws and for which we may
be liable for damages and/or penalties.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.7pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Furthermore,
governments of applicable jurisdictions might attempt to regulate our transmissions or levy sales or other taxes relating to our activities
even though we do not have a physical presence and/or operate in those jurisdictions. As our platforms, products and advertisement activities
are available over the Internet anywhere in the world, multiple jurisdictions may claim that we are required to qualify to do business
as a foreign corporation in each of those jurisdictions and pay various taxes in those jurisdictions. We address state and local jurisdictions
where we believe we have nexus, however, there can be no assurance that we have complied with all jurisdictions that may assert that
we owe taxes.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.7pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Employees</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.7pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.7pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Our
total number of employees as of October 8, 2021 was 362, of which 333 were full-time employees, 20 were part-time employees, and nine
were interns.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.7pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.7pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Available
Information</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.7pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.7pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Our
Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and amendments to reports filed or furnished
pursuant to Section 13 of the Exchange Act, are available free of charge after we electronically file or furnish them to the SEC. The
SEC maintains a website at www.sec.gov that contains reports, proxy and information statements, and other information regarding issuers
that file electronically.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>&#160;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Properties</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>&#160;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
April 25, 2018, we entered into an office sublease agreement (the &#8220;1500 Fourth Ave Sublease&#8221;) to sublease a portion of the
&#8220;master premises&#8221; consisting of 7,457 rentable square feet of office space for our then-executive offices at 1500 Fourth
Avenue, Suite 200, Seattle, Washington 98101. The 1500 Fourth Ave Sublease commenced on June 1, 2018 with an expiration date of October
31, 2021. The amount of monthly rent payable per square foot under the 1500 Fourth Ave Sublease was $25.95 for the first year, $35.00
for the second year, $36.00 for the third year, and $37.00 for the remainder of the term. On March 1, 2020, we assumed the entire lease
for the remaining term of 20 months.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Effective
October 1, 2019, we entered into an office lease (the &#8220;Santa Monica Lease&#8221;) of approximately 5,258 rentable square feet at
301 Arizona Avenue, 4th Floor, Santa Monica, California 90401. The Santa Monica Lease has a term of 5 years, expiring on September 30,
2024. The initial monthly rent was approximately $36,800 and increased to approximately $37,900 in October 2020.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
January 14, 2020, we entered into an office sublease agreement (the &#8220;Liberty Street Sublease&#8221;) of approximately 40,868 rentable
square feet at 225 Liberty Street, 27th Floor, New York, New York 10281, with an effective date of February 1, 2020 with lease payments
commencing November 1, 2020 and expiring on November 30, 2032. Monthly lease payments from November 1, 2020 through October 31, 2025
are approximately $252,000. On September 1, 2021, we entered into a termination and surrender agreement (the &#8220;Liberty Surrender
Agreement&#8221;) pursuant to which we agreed, as of October 1, 2021, to surrender the premises. Pursuant to the Liberty Surrender Agreement,
we agreed to pay approximately $11.5 million to the sublandlord over a period of four years.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">We
have begun to re-evaluate our property leases and, to the extent feasible and in our best interests, have either surrendered leased properties
to the landlord prior to the expiration of such leases or not renewed certain leases. We expect that we will continue this trend of not
leasing properties and, instead, continue to encourage our work force to work remotely, provided, that it continues to be feasible to
do so in the future. To the extent we need to lease physical properties in the future, we believe we would be able to find suitable properties
at market rates.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>&#160;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">From
time to time, we may be subject to claims and litigation arising in the ordinary course of business. We are not currently subject to
any pending or threatened legal proceedings that we believe would reasonably be expected to have a material adverse effect on our business,
financial condition, results of operations or cash flows.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&#160;</B></FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><FONT ID="a_013"></FONT>MANAGEMENT&#8217;S
DISCUSSION AND ANALYSIS OF FINANCIAL<BR>
CONDITION AND RESULTS OF OPERATIONS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>The
following discussion and analysis of the results of operations and financial condition for the three and nine months ended September
30, 2021 and 2020 and the years ended December 31, 2020 and 2019 should be read in conjunction with the financial statements and
related notes and the other financial information that are included elsewhere in this prospectus. This discussion includes forward-looking
statements based upon current expectations that involve risks and uncertainties, such as our plans, objectives, expectations, and intentions.
Forward-looking statements are statements not based on historical information and which relate to future operations, strategies, financial
results, or other developments. Forward-looking statements are based upon estimates, forecasts, and assumptions that are inherently subject
to significant business, economic, and competitive uncertainties and contingencies, many of which are beyond our control and many of
which, with respect to future business decisions, are subject to change. These uncertainties and contingencies can affect actual results
and could cause actual results to differ materially from those expressed in any forward-looking statements made by us, or on our behalf.
We disclaim any obligation to update forward-looking statements. Actual results and the timing of events could differ materially from
those anticipated in these forward-looking statements as a result of a number of factors, including those set forth under the &#8220;Risk
Factors,&#8221; &#8220;Cautionary Note Regarding Forward-Looking Statements,&#8221; and &#8220;Business&#8221; sections in the registration
statement, of which this prospectus forms a part. We use words such as &#8220;anticipate,&#8221; &#8220;estimate,&#8221; &#8220;plan,&#8221;
&#8220;project,&#8221; &#8220;continuing,&#8221; &#8220;ongoing,&#8221; &#8220;expect,&#8221; &#8220;believe,&#8221; &#8220;intend,&#8221;
&#8220;may,&#8221; &#8220;will,&#8221; &#8220;should,&#8221; &#8220;could,&#8221; and similar expressions to identify forward-looking
statements. We and our representatives may from time to time make written or oral statements that are &#8220;forward-looking,&#8221;
including statements contained in this prospectus and other filings with the SEC, reports to our stockholders, and news releases. All
statements that express expectations, estimates, forecasts, or projections are forward-looking statements. In addition, other written
or oral statements which constitute forward-looking statements may be made by us or on our behalf. Words such as &#8220;expect,&#8221;
&#8220;anticipate,&#8221; &#8220;intend,&#8221; &#8220;plan,&#8221; &#8220;believe,&#8221; &#8220;seek,&#8221; &#8220;estimate,&#8221;
&#8220;project,&#8221; &#8220;forecast,&#8221; &#8220;may,&#8221; &#8220;should,&#8221; variations of such words and similar expressions
are intended to identify such forward-looking statements. These statements are not guarantees of future performance and involve risks,
uncertainties, and assumptions, which are difficult to predict. Therefore, actual outcomes and results may differ materially from what
is expressed or forecasted in or suggested by such forward-looking statements. The following discussion should be read in conjunction
with the financial statements and the notes thereto that are included in this prospectus. </I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&#160;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Liquidity
and Capital Resources</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">As
of September 30, 2021, our principal sources of liquidity consisted of cash of approximately $8.2 million. In addition, we had the
use of additional proceeds from our working capital facility with FPP Finance LLC (&#8220;FastPay&#8221;) in the amount of
approximately $8.3 million. During the three months ended September 30, 2021, we generated positive cash flows from operations in
the amount of approximately $1.7 million.&#160; We experience seasonality with respect to our revenues, with the fourth quarter
typically generating a significant portion of our revenues; thus, we expect the fourth quarter to continue to build upon our
generation of positive cash flows from operations. The FastPay line of credit expires in&#160;the first quarter of 2022 and there is
approximately a $4.6 million principal payment due on the Term Note on March 31, 2022. We are in negotiations with FastPay to
increase, extend and improve the terms of the facility, of which there can be no assurances that these negotiations will result in
any increase, extension, or improvement in the terms of the facility.&#160;Historically, we have relied on equity and debt
offerings, to the extent available and, to a lesser extent, cash from operations to satisfy our liquidity needs. If we are unable to
continue to generate positive cash flows, or otherwise extend the maturity date of our line of credit and the 15% delayed draw term
note (&#8220;Term Note&#8221;), we may need to seek additional capital.&#160;Should capital not be available to us at reasonable
terms, other actions may become necessary in addition to cost control measures and continued efforts to increase
revenue.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">In
addition, we continue to be focused on growing our existing operations and seeking accretive and complementary strategic acquisitions
as part of our growth strategy. We believe, that with additional sources of liquidity and the ability to raise additional capital or
incur additional indebtedness to supplement our internal projections, we will be able to execute our growth plan and finance our working
capital requirements.</FONT></P>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">We
have financed our working capital requirements since inception through issuances of equity securities and various debt financings. Our
working capital deficit as of September 30, 2021 and December 31, 2020 was as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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    <TD STYLE="text-align: justify">&#160;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&#160;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">As of</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&#160;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&#160;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">September 30, 2021</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&#160;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&#160;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December 31, 2020</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 60%; text-align: justify">Current assets</TD><TD STYLE="width: 2%">&#160;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 16%; text-align: right">79,380,241</TD><TD STYLE="width: 1%; text-align: left">&#160;</TD><TD STYLE="width: 2%">&#160;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 16%; text-align: right">73,846,465</TD><TD STYLE="width: 1%; text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">Current liabilities</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">(130,386,757</TD><TD STYLE="text-align: left">)</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">(107,562,825</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify">Working capital deficit</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">(51,006,516</TD><TD STYLE="text-align: left">)</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">(33,716,360</TD><TD STYLE="text-align: left">)</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">As
of September 30, 2021, we had a working capital deficit of approximately $51.0 million, as compared to approximately $33.7 million as
of December 31, 2020, consisting of approximately $79.4 million in total current assets and approximately $130.4 million in total current
liabilities. Included in current assets as of September 30, 2021 was approximately $0.5 million of restricted cash. Also included in
our working capital deficit are noncash current liabilities, consisting of approximately $0.7 million of warrant derivative liabilities,
leaving a working capital deficit that requires cash payments of approximately $50.9 million.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Our
cash flows during the nine months ended September 30, 2021 and 2020 consisted of the following:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&#160;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&#160;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Nine Months Ended September 30,</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&#160;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&#160;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&#160;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&#160;</TD>
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    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 16%; text-align: right">(8,261,324</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 2%">&#160;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 16%; text-align: right">(20,273,407</TD><TD STYLE="width: 1%; text-align: left">)</TD></TR>
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    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">(4,286,469</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">For
the nine months ended September 30, 2021, net cash used in operating activities was approximately $8.3 million, consisting primarily
of: approximately $125.1 million of cash received from customers (including payments received in advance of performance obligations);
less (i) approximately $132.5 million of cash paid (a) to employees, Publisher Partners, expert contributors, suppliers, and vendors,
and (b) for revenue share arrangements and professional services; and (ii) approximately $0.9 million of cash paid for interest; as compared
to the nine months ended September 30, 2020, where net cash used in operating activities was approximately $20.3 million, consisting
primarily of: approximately $82.1 million of cash received from customers (including payments received in advance of performance obligations);
less (y) approximately $102.0 million of cash paid (a) to employees, Publisher Partners, suppliers, and vendors, and (b) for revenue
share arrangements, advance of royalty fees and professional services; and (z) approximately $0.4 million of cash paid for interest.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">For
the nine months ended September 30, 2021, net cash used in investing activities was approximately $10.7 million, consisting primarily
of: (i) approximately $7.4 million used to acquire a business; (ii) approximately $0.3 million for property and equipment; and (iii)
approximately $3.0 million for capitalized costs for our Platform; as compared to the nine months ended September 30, 2020, where net
cash used in investing activities was approximately $4.3 million consisting primarily of: (x) approximately $0.3 million used for the
acquisition of a business; (y) approximately $1.1 million for property and equipment; and (z) approximately $2.9 million for capitalized
costs for our Platform.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">For
the nine months ended September 30, 2021, net cash used by financing activities was approximately $18.1 million, consisting primarily
of: (i) approximately $19.8 million in net proceeds from the private placement issuance of common stock; less (ii) approximately $0.5
million from repayment under our line of credit; and (iii) approximately $1.2 million in payments of restricted stock liabilities; as
compared to the three months ended September 30, 2020, where net cash provided by financing activities was approximately $20.8 million,
consisting primarily of: (i) approximately $6.1 million in net proceeds from the issuance of Series H Preferred Stock and Series J Preferred
Stock&#8221;); (ii) approximately $11.7 million in net proceeds from the Term Note and the Payroll Protection Program Loan; and (iii)
approximately $3.3 million in borrowings of our line of credit; less (iv) approximately $0.3 million in payments for taxes relating to
repurchase of restricted shares.</FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&#160;</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&#160;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Three
Months Ended September 30, 2021 and 2020</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>&#160;</I></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
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    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">For
the three months ended September 30, 2021, the total net loss was approximately $24.7 million. The total net loss increased by approximately
$3.3 million as compared to the three months ended September 30, 2020, which had a net loss of approximately $21.4 million. The primary
reasons for the increase in the total net loss is a lease termination charge of approximately $7.3 million and an increase in stock-based
compensation of approximately $4.6 million during the three months ended September 30, 2021. The basic and diluted net loss per common
share for the three months ended September 30, 2021 of $0.10 decreased from $0.55 for the three months ended September 30, 2020, primarily
because of our net loss per common share decreased along with the increase of the daily weighted average shares outstanding to 252,811,058
shares from 39,186,432 shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>&#160;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
following table sets forth revenue, cost of revenue, and gross profit:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD>&#160;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&#160;</TD>
    <TD COLSPAN="14" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Three Months Ended September
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  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt">Gross profit</TD><TD STYLE="padding-bottom: 2.5pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">27,399,649</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&#160;</TD><TD STYLE="padding-bottom: 2.5pt">&#160;</TD>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">For
the three months ended September 30, 2021, we had revenue of approximately $59.6 million, as compared to revenue of approximately $32.1
million for the three months ended September 30, 2020.</FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
following table sets forth revenue by product line and the corresponding percent of total revenue:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD>&#160;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&#160;</TD>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">For
the three months ended September 30, 2021, the primary sources of revenue were as follows: (i) advertising of approximately $21.7 million;
(ii) digital subscriptions of approximately $7.7 million; (iii) magazine circulation of approximately $26.0 million; and (iv) approximately
$4.2 million from other revenue. Our advertising revenue increased by approximately $12.3 million, due to additional revenue of approximately
$6.8 million generated as a result of a doubling of advertising sponsorships of the Sports Illustrated Swim (&#8220;SI Swim&#8221;) business
and other growth in the Sports Illustrated media business, and approximately $5.5 million generated as a result of The Spun, which was
acquired during the second quarter of 2021. Our digital subscriptions decreased by approximately $0.8 million. Our magazine circulation
increased by approximately $13.1 million reflecting a drive to increase subscribers in the fourth quarter of 2020 and the diminishing
effect of acquisition accounting adjustments on the subscribers that existed when we began operating the Sports Illustrated media business.
Our other revenue, primarily consisting of licensing and e-commerce revenue, increased by approximately $2.9 million due to additional
revenue primarily for certain licensing agreements related to SI Swim and other Sports Illustrated media businesses.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Cost
of Revenue</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">For
the three months ended September 30, 2021, we recognized cost of revenue of approximately $32.2 million, which represented a 46% gross
profit percentage, compared to approximately $24.7 million in the three months ended September 30, 2020, representing a 23% gross profit
percentage. The increase in the cost of revenue of approximately $7.5 million during the three months ended September 30, 2021 is primarily
from increases in: (i) printing, distribution, and fulfillment costs of approximately $3.4 million; (ii) payroll, stock-based compensation,
and related expenses for customer support, technology maintenance, and occupancy costs of related personnel of approximately $2.6 million;
(iii) other costs of revenue related to SI Swim of approximately $1.3 million; and (iv) amortization of our platform of approximately
$0.2 million. The improvement in gross profit percentage was due to a decrease in partner revenue shares from 61% of digital advertising
revenue in the third quarter of 2020 to 27% in the third quarter of 2021 as a result of the elimination of most partner guarantees near
the end of last year.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">For
the three months ended September 30, 2021, we capitalized costs related to our Platform of approximately $1.5 million, as compared to
approximately $1.2 million for the three months ended September 30, 2020. For the three months ended September 30, 2021, the capitalization
of our Platform consisted of: (i) approximately $1.0 million in payroll and related expenses, including taxes and benefits; and (ii)
approximately $0.5 million in stock-based compensation for related personnel.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Operating
Expenses</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>&#160;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
following table sets forth operating expenses and the corresponding percentage of total revenue:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD>&#160;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&#160;</TD>
    <TD COLSPAN="14" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Three Months Ended September
    30,</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&#160;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&#160;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021 versus 2020</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom">
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  <TR STYLE="vertical-align: bottom; background-color: White">
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    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">7,172,175</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
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  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">4,055,432</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&#160;</TD><TD STYLE="padding-bottom: 1.5pt">&#160;</TD>
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  <TR STYLE="vertical-align: bottom; background-color: White">
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    <TD STYLE="padding-bottom: 2.5pt; text-align: left">&#160;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: right">&#160;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&#160;</TD><TD STYLE="padding-bottom: 2.5pt">&#160;</TD>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>


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<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="text-decoration: underline">Selling
and Marketing</FONT>. For the three months ended September 30, 2021, we incurred selling and marketing costs of approximately $22.7 million,
as compared to approximately $9.9 million for the three months ended September 30, 2020. The increase in selling and marketing costs
of approximately $12.8 million is primarily from increases in circulation costs of approximately $9.4 million; advertising costs of approximately
$1.4 million; professional and marketing service costs of approximately $0.7 million; payroll of selling and marketing account management
support teams, along with the related benefits and stock-based compensation of approximately $1.3 million; office and occupancy costs
of approximately $0.1 million; less a decrease in other selling and marketing related costs of approximately $0.1 million.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="text-decoration: underline">General
and Administrative</FONT>. For the three months ended September 30, 2021, we incurred general and administrative costs of approximately
$23.0 million from payroll and related expenses, professional services, occupancy costs, stock-based compensation of related personnel,
depreciation and amortization, and other corporate expense, as compared to approximately $7.2 million for the three months ended September
30, 2020. The increase in general and administrative expenses of approximately $15.9 million is primarily from an increase in our payroll,
along with the related benefits and stock-compensation of approximately $5.5 million; an increase in professional services, including
accounting, legal and insurance of approximately $2.2 million; an increase in facilities costs related to the lease termination of approximately
$7.3 million and an increase in other general corporate expenses of approximately $0.9 million.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Other
(Expenses) Income</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>&#160;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
following table sets forth other (expense) income:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD>&#160;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&#160;</TD>
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  <TR STYLE="vertical-align: bottom">
    <TD>&#160;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&#160;</TD>
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  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="text-decoration: underline">Change
in Valuation of Warrant Derivative Liabilities</FONT>. There was approximately $1.3 million increase in noncash income related the change
in the valuation of the warrant derivative liabilities for the three months ended September 30, 2021, as compared to the prior year period.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="text-decoration: underline">Change
in Valuation of Embedded Derivative Liabilities</FONT>. There was approximately $2.4 million increase in noncash income related the change
in the valuation of the embedded derivative liabilities for the three months ended September 30, 2021, as compared to the prior year
period.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="text-decoration: underline">Interest
Expense</FONT>. We incurred interest expense of approximately $2.5 million for the three months ended September 30, 2021, as compared to
approximately $4.3 million for the three months ended September 30, 2020. The decrease in interest expense of approximately $1.8 million
is primarily from an increase of approximately $0.2 million of other interest; less a decrease of accrued interest of approximately $0.8
million and a decrease from the amortization of debt discount on notes payable of approximately $1.2 million.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>


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<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="text-decoration: underline">Liquidated
Damages</FONT>. We recorded liquidated damages of approximately $0.8 million for the three months ended September 30, 2021, an increase
of approximately $0.5 million as compared to the three months ended September 30, 2020, primarily from issuance of our 12% Convertible
Debentures, Series H Preferred Stock, Series I convertible preferred stock (the &#8220;Series I Preferred Stock&#8221;), Series J Preferred
Stock, and Series K Preferred Stock. The liquidated damages were recognized because we determined that: (i) registration statements covering
the shares of common stock issuable upon conversion under the aforementioned instruments would not be declared effective within the requisite
time frame; and (ii) that we would not be able to file our periodic reports in the requisite time frame with the SEC in order to satisfy
the public information requirements under the securities purchase agreements.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Nine
Months Ended September 30, 2021 and 2020</I></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <TR STYLE="vertical-align: bottom; background-color: White">
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  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <TR STYLE="vertical-align: bottom; background-color: White">
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  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <TR STYLE="vertical-align: bottom; background-color: White">
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  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">For
the nine months ended September 30, 2021, the total net loss was approximately $70.8 million. The total net loss increased by approximately
$3.5 million as compared to the nine months ended September 30, 2020, which had a net loss of approximately $67.3 million. The primary
reasons for the increase in the total net loss is a lease termination charge of approximately $7.3 million and an increase in stock-based
compensation of approximately $10.5 million during the nine months ended September 30, 2021. The basic and diluted net loss per common
share for the nine months ended September 30, 2021 of $0.29 decreased from $1.72 for the nine months ended September 30, 2020, primarily
because our net loss per common share decreased along with the increase of the daily weighted average shares outstanding to 244,209,151
shares from 39,177,864 shares.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>


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<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>&#160;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
following table sets forth revenue, cost of revenue, and gross profit:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD>&#160;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&#160;</TD>
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  <TR STYLE="vertical-align: bottom">
    <TD>&#160;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&#160;</TD>
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    <TD>&#160;</TD><TD STYLE="font-weight: bold; font-style: italic">&#160;</TD>
    <TD COLSPAN="14" STYLE="font-weight: bold; font-style: italic; text-align: center">(percentages reflect cost of revenue as a percentage
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    <TD COLSPAN="2" STYLE="text-align: right">&#160;</TD><TD>&#160;</TD><TD>&#160;</TD>
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  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <TR STYLE="vertical-align: bottom; background-color: White">
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    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">83,978,050</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&#160;</TD><TD STYLE="padding-bottom: 1.5pt">&#160;</TD>
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    <TD STYLE="padding-bottom: 1.5pt; text-align: left">&#160;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: right">10.0</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt">Gross profit</TD><TD STYLE="padding-bottom: 2.5pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">43,957,451</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&#160;</TD><TD STYLE="padding-bottom: 2.5pt">&#160;</TD>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">For
the nine months ended September 30, 2021, we had revenue of approximately $127.9 million, as compared to revenue of approximately $85.6
million for the nine months ended September 30, 2020.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
following table sets forth revenue by product line and the corresponding percent of total revenue:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD>&#160;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&#160;</TD>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">For
the nine months ended September 30, 2021, the primary sources of revenue were as follows: (i) advertising of approximately $46.3 million;
(ii) digital subscriptions of approximately $22.5 million; (iii) magazine circulation of approximately $53.3 million; and (iv) approximately
$5.8 million from other revenue. Our advertising revenue increased by approximately $17.5 million due to additional revenue of approximately
$10.0 million generated as a result of the Sports Illustrated media business, approximately $6.5 million generated as a result of The
Spun, which was acquired during the second quarter 2021, and approximately $1.0 million in revenue generated from our other business.
Our digital subscriptions increased by approximately $2.4 million due to additional revenue generated by TheStreet. Our magazine circulation
increased by approximately $19.3 million as a result of the Sports Illustrated media business. Our other revenue, primarily consisting
of licensing and e-commerce revenue, increased by approximately $3.2 million, due to additional revenue of approximately $3.6 generated
as a result of the Sports Illustrated media business, offset by an approximately $0.4 million decrease in revenue from our other business.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Cost
of Revenue</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>&#160;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">For
the nine months ended September 30, 2021, we recognized cost of revenue of approximately $84.0 million, a 34% gross profit percentage,
compared to approximately $76.3 million in the nine months ended September 30, 2020, representing a 11% gross profit percentage. The
increase of approximately $7.7 million in cost of revenue during the nine months ended September 30, 2021 is primarily from increases
in: (i) our Publisher Partner guarantees and revenue share payments of approximately $1.7 million; (ii) payroll, stock-based compensation,
and related expenses for customer support, technology maintenance, and occupancy costs of related personnel of approximately $4.2 million;
(iii) printing, distribution, and fulfillment costs of approximately $0.4 million; (iv) other costs of revenue of approximately $1.1
million; and (v) amortization of our Platform of approximately $0.2 million.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">For
the nine months ended September 30, 2021, we capitalized costs related to our Platform of approximately $4.4 million, as compared to
approximately $4.1 million for the nine months ended September 30, 2020. For the nine months ended September 30, 2021, the capitalization
of our Platform consisted of: (i) approximately $3.0 million in payroll and related expenses, including taxes and benefits; and (ii)
approximately $1.3 million in stock-based compensation for related personnel.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>


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<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Operating
Expenses</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>&#160;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
following table sets forth operating expenses and the corresponding percentage of total revenue:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&#160;</B></FONT></TD>
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    <TD STYLE="border-bottom: black 1.5pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">11,981,998</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">9.4</FONT></TD>
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    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">12,276,990</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">14.3</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(294,992</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-0.5</FONT></TD>
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  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Total operating expenses</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">111,334,715</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">64,828,063</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">46,506,652</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">71.7</FONT></TD>
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  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="text-decoration: underline">Selling
and Marketing</FONT>. For the nine months ended September 30, 2021, we incurred selling and marketing costs of approximately $55.1 million,
as compared to approximately $27.7 million for the nine months ended September 30, 2020. The increase in selling and marketing costs
of approximately $27.4 million is primarily from an increase in circulation costs of approximately $22.4 million; payroll of selling
and marketing account management support teams, along with the related benefits and stock-based compensation of approximately $3.3 million;
an increase in advertising costs of approximately $1.8 million; an increase in professional and marketing service costs of approximately
$1.2 million; an increase in office, travel, conferences and occupancy costs of approximately $0.3 million; less a decrease in other
selling and marketing related costs of approximately $1.0 million.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="text-decoration: underline">General
and Administrative</FONT>. For the nine months ended September 30, 2021, we incurred general and administrative costs of approximately $44.2
million from payroll and related expenses, professional services, occupancy costs, stock-based compensation of related personnel, depreciation
and amortization, and other corporate expense, as compared to approximately $24.9 million for the nine months ended September 30, 2020.
The increase in general and administrative expenses of approximately $19.4 million is primarily from an increase in our payroll, along
with the related benefits and stock-compensation of approximately $8.4 million; an increase in professional services, including accounting,
legal and insurance of approximately $3.1 million; an increase in facilities costs related to the lease termination of approximately
$7.1 million; and an increase in other general corporate expenses of approximately $0.8 million.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Other
(Expenses) Income</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>&#160;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
following table sets forth other (expense) income:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></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><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&#160;</B></FONT></TD>
    <TD COLSPAN="14" STYLE="border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Nine
    Months Ended September 30,</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&#160;</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&#160;</B></FONT></TD>
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    versus 2020</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&#160;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&#160;</B></FONT></TD>
    <TD COLSPAN="6" STYLE="border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>2021</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&#160;</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&#160;</B></FONT></TD>
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    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&#160;</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&#160;</B></FONT></TD>
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    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&#160;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>%
    Change</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&#160;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>&#160;</I></B></FONT></TD>
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    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
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    <TD STYLE="width: 9%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">496,812</FONT></TD>
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    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
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    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
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    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
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    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="width: 9%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">631,722</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
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  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Change in valuation of embedded derivative liabilities</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0.0</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2,173,000</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-18.7</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(2,173,000</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">18.7</FONT></TD>
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  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Interest expense</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(7,695,317</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">209.2</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(12,169,315</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">104.4</FONT></TD>
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    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
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    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
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  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Interest income</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">471</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0.0</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4,499</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0.0</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(10,041</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0.0</FONT></TD>
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  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
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    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(2,197,615</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">59.7</FONT></TD>
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    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(1,487,577</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
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    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
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    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
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    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(31,851</FONT></TD>
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    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
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    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
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    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0.0</FONT></TD>
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    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
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    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
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  <TR STYLE="vertical-align: bottom; background-color: white">
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    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
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    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
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    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
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    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
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    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">100.0</FONT></TD>
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    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
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    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
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  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="text-decoration: underline">Change
in Valuation of Warrant Derivative Liabilities</FONT>. There was approximately $0.6 million increase in noncash income related the change
in the valuation of the warrant derivative liabilities for the nine months ended September 30, 2021, as compared to the prior year period.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>


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<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="text-decoration: underline">Change
in Valuation of Embedded Derivative Liabilities</FONT>. There was approximately $2.2 million decrease in noncash income related the change
in the valuation of the embedded derivative liabilities for the nine months ended September 30, 2021, as compared to the prior year period.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="text-decoration: underline">Interest
Expense</FONT>. We incurred interest expense of approximately $7.7 million for the nine months ended September 30, 2021, as compared to
approximately $12.2 million for the nine months ended September 30, 2020. The decrease in interest expense of approximately $4.5 million
is primarily from an increase of approximately $0.5 million of other interest; less a decrease of approximately $1.6 million of accrued
interest and a decrease of the amortization of debt discount on notes payable of approximately $3.4 million.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="text-decoration: underline">Liquidated
Damages</FONT>. We recorded liquidated damages of approximately $2.2 million for the nine months ended September 30, 2021, primarily from
issuance of our 12% Convertible Debentures, Series H Preferred Stock, Series I Preferred Stock, and Series J Preferred Stock issued during
2020. The liquidated damages were recognized because we determined that: (i) registration statements covering the shares of common stock
issuable upon conversion under the aforementioned instruments would not be declared effective within the requisite time frame; and (ii)
that we would not be able to file our periodic reports in the requisite time frame with the SEC in order to satisfy the public information
requirements under the securities purchase agreements.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="text-decoration: underline">Gain
Upon Debt Extinguishment</FONT>. We recorded a gain upon debt extinguishment of approximately $5.7 million (including accrued interest)
pursuant to the forgiveness of the Paycheck Protection Program Loan for the nine months ended September 30, 2021.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>


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<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Comparison
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Years
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    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
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    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">$
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    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">%
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  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <TR STYLE="vertical-align: bottom; background-color: White">
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  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <TR STYLE="vertical-align: bottom; background-color: White">
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  <TR STYLE="vertical-align: bottom; background-color: White">
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  <TR STYLE="vertical-align: bottom; background-color: White">
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">For
the year ended December 31, 2020, the net loss attributable to common stockholders was approximately $104.9 million. The total net loss
attributable to common stockholders increased by approximately $66.4 million from the year ended December 31, 2019 net loss of approximately
$38.5 million. The primary reasons for the increase in the total net loss is that our operations continued to rapidly expand during the
year ended December 31, 2020 as they did in 2019. In particular, during the year ended December 31, 2020 we operated our Sports Illustrated
Licensed Brands that we acquired during the fourth quarter of 2019. The basic and diluted net loss per common share for the year ended
December 31, 2020 of $2.28 increased from $1.04 for the year ended December 31, 2019 primarily because of: (i) the weighted average basic
and diluted shares increased as the net loss per common share increased along with the calculation of the daily weighted average shares
outstanding increase to 45,981,029 shares from 37,080,784 shares; (ii) the deemed dividend on the convertible preferred stock of approximately
$15.6 million; and (iii) the other expenses of approximately $18.1 million.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Our
growth strategy is principally focused on adding new publisher partners to our Platform. In addition, if the right opportunity exists,
we may also acquire related online media, publishing, and technology businesses. This combined growth strategy has expanded the scale
of unique users interacting on our Platform with increased revenues during 2020. We expect revenues increases in subsequent years will
come from organic growth in operations, addition of more publisher partners, and mergers and acquisitions.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
following table sets forth revenue, cost of revenue, and gross profit:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&#160;</B></FONT></TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&#160;</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&#160;</B></FONT></TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&#160;</B></FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&#160;</B></FONT></TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&#160;</B></FONT></TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&#160;</B></FONT></TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&#160;</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&#160;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>%
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&#160;</B></FONT></TD></TR>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>&#160;</I></B></FONT></TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>&#160;</I></B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 8%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">128,032,397</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 8%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">53,343,310</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 8%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">74,689,087</FONT></TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Cost
    of revenue</FONT></TD>
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    <TD STYLE="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">103,063,445</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
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    <TD STYLE="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
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    <TD STYLE="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">55,762,270</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Gross
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">19.5</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">6,042,135</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">11.3</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">18,926,817</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">313.2</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">For
the year ended December 31, 2020, we had gross profit of approximately $25.0 million, as compared to gross profit of approximately $6.0
million for year ended December 31, 2019.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
following table sets forth revenue by product line and the corresponding percent of total revenue:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&#160;</B></FONT></TD>
    <TD COLSPAN="14" STYLE="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Years
    Ended December 31,</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&#160;</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&#160;</B></FONT></TD>
    <TD COLSPAN="6" STYLE="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>2020
    versus 2019</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&#160;</B></FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&#160;</B></FONT></TD>
    <TD COLSPAN="6" STYLE="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>2020</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&#160;</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&#160;</B></FONT></TD>
    <TD COLSPAN="6" STYLE="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>2019</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&#160;</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&#160;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Change</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&#160;</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&#160;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>%
    Change</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&#160;</B></FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>&#160;</I></B></FONT></TD>
    <TD COLSPAN="14" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>(percentages
    reflect product line as a percentage of total revenue)</I></B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>&#160;</I></B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 28%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Advertising</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 8%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">44,359,822</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 8%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">34.6</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 8%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">67.3</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 8%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">8,441,452</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 8%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">15.8</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Digital
    subscriptions</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">28,495,676</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">22.3</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">6,855,038</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">12.9</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">21,640,638</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">40.6</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Magazine
    circulation</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">50,580,213</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">39.5</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">9,046,473</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">17.0</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">41,533,740</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">77.9</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Other</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4,596,686</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,523,429</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2.9</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3,073,257</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF">
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">140.0</FONT></TD>
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  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">For
the year ended December 31, 2020, the primary sources of revenue were as follows: (i) advertising of approximately $44.4 million; (ii)
digital subscriptions of approximately $28.5 million; (iii) magazine circulation of approximately $50.6 million; and (iv) other revenue
of approximately $4.6 million. Our advertising revenue increased by approximately $8.4 million, due to additional revenue of approximately
$3.2 million generated as a result of TheStreet, which we acquired during the second quarter of 2019, and approximately $11.5 million
generated as a result of the Sports Illustrated Licensed Brands, which we acquired during the fourth quarter of 2019, offset by an approximately
$6.2 million decrease in revenue from our legacy business. Our digital subscriptions increased by approximately $21.6 million due to
additional revenue of approximately $16.8 million generated as a result of TheStreet, which we acquired during the second quarter of
2019 and approximately $4.3 million generated as a result of the Sports Illustrated Licensed Brands, which we acquired during the fourth
quarter of 2019. Our magazine circulation contributed approximately $41.5 million as a result of the Sports Illustrated Licensed Brands
acquired during the fourth quarter of 2019. Our other revenue increased by approximately $3.1 million due to additional revenue of approximately
$0.3 million generated as a result of TheStreet, which we acquired during the second quarter of 2019, approximately $0.4 million generated
as a result of the Sports Illustrated media business, which we acquired during the fourth quarter of 2019, and approximately $2.3 million
generated by our legacy business.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Cost
of Revenue</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">For
the years ended December 31, 2020 and 2019, we recognized cost of revenue of approximately $103.1 million and approximately $47.3 million,
respectively. The increase of approximately $55.8 million in cost of revenue is primarily from: (i) our Publisher Partner guarantees
and revenue share payments of approximately $4.8 million; (ii) payroll, stock based compensation, and related expenses for customer support,
technology maintenance, and occupancy costs of related personnel of approximately $19.1 million; (iii) amortization of our Platform of
approximately $2.4 million (which includes our Platform spending and amortization related to acquired developed technology from our acquisitions);
(iv) royalty fees of approximately $11.3 million; (v) hosting, bandwidth, and software licensing fees of approximately $1.3 million;
(vi) printing, distribution, and fulfillment costs of approximately $9.5 million; (vii) fees paid for data analytics and to other outside
services providers of approximately $3.7 million and (viii) other costs of revenue of approximately $3.8 million.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">For
the year ended December 31, 2020, we capitalized costs related to our Platform of approximately $5.4 million, as compared to approximately
$3.8 million for the year ended December 31, 2019. In fiscal 2020, the capitalization of our Platform development consisted of approximately
$3.8 million in payroll and related expenses, including taxes and benefits, approximately $1.6 million in stock-based compensation for
related personnel, and amortization of approximately $8.6 million. In fiscal 2019, the capitalization of our Platform development consisted
of approximately $2.5 million in payroll and related expenses, including taxes and benefits, approximately $1.3 million in stock-based
compensation for related personnel, and amortization of approximately $6.2 million.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Operating
Expenses</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
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  <TR STYLE="vertical-align: bottom; background-color: White">
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  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Total operating expenses</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
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    <TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
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    <TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
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  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="text-decoration: underline">Selling
and Marketing</FONT>. For the year ended December 31, 2020, we incurred selling and marketing costs of approximately $43.6 million, as compared
to approximately $12.8 million for the year ended December 31, 2019. The increase in selling and marketing cost of approximately $30.8
million is primarily from payroll costs for the selling and marketing account management support teams, along with the related benefits
and stock based compensation of approximately $8.2 million; circulation costs of approximately $14.2 million; office and occupancy costs
of approximately $0.7 million; advertising costs of approximately $5.9 million; and other selling and marketing related costs of approximately
$1.7 million.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="text-decoration: underline">General
and Administrative</FONT>. For the year ended December 31, 2020, we incurred general and administrative costs of approximately $36.0 million
from payroll and related expenses, professional services, occupancy costs, stock based compensation of related personnel, depreciation
and amortization, and other corporate expense, as compared to approximately $29.5 million for the year ended December 31, 2019. The increase
in general and administrative expenses of approximately $6.5 million is primarily from our increase in professional services, including
accounting, legal and insurance of approximately $4.8 million; facilities costs of approximately $1.1 million; and other general corporate
expenses of approximately $2.0 million.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>&#160;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Other
(Expenses) Income</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
following table sets forth other (expenses) income:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD COLSPAN="14" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Years
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  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <TR STYLE="vertical-align: bottom; background-color: White">
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  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="text-decoration: underline">Change
in Valuation of Warrant Derivative Liabilities</FONT>. The change in valuation of warrant derivative liabilities for the year ended December
31, 2020 was the result of the decrease in the fair value of the warrant derivative liabilities as of December 31, 2020, as compared
to the change in the valuation for the year ended December 31, 2019 where the change was from an increase in the fair value of the warrant
derivative liabilities as of December 31, 2019.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="text-decoration: underline">Change
in Valuation of Embedded Derivative Liabilities</FONT>. The change in valuation of embedded derivative liabilities for the year ended December
31, 2020 was the result of the decrease in the fair value of the embedded derivative liabilities as of December 31, 2020, as compared
to the change in the valuation for the year ended December 31, 2019 where the change was from an increase in the fair value of the embedded
derivative liabilities as of December 31, 2019.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="text-decoration: underline">Interest
Expense</FONT>. We incurred interest expense of approximately $16.5 million during the year ended December 31, 2020, as compared to approximately
$10.5 million for the year ended December 31, 2019, primarily consisting of approximately $6.6 million from amortization of debt discount
on notes payable; approximately $9.2 million of accrued interest; and approximately $0.6 million of other interest. In fiscal 2019, interest
expense primarily consisted of approximately $4.5 million of amortization of accretion of original issue discount and debt discount on
notes payable; $3.1 million of accrued interest; and $2.9 million of other interest.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="text-decoration: underline">Liquidated
Damages</FONT>. We recorded approximately $1.5 million of liquidating damages, including the accrued interest thereon, during the year ended
December 31, 2020 primarily from the issuance of the Debentures, Series H Preferred Stock, Series I Preferred Stock and Series J Preferred
Stock in fiscal 2020 since we determined that: (1) the registration statements registering for resale the shares of common stock issuable
upon conversion of the Debentures, Series I Preferred Stock and Series J Preferred Stock would not be declared effective within the requisite
time frame; and (2) that we would not be able to become current in our periodic filing obligations with the SEC in order to satisfy the
public information requirements under the applicable securities purchase agreements. We recorded liquidated damages, including the accrued
interest thereon, of approximately $0.7 million in fiscal 2019 primarily from issuance of Debentures, Series H Preferred Stock, Series
I Preferred Stock, and Series J Preferred Stock, which liquidated damages were based upon the reasons set forth above.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Deemed
Dividend on Convertible Preferred Stock</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I><FONT STYLE="text-decoration: underline">Series
H Preferred Stock</FONT></I>. During fiscal 2020, in connection with the issuance of 108 shares (issued on August 19, 2020) and 389 shares
(issued on October 31, 2020) of our Series H Preferred Stock, we recorded a beneficial conversion feature of approximately $0.1 million
and approximately $0.4 million, respectively (totaling approximately $0.7 million), for the underlying shares of our common stock since
the nondetachable conversion feature was in-the-money (the conversion price of $0.33 was lower than our common stock trading price of
$0.86 and $0.77 at the issuance dates of August 19, 2020 and October 31, 2020, respectively). The beneficial conversion feature was recognized
as a deemed dividend.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I><FONT STYLE="text-decoration: underline">Series
I Preferred Stock</FONT></I>. On December 18, 2020, all of the shares of our Series I Preferred Stock converted automatically into shares
of our common stock as a result of the increase in the number of authorized shares of our common stock. Upon conversion, we recognized
a beneficial conversion feature for the underlying shares of our common stock since the nondetachable conversion feature was in-the-money
(the conversion price of $0.50 was lower than our common stock trading price of $0.61 at the conversion date). The beneficial conversion
feature was recognized as a deemed dividend.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I><FONT STYLE="text-decoration: underline">Series
J Preferred Stock</FONT></I>. On December 18, 2020, all of the shares of our Series J Preferred Stock converted automatically into shares
of our common stock as a result of the increase in the number of authorized shares of our common stock. Upon conversion, we recognized
a beneficial conversion feature for the underlying shares of our common stock since the nondetachable conversion feature was in-the-money
(the effective conversion price of $0.40 for the issuance of our Series J Preferred Stock on September 4, 2020 (these shares were issued
at a discount) was lower than our common stock trading price of $0.61 at the conversion date). The beneficial conversion feature was
recognized as a deemed dividend.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I><FONT STYLE="text-decoration: underline">Series
K Preferred Stock</FONT></I>. On December 18, 2020, all of the shares of our Series K Preferred Stock converted automatically into shares
of our common stock as a result of the increase in the number of authorized shares of our common stock. Upon conversion, we recognized
a beneficial conversion feature for the underlying shares of our common stock since the nondetachable conversion feature was in-the-money
(the conversion price of $0.40 was lower than our common stock trading price of $0.61 at the conversion date). The beneficial conversion
feature was recognized as a deemed dividend.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Off-Balance
Sheet Arrangements</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">As
of December 31, 2020, the following transactions, obligations, or relationships represent our off-balance sheet arrangements:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="text-decoration: underline">Strome
Warrants</FONT>. On June 15, 2018, we modified the January 2018 SPA and the March 2018 SPA with Strome Trust. Strome Trust was also granted
observer rights on our Board. As consideration for such modification, we issued the Strome Warrants to purchase up to 1,500,000 shares
of our common stock, exercisable at price of $0.50 per share (as amended) (as further described in Note 21, <I>Stockholders&#8217; Equity</I>,
in our consolidated financial statements for the year ended December 31, 2020), which are carried on our consolidated balance sheets
as a derivative liability at fair value, as adjusted at each period-end since, among other criteria, delivery of unregistered shares
is precluded upon exercise. The Strome Warrants are exercisable for a period of five years, subject to customary anti-dilution adjustments,
and may, in the event there is no effective registration statement covering the resale of the warrant shares, be exercised on a cashless
basis in certain circumstances. Strome Warrants exercisable for up to 1,500,000 shares of our common stock were outstanding as of December
31, 2020, with a derivative liability fair value of $704,707. In the event Strome Trust or its designee decided to exercise the Strome
Warrants, since shares of our common stock were available to settle the instrument, there would be no impact to our cash resources.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="text-decoration: underline">B.
Riley Warrants</FONT>. On October 18, 2018, we issued the 2018 Warrants to B. Riley FBR and one of its affiliates to purchase up to 875,000
shares of our common stock, with an initial exercise price of $1.00 per share (as further described in Note 21, <I>Stockholders&#8217;
Equity</I>, in our consolidated financial statements for the year ended December 31, 2020), which exercise price was subsequently
adjusted to $0.33, and which are carried on the consolidated balance sheets as a derivative liability at fair value, as adjusted
at each period-end since, among other criteria, delivery of unregistered shares is precluded upon exercise. The 2018 Warrants are exercisable
for a period of seven years, subject to customary anti-dilution adjustments, and may, if at any time after the six-month anniversary
of the issuance of the warrants there is no effective registration statement covering the re-sale of the shares of common stock underlying
the 2018 Warrants, be exercised on a cashless basis. The 2018 Warrants exercisable for up to 875,000 shares of our common stock were
outstanding as of December 31, 2020, with a derivative liability fair value of $443,188. In the event B. Riley FBR or its affiliate decided
to exercise the 2018 Warrants (which are subject to certain contractual exercise limitations), since shares of our common stock were
available to settle the instrument after considering the contractual exercise limitations, there would be no impact to our cash resources.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
following table sets forth our principal cash operating obligations and commitments as of December 31, 2020, aggregating to approximately
$49.5 million.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD COLSPAN="22" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Payments
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  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Total</FONT></TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
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    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">2022</FONT></TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
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  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <TR STYLE="vertical-align: bottom; background-color: White">
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    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Consulting agreement</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
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    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">592,100</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Total</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">49,470,184</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">9,821,094</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">5,030,416</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">3,528,696</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">3,526,406</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">3,740,591</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">23,822,981</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&#160;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Critical
Accounting Policies and Estimates</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
preparation of financial statements in conformity with generally accepted accounting principles in the United States of America (&#8220;GAAP&#8221;)
requires management to make estimates and assumptions that affect the reported amount of assets and liabilities, the disclosure of contingent
assets and liabilities and the reported amounts of revenue and expenses during the reported periods. The more critical accounting estimates
include estimates related to revenue recognition, platform development, impairment of long-lived assets, and stock-based compensation.
We also have other key accounting policies, which involve the use of estimates, judgments and assumptions that are significant to understanding
our results, which are described in Note 2, <I>Summary of Significant Accounting Policies</I>, in our consolidated financial statements
for the year ended December 31, 2020.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Our
discussion and analysis of the financial condition and results of operations is based upon our consolidated financial statements included
elsewhere in this prospectus, which have been prepared in accordance with GAAP. We believe the following critical accounting policies
affect our more significant judgments and estimates used in the preparation of the financial statements. Actual results may differ from
these estimates under different assumptions or conditions.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">In
accordance with Accounting Standards Codification (&#8220;ASC&#8221;) 606, Revenue from Contracts with Customers, revenues are recognized
when control of the promised goods or services are transferred to our customers, in an amount that reflects the consideration that we
expect to receive in exchange for those goods or services. We generate all of our revenue from contracts with customers. We account for
revenue on a gross basis, as compared to a net basis, in our statement of operations. We made this determination based on our taking
the credit risk in our revenue-generating transactions and because we are also the primary obligor responsible for providing the services
to the customer. Cost of revenues is presented as a separate line item in the statement of operations.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
following is a description of the principal activities from which we generate revenue:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="text-decoration: underline">Digital
Advertising</FONT>. We recognize revenue from digital advertisements at the point when each ad is viewed. The quantity of advertisements,
the impression bid prices, and revenue are reported on a real-time basis. We enter into contracts with advertising networks to serve
display or video advertisements on the digital media pages associated with its various channels. Although reported advertising transactions
are subject to adjustment by the advertising network partners, any such adjustments are known within a few days of month end. We owe
our independent Publisher Partners a revenue share of the advertising revenue earned, which is recorded as service costs in the same
period in which the associated advertising revenue is recognized.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Advertising
revenue that is comprised of fees charged for the placement of advertising on the websites that we own and operate, is recognized as
the advertising or sponsorship is displayed, provided that collection of the resulting receivable is reasonably assured.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="text-decoration: underline">Print
Advertising</FONT>. Advertising related revenues for print advertisements are recognized when advertisements are published (defined as an
issue&#8217;s on-sale date), net of provisions for estimated rebates, rate adjustments, and discounts.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="text-decoration: underline">Digital
Subscriptions</FONT>. We enter into contracts with internet users that subscribe to premium content on our owned and operated media channels
and facilitate such contracts between internet users and our Publisher Partners. These contracts provide internet users with a membership
subscription to access the premium content. For subscription revenue generated by our independent Publisher Partners&#8217; content,
we owe our Publisher Partners a revenue share of the membership subscription revenue earned, which is initially deferred and recorded
as deferred contract costs. We recognize deferred contract costs over the membership subscription term in the same pattern that the associated
membership subscription revenue is recognized.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Digital
subscription revenue generated from our websites that we own and operate are charged to customers&#8217; credit cards or are directly
billed to corporate subscribers, and are generally billed in advance on a monthly, quarterly or annual basis. We calculate net subscription
revenue by deducting from gross revenue an estimate of potential refunds from cancelled subscriptions as well as chargebacks of disputed
credit card charges. Net subscription revenue is recognized ratably over the subscription periods. Unearned revenue relates to payments
for subscription fees for which revenue has not been recognized because services have not yet been provided.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Circulation
revenues include magazine subscriptions and single copy sales at newsstands.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="text-decoration: underline">Print
Subscriptions</FONT>. Revenue from magazine subscriptions are deferred and recognized proportionately as products are distributed to subscribers.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="text-decoration: underline">Newsstand</FONT>.
Single copy revenue is recognized on the publication&#8217;s on-sale date, net of provisions for estimated returns. We base our estimates
for returns on historical experience and current marketplace conditions.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Content
licensing-based revenues are accrued generally monthly or quarterly based on the specific mechanisms of each contract. Generally, revenues
are accrued based on estimated sales and adjusted as actual sales are reported by partners. These adjustments are typically recorded
within three months of the initial estimates and have not been material. Any minimum guarantees are typically earned evenly over the
fiscal year.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">We
occasionally enter into amendments to previously executed contracts that constitute contract modifications. We assess each of these contract
modifications to determine:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: top; width: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">if
    the additional services and goods are distinct from the services and goods in the original arrangement; and</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">if
    the amount of consideration expected for the added services or goods reflects the stand-alone selling price of those services and
    goods.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">A
contract modification meeting both criteria is accounted for as a separate contract. A contract modification not meeting both criteria
is considered a change to the original contract and is accounted for on either a prospective basis as a termination of the existing contract
and the creation of a new contract, or a cumulative catch-up basis.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Our
cost of revenue represents the cost of providing our digital media network channels and advertising and membership services. The cost
of revenue that we have incurred in the periods presented primarily include:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Publisher
    Partner guarantees and revenue share payments;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">amortization
    of developed technology and platform development;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">royalty
    fees;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">hosting,
    bandwidth and software license fees;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">printing,
    distribution, and fulfillment costs;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">payroll
    and related expenses for customer support, technology maintenance, and occupancy costs of related personnel;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">fees
    paid for data analytics and to other outside service providers; and</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">stock-based
    compensation of related personnel.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>&#160;</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">For
the years presented, substantially all of our technology expenses are development costs for the Platform that were capitalized as intangible
costs. Technology costs are expensed as incurred or capitalized into property and equipment in accordance with the Financial Accounting
Standards Board (&#8220;FASB&#8221;) Accounting Standards Codification (&#8220;ASC&#8221;) Topic 350, <I>Intangibles &#8211; Goodwill
and Other</I>. This ASC requires that costs incurred in the preliminary project and post-implementation stages of an internal use software
project be expensed as incurred and that certain costs incurred in the application development stage of a project be capitalized.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">We
capitalize internal labor costs, including compensation, benefits and payroll taxes, incurred for certain capitalized platform development
projects. Our policy with respect to capitalized internal labor stipulates that labor costs for employees working on eligible internal
use capital projects are capitalized as part of the historical cost of the project when the impact, as compared to expensing such labor
costs, is material. Platform development capitalized during the application development stage of a project include:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">payroll
    and related expenses for personnel; and</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">stock-based
    compensation of related personnel.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Selling
and Marketing</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Selling
and marketing consist primarily of expenses incurred in selling and marketing our products. Our selling and marketing expenses include:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">payroll
    and employee benefits of selling and marketing account management support teams;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">professional
    marketing services;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">office
    and occupancy costs;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">circulation
    costs;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">advertising
    costs; and</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">stock-based
    compensation of related personnel.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>General
and Administrative</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">General
and administrative expenses consist primarily of:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">payroll
    and employee benefits for executive and administrative personnel;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">professional
    services, including accounting, legal and insurance;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">office
    and occupancy costs;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">conferences;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">other
    general corporate expenses; and</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">stock-based
    compensation of related personnel.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&#160;</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">We
have various lease arrangements for certain equipment and its offices. Leases are recorded as an operating lease right-of-use assets
and operating lease liabilities on the consolidated balance sheets. Leases with an initial term of 12 months or less are not recorded
on the consolidated balance sheets. At inception, we determine whether an arrangement that provides control over the use of an asset
is a lease. When it is reasonably certain that we will exercise the renewal period, we include the impact of the renewal in the lease
term for purposes of determining total future lease payments. Rent expense is recognized on a straight-line basis over the lease term.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">In
February 2016, FASB issued Accounting Standards Update (&#8220;ASU&#8221;) ASU 2016-02, <I>Leases (Topic 842)</I>, in order to increase
transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet for those leases
classified as operating leases under prior GAAP. We adopted ASU 2016-02 on January 1, 2019 which resulted in the recognition of right-of-use
assets of approximately $1.7 million, lease liabilities for operating leases of approximately $1.8 million, with no cumulative effect
adjustment on retained earnings on our consolidated balance sheets, with no material impact to our consolidated statements (as further
described in Note 7, <I>Leases, </I>in our consolidated financial statements filed as part of this prospectus).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Goodwill
represents the excess of the purchase price over the fair value of the net tangible and intangible assets of businesses acquired in a
business combination. Goodwill is not amortized but rather is tested for impairment at least annually on December 31, or more frequently
if events or changes in circumstances indicate that the carrying amount of goodwill may not be recoverable. We adopted ASU 2017-04 (as
further described in Note 2, <I>Summary of Significant Accounting Policies, </I>in our consolidated financial statements for the year
ended December 31, 2020) during the first quarter of 2020 which eliminated Step 2 from the goodwill impairment test. We operate as one
reporting unit, therefore, the impairment test is performed at the consolidated entity level by comparing the estimated fair value of
the Company to its carrying value. We have elected to first assess the qualitative factors to determine whether it is more likely than
not that the fair value of its single reporting unit is less than its carrying amount as a basis of determining whether it is necessary
to perform the quantitative goodwill impairment test. If we determine that it is more likely than not that its fair value is less than
its carrying amount, then the quantitative goodwill impairment test will be performed. The quantitative goodwill impairment test identifies
goodwill impairment and measures the amount of goodwill impairment loss to be recognized by comparing the fair value of our single reporting
unit with its carrying amount. If the fair value exceeds the carrying amount, no further analysis is required; otherwise, any excess
of the goodwill carrying amount over the implied fair value is recognized as an impairment loss, and the carrying value of goodwill is
written down to fair value.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">We
provide stock-based compensation in the form of (a) stock awards to employees and directors, comprised of restricted stock awards and
restricted stock units, (b) stock option grants to employees, directors and consultants, (c) common stock warrants to Publisher Partners
(as further described in Note 22, <I>Stock-Based Compensation, </I>in our consolidated financial statements for the year ended December
31, 2020), and (d) common stock warrants to ABG (as further described in Note 22, <I>Stock-Based Compensation, </I>in our consolidated
financial statements for the year ended December 31, 2020).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">We
account for stock awards and stock option grants to employees, directors, and consultants by measuring the cost of services received
in exchange for the stock-based payments as compensation expense in our consolidated financial statements. Stock awards and stock option
grants to employees which are time-vested are measured at fair value on the grant date, and charged to operations ratably over the vesting
period. Stock awards and stock option grants to employees which are performance-vested are measured at fair value on the grant date and
charged to operations when the performance condition is satisfied.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Prior
to the adoption of ASU 2018-07 (as further described in Note 22, <I>Stock-Based Compensation,</I> in our consolidated financial statements
for the year ended December 31, 2020), we accounted for stock-based payments to certain directors and consultants, and Publisher Partners
(collectively the &#8220;non-employee awards&#8221;) by determining the value of the stock compensation based upon the measurement date
at either (a) the date at which a performance commitment is reached or (b) at the date at which the necessary performance to earn the
equity instruments is complete, resulting in financial reporting period adjustments to stock-based compensation during the vesting terms
for changes in the fair value of the awards. After adoption of ASU 2018-07, the measurement date for non-employee awards is the later
of the adoption date of ASU 2018-07, or the date of grant, without change in the fair value of the award. There was no cumulative effect
of adoption of ASU 2018-07 on January 1, 2019. For stock-based awards granted to non-employees subject to graded vesting that only contain
service conditions, we have elected to recognize stock-based compensation expense using the straight-line recognition method.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
fair value measurement of equity awards and grants used for stock-based compensation is as follows: (1) restricted stock awards and restricted
stock units which are time-vested are determined using the quoted market price of our common stock at the grant date; (2) stock option
grants which are time-vested and performance-vested are determined utilizing the Black-Scholes option-pricing model at the grant date;
(3) restricted stock awards which provide for performance-vesting and a true-up provision are determined through consultants with our
independent valuation firm using the binomial pricing model at the grant date; (4) stock option grants which provide for market-based
vesting with a time-vesting overlay are determined through consultants with our independent valuation firm using the Monte Carlo model
at the grant date; (5) Publisher Partner Warrants are determined utilizing the Black-Scholes option-pricing model; and (6) ABG Warrants
are determined utilizing the Monte Carlo model (as further described in Note 22, <I>Stock-Based Compensation, </I>in our consolidated
financial statements for the year ended December 31, 2020).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Fair
value determined under the Black-Scholes option-pricing model and Monte Carlo model is affected by several variables, the most significant
of which are the life of the equity award, the exercise price of the stock option or warrants, as compared to the fair market value of
the common stock on the grant date, and the estimated volatility of the common stock over the term of the equity award. Estimated volatility
is based on the historical volatility of our common stock and is evaluated based upon market comparisons. The risk-free interest rate
is based on the U.S. Treasury yield curve in effect at the time of grant. The fair market value of common stock is determined by reference
to the quoted market price of our common stock.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
fair value of the stock options granted were probability weighted effective January 1, 2019 under the Black-Scholes option-pricing model
or Monte Carlo model as determined through consultants with our independent valuation firm since the value of the units or options, among
other things, depend on the volatility of the underlying shares of our common stock, under the following two scenarios: (1) scenario
one assumes that our common stock will be up-listed on a national stock exchange (the &#8220;Exchange&#8221;) on a certain listing date
(the &#8220;Up-list Date&#8221;); and (2) scenario two assumes that our common stock is not up-listed on the Exchange prior to the final
vesting date of the grants (the &#8220;No Up-list&#8221;), collectively referred to as the &#8220;Probability Weighted Scenarios&#8221;.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">We
classify stock-based compensation expense in our consolidated statements of operations in the same manner in which the award recipient&#8217;s
cash compensation costs are classified.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">We
utilize the asset and liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are recognized
for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities
and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using
enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered
or settled. The effect on deferred tax assets and liabilities of a change in tax law is recognized in results of operations in the period
that includes the enactment date.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Impairment
of Long-Lived Assets</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">We
periodically evaluate the carrying value of long-lived assets to be held and used when events or circumstances warrant such a review.
The carrying value of a long-lived asset to be held and used is considered impaired when the anticipated separately identifiable undiscounted
cash flows from such an asset are less than the carrying value of the asset. In that event, a loss is recognized based on the amount
by which the carrying value exceeds the fair value of the long-lived asset. Fair value is determined primarily by reference to the anticipated
cash flows discounted at a rate commensurate with the risk involved.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&#160;</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">We
expect to experience typical media company advertising and membership sales seasonality, which is strong in the fiscal fourth quarter
and slower in the fiscal first quarter.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">As
of December 31, 2020, inflation had no material impact on our business or operating results.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Recently
Issued Accounting Pronouncements</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Note
2, <I>Summary of Significant Accounting Policies,</I> in our consolidated financial statements for the year ended December 31, 2020 appearing
elsewhere in this prospectus includes Recently Issued Accounting Pronouncements.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&#160;</B></FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&#160;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><FONT ID="a_014"></FONT>MANAGEMENT</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
following table includes the names, ages and titles of our directors and executive officers. Directors are to be elected each year by
our stockholders at an annual meeting. Each director holds his or her office until his or her successor is elected and qualified or resignation
or removal. Executive officers are appointed by our Board. Each executive officer holds his or her office until he or she resigns or
is removed by our Board or his or her successor is appointed and qualified.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 25%; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Name</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Age</B>&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 35%; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Current
    Title</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 25%; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Dates
    in Position or Office</B></FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Ross
    Levinsohn</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">58</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Chief
    Executive Officer and Chair of our Board (1)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">August
    26, 2020 &#8211; Present</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Paul
    Edmondson</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">47</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">President,
    Platform (2)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">October
    10, 2019 &#8211; Present</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Douglas
    Smith</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">61</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Chief
    Financial Officer and Secretary </FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">May
    3, 2019 &#8211; Present</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Andrew
    Kraft</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">48</FONT></TD>
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">45</FONT></TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">55</FONT></TD>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
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    from September 2019 until his appointment as our Chief Executive Officer and a director on August 26, 2020. Mr. Levinsohn
    was appointed as the Chair of our Board on October 12, 2021.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
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    from August 2018 until December 2019. Mr. Edmondson also served as President from October 10, 2019 until February 18, 2021; however,
    on February 18, 2021, the role of President was split into two offices, President, Platform, which Mr. Edmondson holds, and President,
    Media.</FONT></TD></TR>
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    Chief Strategy and Revenue Officer from December 2018 until December 2019.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
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    (&#8220;Nomination Committee&#8221;) and serves on our Special Finance and Governance Committee (&#8220;Special Finance Committee&#8221;).</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
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  <TR STYLE="vertical-align: top">
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  <TR STYLE="vertical-align: top">
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    <TD><FONT STYLE="font-size: 10pt">(7)</FONT></TD>
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  <TR STYLE="vertical-align: top">
    <TD>&#160;</TD>
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    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Ms. Lee is the Chair of our Audit Committee and serves on our Compensation
    Committee.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&#160;</TD>
    <TD><FONT STYLE="font-size: 10pt">(9)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Mr. Hunt is the Chair of our Compensation Committee and serves on
    our Special Finance Committee.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Biographical
Information on Officers and Directors</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Ross
Levinsohn </B>has served as our Chief Executive Officer and a director since August 26, 2020. Mr. Levinsohn joined us on June 14, 2019
as the Chief Executive Officer of Sports Illustrated. Mr. Levinsohn also served as one of our directors briefly in 2017. Mr. Levinsohn
was an executive with Tribune Publishing from August 21, 2017 until January 17, 2019, serving first as the Chief Executive Officer of
the Los Angeles Times and then as the Chief Executive Officer of Tribune Interactive. He was the managing partner of Whisper Advisors,
LLC, an advisory firm, from June 2016 to August 2017. Mr. Levinsohn also previously served as Chief Executive Officer at Guggenheim Digital
Media from January 2013 to June 2014, overseeing brands including The Hollywood Reporter and Billboard Magazine. He served in various
executive positions at Yahoo! Inc. (&#8220;Yahoo!&#8221;), a global Internet company, from October 2010 to August 2012, including as
the Interim Chief Executive Officer and Executive Vice President, Head of Global Media and Head of the Americas. Mr. Levinsohn co-founded
and served as managing director at Fuse Capital, an investment and strategic equity management firm focused on investing in and building
digital media and communications companies, from 2007 to 2010. Prior to his time at Fuse Capital, Mr. Levinsohn spent six years at News
Corporation, serving in roles including President of Fox Interactive Media and Senior Vice President of Fox Sports Interactive. Earlier
in his career, Mr. Levinsohn held senior management positions with AltaVista, CBS Sportsline and HBO. We believe that Mr. Levinsohn is
qualified to serve as one of our directors because of his vast executive experience with various media companies and his understanding
of our business through his service as our Chief Executive Officer.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&#160;</B></FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&#160;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Paul
Edmondson </B>has served as President of Platform since February 16, 2021, the date on which we split our President role into two separate
officer roles. Prior to this appointment, he served as our President since October 10, 2019. Beginning on February 16, 2021, Mr. Edmondson&#8217;s
role as President will be overseeing the Platform operations. Mr. Edmondson also served as our Chief Operating Officer from August 23,
2018 until December 9, 2019. Mr. Edmondson oversees our Platform business that offers the core content management system, programmatic
advertising technology and multitenant subscription stack for publishers serving partner publishers and our owned and operated properties.
Mr. Edmondson joined the Company with the acquisition of HubPages, where he served as Founder and Chief Executive Officer beginning in
January 2006. Prior to HubPages, he served as the Group Product Manager for Microsoft Corporation&#8217;s MSN Entertainment. He joined
Microsoft Corporation with the acquisition of MongoMusic, Inc., and prior to that he developed applications for Hewlett-Packard Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&#160;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Douglas
Smith</B> has served as our Chief Financial Officer since May 3, 2019. Before joining us, Mr. Smith served as the Chief Financial Officer
of Ashworth College from March 2016 to April 2019. Mr. Smith also served as the Chief Financial Officer of Scout Media from May 2015
to March 2016, GLM Shows from November 2011 to May 2014, EducationDynamics from July 2009 to November 2011, Datran Media from June 2005
to December 2008, and Peppers &amp; Rogers Group from October 2000 to May 2005. From May 1993 to October 2000, Mr. Smith served as Senior
Vice President and Treasurer of Primedia. Prior to his corporate experience, Mr. Smith served as the Senior Vice President of the Bank
of New York from June 1982 to May 1993. Mr. Smith earned his Master of Business Administration from Columbia Business School and his
Bachelor of Arts in Economics from Connecticut College.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&#160;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Andrew
Kraft</B> has served as our Chief Operating Officer since October 1, 2020. Mr. Kraft joined us in December 2018 and served in a variety
of senior leadership roles before transitioning to a consulting role from April 2020 through October 2020, when he rejoined us as a full-time
employee. Prior to joining us, Mr. Kraft served in a variety of roles on the executive team of Xandr, a division of AT&amp;T Inc., formerly
known as AppNexus, for seven years, including as the head of Business and Corporate Development, as a co-founder of the company&#8217;s
publisher business and head of Publisher Strategy, and as the Chief Financial Officer. Previously, Mr. Kraft was the Senior Vice President,
AMP &amp; Publisher Solutions for Collective, where he led business development for the company&#8217;s audience management and monetization
platform. Mr. Kraft studied Physics and Theater at the Massachusetts Institute of Technology.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Avi
Zimak</B> has served as our Chief Revenue Officer and Head of Global Strategic Partnerships since December 9, 2019. Before joining us,
Mr. Zimak served as the Chief Revenue Officer &amp; Publisher of New York Media from March 2017 to December 2019. From September 2012
to January 2015, Mr. Zimak served as the Vice President of Sales of North America for Outbrain. Mr. Zimak also served as the General
Manager of The Americas for Outbrain from January 2015 to February 2017. He served on various management teams at Hearst Corporation
from August 2007 to September 2012 and worked toward the launch and oversight of the Hearst App Lab. Mr. Zimak served in national sales
roles for Cond&#233; Nast from 2003 to 2007, Time Inc. from 2001 to 2003, Advance Publications American City Business Journals from
1998 to 2001, and Ziff Davis from 1997 to 1998. Mr. Zimak received his Bachelor of Arts from the State University of New York at Potsdam
in 1997.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&#160;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Jill
Marchisotto</B> has served as our Chief Marketing Officer since October 1, 2020. She also served as our Chief Consumer Marketing &amp;
Membership Officer from November 2019 until October 2020. Ms. Marchisotto joined us in 2019 with our acquisition of TheStreet, Inc.,
where she led the consumer subscription business and marketing strategy for the brand&#8217;s suite of products, including Jim Cramer&#8217;s
popular investment club. Her roles with TheStreet included Executive Director, Consumer Marketing from October 2017 until October 2019;
Senior Director of Marketing from February 2017 until October 2017; and Director of Marketing from May 2016 until January 2017. From
May 2013 to May 2016, Ms. Marchisotto worked on the Consumer Marketing, Retention, and Gift Program for Bloomberg L.P. Prior to that,
Ms. Marchisotto worked extensively in both digital and print media and served in various marketing roles at Conde Nast and Wenner Media.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&#160;</B></FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&#160;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>H.
Robertson Barrett</B> has served as our President of Media since February 16, 2021. Before joining us, Mr. Barrett served as the President,
Digital of Hearst Newspapers from January 2016 to February 2021. From February of 2014 to December of 2015, Mr. Barrett served as the
Vice President of Media Strategy and Operations at Yahoo!, and from May 2011 through January of 2014, as Vice President of Yahoo! News
and Yahoo! Finance. Mr. Barrett served as Chief Strategy Officer of Perfect Market, Inc., an IdeaLab company, from January 2010 through
May 2011. He served in general management positions at Tribune Company from 2005 to 2009, including Senior Vice President and General
Manager, Digital, for The Los Angeles Times from January 2005 through May 2008 and Executive Vice President, Tribune Interactive, from
May 2008 through December 2009. Mr. Barrett had earlier digital management roles as Vice President and General Manager of Primedia Inc.&#8217;s
ChannelOne.com from 1998 to 1999, as Vice President and General Manager of The FeedRoom, Inc., a broadband video venture backed by NBC
and Tribune, from 1999 to 2001, and as a co-founder of Time.com, as Deputy Editor, in 1994 and 1995 and of ABCNews.com, as Managing Producer
from 1996 to 1998. Mr. Barrett received a Bachelor of Arts in Ancient Greek from Duke University in 1988 and a Master of Public Policy
from Harvard University&#8217;s John F. Kennedy School of Government in 1994.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Todd
Sims</B> has served as a member of our Board since August 23, 2018. Mr. Sims has served as the President of B. Riley Venture Capital
(&#8220;BRVC&#8221;), a wholly owned subsidiary of B. Riley since October 2020. Prior to his current position with BRVC, Mr. Sims served
as a member of B. Riley&#8217;s board of directors from 2016 to 2020. Prior to his role at BRVC, Mr. Sims spent 10 years as Senior Vice
President of Digital Strategy of Anschutz Entertainment Group, Inc., one of the leading sports and entertainment presenters in the world,
overseeing business and corporate development for its ticketing business, AXS Digital, LLC. Prior to that, Mr. Sims spent more than 15
years building Internet businesses. In the mid-1990s, Mr. Sims served as ESPN&#8217;s executive producer of NFL.com, NBA.com, and NASCAR
Online. Mr. Sims also served on the management team of eCompanies, LLC, an incubator which has incubated a number of companies including
Jamdat Mobile Inc. (acquired by Electronic Arts Inc.), Business.com Inc. (acquired by R.H. Donnelley Corp.), and Boingo Wireless, Inc.
Mr. Sims serves as an advisor to the Los Angeles Dodgers Tech Accelerator and was a guest lecturer at the University of Southern California&#8217;s
Marshall School of Business. Mr. Sims graduated from Colorado College in 1992. Mr. Sims&#8217; digital media experience provides an important
resource to our Board and qualifies him for service as a director.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Daniel
Shribman </B>has served as one of our directors since June 11, 2021. He has served as the Chief Investment Officer of B. Riley Financial,
Inc. (&#8220;B. Riley&#8221;) since 2019 and President of its B. Riley Principal Investments subsidiary, which acquires, invests, and
operates companies with a focus on maximizing cash flows through operational expertise, since 2018. Mr. Shribman has served as a member
of the board of directors of Alta Equipment Group Inc. (NYSE: ALTG) since February 2020 and as a member of the board of directors and
audit committee chair of Eos Energy Enterprises (Nasdaq: EOSE) since November 2020. ALTG and EOSE previously completed successful business
combinations with two special purpose acquisition companies (or SPACs), B. Riley Principal Merger and B. Riley Principal Merger II, sponsored
by a subsidiary of B. Riley. Mr. Shribman has served as the Chief Executive Officer of B. Riley Principal 150 Merger Corp. and B. Riley
Principal 250 Merger Corp. since April 2021 and May 2021, respectively. Prior to joining B. Riley, Mr. Shribman was a Portfolio Manager
at Anchorage Capital Group, L.L.C., a special situation asset manager with over $15 billion in assets under management. During his tenure,
he led investments in dozens of public and private opportunities across the general industrials, transportation, automotive, aerospace,
gaming, hospitality and real estate industries. These investments ranged from public equities and bonds to deeply distressed securities,
par bank debt, minority owned private equity, and majority owned private equity. Mr. Shribman obtained a MA degree in Economics and History
from Dartmouth College. We believe that Mr. Shribman is qualified to serve as a director because of his previous experience working in
close collaboration with management teams and boards to maximize shareholder value in the form of operational turnarounds, capital markets
financings and communication and capital deployment initiatives.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Carlo
Zola </B>has served as one of our directors since June 11, 2021. He is an investment professional with over 19 years of active experience
in the financial markets. Mr. Zola started his professional career in 2002 as a research analyst at Intermonte SIM in Milan, the leading
independent Italian investment bank. In 2004, Mr. Zola started working at the largest fund management company in the world with over
$2 trillion under management, Capital Group, where he held positions as analyst and portfolio manager in Los Angeles, New York, Toronto
and London. During his 13 years at Capital Group, Mr. Zola successfully managed a portfolio of over $1 billion in assets, with responsibilities
in global and income mandates as well as more focused mandates in Media, Metals and Mining, Chemicals and Real Estate (REITs). During
the last 3 years at Capital Group, Mr. Zola also served as Research Portfolio Coordinator (RPC) overseeing investments by a team of over
20 analysts for one of its Growth and Income funds. An early investor in cryptocurrencies, Mr. Zola left Capital Group in 2018 and has
been a founding partner at Paladin Trust, a leading Trust and Custodian business dedicated to the crypto markets founded in 2018. Since
January 2020, Mr. Zola is a founding partner at Percival Ventures, an investment firm based in Puerto Rico, focused on early stage blockchain
investments and cryptocurrencies. In late 2020, Mr. Zola was among the founding partners of Atlas Capital Team, L.P. an asset management
company in which he retains an active position as Portfolio Manager with a mandate focused on Real Estate and ESG investments. Finally,
Mr. Zola serves as a principal of Warlock Partners, LLC (&#8220;Warlock&#8221;) and of Roundtable Media L.L.C. Mr. Zola holds a Bachelor
of Arts degree in Economics from Bocconi University in Milan, Italy, where he graduated <I>summa cum laude</I> in 2002 and a Master degree
in management from CEMS, the Community of European Management Schools, which he attended at ESADE in Barcelona, Spain. We believe that
Mr. Zola is qualified to serve as a director because of his extensive financial market experience.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Christopher
Petzel </B>has served as one of our directors since October 7, 2021. He is a partner at Percival Ventures, an investment firm based in
Puerto Rico, focused on early stage blockchain investments and crypto currencies. Since August 2019, he has served as Chairman of Byte
to Bite Industries, Inc., a delivery-focused hospitality and technology venture, as Chairman of Broadside Enterprises, Inc. (OTC:BRSE),
an entertainment and media company, and as Chairman of Chancellor Group, Inc. (OTC:CHAG), a small cap vehicle. Mr. Petzel has broad experience
with media, technology, hospitality, and corporate finance, including transactions with publicly-traded companies and has produced and/or
financed several hundred million dollars of entertainment assets. Mr. Petzel worked for investment banking firm Houlihan Lokey in Los
Angeles, where his clients included DreamWorks, Pacific Data Images (now DreamWorks Animation), Centropolis Effects, Sundance Productions,
Constantin Film AG and Castle Music. In 1999, he was one of the principal members of the team representing The Walt Disney Company in
valuation matters pertaining to a much-publicized arbitration with Jeffrey Katzenberg. Mr. Petzel also previously worked for the media
finance department of Berliner Bank AG (London Branch). Mr. Petzel is fluent in German, English, French and Spanish. He studied finance
and economics at the Universities of Barcelona (Spain) and Fribourg (Switzerland), where he graduated <I>summa cum laude</I>. We believe
that Mr. Petzel is qualified to serve as a director because of his experience with media, technology, hospitality, and corporate finance,
as well as his experience in building a technology platform for the entertainment industry and working with small cap companies, including
with respect to their reporting requirements.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Laura
Lee </B>has served as one of our directors since October 7, 2021. Ms. Lee is a seasoned technology and media executive, advisor, and
board director. Since 2018, Ms. Lee has been advising growth companies like Patreon Inc., Xoogler.co (ex-Googler network), and McKinsey
&amp; Company, Inc. Previously, she held senior positions at various media, technology, and consumer companies, including Executive Vice
President of Content, Strategy, and Operations at NBC Universal Media LLC in 2017, where she oversaw over $2 billion in key digital investments
and relationships with Snap Inc., BuzzFeed, Inc., Vox Media, Inc., and YouTube LLC (&#8220;YouTube&#8221;), new business opportunities,
and digital content production. From 2015 to 2016, Ms. Lee was the Chief Digital Officer and President of Media at Margaritaville Enterprises,
LLC (&#8220;Margaritaville&#8221;), Jimmy Buffett&#8217;s lifestyle brand, where she grew Margaritaville&#8217;s digital footprint by
300% through original content, lowered the average fan age by 20 years, implemented CRM, digital and marketing infrastructures, and signed
multi-million dollar deals for the new media business unit. From 2007 to 2015, Ms. Lee worked at YouTube where she oversaw North American
Content, the top revenue-generating division of YouTube (more than $5 billion), launched the global transaction (VOD/EST) business for
YouTube and Google Play, and created the Global Top Creator team, which oversaw the relationships with YouTube&#8217;s most popular digital-native
influencers. Ms. Lee was instrumental in helping both established and digital-native publishers create sizable YouTube audiences with
strong links to their owned and operated properties, leading to greater than 200% increases in revenue for key partners. Prior to her
time with YouTube, Ms. Lee held various roles at Viacom Media Networks, Inc. from 2003 to 2007, including Vice President of Business
Development and Operations at MTV Networks where she launched the first digital video business with Vice (VBS.TV) and acquired Harmonix
Music Systems, the developer of iconic gaming hits Rock Band and Guitar Hero. Ms. Lee currently serves on the board of MediaCo Holding
Inc. (NASDAQ: MDIA) (&#8220;MediaCo&#8221;) where she chairs several committees, including Audit, Digital M&amp;A, and the COVID Task
Force, and serves on the Compensation Committee. At MediaCo, she is helping the company reimagine its business model, expand its media
asset portfolio, and deepen its digital footprint. She previously was an independent director on the board of American Apparel LLC where
she served on the Nominating and Corporate Governance Committee, led digital transformation, and helped conduct the Chief Executive Officer
search. Ms. Lee also serves on the board of WatchMojo, one of the top global entertainment networks on YouTube with over 45 million subscribers
and 18 billion views (www.youtube.com/watchmojo). She provides strategic advice around content, product, and business expansion. She
also sits on the board of Womensphere, a social enterprise business focused on empowering women and girls globally. She is an industry
expert and has been recognized as a top executive by Variety, NACD, Crain&#8217;s New York, and Multichannel News. Ms. Lee proudly serves
as a class officer for her Brown University class and is an active alumna of Harvard Business School. We believe that Ms. Lee&#8217;s
demonstrated experience corporate finance, strategy, digital content and marketing, as well as in the technology and media industries
qualifies her to serve as a director.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>H.
Hunt Allred</B> has served as one of our directors since October 7, 2021. Mr. Allred currently serves as Director of Alternative Investments,
leading investments on behalf of various Hunt Family entities, doing business as Petro-Hunt LLC (&#8220;Petro-Hunt&#8221;). Petro-Hunt
is primarily focused on investing in technology, healthcare, and other venture opportunities. Mr. Allred has served in this position
since May 2017. He also serves in management positions across several portfolio companies, including RedCap Investments, LP, Mill Iron
Operations and mLife Diagnostics. Prior to joining Petro-Hunt, Mr. Allred held roles at hedge funds Citadel, from December 2016 to April
2017, and Vollero Beach Capital Partners, from June 2012 to September 2016, where he focused on public equity investing across the industrial,
energy and utility sectors. Prior to his position with Vollero Beach Capital Partners, Mr. Allred served as an industrial public equity
analyst at Aptigon Capital, a division of Citadel LLC, from October 2016 to April 2017. He held various roles at Commerce Street Capital,
a private equity fund centered on investing in regional financial institutions. He began his career at ORIX USA, holding roles in both
the corporate finance group, financing sponsored backed leverage buyouts, and the real estate structured credit group, working out distressed
real estate assets. Mr. Allred received his Bachelor of Business Administration from Texas Christian University and Master of Business
Administration from the University of Texas at Austin. Because of his extensive investment experience across multiple asset classes,
with expertise including private equity, public equity, venture capital, credit origination, and structured credit resolutions, we believe
Mr. Allred is qualified to serve as a director.</FONT></P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">There
are no family relationships among any of our directors or executive officers.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Involvement
in Certain Legal Proceedings</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">None
of our directors, director nominees, and executive officers has been involved in any legal or regulatory proceedings, as set forth in
Item 401 of Regulation S-K, during the past ten years.</FONT></P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Nomination Committee determines the qualifications, qualities, skills, and other expertise required to be a director and to develop,
and recommend to our Board for its approval, criteria to be considered in selecting nominees for director. The Nomination Committee and
our Board believe that at this time, it is unnecessary to adopt criteria for the selection of directors. Instead, the Nomination Committee
and our Board believe that the desirable background of a new individual member of our Board may change over time and that a thoughtful,
thorough selection process is more important than adopting criteria for directors.</FONT></P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Our
common stock is not currently listed for trading on a national securities exchange and, as such, we are not subject to any director independence
standards. However, we have evaluated independence in accordance with the rules of the Nasdaq Capital Market (the &#8220;NCM&#8221;)
and SEC with respect to each director and director nominee. Based on these standards, our Board has determined that each of the following
non-employee directors are independent and has no relationship with us, except as one of our directors and stockholders.</FONT></P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 50%; border-collapse: collapse; margin-right: auto">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 50%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Todd
    Sims</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 50%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Carlo
    Zola</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Daniel
    Shribman</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Christopher
    Petzel</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Laura
    Lee</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">H.
    Hunt Allred</FONT></TD></TR>
  </TABLE>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">All
of the members of the Audit, Nomination, and Compensation Committees are also independent.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Based
on these standards, our Board determined Ross Levinsohn was not independent.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Committees
of Our Board</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Board has established the Audit Committee, the Compensation Committee, Nomination Committee, and the Special Finance Committee.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Audit Committee.</I></B> The Audit Committee
currently consists of Laura Lee (Chair), Carlo Zola, and Dan Shribman. The Audit Committee acts pursuant to a written charter
adopted by our Board, a copy of which can be accessed at https://investors.thearenagroup.net/corporate-governance/documents-and-charters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Audit Committee assists our Board in fulfilling its responsibility to oversee (i) the integrity of our financial statements, our accounting
and financial reporting processes and financial statement audits, (ii) our compliance with legal and regulatory requirements, (iii) our
systems of internal control over financial reporting and disclosure controls and procedures, (iv) the independent auditor&#8217;s engagement,
qualifications, performance, compensation, and independence, (v) review and approval of related party transactions, and (vi) the communication
among our independent auditors, our financial, and senior management and our Board. Our Board has determined that the Audit Committee
is comprised entirely of independent members as defined under applicable listing standards set out by the SEC and NCM. Our Board has
determined that Mr. Mills, the Chairman of the Audit Committee, is an &#8220;audit committee financial expert&#8221; as defined under
SEC rules.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Compensation Committee.</I></B> The Compensation
Committee currently consists of H. Hunt Allred (Chair), Christopher Petzel, and Laura Lee. The Compensation Committee acts pursuant
to a written charter adopted by our Board, a copy of which can be accessed at https://investors.thearenagroup.net/corporate-governance/documents-and-charters.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT>&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
purpose of the Compensation Committee is to evaluate, recommend, approve, and review our executive officer and director compensation
arrangements, plans and programs and to administer our cash-based and equity-based plans for employees and consultants. The Compensation
Committee&#8217;s principal functions are to: (i) review and approve all forms of our non-equity and equity-based compensation of executive
officers and directors; and (ii) administer our equity-based compensation plans, including administering our 2019 Plan, pursuant to which
incentive awards, including stock options, restricted stock awards, unrestricted stock awards, and stock appreciation rights are granted
to our directors, executive officers, and key employees. The Compensation Committee is responsible for determining executive compensation,
including approving recommendations regarding equity awards for all of our executive officers, setting base salary amounts, and fixing
compensation levels. This includes reviewing and making recommendations to our Board regarding corporate goals and objectives relevant
to Chief Executive Officer compensation, evaluating, at least annually, the Chief Executive Officer&#8217;s performance in light of these
goals and objectives, and reviewing and making recommendations to our Board regarding the Chief Executive Officer&#8217;s compensation
level based on such evaluation.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Compensation Committee also annually reviews director compensation to ensure non-employee directors are adequately compensated for the
time expended in fulfilling their duties to us, as well as the skill-level required by us of members of our Board. After the Compensation
Committee completes their annual review, they make recommendations to our Board regarding director compensation.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Compensation Committee is authorized to engage compensation consultants, if they deem necessary, to assist with the Compensation Committee&#8217;s
responsibilities related to our executive compensation program and the director compensation program.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Our
Board has determined that the Compensation Committee is comprised entirely of independent members as defined under applicable listing
standards set out by the SEC and NCM.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Nomination Committee.</I></B> The Nomination
Committee currently consists of Todd Sims (Chair), Christopher Petzel, and Daniel Shribman. The Nomination Committee acts pursuant
to a written charter adopted by our Board, a copy of which can be accessed at https://investors.thearenagroup.net/corporate-governance/documents-and-charters.
The purpose of the Nomination Committee is to exercise general oversight with respect to the governance of our Board by (i) identifying,
reviewing the qualifications of, and recommending to our Board proposed nominees for election to our Board, consistent with criteria
approved by our Board, and (ii) selecting, or recommending that our Board select, the director nominees for the next annual meeting of
stockholders. The Nomination Committee provides advice, counsel, and direction to management on the basis of the information it receives,
discussions with management, and the experience of the Nomination Committee members.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Special Finance Committee.</I></B> The Special
Finance Committee was formed in fiscal 2021 and consists of Carlo Zola (Chair), Todd Sims, and H. Hunt Allred. The purpose of
the Special Finance Committee is to: (i) respond to and address any stockholder activism activities that may be directed to our stockholders
and us; (ii) oversee the preparation and adoption of the rights plan that was adopted by our Board in fiscal 2021; and (iii) oversee
strategic financing negotiations.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&#160;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">A
Business Code of Ethics and Conduct (&#8220;Code of Ethics&#8221;) that applies to our executive officers, directors, and other employees
was approved and adopted by our Board on March 9, 2021. The Board also approved the Code of Ethics for Finance Officers (the &#8220;Senior
Code of Ethics&#8221;), which applies to our financial officers, on March 9, 2021. Copies of the Code of Ethics and the Senior Code of
Ethics may be accessed on our website at https://investors.thearenagroup.net/corporate-governance/documents-and-charters.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Compensation
Committee Interlocks and Insider Participation</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&#160;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">None
of our executive officers currently serve, or have served during the last year, as a member of the board of directors or compensation
committee of any entity, other than us, that has one or more executive officers serving as a member of our Board.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>&#160;</I></B></FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>&#160;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><FONT ID="a_015"></FONT>EXECUTIVE
COMPENSATION </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&#160;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Named
Executive Officers &#8211; Summary Compensation Table</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&#160;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
following table sets forth certain compensation awarded to, earned by or paid to (i) any individuals serving as our Chief Executive Officer
during fiscal 2020 (Mr. Heckman and Mr. Levinsohn), (ii) our two other most highly compensated executive officers serving as executive
officers at the end of fiscal 2020 (Mr. Kraft and Mr. Zimak), and (iii) any individuals for whom disclosure would have been required
but for the fact that the individual was not serving as an executive officer as of the end of fiscal 2020 (no individuals met this criteria
during fiscal 2020).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)
    Name and Principal Position</FONT></TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">(b)
    Year</FONT></TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">(c)
    Salary</FONT></TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">(d)
    Bonus</FONT></TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold; vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(f)
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    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">(i)
    All Other Compensation</FONT></TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">(j)
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  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 40%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Ross Levinsohn</FONT></TD><TD STYLE="width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="width: 1%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="width: 6%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">2020</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="width: 6%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">412,585</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="width: 6%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">200,000</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="width: 6%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
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  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Chief Executive Officer and
    Director <SUP>(2)</SUP></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">2019</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">James Heckman</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">2020</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">270,059</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
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  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Former Chief Executive Officer and Director</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">2019</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">320,333</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">105,500</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">5,803,682</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
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  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Andrew Kraft</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">2020</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">188,659</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">120,000</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">150,000
                                            </FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">(4)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">458,659</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Chief Operating Officer and Former Chief Venture
    Officer</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
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    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(1)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Reflects
    the fair value of option awards during the years in accordance with FASB ASC 718, Compensation &#8211; Stock Compensation (refer
    to our consolidated financial statements for the year ended December 31, 2020 in Note 22, <I>Stock-Based Compensation</I>, filed
    as part of this prospectus for valuation assumptions).</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Mr.
    Levinsohn was appointed as our Chief Executive Officer in August 2020.</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#8220;All
    Other Compensation&#8221; consists of $116,667 that Mr. Heckman received from September 2020 until December 2020 pursuant to a Separation
    Agreement and a Consulting Agreement, both of which were entered into in August 2020.</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Mr.
    Kraft was appointed as Chief Operating Officer in October 2020. &#8220;All Other Compensation&#8221; consists of $150,000 that Mr.
    Kraft received pursuant to a Confidential Separation Agreement and General Release (the &#8220;Kraft Separation Agreement&#8221;)
    that was signed in April 2020.</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(5)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Mr.
    Zimak was appointed as Chief Revenue Officer in December 2019.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&#160;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Narrative
Discussion of Summary Compensation Table of Named Executive Officers</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
following is a narrative discussion of the material information that we believe is necessary to understand the information disclosed
in the foregoing Summary Compensation Table. The following narrative disclosure is separated into sections, with a separate section for
each of our named executive officers.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">With
respect to fiscal 2019 and fiscal 2020, as applicable, each named executive officer received a base salary and was eligible for a stock
option award pursuant to either the 2016 Stock Incentive Plan (the &#8220;2016 Plan&#8221;) or the 2019 Plan.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>&#160;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Stock
Option Awards During Fiscal 2020</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Mr.
Levinsohn did not receive any stock option awards during fiscal 2020.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Employment
Agreements</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
September 16, 2019, we entered into an employment agreement with Mr. Ross Levinsohn (the &#8220;Levinsohn Employment Agreement&#8221;).
The Levinsohn Employment Agreement contemplated an initial employment term from September 16, 2019 through December 31, 2022, with automatic
one-year renewals absent notice from either party. Pursuant to the Levinsohn Employment Agreement, Mr. Levinsohn served as the Chief
Executive Officer of Sports Illustrated; President of Maven Media Brands, LLC (&#8220;Maven Media&#8221;); and a director. Mr. Levinsohn
was paid a base salary of $450,000 per annum, subject to an annual adjustment, a one-time signing bonus of $100,000, and was entitled
to the same employment benefits available to our employees as well as the reimbursement of business expenses during the term of employment.
Mr. Levinsohn was also entitled to certain performance-based annual and quarterly cash bonuses and equity incentive awards. The Levinsohn
Employment Agreement provided for various termination events under which he would have been entitled to salary continuance for the remainder
of the current term plus one year, including quarterly bonuses for the remainder of the current term, and full, immediate acceleration
of vesting of his unvested equity awards. He was also subject to a restrictive covenant on competitive employment during the term of
the Levinsohn Employment Agreement, and a restrictive covenant on solicitation of our employees, customers, and vendors for up to six
months after termination of the Levinsohn Employment Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
May 1, 2020, we amended the Levinsohn Employment Agreement (the &#8220;Amended Levinsohn Employment Agreement&#8221;). The Amended Levinsohn
Employment Agreement amended the Levinsohn Employment Agreement such that Mr. Levinsohn was to be paid a salary of $427,500 per annum.
It also amended the Levinsohn Employment Agreement such that it provided for various termination events under which he would be entitled
to eighteen months of salary continuance, including quarterly bonuses for the eighteen-month period. Pursuant to the Amended Levinsohn
Employment Agreement, Mr. Levinsohn was to continue to serve as the Chief Executive Officer of Sports Illustrated; President of Maven
Media; and a director.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
February 18, 2021, we entered into the second amended and restated executive employment agreement (the &#8220;Second A&amp;R Employment
Agreement&#8221;), which was effective as of August 26, 2020, the date on which Mr. Levinsohn was appointed as our Chief Executive Officer.
The Second A&amp;R Employment Agreement amends and restates the Levinsohn Employment Agreement and the Amended Levinsohn Employment Agreement.
Pursuant to the terms of the Second A&amp;R Employment Agreement, Mr. Levinsohn will continue to serve as our Chief Executive Officer
through December 31, 2023, subject to automatic renewal for an additional one-year term, or until the Second A&amp;R Employment Agreement
is terminated in accordance with its terms. The Second A&amp;R Employment Agreement provides that Mr. Levinsohn will be paid an annual
base salary of $550,000, subject to annual review by our Board, and, should any member of our leadership receive an increase in their
annual salary, he will receive an increase in base salary equal to that percentage increase. Mr. Levinsohn is also eligible to earn an
annual bonus based on a target bonus amount of $1.0 million, which will be earned and payable upon the completion of certain performance
thresholds. He is also eligible to participate in the 2019 Plan and is entitled to the same employment benefits available to our employees,
as well as to the reimbursement of business expenses during his term of employment. The Second A&amp;R Employment Agreement provides
for various termination events, including termination without cause or for good reason (both as defined in the agreement), under
which Mr. Levinsohn would be entitled to annual bonuses earned but not yet paid and salary continuation through December 31, 2023, or
the end of any renewal term, if applicable, but in no event will he be eligible to less than twelve months of salary continuation and
reimbursement of 18 consecutive months of COBRA costs. Mr. Levinsohn is also subject to restrictive covenants on solicitation of employees,
solicitation of customers, use of trade secrets, non-disparagement, and competition.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>&#160;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Stock
Option Awards During Fiscal 2019 and Fiscal 2020</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>&#160;</I></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: justify"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&#160;</B></FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Grant
                                            Date</B></FONT></P></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">Number
                                            of Options</FONT></TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Exercise
    Price Per Share</FONT></TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 58%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">4/10/2019</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>(1</SUP></FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>)</SUP></FONT></TD>    <TD STYLE="width: 2%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="width: 16%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">14,509,205</FONT></TD><TD STYLE="width: 1%; text-align: left"></TD>
<TD STYLE="width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>(2)</SUP></FONT></TD><TD STYLE="width: 2%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="width: 16%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">0.46</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(1)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Grant
    of stock options pursuant to the 2019 Plan.</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(2)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Originally,
    shares of our common stock underlying the stock options vested one-third on the first anniversary of the grant date, with the remaining
    vesting monthly over the next two years, subject to certain stock price conditions. Pursuant to the 2019 Amendment (as defined below),
    2,000,000 shares were vested as of June 3, 2021, with the remaining portion subject to performance-vesting based on our stock price.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>&#160;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Employment
and Other Agreements</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
November 4, 2016, we entered into an employment agreement with Mr. James Heckman (the &#8220;Heckman Employment Agreement&#8221;). The
Heckman Employment Agreement contemplated an employment term of a period of three years beginning on July 18, 2016, with Mr. Heckman
serving as our Chief Executive Officer, President, and a director. Mr. Heckman was paid a base salary of $300,000 per annum, subject
to an annual adjustment by our Board, and was entitled to the same employment benefits available to our employees as well as the reimbursement
of business expenses during the term of employment. The Heckman Employment Agreement provided for various termination events under which
he would have been entitled to one year&#8217;s severance equal to his annual salary amount. He was also subject to a restrictive covenant
on competitive employment for up to two years after termination of the Heckman Employment Agreement, so long as we continued to pay his
annual salary amount during that period, and a restrictive covenant on solicitation of our employees, customers, and vendors for up to
one year after termination of the Heckman Employment Agreement. Mr. Heckman resigned as our Chief Executive Officer and a director on
August 26, 2020 and we entered into a Separation Agreement with him with respect to his service in those positions. On the same date,
we entered into a Consulting Agreement with Mr. Heckman, pursuant to which Mr. Heckman will serve as a consultant for a one-year period
beginning on August 26, 2020. On June 3, 2021, Maven Coalition and Mr. Heckman amended and restated the consulting agreement (the &#8220;Heckman
Amendment&#8221;). Pursuant to the Heckman Amendment, Mr. Heckman agreed to provide certain strategic advisory services to Maven Coalition
in exchange for a monthly fee of approximately $57,895 per month (the &#8220;Heckman Monthly Fee&#8221;), beginning in February 2021
through the remainder of the term of the Heckman Amendment, or August 2022. The Heckman Monthly Fee payments may be partially accelerated
in the event of certain financings. In addition, Mr. Heckman&#8217;s eligibility to be retained by Maven Coalition, and provide services
pursuant to the Heckman Amendment, is conditioned upon Mr. Heckman&#8217;s execution of, and not subsequently revoking, the GRCOA between
Mr. Heckman, Maven Coalition, Maven Media, TheStreet, Heckman Media, LLC, and us. The GRCOA addresses certain agreements between the
parties related to certain stock options previously granted by us to Mr. Heckman and voting agreements related to the shares issuable
upon exercise of those options, among other items. Pursuant to the terms of the GRCOA, we amended that certain 2016 Stock Incentive Plan
Option Agreement dated September 14, 2018 (the &#8220;Original 2016 Option&#8221;) and that certain 2019 Equity Incentive Plan Option
Agreement dated April 10, 2019 (the &#8220;Original 2019 Option&#8221;). The amendment to the Original 2016 Option (the &#8220;2016 Amendment&#8221;)
clarifies that the option qualifies as a non-statutory stock option and that it remains exercisable for the remainder of the term of
the option. The amendment to the Original 2019 Option (the &#8220;2019 Amendment&#8221;) clarifies that the option qualifies as a non-statutory
stock option and that it remains exercisable for the remainder of the term of the option. The 2019 Amendment also changed the vesting
schedule of the option to provide for immediate vesting of a portion of the option, with the remainder of the option being subject to
performance-based vesting that is tied to the price of our common stock.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&#160;</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>&#160;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Stock
Option Awards During Fiscal 2020</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Mr.
Kraft did not receive any stock option awards during fiscal 2020.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>&#160;</I></FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Employment
Agreement</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
December 13, 2018, we entered into an executive employment agreement with Mr. Andrew Kraft (the &#8220;2018 Kraft Employment Agreement&#8221;).
The 2018 Kraft Employment Agreement contemplated a term that commenced on December 13, 2018 and continued indefinitely until it was terminated
in accordance with the provisions of the 2018 Kraft Employment Agreement. The 2018 Kraft Employment Agreement provided that Mr. Kraft
would serve as the Executive Vice President and Chief Strategy and Revenue Officer. Mr. Kraft was paid an annual salary of $300,000,
subject to annual review by our Board. Mr. Kraft was also eligible for annual and quarterly bonuses upon the achievement of certain performance
objectives. He was also eligible to receive time- and performance-based stock option awards. On January 1, 2020, we amended and restated
the 2018 Kraft Employment Agreement (the &#8220;Amended Kraft Employment Agreement&#8221;). Pursuant to the Amended Kraft Employment
Agreement, Mr. Kraft served as our Chief Venture Officer and received an annual salary of $360,000, subject to annual review by our Board.
The Amended Kraft Employment Agreement also contemplated an employment term that terminated on April 10, 2020, unless otherwise terminated
by the parties.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
April 10, 2020, we entered into the Kraft Separation Agreement. Pursuant to the Kraft Separation Agreement, we agreed to pay Mr. Kraft
a severance payment of $150,000 upon his termination as an employee on April 10, 2020, such payment being paid in lieu of any amounts
which may have been owed to Mr. Kraft pursuant to the Amended Kraft Employment Agreement. The Kraft Separation Agreement also provided
for accelerated vesting of certain of the option awards granted to Mr. Kraft in connection with his employment with us. It also provided
that Mr. Kraft would be subject to certain post-employment obligations, including those provided by the Amended Kraft Employment Agreement,
as well as confidentiality, non-solicitation, and non-disparagement obligations. Mr. Kraft also agreed to a general release of claims
against us, and we agreed to a limited release of claims against Mr. Kraft, including certain claims against Mr. Kraft arising in connection
with his employment with us.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
April 11, 2020, we entered into a consulting agreement with Mr. Kraft (the &#8220;Kraft Consulting Agreement&#8221;). Pursuant to the
Kraft Consulting Agreement, Mr. Kraft would perform consulting services for us beginning on April 11, 2020 until either party provided
notice of termination to the other party. The Kraft Consulting Agreement provided that Mr. Kraft would be paid $10,000 per month for
the performance of consulting services as an independent contractor.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
October 1, 2020, we entered into an employment agreement with Mr. Kraft (the &#8220;2020 Kraft Employment Agreement&#8221;). The 2020
Kraft Employment Agreement contemplated a term that commenced on October 1, 2020 and continues indefinitely until it is terminated in
accordance with the provisions of the 2020 Kraft Employment Agreement. The 2020 Kraft Employment Agreement provides that Mr. Kraft will
serve as our Chief Operating Officer. Mr. Kraft will be paid an annualized salary of $380,000 under the 2020 Kraft Employment Agreement,
subject to annual review by the Board, with a reduction of 15% during the month of October 2020. Mr. Kraft is also eligible for annual
bonuses of up to $220,000, payable in quarterly payments and subject to achievement of certain performance metrics, except that Mr. Kraft
was guaranteed to receive the full pro rata amount of the quarterly payments for the fourth quarter of fiscal 2020 and the first quarter
of fiscal 2021. Further, he is eligible to receive stock option awards under the 2019 Plan and is entitled to the same employment benefits
available to our employees, as well as the reimbursement of business expenses during his term of employment. The 2020 Kraft Employment
Agreement provides for various termination events under which Mr. Kraft would be entitled to 50% of his annualized salary, his annual
bonus based on 100% of goal attainment, payment for bonuses already earned, and immediate acceleration of the vesting of any unvested
time or stock price target options. Mr. Kraft is also subject to restrictive covenants on solicitation of employees and customers for
a period of one year after the termination of the 2020 Kraft Employment Agreement and on competition and use of trade secrets during
his employment with us.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
February 22, 2021, effective January 1, 2021, we amended and restated the 2020 Kraft Employment Agreement (the &#8220;A&amp;R Kraft Agreement&#8221;).
Pursuant to the terms of the A&amp;R Kraft Agreement, Mr. Kraft will continue to serve as our Chief Operating Officer indefinitely until
the A&amp;R Kraft Agreement is terminated in accordance with its terms. The A&amp;R Kraft Agreement provides that Mr. Kraft will be paid
an annual base salary of $380,000, subject to annual review by our Board. Mr. Kraft is also eligible to earn an annual bonus equal to
$220,000 based on attainment of certain performance metrics. He is also eligible to participate in the 2019 Plan and is entitled to the
same employment benefits available to the employees, as well as to the reimbursement of business expenses during his term of employment.
The A&amp;R Kraft Agreement provides for various termination events, including termination without cause or for good reason (both
as defined in the agreement), under which Mr. Kraft would be entitled to one year&#8217;s severance equal to his annual salary and
bonus amounts based on achievement of 100% of his personal goals. Mr. Kraft is also subject to restrictive covenants on solicitation
of employees, solicitation of customers, use of trade secrets, and competition with the Company for a period of up to one year after
termination of the A&amp;R Kraft Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&#160;</B></FONT></P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>&#160;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Stock
Option Awards During Fiscal 2020</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Mr.
Zimak did not receive any stock option awards during fiscal 2020.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>&#160;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Employment
Agreement</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
November 2, 2019, we entered into an employment agreement with Mr. Avi Zimak (the &#8220;Zimak Employment Agreement&#8221;), pursuant
to which Mr. Zimak agreed to serve as our Chief Revenue Officer and Head of Global Strategic Partnerships beginning on November 2, 2019
and continuing for a period of two years. The Zimak Employment Agreement provided that Mr. Zimak was paid an annual salary of $450,000,
subject to annual review by our Chief Executive Officer, and was entitled to the same employment benefits available to our employees
as well as the reimbursement of business expenses during the term of employment. Pursuant to the Zimak Employment Agreement, Mr. Zimak
received a one-time signing bonus equal to $250,000. Mr. Zimak was also eligible for an annual bonus of up to $450,000 based upon the
achievement of certain performance objectives, a ten-year option to purchase up to 2,250,000 shares of our common stock pursuant to our
2019 Plan, vesting in accordance with the achievement of certain performance objectives, and an award of restricted stock units relating
to 250,000 shares of our common stock. The Zimak Employment Agreement provided for various termination events under which he would be
entitled to salary continuance for the longer of (i) the remainder of the term of the Zimak Employment Agreement or (ii) one year following
the date of the termination, and all of the shares of our common stock underlying the restricted stock units awarded to Mr. Zimak pursuant
to the Zimak Employment Agreement would automatically vest. He was also subject to a restrictive covenant on solicitation of employees
for a period of one year after the termination of the Zimak Employment Agreement and a restrictive covenant on solicitation of customers
during the term of the Zimak Employment Agreement and for a period of one year following the termination of his employment.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
June 14, 2020, the parties entered into an Amended &amp; Restated Executive Employment Agreement (the &#8220;Zimak Amended Agreement&#8221;).
Pursuant to the terms of the Zimak Amended Agreement, Mr. Zimak&#8217;s annual salary was reduced to $427,500 effective April 1, 2020
and then further reduced to $363,375, effective June 14, 2020 until December 31, 2020. Beginning January 1, 2021, Mr. Zimak&#8217;s annual
salary was set at $450,000. Pursuant to the terms of the Zimak Amended Agreement, Mr. Zimak would be entitled to an annual base bonus
equal to $375,000 for fiscal 2020 and $450,000 for fiscal 2021 and beyond, which bonus could be earned based on certain annual revenue
targets. The Zimak Amended Agreement contemplated that to the extent earned, the annual bonus would be paid quarterly based on the achievement
in a quarter of a portion of the annual revenue target then in effect. The Zimak Amended Agreement provided for various termination events
under which he was entitled to salary continuance for the longer of (i) the remainder of the term of the Zimak Amended Agreement or (ii)
one year following the date of the termination, and all of the shares of our common stock underlying the restricted stock units awarded
to Mr. Zimak pursuant to the Zimak Employment Agreement would automatically vest. He was also subject to a restrictive covenant on solicitation
of employees for a period of one year after the termination of his employment and a restrictive covenant on solicitation of customers
during his employment and for a period of one year following the termination of his employment.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
February 22, 2021, effective January 1, 2021, the parties entered into a Second Amended and Restated Executive Employment Agreement (the
&#8220;A&amp;R Zimak Employment Agreement&#8221;). Pursuant to the terms of the A&amp;R Zimak Employment Agreement, Mr. Zimak will serve
as the Company&#8217;s Chief Revenue Officer for a two-year period beginning on January 1, 2021, subject to automatic renewal for one-year
terms, or until the A&amp;R Zimak Employment Agreement is terminated in accordance with its terms. The A&amp;R Zimak Employment Agreement
provides that Mr. Zimak will be paid an annual base salary of $450,000, subject to annual review by our Board. Mr. Zimak is also eligible
to earn an annual bonus based on a target bonus amount of $450,000 with respect to calendar years 2021 and beyond, subject to certain
performance conditions. Mr. Zimak received a one-time signing bonus in the amount of $250,000, which must be repaid to us in the event
Mr. Zimak is terminated for cause or resigns other than for good reason. He is also eligible to participate in the 2019 Plan and is entitled
to the same employment benefits available to the employees, as well as to the reimbursement of business expenses during his term of employment.
The A&amp;R Zimak Employment Agreement provides for various termination events, including termination without cause or for good reason
(both as defined in the agreement), under which Mr. Zimak would be entitled to salary continuation for up to one year. Mr. Zimak
is also subject to restrictive covenants on solicitation of employees, solicitation of customers, use of trade secrets, and competition
with us for a period of up to one year after termination of the A&amp;R Zimak Employment Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&#160;</B></FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&#160;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Potential
Payments Upon Termination or Change-of-Control</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>&#160;</I></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Second A&amp;R Employment Agreement provides for various termination events, including termination without cause or for good reason
(both as defined in the agreement), under which Mr. Levinsohn would be entitled to annual bonuses earned but not yet paid and salary
continuation through December 31, 2023, or the end of any renewal term, if applicable, but in no event will he be eligible for less than
twelve months of salary continuation and reimbursement of 18 consecutive months of COBRA costs. In addition, he would be entitled to
the acceleration of vesting of outstanding equity awards.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>&#160;</I></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Heckman Employment Agreement provided for various termination events under which he would have been entitled to one year&#8217;s severance
equal to his annual salary amount. In fiscal 2020, Mr. Heckman and we entered into a Separation Agreement, dated August 26, 2020, pursuant
to which we agreed to hire Mr. Heckman as a consultant for a one-year period and pay him a monthly consulting fee of approximately $29,200
per month. The terms of the consulting arrangement were set forth in a separate consulting agreement. The consulting agreement was amended
on June 3, 2021 to provide that Mr. Heckman would be paid approximately $57,895 per month through August 2022. Other than these monthly
fees, Mr. Heckman is not entitled to any further termination or severance payments.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>&#160;</I></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
2020 Kraft Employment Agreement provides for various termination events under which Mr. Kraft would be entitled to 50% of his annualized
salary, his annual bonus based on 100% of goal attainment, payment for bonuses already earned, and immediate acceleration of the vesting
of any unvested time or stock price target options. Effective January 1, 2021, the A&amp;R Kraft Agreement provides for various termination
events, including termination without cause or for good reason (both as defined in the agreement), under which Mr. Kraft would
be entitled to one year&#8217;s severance equal to his annual salary and bonus amounts based on achievement of 100% of his personal goals,
which would be paid as salary continuation, and receive payment for earned businesses. Mr. Kraft would also be entitled to COBRA premiums
and all outstanding unvested equity awards would become fully vested.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Zimak Employment Agreement provides for various termination events under which he would be entitled to salary continuance for the longer
of (i) the remainder of the term of the Zimak Employment Agreement or (ii) one year following the date of the termination, and all of
the shares of our common stock underlying the restricted stock units awarded to Mr. Zimak pursuant to the Zimak Employment Agreement.
Effective January 1, 2021, the A&amp;R Zimak Employment Agreement provides for various termination events, including termination without
cause or for good reason (both as defined in the agreement), under which Mr. Zimak would be entitled to salary continuation for up
to one year.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">We
offer a qualified 401(k) defined contribution plan. All of our employees are eligible to participate in this plan, including our named
executive officers, subject to limitations imposed by the Internal Revenue Code of 1986, as amended (the &#8220;Code&#8221;). We currently
match 100% of contributions made by participants in the 401(k) up to 4% of eligible annual compensation.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>&#160;</I></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">In
2020, we provided our employees, including each of our named executive officers, with health insurance coverage.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Outstanding
Equity Awards at Fiscal Year-End</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&#160;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
following table provides information concerning options to purchase shares of our common stock held by the named executive officers on
December 31, 2020.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

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

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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 35%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">James
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
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    Levinsohn</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

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    of December 31, 2020, the shares of our common stock underlying the options were to vest one-third on the first anniversary of the
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    our Board approved the 2019 Amendment to the option award grant, which changed the vesting schedule of the option to provide for
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(4)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
    shares of our common stock underlying the options vest one-third on June 11, 2020, with the balance vesting monthly over the next
    24 months.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(5)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">As
    of December 31, 2020, the shares of our common stock underlying the options were subject to revenue vesting conditions in addition
    to a time vesting condition where one-third of the awards vests after one year of continuous service; with the balance vesting monthly
    when completes each month of continuous service. On January 8, 2021, our Board approved an amendment to the option award grant, which
    eliminated the revenue vesting conditions, therefore, the award continues to vest solely on the time vesting condition.</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(6)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
    shares of our common stock underlying the options vest one-third on the first anniversary of the grant date, with the balance vesting
    monthly over the next 24 months.</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(7)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
    shares of our common stock underlying the options are subject to revenue vesting conditions. On January 8, 2021, our Board approved
    an amendment to the option award grant, which eliminated the revenue vesting conditions, therefore, the award continues to vest solely
    on the time vesting condition.</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(8)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
    shares of our common stock underlying the restricted stock units vest on the first anniversary of the grant date.</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(9)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
    April 10, 2020, pursuant to the Kraft Separation Agreement, our Board approved an amendment to the option award grant which accelerated
    the vesting of the original option award from one-third on the first anniversary of the grant date, with the balance vesting monthly
    over the next 24 months to 750,000 options vested on such date with the balance vesting over the next 9 months.</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(10)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
    April 10, 2020, pursuant to the Kraft Separation Agreement, our Board approved an amendment to the option award grant which permitted
    the award to be exercised under an option extension clause. As of December 31, 2020, the shares of our common stock underlying the
    options were to vest one-third on the first anniversary of the grant date, with the remaining vesting monthly over the next two years,
    subject to certain stock price conditions as provided in the original award agreement. On January 8, 2021, our Board approved an
    amendment to the option award grant, which eliminated the stock price conditions, therefore, the award continues to vest solely on
    the time vesting condition.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&#160;</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">In
fiscal 2020, we compensated our independent directors with equity awards. We also provided additional compensation for a director who
acts as chairperson of one or more committees of our Board. A director who is also an executive officer does not receive any additional
compensation for these services as a director while providing service as an executive officer. The following table sets forth, for the
year ended December 31, 2020, the compensation paid to the members of our Board.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(a)</B></FONT></P> <P STYLE="border-bottom: black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Name
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    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center"><DIV STYLE="border-bottom: black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0in; margin-top: 0pt; margin-bottom: 0pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(b)</B></FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Fees
                                            Earned or Paid in Cash</B></FONT></P> </DIV></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
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    <SUP>(5)</SUP></FONT></TD><TD STYLE="width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
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    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="width: 9%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="width: 9%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">108,750</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
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    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">David Bailey <SUP>(6)</SUP></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">6,250</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">51,250</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">57,500</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Rinku Sen <SUP>(7)</SUP></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
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    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">51,250</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">12,050</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
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  <TR STYLE="vertical-align: bottom; background-color: White">
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    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">108,750</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
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  <TR STYLE="vertical-align: bottom; background-color: White">
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(1)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Mr.
    Heckman and Mr. Levinsohn are each named executive officers and, accordingly, their compensation is included in the &#8220;Summary
    Compensation Table&#8221; above. Neither Mr. Heckman nor Mr. Levinsohn received any compensation for their service as a director
    for the year ended December 31, 2020. This table also does not include Carlo Zola, Daniel Shribman, Christopher Petzel, Laura Lee,
    or H. Hunt Allred, five of our current directors that were appointed in fiscal 2021.</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(2)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Restricted
    stock awards were issued pursuant to the 2019 Plan and the 2020 Compensation Policies (as defined below). Each of these restricted
    stock awards were fully vested as of December 31, 2020. The table reflects the fair value amount in accordance with ASC Topic 718.</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(3)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Stock
    option awards were granted to directors pursuant to approval by our Board. For valuation assumptions on stock option awards refer
    to the notes to the consolidated financial statements for the year ended December 31, 2020, filed as a part of this prospectus. The
    table reflects the fair value amount in accordance with ASC Topic 718.</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(4)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
    table reflects consulting fees paid to directors.</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(5)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">As
    of December 31, 2020, the aggregate shares of our common stock underlying the stock awards in column (c) were 125,000 shares.</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(6)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">As
    of December 31, 2020, the aggregate shares of our common stock underlying the stock awards in column (c) were 62,500 shares. Mr.
    Bailey resigned as a director in fiscal 2021.</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(7)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#8220;All
    Other Compensation&#8221; includes $12,500 for consulting services performed by Ms. Sen for us during 2020. As of December 31, 2020,
    the aggregate shares of our common stock underlying the stock awards in column (c) were 62,500 shares.</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(8)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">As
    of December 31, 2020, the aggregate shares of our common stock underlying the stock awards in column (c) were 125,000 shares.</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(9)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">As
    of December 31, 2020, the aggregate shares of our common stock underlying the stock awards in column (c) were 125,000 shares and
    restricted stock unit awards for a total of 750,000 shares granted pursuant to Mr. Fichthorn&#8217;s Executive Chairman Agreement.
    Mr. Fichthorn has earned a total of 500,000 shares underlying the restricted stock unit awards, with the remaining 250,000 shares
    not vesting.</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(10)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">All
    Other Compensation includes $120,000 for consulting services performed by Mr. Jacobs for us during 2020. As of December 31, 2020,
    the aggregate shares of our common stock underlying the stock awards in column (c) were 62,500 shares. Mr. Jacobs resigned as a director
    in fiscal 2021.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&#160;</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
January 1, 2020, our Board approved and adopted the 2020 Outside Director Compensation Policy (the &#8220;January 2020 Compensation Policy&#8221;).
The January 2020 Compensation Policy applied to non-employee directors (the &#8220;Outside Directors&#8221;), providing that the Outside
Directors would be granted annually a restricted stock award of a number of shares of our common stock equal in value to $50,000. It
also provided that any Outside Director who serves as the chairperson of one or more committees of our Board will be granted annually
a restricted stock award of a number of shares of our common stock equal in value to $50,000. However, each Outside Director may only
receive one award for their service as a chairperson, regardless of the number of committees chaired. The shares of our common stock
underlying each award vests in 12 equal monthly installments.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
January 2020 Compensation Policy included annual cash compensation to each Outside Director of $25,000 and to the Chairman of our Board
of $30,000, payable quarterly. However, on May 27, 2020, our Board approved and adopted a new 2020 Outside Director Compensation Policy
(the &#8220;May 2020 Compensation Policy&#8221; and, together with the January 2020 Compensation Policy, the &#8220;2020 Compensation
Policies&#8221;). The May 2020 Compensation Policy includes the same provisions of the January 2020 Compensation Policy, except that
it removed the cash compensation to Outside Directors.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&#160;</B></FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&#160;</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">We
previously entered into Director Agreements on various dates with our then-directors Joshua Jacobs and David Bailey, Rinku Sen, and John
Fichthorn, and one of our current directors, Todd Sims. The Director Agreements set forth the services required to serve as directors,
that the compensation will be set from time to time in accordance with our then-compensation policies, the coverage of director and officer
liability insurance, and rights to indemnification. Mr. Jacobs&#8217; Director Agreement also provided for him to provide certain consulting
services to us, for which he received compensation in fiscal 2020 that is reflected in the table above.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
June 5, 2020, we entered into an Executive Chairman Agreement with Mr. Fichthorn, which provided that Mr. Fichthorn would receive such
compensation as may be payable to the Chairman of our Board pursuant to the 2020 Compensation Policies and he would be entitled to receive
up to 750,000 restricted stock units, with vesting to occur as follows (i) an aggregate of 250,000 restricted stock units to vest on
December 31, 2020 if certain goals were achieved (the &#8220;First Tranche&#8221;), (ii) 250,000 restricted stock units would vest in
six equal monthly installments commencing on January 1, 2021 (the &#8220;Second Tranche&#8221;), and (iii) 250,000 restricted stock units
would vest if we achieved certain other goals by December 1, 2020 (the &#8220;Third Tranche&#8221;). As of the date of this registration
statement, the goals for the First Tranche have been achieved; however, the goals for the Third Tranche were not met. As such, 500,000
restricted stock units have vested to date and have been issued.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&#160;</B></FONT></P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">For
a description of the terms of any agreement or understanding, whether written or unwritten, between any officer or director and us concerning
any type of compensation, whether present, deferred, or contingent, that will be based on or otherwise will relate to an acquisition,
merger, consolidation, sale, or other type of disposition of all or substantially all assets of our company, see above under the headings
&#8220;Executive Compensation&#8221; and &#8220;Director Compensation Table.&#8221;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Risk
Assessment in Compensation Programs</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">During
fiscal 2020 and 2019, we paid compensation to our employees, including executive and non-executive officers. Due to the size and scope
of our business, and the amount of compensation, we did not have any employee compensation policies and programs to determine whether
our policies and programs create risks that are reasonably likely to have a material adverse effect on us.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><FONT ID="a_016"></FONT>SECURITY
OWNERSHIP OF <BR>
CERTAIN BENEFICIAL OWNERS AND MANAGEMENT</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>&#160;</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>&#160;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
following table sets forth information regarding beneficial ownership of our common stock: (i) by each person who is known by us to beneficially
own more than 5% of our Common Stock; (ii) by our directors and our &#8220;named executive officers&#8221;; and (iii) by all of our directors
and executive officers as a group.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Name
    and Address of Beneficial Owner *</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Amount
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    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Percent
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    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Five
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 60%; text-align: left; padding-left: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">B.
    Riley Financial, Inc. <SUP>(3)</SUP></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">75,537,691</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">28.59</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">180
    Degree Capital Corp. <SUP>(4)</SUP></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">22,932,170</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">8.55</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Warlock
    Partners, LLC <SUP>(5)</SUP></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">29,782,316</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">11.27</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Athletes
    First Media LLC <SUP>(6)</SUP></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">15,000,000</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5.68</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">TCS
    Capital Management LLC</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">20,714,286</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">7.84</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Directors
    and Named Executive Officers:</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">James
    Heckman <SUP>(7)</SUP></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5,751,849</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2.13</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Ross
    Levinsohn <SUP>(8)</SUP></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">10,369,242</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3.79</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Todd
    Sims <SUP>(9)</SUP></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">878,116</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">**</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Carlo
    Zola <SUP>(10)</SUP></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">41,079</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">**</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Daniel
    Shribman <SUP>(11)</SUP></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">41,079</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">**</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Andrew
    Kraft <SUP>(12)</SUP></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3,823,239</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1.43</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Avi
    Zimak <SUP>(13)</SUP></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2,782,012</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1.04</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">H.
    Hunt Allred <SUP>(14)</SUP></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,609,097</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">**</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Laura
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Christopher
    Petzel</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Total
    Executive Officers and Directors, as a group (13 persons)</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">30,280,991</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">10.39</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">*</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
    address for each person listed above is 200 Vesey Street, 24<SUP>th</SUP> Floor, New York, New York, 10281, unless otherwise indicated.</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">**</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Less
    than 1.0%.</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(1)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Unless
    otherwise indicated, each person has sole investment and voting power with respect to the shares indicated, subject to community
    property laws, where applicable. Includes any securities that such person has the right to acquire within sixty (60) days of November
    9, 2021 pursuant to options, warrants, conversion privileges, or other rights.</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(2)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Based
    on 264,202,421 shares of our common stock issued and outstanding, plus the number of shares each person has the right to acquire
    within sixty (60) days of November 9, 2021.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&#160;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(3)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Shares
    of our common stock beneficially owned consist of 75,537,691 shares beneficially held by BRF Investments, LLC (71,442,983 shares)
    and B. Riley Principal Investments, LLC (4,094,708 shares) (collectively, the &#8220;B. Riley Entities&#8221;). Shares of our common
    stock beneficially owned by the B. Riley Entities does not consist of (i) 2,955,225 shares issuable upon conversion of 975 shares
    of Series H Preferred Stock; and (ii) 625,000 shares of our common stock issuable upon the exercise of the Warrants. Each share of
    Series H Preferred Stock has voting rights equivalent to the number of shares of our common stock on an as-converted basis. Our Series
    H Preferred Stock and warrants are subject to a &#8220;conversion block&#8221;, such that the holder cannot convert or vote any portion
    of our Series H Preferred Stock or exercise the warrants that would result in the holder and its affiliates holding more than 4.99%
    of the then-issued and outstanding shares of our common stock following such conversions (which &#8220;conversion block&#8221; can
    be increased to 9.99% upon at least 61 days&#8217; prior written notice to us). This does not include 7,612,089 shares of our common
    stock and 2,500 shares of Series H Preferred Stock beneficially held by BRC Partners Opportunity Fund LP, which is no longer considered
    an affiliated entity of the B. Riley Entities based on the B. Riley Entities&#8217; Schedule 13D, Amendment No. 3, filed on November
    1, 2021 and Form 4 filed on October 29, 2021.</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(4)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Shares
    of our common stock beneficially owned consist of: (i) 18,931,250 shares and (ii) 4,000,920 shares issuable upon conversion
    of 1,320 shares of Series H Preferred Stock. Each share of Series H Preferred Stock has voting rights equivalent to the number of
    shares of our common stock on an as-converted basis. Our Series H Preferred Stock is subject to a &#8220;conversion block&#8221;,
    such that the holder cannot convert or vote any portion of our Series H Preferred Stock that would result in the holder and its affiliates
    holding more than 4.99% of the then-issued and outstanding shares of our common stock following such conversions (which &#8220;conversion
    block&#8221; can be increased to 9.99% upon at least 61 days&#8217; prior written notice to us).</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(5)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Shares
    of our common stock beneficially owned consist of 29,782,316 shares. Shares of our common stock beneficially owned does not consist
    of 6,668,200 shares issuable upon conversion of 2,200 shares of Series H Preferred Stock. Each share of Series H Preferred
    Stock has voting rights equivalent to the number of shares of our common stock on an as-converted basis. Our Series H Preferred Stock
    is subject to a &#8220;conversion block&#8221;, such that the holder cannot convert or vote any portion of our Series H Preferred
    Stock that would result in the holder and its affiliates holding more than 4.99% of the then-issued and outstanding shares of our
    common stock following such conversions (which &#8220;conversion block&#8221; can be increased to 9.99% upon at least 61 days&#8217;
    prior written notice to us).</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&#160;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(6)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Shares
    of our common stock beneficially owned consist of 15,000,000 shares.</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(7)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Shares
    of our common stock beneficially owned consist of: (i) 50,000 shares; (ii) 2,250,000 shares of our common stock issuable
    upon the exercise of vested options issued under the 2016 Plan; (iii) 2,000,000 shares issuable upon the exercise of vested options
    issued under the 2019 Plan; and (iv) 1,451,849 shares issuable upon conversion of 479 shares of Series H Preferred
    Stock. Each share of Series H Preferred Stock has voting rights equivalent to the number of shares of our common stock on an as-converted
    basis. Our Series H Preferred Stock is subject to a &#8220;conversion block&#8221;, such that the holder cannot convert or vote any
    portion of our Series H Preferred Stock that would result in the holder and its affiliates holding more than 4.99% of the then-issued
    and outstanding shares of our common stock following such conversions (which &#8220;conversion block&#8221; can be increased to 9.99%
    upon at least 61 days&#8217; prior written notice to us). Shares of our common stock beneficially owned does not include shares underlying
    options granted to his adult child.</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(8)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Shares
    of our common stock beneficially owned consist of: (i) 1,245,434 shares; (ii) 5,102,974 shares issuable upon the exercise
    of vested options issued under the 2019 Plan; (iii) 3,414,634 shares of our common stock issuable under restricted stock units; and
    (iv) 606,200 shares issuable upon conversion of 200 shares of Series H Preferred Stock. Each share of Series H Preferred Stock has
    voting rights equivalent to the number of shares of our Common Stock on an as-converted basis. Our Series H Preferred Stock is subject
    to a &#8220;conversion block&#8221;, such that the holder cannot convert or vote any portion of our Series H Preferred Stock that
    would result in the holder and its affiliates holding more than 4.99% of the then-issued and outstanding shares of our common stock
    following such conversions (which &#8220;conversion block&#8221; can be increased to 9.99% upon at least 61 days&#8217; prior written
    notice to us).</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(9)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Shares
    of our common stock beneficially owned consist of 878,116 shares, which includes 166,667 shares of our common stock granted under
    restricted stock awards that have vested.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(10)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Shares
    of our common stock beneficially owned consist of 41,079 shares of our common stock granted under a restricted stock award that
    have vested. Shares of our common stock beneficially owned does not
    includes shares beneficially owned by Warlock over which Mr. Zola does not have any voting or investment power.</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(11)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Shares
    of our common stock beneficially owned consist of 41,079 shares of our common stock granted under a restricted stock award that
    have vested.</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(12)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Shares
    of our common stock beneficially owned consist of: (i) 1,569,581 shares of our common stock issuable upon the exercise of
    vested options issued under the 2019 Plan; (ii) 853,659 shares of our common stock issuable under restricted stock units; and
    (iii) 1,400,000 shares of our common stock issuable upon the exercise of options granted outside the 2016 Plan and 2019 Plan
    during the year ended December 31, 2020 to certain officers, directors and employees of the Company as approved by the Board and
    administered by the Company (the &#8220;Outside Options&#8221;).</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(13)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Shares
    of our common stock beneficially owned consist of (i) 1,928,354 shares of issuable upon the exercise of vested options issued
    under the 2019 Plan; and (ii) 853,659 shares of our common stock issuable under restricted stock units.</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(14)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Shares
    of our common stock beneficially owned consist of: (i) 699,797 shares of our common stock and (ii) 909,300 shares of our common
    stock issuable upon the conversion of 300 shares of Series H Preferred Stock. Each share of Series H Preferred Stock has voting rights,
    equivalent to the number of shares of our common stock on an as-converted basis. Our Series H Preferred Stock is subject to a &#8220;conversion
    block,&#8221; such that the holder cannot convert or vote any portion of our Series H Preferred Stock that would result in the holder
    and its affiliates holding more than 4.99% of the then-issued and outstanding shares of our common stock following such conversions
    (which &#8220;conversion block&#8221; can be increased to 9.99% upon at least 61 days&#8217; prior written notice to us). Mr. Allred
    maintains an account in which his broker trades on margin. It is possible that shares of our common stock held in that account is
    used as collateral.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>&#160;</I></B></FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>&#160;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Series
H Preferred Stock</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
following table sets forth information regarding beneficial ownership of the Series H Preferred Stock (i) by each person who is known
by us to beneficially own more than 5% of the Series H Preferred Stock; (ii) by our current directors and our &#8220;named executive
officers&#8221;; and (iii) by all of our current directors and executive officers as a group. The information reflects beneficial ownership,
as determined in accordance with the SEC&#8217;s rules and are based on 19,546 shares of our Series H Preferred Stock issued and outstanding
as of November 9, 2021.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Name
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    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Amount
                                            and Nature of Beneficial</B></FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Ownership
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    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Percent
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  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <TR STYLE="vertical-align: bottom; background-color: White">
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  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">BRC Partners Opportunity Fund LP</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
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  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">180 Degree Capital Corp.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
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  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Warlock Partners LLC</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
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  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Directors and Named Executive
    Officers:</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">James Heckman</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">479</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.45</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Ross Levinsohn</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
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    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.02</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Todd Sims</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Carlo Zola</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Daniel Shribman</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Andrew Kraft</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Avi Zimak</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">H. Hunt Allred <SUP>(2)</SUP></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">300</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.53</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Laura Lee</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Christopher Petzel</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: justify; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Total
    Executive Officers and Directors, as a group (13 persons)</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">500</FONT></TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.56</FONT></TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">*</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
    address for each person listed above is 200 Vesey Street, 24<SUP>th</SUP> Floor, New York, New York, 10281, unless otherwise indicated.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">**
Less than 1%.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(1)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Unless
    otherwise indicated, each person has sole investment and voting power with respect to the shares indicated, subject to community
    property laws, where applicable. Includes any securities that such person has the right to acquire within sixty (60) days of November
    9, 2021 pursuant to options, warrants, conversion privileges, or other rights.</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(2)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Includes
    75 shares of the Series H Preferred Stock held by Mr. Allred and 225 shares of Series H Preferred Stock held by Redcap Investments,
    LP, which Mr. Allred currently serves as the President of its general partner. Does not include 165 shares of Series H Preferred
    Stock held by a trust for which Mr. Allred&#8217;s spouse serves as the trustee.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>&#160;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Series
I Preferred Stock, Series J Preferred Stock, and Series K Preferred Stock</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
December 18, 2020, we filed the Certificate of Amendment, which increased our authorized shares of common stock. All of the then-outstanding
shares of Series I Preferred Stock, Series J Preferred Stock, and Series K Preferred Stock automatically converted into shares of our
common stock. Accordingly, as of December 18, 2020, we no longer have any issued and outstanding shares of Series I Preferred Stock,
Series J Preferred Stock, and Series K Preferred Stock.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Change-in-Control
Arrangements</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">We
do not know of any arrangements which may, at a subsequent date, result in a change in control.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><FONT ID="a_017"></FONT>CERTAIN
RELATIONSHIPS AND RELATED PERSON TRANSACTIONS</B></FONT></P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">When
we are contemplating entering into any transaction in which any executive officer, director, director nominee, or any family member of
the foregoing would have any direct or indirect interest, regardless of the amount involved, the terms of such transaction have to be
presented to the full Board (other than any interested director) for approval or disapproval. Our Board has not adopted a written policy
for reviewing related party transactions but when presented with such transaction, the transaction is discussed by our Board and documented
in its meeting minutes.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Code of Ethics also requires our employees, officers, and directors to provide prompt and full disclosure of all potential conflicts
of interest to the appropriate person. These conflicts of interest may be specific to the individual or may extend to his or her family
members. Any officer who has a conflict of interest with respect to any matter is required to disclose the matter to our Compliance Director,
or in the case of the Chief Financial Officer, to the Audit Committee. All other employees are required to make prompt and full disclosure
of any conflict of interest to the Head of Internal Audit (who is our Chief Financial Officer, unless our Board designates some other
person). Directors are required to disclose any conflict of interest to the Chairman of our Board and to refrain from voting on any matter(s)
in which they have a conflict. Employees and officers are not permitted to participate in any matter in which he or she has a conflict
of interest unless authorized by an appropriate Company official and under circumstances that are designed to protect the interests of
the Company and its stockholders and to avoid any appearance of impropriety. In addition, directors and executive officers are required
to disclose, in an annual questionnaire, any current or proposed conflict of interests (including related party transactions).</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Except
as disclosed below, from the period beginning January 1, 2018 and ending November 9, 2021, there were no current or proposed related
party transactions.</FONT></P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
January 4, 2018, we completed a private placement of our common stock, selling 1,200,000 shares at $2.50 per share, for total gross proceeds
of approximately $3.0 million. In connection with the offering, MDB, which acted as placement agent, was entitled to 60,000 shares of
our common stock and warrants exercisable for up 60,000 shares of our common stock. Christopher Marlett was one of our directors during
fiscal 2017 and 2018 and serves as the Chief Executive Officer of MDB.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
June 15, 2018, we completed a private placement of our 10% senior convertible debentures, due on June 30, 2019 (the 10% Senior Debentures&#8221;)
in the aggregate amount of approximately $4.8 million to four investors. Included in the total was an investment of approximately $3.0
million by Strome Mezzanine Fund LP (&#8220;Strome&#8221;), an affiliate of Mark Strome, who previously beneficially owned more than
10% of the shares our common stock and currently beneficially owns more than 10% of the shares of our Series H Preferred Stock, approximately
$1.0 million by our then-Chief Executive Officer, James Heckman, and $25,000 by our then-President, Joshua Jacobs, totaling approximately
$4.0 million. Interest was payable on the 10% Senior Debentures at the rate of 10% per annum, payable in cash semi-annually on December
31 and June 30, and on maturity, beginning on December 31, 2018, and the 10% Senior Debentures were due and payable on June 30, 2019.
Upon conversion on August 10, 2018, as described below, the investors received additional interest payments to provide each investor
with a 20% annual internal rate of return, where Strome received $600,000, Mr. Heckman received $200,000, and Mr. Jacobs received $5,000.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.7pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
June 15, 2018, we modified the January 2018 SPA and the March 2018 SPA with Strome Trust, an affiliate of Mark Strome, who previously
beneficially owned more than 10% of the shares our common stock and currently beneficially owns more than 10% of the shares of our Series
H Preferred Stock, to eliminate a make-whole provision under which we were committed to issue up to 1,700,000 shares of our common stock
in certain circumstances. The modification removed the prior uncertainty of our obligation under these agreements. In exchange for the
modification, we issued to a designee of Strome Trust the Strome Warrant, exercisable for up to 1,500,000 shares of our common stock.
The Strome Warrant is exercisable for a period of five years at an initial exercise price of $1.19 per share, which has been adjusted
to $0.50 per share.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
August 10, 2018, we entered into the 2018 Series H SPAs with certain accredited investors, pursuant to which we issued an aggregate of
19,399 shares of our Series H Preferred Stock at a stated value of $1,000, initially convertible into 58,785,606 shares of our
common stock, at the option of the holder subject to certain limitations, at a conversion rate equal to the stated value divided by the
conversion price of $0.33 per share, for aggregate gross proceeds of approximately $19.4 million. Of the shares of Series H Preferred
Stock issued, Strome, an affiliate of Mark Strome, who previously beneficially owned more than 10% of the shares our common stock and
currently beneficially owns more than 10% of the shares of our Series H Preferred Stock, received 3,600 shares, James Heckman, our then-Chief
Executive Officer, received 1,200 shares, and Joshua Jacobs, our then-President, received 30 shares upon conversion of the 10% Senior
Debentures. B. Riley FBR acted as placement agent for this Series H Preferred Stock financing, and was paid in cash $575,000, for its
services as placement agent, and issued 669 shares (stated value of $1,000 per share) of Series H Preferred Stock. John A. Fichthorn,
the former Chairman of our Board, served as Head of B. Riley Alternatives, a division of B. Riley Capital Management, a wholly-owned
subsidiary of B. Riley.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
October 18, 2018, we entered into a securities purchase agreement with two accredited investors, B. Riley FBR, and an affiliated entity
of B. Riley FBR, pursuant to which we issued to the investors the 10% OID senior secured convertible debentures resulting in net proceeds
of approximately $3.3 million. B. Riley FBR&#8217;s legal fees and expenses of $40,000 were netted from the proceeds received from them.
We issued warrants to B. Riley FBR to purchase up to 875,000 shares of our common stock in connection with this securities purchase agreement.
John A. Fichthorn, the former Chairman of our Board, served as Head of B. Riley Alternatives, a division of B. Riley Capital, a wholly-owned
subsidiary of B. Riley. B. Riley FBR and its affiliates also beneficially owns more than 10% of our common stock. Todd Sims, one of our
directors, has served as the President of BRVC, a wholly owned subsidiary of B. Riley since October 2020. B. Riley FBR and its affiliates
also beneficially owns more than 10% of our common stock.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
December 12, 2018, we converted the 10% OID senior secured convertible debentures previously issued to two of the investors in October
2018 to the Debentures pursuant to the December 2018 SPAs with three accredited investors, for aggregate proceeds of approximately $3.6
million, in the aggregate, which included principal and interest of the 10% OID senior secured convertible debentures. Upon conversion,
interest of approximately $83,000 was recorded for the 10% OID senior secured convertible debentures held by B. Riley FBR. We received
net proceeds from B. Riley FBR, BRC Partners Opportunity Fund, LP, an affiliated entity of B. Riley, and Dialectic Antithesis Partners,
LP of approximately $9.0 million. We paid B. Riley FBR cash of $540,000 as placement agent in the offering. B. Riley&#8217;s legal fees
and expenses of $50,000 were netted from the proceeds received from them. The Debentures were convertible, at the holder&#8217;s option,
until December 31, 2020, at a conversion price of $0.33 per share. Interest accrued at the rate of 12% per annum, payable on the earlier
of conversion or December 31, 2020. Our obligations under the Debentures were secured by a security agreement, dated as of October 18,
2018, by and among us and each investor thereto. John A. Fichthorn, the former Chairman of our Board, served as Head of Alternatives
of Dialectic Antithesis Partners, LP. Mr. Fichthorn also served as Head of B. Riley Alternatives, a division of B. Riley Capital Management,
a wholly-owned subsidiary of B. Riley. B. Riley FBR and its affiliates also beneficially own more than 10% of our common stock. Todd
Sims, one of our directors, has served as the President of BRVC, a wholly owned subsidiary of B. Riley since October 2020. B. Riley FBR
and its affiliates also beneficially owns more than 10% of our common stock.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
March 18, 2019, we completed a private placement of the Debentures in the aggregate amount of approximately $1.7 million to three accredited
investors. Included in the total was an investment of approximately $1.5 million by Strome Mezzanine Fund II, LP (&#8220;Strome II&#8221;),
an affiliate of Mark Strome, who previously beneficially owned more than 10% of the shares our common stock and currently beneficially
owns more than 10% of the shares of our Series H Preferred Stock, $100,000 by John Fichthorn, the then Chairman of our Board, and $96,000
by B. Riley FBR. We paid a placement agent fee of $96,000 to B. Riley FBR. The Debentures were due and payable on December 31, 2020.
Interest accrued at the rate of 12% per annum, payable on the earlier of conversion or December 31, 2020. Our obligations under the Debentures
were secured by a security agreement, dated as of October 18, 2018, by and among us and each investor thereto. John A. Fichthorn, the
former Chairman of our Board, served as Head of B. Riley Alternatives, a division of B. Riley Capital Management, a wholly-owned subsidiary
of B. Riley. B. Riley FBR and its affiliates also beneficially own more than 10% of our common stock. Todd Sims, one of our directors,
has served as the President of BRVC, a wholly owned subsidiary of B. Riley since October 2020. B. Riley FBR and its affiliates also beneficially
owns more than 10% of our common stock.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
April 8, 2019, we entered into the April 2019 SPA with an accredited investor, Todd D. Sims, a member of our Board, pursuant to which
we issued a Debenture in the aggregate principal amount of $100,000. The Debentures were due and payable on December 31, 2020. Interest
accrued at the rate of 12% per annum, payable on the earlier of conversion or December 31, 2020. Our obligations under the Debentures
were secured by a security agreement, dated as of October 18, 2018, by and among us and each investor thereto.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
June 10, 2019, we entered into a note purchase agreement with one accredited investor, BRF Finance Co., LLC (&#8220;BRF Finance&#8221;),
an affiliated entity of B. Riley, pursuant to which we issued to the investor a 12% senior secured note, due July 31, 2019, in the aggregate
principal amount of approximately $20.0 million, which after taking into account BRF Finance&#8217;s placement fee of $1.0 million and
its legal fees and expenses, resulted in the receipt by us of net proceeds of approximately $18.9 million. John A. Fichthorn, the former
Chairman of our Board, served as Head of B. Riley Alternatives, a division of B. Riley Capital Management, a wholly-owned subsidiary
of B. Riley. Todd Sims, one of our directors, has served as the President of BRVC, a wholly owned subsidiary of B. Riley since October
2020. B. Riley FBR and its affiliates also beneficially owns more than 10% of our common stock.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
June 14, 2019, we entered into an amended and restated note purchase agreement with one accredited investor, BRF Finance, an affiliated
entity of B. Riley, which amended and restated the note purchase agreement dated June 10, 2019 and the 12% senior secured note, due July
31, 2019, issued thereunder. In connection with the amended and restated 12% senior secured note, we paid BRF Finance $2.4 million as
placement agent and B. Riley FBR $3.5 million as a success fee in the offering. John A. Fichthorn, the former Chairman of our Board,
served as Head of B. Riley Alternatives, a division of B. Riley Capital Management, a wholly-owned subsidiary of B. Riley. On August
27, 2019, we entered into a first amendment to the amended and restated note purchase agreement with BRF Finance, an affiliated entity
of B. Riley, which amended the amended and restated 12% senior secured note due June 14, 2022. Pursuant to this first amendment, we received
additional gross proceeds of $3.0 million, which after taking into account BRF Finance&#8217;s placement fee of $150,000 and its legal
fees and expenses, resulted in us receiving net proceeds of approximately $2.8 million. On February 27, 2020, we entered into a second
amendment to the amended and restated note purchase agreement dated as of June 14, 2019 with BRF Finance, an affiliated entity of B.
Riley, which further amended the amended and restated 12% senior secured note due June 14, 2022. Pursuant to the second amendment to
the amended and restated note purchase agreement, BRF Finance issued a letter of credit in the amount of approximately $3.0 million to
our landlord for our lease of the premises located at 225 Liberty Street, 27th Floor, New York, New York 10281. On October 8, 2019, we
issued the third amended and restated 12% senior secured note due June 14, 2022 in connection with a partial paydown of the second amended
and restated 12% senior secured note due June 14, 2022. We also issued 5,000 shares of our Series J Preferred Stock to BRF Finance as
a partial payment of approximately $4.8 million of the outstanding balance. John A. Fichthorn, the former Chairman of our Board, served
as Head of B. Riley Alternatives, a division of B. Riley Capital Management, a wholly-owned subsidiary of B. Riley. Todd Sims, one of
our directors, has served as the President of BRVC, a wholly owned subsidiary of B. Riley since October 2020. B. Riley FBR and its affiliates
also beneficially owns more than 10% of our common stock.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
June 28, 2019, we entered into the Series I SPAs with certain accredited investors, pursuant to which we issued an aggregate of 23,100
shares of Series I Preferred Stock at a stated value of $1,000, initially convertible into 46,200,000 shares of our common stock, at
the option of the holder subject to certain limitations, at a conversion rate equal to the stated value divided by the conversion price
of $0.50 per share, for aggregate gross proceeds of approximately $23.1 million. Of the shares of our Series I Preferred Stock issued,
Ross Levinsohn, then the Chief Executive Officer of Sports Illustrated and currently our Chief Executive Officer, purchased 500 shares
for $500,000. B. Riley FBR, acting as placement agent for our Series I Preferred Stock financing, was paid in cash approximately $1.4
million for its services and reimbursed for certain legal and other costs. John A. Fichthorn, the former Chairman of our Board, served
as Head of B. Riley Alternatives, a division of B. Riley Capital Management, a wholly-owned subsidiary of B. Riley. Todd Sims, one of
our directors, has served as the President of BRVC, a wholly owned subsidiary of B. Riley since October 2020. B. Riley FBR and its affiliates
also beneficially owns more than 10% of our common stock.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
October 7, 2019, we entered into the 2019 Series J SPAs with certain accredited investors, pursuant to which we issued an aggregate of
20,000 shares of our Series J Preferred Stock at a stated value of $1,000, initially convertible into 28,571,428 shares of our common
stock, at the option of the holder subject to certain limitations, at a conversion rate equal to the stated value divided by the conversion
price of $0.70 per share, for aggregate gross proceeds of $20.0 million. Of the shares of our Series J Preferred Stock issued, Luke E.
Fichthorn III, an immediate family member of John A. Fichthorn, the former Chairman of our Board and who served as Head of B. Riley Alternatives,
a division of B. Riley Capital Management, a wholly-owned subsidiary of B. Riley, purchased 100 shares, and B. Riley, or an affiliated
entity, purchased 5,000 shares. B. Riley FBR, acting as placement agent for our Series J Preferred Stock financing, was paid in cash
approximately $525,000 for its services and reimbursed for certain legal and other costs. B. Riley FBR and its affiliates also beneficially
owns more than 10% of our common stock. Todd Sims, one of our directors, has served as the President of BRVC, a wholly owned subsidiary
of B. Riley since October 2020.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
March 24, 2020, we entered into the second amended and restated note purchase agreement (the &#8220;Second A&amp;R NPA&#8221;) with BRF
Finance, an affiliated entity of B. Riley, in its capacity as agent and a purchaser. Pursuant to the Second A&amp;R NPA, we issued the
Term Note, in the aggregate principal amount of $12.0 million to the purchaser. Up to $8.0 million in principal amount under the Term
Note was originally due on March 31, 2021, with the balance thereunder due on June 14, 2022. Interest on amounts outstanding under the
Term Note are payable in-kind in arrears on the last day of each fiscal quarter. On March 25, 2020, we drew down approximately $6.9 million
under the Term Note, and after payment of commitment and funding fees paid to BRF Finance in the amount of approximately $793,100 and
other legal fees and expenses of BRF Finance that we paid, we received net proceeds of approximately $6.0 million. Pursuant to <FONT STYLE="background-color: white">Amendment
No. 1 to the Second A&amp;R NPA</FONT>, interest payable on the notes on September 30, 2020, December 31, 2020, March 31, 2021, June
30, 2021, September 30, 2021, and December 31, 2021 will be payable in-kind in arrears on the last day of such fiscal quarter. Alternatively,
at the option of the holder, such interest amounts can be converted into shares of our common stock based upon the conversion rate specified
in the Certificate of Designation for the Series K Preferred Stock, subject to certain adjustments. In addition, approximately $3.4 million,
including approximately $3.3 million of principal amount of the Term Note and approximately $71,600 of accrued interest, was converted
into shares of our Series K Preferred and the maturity date of the Term Note was changed from March 31, 2021 to March 31, 2022. John
A. Fichthorn, the former Chairman of our Board, served as Head of Alternative Investments for B. Riley Capital Management, a wholly owned
subsidiary of B. Riley. Todd Sims, one of our directors, has served as the President of BRVC, a wholly owned subsidiary of B. Riley since
October 2020. B. Riley FBR, an affiliate of B. Riley, and its affiliates also beneficially own more than 10% of our common stock.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Between
August 14, 2020 and August 20, 2020, we entered into the 2020 Series H SPAs for the sale of Series H Preferred Stock with certain accredited
investors, including, among others, Strome and Strome Alpha Fund, L.P. (&#8220;Strome Alpha&#8221;), affiliates of Mark Strome, who previously
beneficially owned more than 10% of the shares of our common stock and currently beneficially owns more than 10% of the shares of our
Series H Preferred Stock, pursuant to which we issued an aggregate of 2,253 shares, at a stated value of $1,000 per share, initially
convertible into 6,825,000 shares of our common stock at a conversion rate equal to the stated value divided by the conversion price
of $0.33 per share, for aggregate gross proceeds of $2,730,000 for working capital and general corporate purposes. B. Riley FBR, acting
as a placement agent for these issuances, waived its fee for these services and was reimbursed for certain legal and other costs. On
October 28, 2020, we entered into a mutual rescission agreement with Strome and Strome Alpha, pursuant to which the stock purchase agreements
entered into by Strome and Strome Alpha between August 14, 2020 and August 20, 2020 were rescinded and deemed null and void.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
September 4, 2020, we entered into the 2020 Series J SPAs with certain accredited investors, pursuant to which we issued an aggregate
of 10,500 shares of our Series J Preferred Stock at a stated value of $1,000, initially convertible into shares of our common stock,
at the option of the holder subject to certain limitations, at a conversion rate equal to the stated value divided by the conversion
price of $0.70 per share, for aggregate gross proceeds of $6,000,000. Of the shares of Series J Preferred Stock issued, B. Riley Securities,
Inc., an affiliate of B. Riley, purchased 5,250 shares, and B&amp;W Pension Trust, of which 180 Degree Capital Corp. (&#8220;180 Degree&#8221;)
is the Investment Adviser, purchased 5,250 shares. 180 Degree beneficially owns more than 5% of our common stock. B. Riley FBR, acting
as placement agent for these issuances, waived its fee for these services and was reimbursed for certain legal and other costs. John
A. Fichthorn, the former Chairman of our Board, served as Head of B. Riley Alternatives, a division of B. Riley Capital Management, a
wholly-owned subsidiary of B. Riley. Todd Sims, one of our directors, has served as the President of BRVC, a wholly owned subsidiary
of B. Riley since October 2020. B. Riley FBR and its affiliates also beneficially owns more than 10% of our common stock.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Between October 23, 2020 and November 11, 2020,
we entered into the Series K SPAs with accredited investors, pursuant to which we issued an aggregate of 18,042 shares of Series K Preferred
Stock at a stated value of $1,000 per share, initially convertible into 45,105,000 shares of our common stock at a conversion rate equal
to the stated value divided by the conversion price of $0.40 per share, for aggregate gross proceeds of $18,042,090. B. Riley FBR, acting
as a placement agent for these issuances, was paid in cash $560,500 for its services and reimbursed for certain legal and other
costs. John A. Fichthorn, the former Chairman of our Board, served as Head of Alternative Investments for B. Riley Capital Management,
a wholly owned subsidiary of B. Riley. Todd Sims, one of our directors, has served as the President of BRVC, a wholly owned subsidiary
of B. Riley since October 2020. B. Riley FBR and its affiliates also beneficially owns more than 10% of our common stock.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
May 20 and 25, 2021, and June 2, 2021, we entered into the May 2021 SPAs and June 2021 SPA with accredited investors, pursuant to which
we issued an aggregate of 28,578,575 shares of our common stock, at a per share price of $0.70, for aggregate gross proceeds of
approximately $20.0 million in a private placement. Among the investors were B. Riley and its affiliates, Warlock, and TCS Capital Management
LLC (&#8220;TCS Capital Management&#8221;). John A. Fichthorn, the former Chairman of our Board, previously served as Head of Alternative
Investments of B. Riley Capital Management, a wholly owned subsidiary of B. Riley, Todd Sims, one of our directors, has served as the
President of BRVC, a wholly-owned subsidiary of B. Riley since October 2020, and Dan Shribman, one of our directors, currently serves
as Chief Investment Officer of B. Riley and President of its B. Riley Principal Investments subsidiary. Carlo Zola, one of our directors,
serves as a principal of Warlock. Finally, Eric Semler, who at the time of the investment was one of our directors, is the Managing Member
of TCS Capital Management.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Other
Agreements </I></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
May 1, 2020, Josh Jacobs and we entered into a Strategic Financing Addendum (the &#8220;Addendum&#8221;) to his Director Agreement dated
January 1, 2020 (the &#8220;Jacobs Director Agreement&#8221;). Pursuant to the Addendum, Mr. Jacobs agreed to provide additional services
to us in exchange for compensation in the amount of $20,000 per month. The services to be provided were again amended in July 2020. During
fiscal 2020, we paid Mr. Jacobs $120,000 for these services. Josh Jacobs was a former director and, before that, an officer.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
August 26, 2020, Maven Coalition, one of our wholly owned subsidiaries, entered into a consulting agreement with James Heckman, our former
Chief Executive Officer, pursuant to which Maven Coalition agreed to pay to Mr. Heckman a monthly fee of approximately $29,167 (to be
increased to approximately $35,417 once our senior executive officer salaries are returned to the levels in place prior to March 2020).
Mr. Heckman was also entitled to bonus payments of up to one hundred percent of the monthly fees payable in the then-current year upon
satisfaction of certain performance goals. Mr. Heckman may also be awarded additional equity incentive awards. The initial term of the
consulting agreement commenced on August 26, 2020 and was to end on August 26, 2021, which term may be extended for an additional 12-month
period unless our then-Chief Executive Officer notifies Mr. Heckman of a decision not to extend at least 90 days in advance. On June
3, 2021, Maven Coalition and Mr. Heckman entered into the Heckman Amendment to provide that Mr. Heckman would be paid approximately $57,895
per month from February 2021 through August 2022 in exchange for certain strategic advisory services provided by Mr. Heckman to Maven
Coalition. The terms of the Heckman Amendment were conditioned upon the execution of a mutual release by Mr. Heckman, Maven Coalition,
Maven Media, TheStreet, and Heckman Media, LLC.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Effective
September 4, 2020, we entered into a separation and advisory agreement with William Sornsin (the &#8220;Sornsin Separation Agreement&#8221;),
who served as our Chief Operating Officer from January 2020 until September 2020, pursuant to which we agreed to pay him salary continuation
in the amount of $275,000, which is the equivalent of one full year of Mr. Sornsin&#8217;s salary as of the date of the separation. Pursuant
to the Sornsin Separation Agreement, we will continue to pay Mr. Sornsin a consulting fee of $100 per hour of consulting services performed.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
October 5, 2020, we entered into a separation agreement with Benjamin Joldersma, who served as our Chief Technology Officer from November
2016 through September 2020, pursuant to which we agreed to pay him approximately $111,000 as a severance payment, as well as any COBRA
premiums.</FONT></P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
December 15, 2020, we entered into the Fourth Amendment to Agreement and Plan of Merger, dated December 15, 2020, pursuant to which we
agreed to repurchase from certain key personnel of HubPages, including Paul Edmondson, one of our officers, and his spouse, an aggregate
of approximately 16,802 shares of our common stock at a price of $4 per share each month for a period of 24 months, for aggregate proceeds
to Mr. Edmondson and his spouse of approximately $67,207 per month.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Officer
Promissory Notes</I></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">In
May 2018, Mr. Heckman, our then Chief Executive Officer began advancing funds to us in order to meet minimum operating needs. Such advances
were made pursuant to promissory notes that were due on demand, with interest at the minimum applicable federal rate, which ranged from
2.18% to 2.38%. As of December 31, 2019, the total principal amount of advances outstanding were $319,351 (including accrued interest
of $12,574). On October 31, 2020, we entered into an Exchange Agreement with Mr. Heckman pursuant to which he converted the outstanding
principal amount due, together with accrued but unpaid interest under the promissory notes, into 389 shares of our Series H Preferred
Stock. Nothing was outstanding as of December 31, 2020.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><FONT ID="a_018"></FONT>LEGAL
MATTERS</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Baker
&amp; Hostetler LLP, Los Angeles, California has passed upon the validity of our common stock offered by this prospectus and certain
other legal matters related to this prospectus.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><FONT ID="a_019"></FONT>EXPERTS</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
consolidated financial statements of theMaven, Inc. and its subsidiaries as of December 31, 2020 and 2019, and for each of the two years
in the period ended December 31, 2021, included in this prospectus, which constitutes a part of this registration statement, have been
so included in reliance upon the report of by Marcum LLP (&#8220;Marcum&#8221;), an independent registered public accounting firm, appearing
elsewhere herein and in this registration statement, given on said firm&#8217;s authority as experts in auditing and accounting.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><FONT ID="a_020"></FONT>WHERE
YOU CAN FIND ADDITIONAL INFORMATION</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">We
file annual, quarterly, and current reports, proxy statements and other information with the SEC. We have also filed a registration statement
on Form S-1, including exhibits, under the Securities Act with respect to the shares of common stock offered by this prospectus. This
prospectus is part of the registration statement, but does not contain all of the information included in the registration statement
or the exhibits. Our SEC filings are available to the public on the internet at a website maintained by the SEC located at http://www.sec.gov.
Those filings are also available to the public on, or accessible through, our website at https://investors.thearenagroup.net/financial-information/sec-filings.
The information on our web site, however, is not, and should not be deemed to be, a part of this prospectus.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: center; text-indent: -0.75in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>THEMAVEN,
INC. AND SUBSIDIARIES </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><FONT ID="a_021"></FONT>Index
to Condensed Consolidated Financial Statements</FONT></P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>PAGE</B></FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#j_004"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Condensed Consolidated Balance Sheets - September 30, 2021 (Unaudited) and December 31, 2020</FONT></A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">F-<FONT STYLE="font-size: 10pt">2</FONT></FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#j_005"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Condensed Consolidated Statements of Operations (Unaudited) - Three Months and Nine Months Ended September 30, 2021 and 2020</FONT></A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">F-3</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#j_006"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Condensed Consolidated Statements of Stockholders&#8217; Deficiency (Unaudited) - Nine Months Ended September 30, 2021 and 2020</FONT></A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">F-4</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#j_007"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Condensed Consolidated Statements of Cash Flows (Unaudited) - Nine Months Ended September 30, 2021 and 2020</FONT></A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">F-6</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#j_008"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Notes to Condensed Consolidated Financial Statements (Unaudited)</FONT></A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">F-7</FONT></TD></TR>
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 0.6in; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>PAGE</B></FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#ar_001">Report
    of Independent Registered Public Accounting Firm</A></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">F-26</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; background-color: white">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#ar_002">Consolidated
    Balance Sheets as of December 31, 2020 and 2019</A></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">F-27</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; background-color: white">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#ar_003">Consolidated
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">F-28</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; background-color: white">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#ar_004">Consolidated
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#ar_005">Consolidated
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">F-30</FONT></TD></TR>
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#ar_006">Notes
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&#160;</B></FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>THEMAVEN,
INC. AND SUBSIDIARIES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><FONT ID="j_004"></FONT><B>CONDENSED
CONSOLIDATED BALANCE SHEETS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&#160;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0"  SUMMARY="xdx: Statement - Condensed Consolidated Balance Sheets" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">9,443,576</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
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    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">6,705,391</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
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    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">71,305,655</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
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  <TR  STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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<TR  STYLE="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom; background-color: White">
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  <TR  STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD></TR>
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    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">2,290,851</TD><TD STYLE="text-align: left">&#160;</TD></TR>
  <TR  STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <TR  STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 10pt; text-align: left; padding-bottom: 1.5pt">Accumulated deficit</TD><TD STYLE="padding-bottom: 1.5pt">&#160;</TD>
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    <TD STYLE="text-align: left; padding-bottom: 2.5pt">Total liabilities, mezzanine equity and stockholders&#8217; deficiency</TD><TD STYLE="padding-bottom: 2.5pt">&#160;</TD>
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  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>&#160;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>See
accompanying notes to condensed consolidated financial statements</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>&#160;</I></FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>&#160;</I></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>THEMAVEN,
INC. AND SUBSIDIARIES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT ID="j_005"></FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>&#160;</I></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0"  SUMMARY="xdx: Statement - Condensed Consolidated Statements of Operations (Unaudited)" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="display: none; vertical-align: bottom">
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    <TD STYLE="padding-bottom: 1.5pt; text-align: center">&#160;</TD>
    <TD  STYLE="padding-bottom: 1.5pt; text-align: center">&#160;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: center">&#160;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: center">&#160;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: center">&#160;</TD>
    <TD  STYLE="padding-bottom: 1.5pt; text-align: center">&#160;</TD><TD STYLE="padding-bottom: 1.5pt">&#160;</TD><TD STYLE="padding-bottom: 1.5pt">&#160;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: center">&#160;</TD>
    <TD  STYLE="padding-bottom: 1.5pt; text-align: center">&#160;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: center">&#160;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: center">&#160;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: center">&#160;</TD>
    <TD  STYLE="padding-bottom: 1.5pt; text-align: center">&#160;</TD><TD STYLE="padding-bottom: 1.5pt">&#160;</TD></TR>
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    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
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    <TD STYLE="padding-left: 10pt; text-align: left; padding-bottom: 1.5pt">Gain upon debt extinguishment</TD><TD STYLE="padding-bottom: 1.5pt">&#160;</TD>
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    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">(24,936,353</TD><TD STYLE="text-align: left">)</TD><TD>&#160;</TD>
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    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">(21,264,431</TD><TD STYLE="text-align: left">)</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">(70,826,517</TD><TD STYLE="text-align: left">)</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">(67,202,384</TD><TD STYLE="text-align: left">)</TD></TR>
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    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&#160;</TD><TD STYLE="padding-bottom: 1.5pt">&#160;</TD>
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    <TD STYLE="text-align: left; padding-bottom: 2.5pt">Net loss attributable to common stockholders</TD><TD STYLE="padding-bottom: 2.5pt">&#160;</TD>
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    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(21,397,094</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 2.5pt">&#160;</TD>
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  <TR  STYLE="vertical-align: bottom; background-color: White">
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    <TD STYLE="text-align: left; padding-bottom: 2.5pt">Weighted average number of common stock outstanding &#8211; basic and diluted</TD><TD STYLE="padding-bottom: 2.5pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">252,811,058</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&#160;</TD><TD STYLE="padding-bottom: 2.5pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">39,186,432</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&#160;</TD><TD STYLE="padding-bottom: 2.5pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">244,209,151</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&#160;</TD><TD STYLE="padding-bottom: 2.5pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">39,177,864</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&#160;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>&#160;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>See
accompanying notes to condensed consolidated financial statements.</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>&#160;</I></FONT></P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&#160;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>THEMAVEN,
INC. AND SUBSIDIARIES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&#160;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><FONT ID="j_006"></FONT>CONDENSED
CONSOLIDATED STATEMENTS OF STOCKHOLDERS&#8217; DEFICIENCY</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(unaudited)</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&#160;</B></FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Nine
Months Ended September 30, 2021</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&#160;</B></FONT></P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0"  SUMMARY="xdx: Statement - Condensed Consolidated Statements of Stockholders' Deficiency (Unaudited)" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
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    <TD STYLE="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif; text-align: center; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif; text-align: center; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif; text-align: center; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt; font-family: Times New Roman, Times, Serif; text-align: center; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
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    <TD COLSPAN="2"  STYLE="font-family: Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD COLSPAN="2"  STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
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  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD COLSPAN="7" STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: center; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">Common
    Stock</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD COLSPAN="7" STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: center; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">Common
    Stock to be Issued</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
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    <TD COLSPAN="2" STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-family: Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Total</B></FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Shares</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD COLSPAN="2" STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
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    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 5%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(20,313,460</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD></TR>
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    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Issuance
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    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Issuance
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    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Issuance
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    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Beneficial
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    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Deemed
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    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD COLSPAN="2" STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
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    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">5,408,207</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
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    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Net
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    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD COLSPAN="2" STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
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    <TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">Balance
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    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">2,303,264</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
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    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">10,809</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">145,178,960</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(187,736,591</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(40,243,558</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD></TR>
  <TR  STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Issuance
    of restricted stock in connection with the acquisition of The Spun</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD  TITLE="Issuance of restricted stock in connection with the acquisition of The Spun, shares" STYLE="font-family: Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">4,285,714</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD COLSPAN="2" STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">42,857</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD COLSPAN="2" STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(42,857</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR  STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Issuance
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    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD  TITLE="Issuance of restricted stock awards to the board of directors, shares" STYLE="font-family: Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">82,158</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD COLSPAN="2" STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
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    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD COLSPAN="2" STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
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    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR  STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Cashless
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    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Common
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    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Repurchase
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    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1,331</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
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    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Proceeds
    from common stock private placement</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
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    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">285,786</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD COLSPAN="2" STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">19,551,971</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">19,837,757</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
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    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Stock-based
    compensation</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD COLSPAN="2" STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD COLSPAN="2" STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">8,665,939</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">8,665,939</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
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    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD COLSPAN="2" STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
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    <TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">Balance
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    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Issuance
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    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Issuance
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    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Issuance
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    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD COLSPAN="2" STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
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    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">8,961,704</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
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    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Net
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    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD COLSPAN="2" STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD COLSPAN="2" STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(24,706,654</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(24,706,654</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD></TR>
  <TR  STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Balance
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    <TD STYLE="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">2,642,467</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD  TITLE="Ending balance, shares" STYLE="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1,080,930</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD COLSPAN="2" STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">10,809</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">182,787,419</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(233,099,803</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(47,659,108</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD></TR>
  </TABLE>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>THEMAVEN,
INC. AND SUBSIDIARIES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>CONDENSED
CONSOLIDATED STATEMENTS OF STOCKHOLDERS&#8217; DEFICIENCY</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(unaudited)</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Nine
Months Ended September 30, 2020</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&#160;</B></FONT></P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="display: none; vertical-align: bottom">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Shares</FONT></TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD COLSPAN="2"  STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Par
    Value</FONT></TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Shares</FONT></TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD COLSPAN="2"  STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Par
    Value</FONT></TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD COLSPAN="2"  STYLE="border-bottom: Black 1.5pt solid; text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Paid-in</B></FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Capital</B></FONT></P></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD COLSPAN="2"  STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Accumulated
    Deficit</FONT></TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD COLSPAN="2"  STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Stockholders&#8217;<BR>
    Deficiency</FONT></TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD></TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Common
    Stock</FONT></TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Common
    Stock to be Issued</FONT></TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Additional</B></FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Total</B></FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Shares</FONT></TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Par
    Value</FONT></TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Shares</FONT></TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Par
    Value</FONT></TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Paid-in</B></FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Capital</B></FONT></P></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Accumulated
    Deficit</FONT></TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Stockholders&#8217;<BR>
    Deficiency</FONT></TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR  STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 37%; font-weight: bold"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Balance at January
    1, 2020</FONT></TD><TD STYLE="width: 2%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD><TD  TITLE="Beginning balance, shares" STYLE="width: 5%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">37,119,117</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="width: 2%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="width: 5%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">371,190</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="width: 2%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD><TD  TITLE="Beginning balance, shares" STYLE="width: 5%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3,938,287</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="width: 2%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="width: 5%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">39,383</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="width: 2%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="width: 5%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">35,562,766</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="width: 2%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="width: 5%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(73,041,323</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD><TD STYLE="width: 2%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="width: 5%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(37,067,984</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
  <TR  STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Issuance of restricted stock
    units in connection with the acquisition of LiftIgniter</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD><TD TITLE="Beginning balance, shares" STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD><TD  STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">500,000</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">500,000</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR  STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Issuance of restricted stock
    awards to the board of directors</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD><TD  TITLE="Issuance of restricted stock awards to the board of directors, shares" STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">562,500</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5,625</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD><TD TITLE="Beginning balance, shares" STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(5,625</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR  STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Common stock withheld for
    taxes</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD><TD  TITLE="Beginning balance, shares" STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(206,881</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(2,069</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD><TD TITLE="Beginning balance, shares" STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(167,412</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(169,481</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
  <TR  STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Stock-based compensation</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
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    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
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    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
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    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3,930,172</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR  STYLE="vertical-align: bottom; background-color: White">
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  <TR  STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">39,383</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
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    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(95,817,947</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(55,583,917</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
  <TR  STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Issuance of common stock in
    connection with the acquisition of Say Media</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
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    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">13,504</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
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    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(13,504</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR  STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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    taxes</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD><TD  TITLE="Beginning balance, shares" STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(234,767</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(2,348</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
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    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
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    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(112,340</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
  <TR  STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Stock-based compensation</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD><TD TITLE="Beginning balance, shares" STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD><TD TITLE="Beginning balance, shares" STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4,283,066</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4,283,066</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR  STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
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    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(23,161,329</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
  <TR  STYLE="vertical-align: bottom; background-color: White">
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  <TR  STYLE="display: none; vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Beginning </FONT>balance,
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    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(118,979,276</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
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<TR  STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Issuance of common stock in
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    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR  STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Issuance of common stock upon
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    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">290,909</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
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  <TR  STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(586</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
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    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(40,371</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(40,957</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
  <TR  STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Beneficial conversion feature
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    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
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    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">132,663</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">132,663</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR  STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
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    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
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    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(132,663</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
  <TR  STYLE="vertical-align: bottom; background-color: White">
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    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
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    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
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    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
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  <TR  STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <TR  STYLE="display: none; vertical-align: bottom; background-color: White">
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</TABLE>

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


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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>&#160;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>See
accompanying notes to condensed consolidated financial statements.</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>&#160;</I></FONT></P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>THEMAVEN,
INC. AND SUBSIDIARIES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&#160;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><FONT ID="j_007"></FONT>CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(unaudited)</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>&#160;</I></B></FONT></P>

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0"  SUMMARY="xdx: Statement - Condensed Consolidated Statements of Cash Flows (Unaudited)" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="display: none; vertical-align: bottom">
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<TR STYLE="vertical-align: bottom">
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  <TR  STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">(78,347</TD><TD STYLE="text-align: left">)</TD><TD>&#160;</TD>
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  <TR  STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <TR  STYLE="display: none; vertical-align: bottom; background-color: White">
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  <TR  STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <TR  STYLE="vertical-align: bottom; background-color: White">
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  <TR  STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">(2,448,282</TD><TD STYLE="text-align: left">)</TD><TD>&#160;</TD>
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  <TR  STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">(299,999</TD><TD STYLE="text-align: left">)</TD><TD>&#160;</TD>
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    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">(3,016,924</TD><TD STYLE="text-align: left">)</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">(2,885,788</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR  STYLE="vertical-align: bottom; background-color: White">
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    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD></TR>
  <TR  STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <TD STYLE="font-weight: bold; text-align: left">Cash flows from financing activities</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD></TR>
  <TR  STYLE="vertical-align: bottom; background-color: White">
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    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">11,702,725</TD><TD STYLE="text-align: left">&#160;</TD></TR>
  <TR  STYLE="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Repayments
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<TR  STYLE="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; display: none; padding-left: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Payment
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; display: none; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; display: none; text-align: right"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; display: none; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; display: none"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; display: none; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; display: none; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; display: none; text-align: left">&#160;</TD></TR>
<TR  STYLE="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; display: none; padding-left: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Proceeds
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; display: none; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; display: none; text-align: right"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; display: none; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; display: none"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; display: none; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; display: none; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; display: none; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
<TR  STYLE="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom; background-color: rgb(204,238,255)">
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; display: none; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; display: none; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; display: none; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; display: none"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
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<TR  STYLE="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom; background-color: White">
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; display: none; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; display: none; text-align: right">-<FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; display: none; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
<TR  STYLE="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom; background-color: White">
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<TR  STYLE="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; display: none; padding-left: 10pt; text-align: left">Proceeds from issuance
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<TR  STYLE="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom; background-color: rgb(204,238,255)">
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<TR  STYLE="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom; background-color: White">
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<TR  STYLE="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; display: none; padding-left: 10pt; text-align: left">Payment of issuance costs
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<TR  STYLE="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom; background-color: White">
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  <TR  STYLE="vertical-align: bottom; background-color: White">
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  <TR  STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">113,000</TD><TD STYLE="text-align: left">&#160;</TD></TR>
  <TR  STYLE="vertical-align: bottom; background-color: White">
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    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">6,000,000</TD><TD STYLE="text-align: left">&#160;</TD></TR>
  <TR  STYLE="display: none; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 10pt; text-align: left">Proceeds from issuance of convertible preferred stock</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&#160;</TD></TR>
<TR  STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; text-align: left">Payments of issuance costs from common stock private placement</TD><TD>&#160;</TD>
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  <TR  STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 10pt; text-align: left">Payment for taxes related to repurchase of restricted common stock</TD><TD>&#160;</TD>
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    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">(322,778</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR  STYLE="vertical-align: bottom; background-color: White">
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    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(1,164,955</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1.5pt">&#160;</TD>
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  <TR  STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Net decrease in cash, cash equivalents, and restricted cash</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">(806,032</TD><TD STYLE="text-align: left">)</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">(3,738,498</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR  STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1.5pt; text-align: left">Cash, cash equivalents, and restricted cash &#8211; beginning of period</TD><TD STYLE="padding-bottom: 1.5pt">&#160;</TD>
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  <TR  STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt; text-align: left">Cash, cash equivalents, and restricted cash &#8211; end of period</TD><TD STYLE="padding-bottom: 2.5pt">&#160;</TD>
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    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">5,734,592</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&#160;</TD></TR>
  <TR  STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left">Supplemental disclosure of cash flow information</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD></TR>
  <TR  STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; text-align: left">Cash paid for interest</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">896,580</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">437,314</TD><TD STYLE="text-align: left">&#160;</TD></TR>
  <TR  STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 10pt; text-align: left">Cash paid for income taxes</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&#160;</TD></TR>
  <TR  STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Noncash investing and financing activities</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD></TR>
  <TR  STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 10pt; text-align: left">Reclassification of stock-based compensation to platform development</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">1,347,624</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">1,259,163</TD><TD STYLE="text-align: left">&#160;</TD></TR>
<TR  STYLE="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; display: none; padding-left: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Debt
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; display: none; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; display: none; text-align: right"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; display: none; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; display: none"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; display: none; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; display: none; text-align: right"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; display: none; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
<TR  STYLE="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; display: none; padding-left: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Discount
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; display: none; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; display: none; text-align: right"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; display: none; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; display: none"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; display: none; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; display: none; text-align: right"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; display: none; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
<TR  STYLE="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; display: none; padding-left: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Exercise
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; display: none; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; display: none; text-align: right"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; display: none; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; display: none"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; display: none; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; display: none; text-align: right"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; display: none; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
<TR  STYLE="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; display: none; padding-left: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Payment
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; display: none; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; display: none; text-align: right"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; display: none; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; display: none"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; display: none; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; display: none; text-align: right"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; display: none; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
<TR  STYLE="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; display: none; padding-left: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Liquidated
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<TR  STYLE="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom; background-color: rgb(204,238,255)">
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<TR  STYLE="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom; background-color: White">
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<TR  STYLE="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom; background-color: rgb(204,238,255)">
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<TR  STYLE="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom; background-color: White">
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<TR  STYLE="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom; background-color: rgb(204,238,255)">
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<TR  STYLE="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom; background-color: White">
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<TR  STYLE="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom; background-color: rgb(204,238,255)">
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<TR  STYLE="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom; background-color: rgb(204,238,255)">
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; display: none; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; display: none; text-align: right"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; display: none; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
<TR  STYLE="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom; background-color: White">
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; display: none; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; display: none; text-align: right"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; display: none; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; display: none"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; display: none; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; display: none; text-align: right"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; display: none; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
<TR  STYLE="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; display: none; padding-left: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Deemed
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; display: none; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; display: none; text-align: right"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; display: none; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; display: none"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; display: none; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; display: none; text-align: right"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; display: none; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
<TR  STYLE="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; display: none; padding-left: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Payment
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; display: none; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; display: none; text-align: right"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; display: none; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; display: none"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; display: none; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; display: none; text-align: right"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; display: none; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
<TR  STYLE="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; display: none; padding-left: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Payment
    of promissory note for issuance for Series H convertible preferred stock</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; display: none"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; display: none; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; display: none; text-align: right"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; display: none; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; display: none"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; display: none; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; display: none; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; display: none; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR  STYLE="vertical-align: bottom; background-color: White">
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    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">125,000</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&#160;</TD></TR>
  <TR  STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 10pt; text-align: left">Deferred cash payments in connection with acquisition of The Spun</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">905,109</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&#160;</TD></TR>
  <TR  STYLE="vertical-align: bottom; background-color: White">
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    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">1,500</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&#160;</TD></TR>
  <TR  STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 10pt; text-align: left">Debt discount on delayed draw term note</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">913,865</TD><TD STYLE="text-align: left">&#160;</TD></TR>
  <TR  STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; text-align: left">Restricted stock units issued in connection with acquisition of LiftIgniter</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">500,000</TD><TD STYLE="text-align: left">&#160;</TD></TR>
  <TR  STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 10pt; text-align: left">Assumption of liabilities in connection with acquisition of LiftIgniter</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">140,381</TD><TD STYLE="text-align: left">&#160;</TD></TR>
  <TR  STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; text-align: left">Restricted stock issued in connection with acquisition of Fulltime Fantasy</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">502,500</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&#160;</TD></TR>
  <TR  STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 10pt; text-align: left">Deferred cash payments in connection with acquisition of Fulltime Fantasy</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">419,367</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD></TR>
  <TR  STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; text-align: left">Deemed dividend on Series H convertible preferred stock</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">132,663</TD><TD STYLE="text-align: left">&#160;</TD></TR>
  <TR  STYLE="display: none; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 10pt; text-align: left">Deemed dividend on   convertible preferred stock</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&#160;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>&#160;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>See
accompanying notes to condensed consolidated financial statements.</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>&#160;</I></FONT></P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>THEMAVEN,
INC. AND SUBSIDIARIES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&#160;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><FONT ID="j_008"></FONT>NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS</B></FONT></P>

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

<P  STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.75pt; text-transform: uppercase; text-align: justify; text-indent: -23.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: none">1.
<FONT >Summary of Significant Accounting Policies</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>&#160;</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>&#160;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
condensed consolidated financial statements include the accounts of TheMaven, Inc. and its wholly owned subsidiaries (&#8220;Maven&#8221;
or the &#8220;Company&#8221;), after eliminating all significant intercompany balances and transactions. The Company does not have any
off-balance sheet arrangements.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
accompanying unaudited condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the SEC.
Accordingly, they do not include all of the information and notes required by accounting principles generally accepted in the United
States of America (&#8220;U.S. GAAP&#8221;) for complete financial statements. These condensed consolidated financial statements should
be read in conjunction with the Company&#8217;s audited consolidated financial statements, which are included in Maven&#8217;s Annual
Report on Form 10-K (the &#8220;Form 10-K&#8221;) for the year ended December 31, 2020, filed with the SEC on August 16, 2021.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
condensed consolidated financial statements as of September 30, 2021, and for the three and nine months ended September
30, 2021 and 2020, are unaudited but, in management&#8217;s opinion, include all adjustments necessary for a fair presentation of the results
of interim periods. All such adjustments are of a normal recurring nature. The year-end condensed consolidated balance sheet as of December
31, 2020, was derived from audited financial statements, but does not include all disclosures required by U.S. GAAP. The results of operations
for interim periods are not necessarily indicative of the results to be expected for the entire fiscal year. The impact during the first
three quarters of 2021 of the novel coronavirus (&#8220;COVID-19&#8221;) on the Company has been less than the impact
in the comparable period of the prior year. In 2021, restrictions on non-essential work activity have been largely lifted
and sporting and other events are being held, with attendance closer to pre-pandemic levels, which has resulted in an increase
in traffic and advertising revenue. The Company expects a continued modest growth in advertising revenue back toward pre-pandemic levels,
however, such growth depends on future developments, including the duration and spread of the COVID-19 pandemic, whether related group
gatherings and sports event advisories and restrictions will be put in place again, and the extent and effectiveness of containment
and other actions taken, including the percentage of the population that receives COVID-19 vaccinations.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Certain
prior year amounts have been reclassified to conform to current period presentation.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>&#160;</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>&#160;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Preparation
of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that
affect the amounts reported and disclosed in the financial statements and the accompanying notes. Actual results could differ materially
from these estimates. On an ongoing basis, the Company evaluates its estimates, including those related to the allowance for credit losses,
fair values of financial instruments, capitalization of platform development, intangible assets and goodwill, useful lives of intangible
assets and property and equipment, income taxes, fair value of assets acquired and liabilities assumed in the business acquisitions,
determination of the fair value of stock-based compensation and valuation of derivatives liabilities and contingent liabilities, among
others. The Company bases its estimates on assumptions, both historical and forward looking, that are believed to be reasonable, the
results of which form the basis for making judgments about the carrying values of assets and liabilities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Company occasionally enters into amendments to previously executed contracts that constitute contract modifications. The Company assesses
each of these contract modifications to determine:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 3%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">if
    the additional services and goods are distinct from the services and goods in the original arrangement; and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">if
    the amount of consideration expected for the added services or goods reflects the stand-alone selling price of those services and
    goods.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">A
contract modification meeting both criteria is accounted for as a separate contract. A contract modification not meeting both criteria
is considered a change to the original contract and is accounted for on either a prospective basis as a termination of the existing contract
and the creation of a new contract, or a cumulative catch-up basis (see Note 3 and Note 12).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P  STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I><FONT >Recently
Adopted Accounting Standards</FONT></I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>&#160;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">In
December 2019, the FASB issued ASU 2019-12, <I>Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes</I>, which removes
certain exceptions related to the approach for intra-period tax allocation, the methodology for calculating income taxes in an interim
period, and the recognition of deferred tax liabilities for outside basis differences. This guidance also clarifies and simplifies other
areas of ASC 740. Certain amendments in this update must be applied on a prospective basis, certain amendments must be applied on a retrospective
basis, and certain amendments must be applied on a modified retrospective basis through a cumulative-effect adjustment to retained earnings/(deficit)
in the period of adoption. On January 1, 2021, the Company adopted ASU 2019-12 with no material impact to its condensed consolidated
financial position, results of operations or cash flows.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">In
August 2020, the FASB issued ASU 2020-06, <I>Debt &#8211; Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and
Hedging &#8211; Contracts in Entity&#8217;s Own Equity (Subtopic 815-40)</I>, which updates various codification topics to simplify the
accounting guidance for certain financial instruments with characteristics of liabilities and equity, with a specific focus on convertible
instruments and the derivative scope exception for contracts in an entity&#8217;s own equity and amends the diluted EPS computation for
these instruments. On January 1, 2021, the Company adopted ASU 2020-06 with no material impact to its condensed consolidated financial
statements.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">In
October 2020, the FASB issued ASU 2020-08, <I>Codification Improvements to Subtopic 310-20 &#8211; Receivables &#8211; Nonrefundable
Fees and Other Costs</I>, which clarifies that a reporting entity should assess whether a callable debt security purchased at a premium
is within the scope of ASC 310-20-35-33 each reporting period, which impacts the amortization period for nonrefundable fees and other
costs. On January 1, 2021, the Company adopted ASU 2020-08 with no material impact to its condensed consolidated financial statements.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">In
October 2020, the FASB issued ASU 2020-10, <I>Codification Improvements</I>, which updates various codification topics by clarifying
or improving disclosure requirements to align with the SEC&#8217;s regulations. On January 1, 2021, the Company adopted ASU 2020-10 with
no material impact to its condensed consolidated financial statements.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

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

<P  STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt"><B><I><FONT >Recently Issued Accounting Standards</FONT></I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In October 2021, the FASB issued ASU 2021-08, <I>Business
Combinations (Topic 805), Accounting for Contract Assets and Contract Liabilities from Contracts with Customers</I>, which requires
an acquirer to account for revenue contracts acquired in a business combination in accordance with Topic 606 as if it had originated
the contracts. The acquirer may assess how the acquiree applied Topic 606 to determine what to record for the acquired contracts.
This update should lead to recognition and measurement consistent with what&#8217;s reported in the acquiree&#8217;s financial
statements, provided that the acquiree prepared financial statements in accordance with U.S. GAAP. The new standard marks a change
from current U.S. GAAP, under which assets and liabilities acquired in a business combination, including contract assets and
contract liabilities arising from revenue contracts, are generally recognized at fair value at the acquisition date. ASU 2021-08 is
effective for the Company in the fiscal year beginning after December 15, 2022, including interim periods within the fiscal year,
and should be applied prospectively to business combinations on or after the effective date of the amendment. Early adoption is
permitted, including adoption in an interim period. The Company is <FONT STYLE="font: 10pt/115% Times New Roman, Times, Serif; background-color: white">currently
evaluating the impact that adopting this new accounting standard would have on its condensed consolidated financial
statements.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P  STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I><FONT >Loss
per Common Share</FONT></I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Basic
loss per share is computed using the weighted average number of common shares outstanding during the period and excludes any dilutive
effects of common stock equivalent shares, such as stock options, restricted stock, and warrants. All restricted stock awards are considered
outstanding but are included in the computation of basic loss per common share only when the underlying restrictions expire, the
shares are no longer forfeitable, and are thus vested. All restricted stock units are included in the computation of basic loss per common
share only when the underlying restrictions expire, the shares are no longer forfeitable, and are thus vested. Contingently issuable
shares are included in basic loss per common share only when there are no circumstances under which those shares would not be issued.
Diluted loss per common share is computed using the weighted average number of common shares outstanding and common stock equivalent
shares outstanding during the period using the treasury stock method. Common stock equivalent shares are excluded from the computation
if their effect is anti-dilutive.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Company excluded the outstanding securities summarized below (capitalized terms are defined herein), which entitle the holders
thereof to acquire shares of the Company&#8217;s common stock, from its calculation of net income loss per common share, as their effect
would have been anti-dilutive.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><FONT  STYLE="display: none">Schedule of Net Income (Loss) Per Common Share</FONT></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD>&#160;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&#160;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">As of September 30,</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&#160;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&#160;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&#160;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&#160;</TD>
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  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 60%; text-align: left">Series G convertible preferred stock</TD><TD STYLE="width: 2%">&#160;</TD>
    <TD STYLE="width: 1%; text-align: left">&#160;</TD><TD  TITLE="Antidilutive securities excluded from computation of earnings per share amount" STYLE="width: 16%; text-align: right">188,791</TD><TD STYLE="width: 1%; text-align: left">&#160;</TD><TD STYLE="width: 2%">&#160;</TD>
    <TD STYLE="width: 1%; text-align: left">&#160;</TD><TD  TITLE="Antidilutive securities excluded from computation of earnings per share amount" STYLE="width: 16%; text-align: right">188,791</TD><TD STYLE="width: 1%; text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Series H Preferred Stock</TD><TD>&#160;</TD>
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    <TD STYLE="text-align: left">&#160;</TD><TD  TITLE="Antidilutive securities excluded from computation of earnings per share amount" STYLE="text-align: right">58,206,061</TD><TD STYLE="text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Series I Preferred Stock</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD  TITLE="Antidilutive securities excluded from computation of earnings per share amount" STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD  TITLE="Antidilutive securities excluded from computation of earnings per share amount" STYLE="text-align: right">46,200,000</TD><TD STYLE="text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Series J Preferred Stock</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD  TITLE="Antidilutive securities excluded from computation of earnings per share amount" STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD  TITLE="Antidilutive securities excluded from computation of earnings per share amount" STYLE="text-align: right">43,584,500</TD><TD STYLE="text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Indemnity shares of common stock</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD  TITLE="Antidilutive securities excluded from computation of earnings per share amount" STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD  TITLE="Antidilutive securities excluded from computation of earnings per share amount" STYLE="text-align: right">412,500</TD><TD STYLE="text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Restricted Stock Awards</TD><TD>&#160;</TD>
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  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <TR STYLE="vertical-align: bottom; background-color: White">
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  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <TR STYLE="vertical-align: bottom; background-color: White">
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  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <TR STYLE="vertical-align: bottom; background-color: White">
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  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <TR STYLE="vertical-align: bottom; background-color: White">
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<P  STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.75pt; text-transform: uppercase; text-align: justify; text-indent: -23.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: none">&#160;</FONT></P>

<P  STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.75pt; text-transform: uppercase; text-align: justify; text-indent: -23.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: none">2.
<FONT >Acquisitions</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>&#160;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Fulltime
Fantasy Sports, LLC </I>&#8211; On July 15, 2021, the Company entered into an asset purchase agreement with Fulltime Fantasy Sports,
LLC, a Delaware limited liability company (&#8220;Fulltime Fantasy&#8221;), where it purchased certain intellectual property
(including databases, documents and certain rights related to the intellectual property) and subscriber and customer records (collectively
the &#8220;Purchased Assets&#8221;) and assumed certain liabilities related to the Purchased Assets. The purchase price consisted of:
(1) a cash payment of $<FONT >335,000
</FONT></FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(paid in advance) including transaction related
costs of $<FONT >35,000</FONT></FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">,
(2) the issuance of <FONT >750,000
</FONT></FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">shares the Company&#8217;s common stock (subject
to certain vesting earn-out provisions and certain buy-back rights), with <FONT >250,000
</FONT></FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">shares of the Company&#8217;s common stock that
vested at closing; and the remaining consideration subject to certain terms and conditions for material breach of certain
agreements and acceleration provisions under certain conditions consisting of: (3) a cash earn-out payment of $<FONT >225,000
</FONT></FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">and the vesting of <FONT >250,000
</FONT></FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">shares of the Company&#8217;s common stock on
December 31, 2021, and (4) a cash earn-out payment of $<FONT >225,000
</FONT></FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">and the vesting of <FONT >250,000
</FONT></FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">shares of the Company&#8217;s common stock on
June 30, 2022.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The composition of the purchase price is as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P  STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;<FONT  STYLE="display: none">Schedule of Preliminary Purchase Price</FONT></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="display: none; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD></TR>
  <TR STYLE="display: none; vertical-align: bottom; background-color: rgb(204,238,255)">
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  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <TR STYLE="vertical-align: bottom; background-color: White">
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    <TD STYLE="text-align: left">&#160;</TD><TD  TITLE="Restricted stock" STYLE="text-align: right">167,500</TD><TD STYLE="text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <TD STYLE="text-align: left">&#160;</TD><TD  TITLE="Deferred cash payments" STYLE="text-align: right">419,387</TD><TD STYLE="text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
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  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt">Total purchase consideration</TD><TD STYLE="padding-bottom: 2.5pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD  TITLE="Total purchase consideration" STYLE="border-bottom: Black 2.5pt double; text-align: right">1,256,887</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD></TR>
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<P  STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
purchase price resulted in $<FONT  TITLE="Business combination, consideration transferred">1,256,887
</FONT></FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(including $<FONT  TITLE="Transaction costs related to acquisition">35,000</FONT> of transaction related
costs)</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif"> being assigned to a database acquired at the closing date of
the acquisition. The useful life for the database is three years (<FONT >3</FONT></FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">.0
years).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>College
Spun Media Incorporated</I> &#8211; On June 4, 2021, the Company acquired all of the issued and outstanding shares of capital stock of
College Spun Media Incorporated, a New Jersey corporation (&#8220;The Spun&#8221;), for an aggregate of $<FONT  TITLE="Cash acquired from acquisition">11,829,893</FONT> in cash and the issuance
of an aggregate of <FONT  TITLE="Stock issued during period, shares, restricted stock award, gross">4,285,714</FONT> restricted shares of the Company&#8217;s common stock, with one-half of the shares vesting on the first
anniversary of the closing date and the remaining one-half of the shares vesting on the second anniversary of the closing date, subject
to a customary working capital adjustment based on cash and accounts receivable as of the closing date. The cash payment consists of:
(i) $<FONT  TITLE="Payments to acquire productive assets">10,829,893</FONT> paid at closing (of the cash paid at closing, $<FONT  TITLE="Payments to acquire productive assets">829,893</FONT> represents adjusted cash pursuant to the working capital adjustments),
and (ii) $<FONT  TITLE="Stock issued during period, shares, purchase of assets">500,000</FONT> to be paid on the first anniversary of the closing and $<FONT  TITLE="Stock issued during period, shares, purchase of assets">500,000</FONT> to be paid on the second anniversary date of the closing.
The vesting of shares of the Company&#8217;s common stock is subject to the continued employment of certain selling employees. The Spun
operates in the United States.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P  STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
composition of the preliminary purchase price is as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;<FONT  STYLE="display: none">Schedule of Preliminary Purchase Price</FONT></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="display: none; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 78%">Cash</TD><TD STYLE="width: 2%">&#160;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD  TITLE="Cash" STYLE="width: 18%; text-align: right">10,829,893</TD><TD STYLE="width: 1%; text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">Deferred cash payments</TD><TD STYLE="padding-bottom: 1.5pt">&#160;</TD>
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  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt">Total purchase consideration</TD><TD STYLE="padding-bottom: 2.5pt">&#160;</TD>
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  </TABLE>

<P  STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Company incurred $<FONT  TITLE="Restructuring and related cost, incurred cost">128,076
</FONT></FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">in transaction costs related to the acquisition,
which primarily consisted of legal and accounting. The acquisition related expenses were recorded in general and administrative expense
on the condensed consolidated statements of operations.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P  STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
preliminary purchase price allocation resulted in the following amounts being allocated to the assets acquired and liabilities assumed
at the closing date of the acquisition based upon their respective fair values as summarized below:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;<FONT  STYLE="display: none">Summary of Price Allocation for Acquisition</FONT></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="display: none; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&#160;</TD><TD>&#160;</TD>
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  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 78%">Cash</TD><TD STYLE="width: 2%">&#160;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD  TITLE="Cash" STYLE="width: 18%; text-align: right">3,772,944</TD><TD STYLE="width: 1%; text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Accounts receivable</TD><TD>&#160;</TD>
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  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Other current assets</TD><TD>&#160;</TD>
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  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Goodwill</TD><TD>&#160;</TD>
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  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Accrued expenses</TD><TD>&#160;</TD>
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  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">Deferred tax liabilities</TD><TD STYLE="padding-bottom: 1.5pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&#160;</TD><TD  TITLE="Deferred tax liabilities" STYLE="border-bottom: Black 1.5pt solid; text-align: right">(596,827</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt">Net assets acquired</TD><TD STYLE="padding-bottom: 2.5pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD  TITLE="Net assets acquired" STYLE="border-bottom: Black 2.5pt double; text-align: right">11,735,002</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&#160;</TD></TR>
  </TABLE>

<P  STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
excess of purchase price over the fair value amounts assigned to the assets acquired and liabilities assumed represents goodwill from
the acquisition. Goodwill is recorded as a non-current asset that is not amortized but is subject to an annual review for impairment.
No portion of the goodwill will be deductible for tax purposes.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Petametrics
Inc.</I> &#8211; On March 9, 2020, the Company entered into an asset purchase agreement with Petametrics Inc., doing business as
LiftIgniter, a Delaware corporation (&#8220;LiftIgniter&#8221;), where it purchased substantially all the assets, including the intellectual
property and excluding certain accounts receivable, and assumed certain liabilities. The purchase price consisted of: (1) a cash payment
of $<FONT >184,087
</FONT></FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">on February 19, 2020, in connection with the
repayment of all outstanding indebtedness, (2) at closing, a cash payment of $<FONT >131,202</FONT></FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">,
(3) collections of certain accounts receivable, (4) on the first anniversary date of the closing, the issuance of restricted stock for
an aggregate of up to <FONT >312,500
</FONT></FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">shares of the Company&#8217;s common stock (of
which <FONT >256,661
</FONT></FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">shares of the Company&#8217;s common stock were
issued during the three months ended June 30, 2021 with <FONT >55,839
</FONT></FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">shares</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">
to be issued), and (5) on the second anniversary date of the closing, the issuance of restricted stock for an aggregate of up to <FONT >312,500
</FONT></FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">shares (subject to certain indemnifications)
of the Company&#8217;s common stock.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P  STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
composition of the purchase price is as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;<FONT  STYLE="display: none">Schedule of Preliminary Purchase Price</FONT></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="display: none; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 78%">Cash</TD><TD STYLE="width: 2%">&#160;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD  TITLE="Cash" STYLE="width: 18%; text-align: right">315,289</TD><TD STYLE="width: 1%; text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
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    <TD STYLE="text-align: left; padding-bottom: 2.5pt">Total purchase consideration</TD><TD STYLE="padding-bottom: 2.5pt">&#160;</TD>
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<P  STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P  STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
purchase price allocation resulted in the following amounts being allocated to the assets acquired and liabilities assumed at the closing
date of the acquisition based upon their respective fair values as summarized below:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;<FONT  STYLE="display: none">Summary of Price Allocation for Acquisition</FONT></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="display: none; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 78%; text-align: left">Accounts receivable</TD><TD STYLE="width: 2%">&#160;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD  TITLE="Accounts receivable" STYLE="width: 18%; text-align: right">37,908</TD><TD STYLE="width: 1%; text-align: left">&#160;</TD></TR>
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  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <TR STYLE="vertical-align: bottom; background-color: White">
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<P  STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
useful life for the developed technology is three years (<FONT  TITLE="Developed technology useful life">3</FONT>.0 years).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P  STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.75pt; text-transform: uppercase; text-align: justify; text-indent: -23.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: none">3.
<FONT >Balance Sheet Components</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
components of certain balance sheet amounts are as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>&#160;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Accounts
Receivable </I>&#8211; Accounts receivable are presented net of allowance for doubtful accounts. The allowance for doubtful accounts
as of September 30, 2021 and December 31, 2020 was $<FONT  TITLE="Allowance for doubtful accounts">675,806</FONT> and $<FONT  TITLE="Allowance for doubtful accounts">892,352</FONT>, respectively.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Subscription
Acquisition Costs </I>&#8211; Subscription acquisition costs include the incremental costs of obtaining a contract with a customer, paid
to external parties, if it expects to recover those costs. The current portion of the subscription acquisition costs as of September
30, 2021 and December 31, 2020 was $<FONT >31,257,268</FONT></FONT>
<FONT STYLE="font: 10pt Times New Roman, Times, Serif">and $<FONT >28,146,895</FONT></FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">,
respectively, on the condensed consolidated balance sheets. The noncurrent portion of the subscription acquisition costs as of
September 30, 2021 and December 31, 2020 was $<FONT >18,682,545
</FONT></FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">and $<FONT >13,358,585</FONT></FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">,
respectively, on the condensed consolidated balance sheets.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Certain
contract amendments resulted in a modification to the subscription acquisition costs that will be recognized on a prospective basis in
the same proportion as the revenue that has not yet been recognized (further details are provided under the heading <I>Contract Balances
</I>in Note 12).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P  STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Property
and Equipment</I> &#8211; Property and equipment are summarized as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;<FONT  STYLE="display: none">Schedule of Property and Equipment</FONT></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&#160;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&#160;</TD>
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  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center">&#160;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&#160;</TD>
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    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December 31, 2020</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 60%; text-align: justify">Office equipment and computers</TD><TD STYLE="width: 2%">&#160;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD  TITLE="Gross property and equipment costs" STYLE="width: 16%; text-align: right">1,267,898</TD><TD STYLE="width: 1%; text-align: left">&#160;</TD><TD STYLE="width: 2%">&#160;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD  TITLE="Gross property and equipment costs" STYLE="width: 16%; text-align: right">1,341,292</TD><TD STYLE="width: 1%; text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">Furniture and fixtures</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD  TITLE="Gross property and equipment costs" STYLE="text-align: right">1,005</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD  TITLE="Gross property and equipment costs" STYLE="text-align: right">19,997</TD><TD STYLE="text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; padding-bottom: 1.5pt">Leasehold improvements</TD><TD STYLE="padding-bottom: 1.5pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&#160;</TD><TD  TITLE="Gross property and equipment costs" STYLE="border-bottom: Black 1.5pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&#160;</TD><TD STYLE="padding-bottom: 1.5pt">&#160;</TD>
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  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD  TITLE="Gross property and equipment costs" STYLE="text-align: right">1,268,903</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD  TITLE="Gross property and equipment costs" STYLE="text-align: right">1,706,805</TD><TD STYLE="text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; padding-bottom: 1.5pt">Less accumulated depreciation and amortization</TD><TD STYLE="padding-bottom: 1.5pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&#160;</TD><TD  TITLE="Less accumulated depreciation and amortization" STYLE="border-bottom: Black 1.5pt solid; text-align: right">(600,240</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1.5pt">&#160;</TD>
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  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-bottom: 2.5pt">Net property and equipment</TD><TD STYLE="padding-bottom: 2.5pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD  TITLE="Net property and equipment" STYLE="border-bottom: Black 2.5pt double; text-align: right">668,663</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&#160;</TD><TD STYLE="padding-bottom: 2.5pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD  TITLE="Net property and equipment" STYLE="border-bottom: Black 2.5pt double; text-align: right">1,129,438</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&#160;</TD></TR>
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<P  STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Depreciation
and amortization expense for the three months ended September 30, 2021 and 2020 was $<FONT >114,165
</FONT></FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">and $<FONT >102,067</FONT></FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">,
respectively. Depreciation and amortization expense for the nine months ended September 30, 2021 and 2020 was $<FONT >333,891
</FONT></FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">and $<FONT >536,729</FONT></FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">,
respectively. Depreciation and amortization expense is included in selling and marketing expenses and general and administrative expenses,
as appropriate, on the condensed consolidated statements of operations.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

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

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

<P  STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Platform
Development</I> &#8211; Platform development costs are summarized as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;<FONT  STYLE="display: none">Summary of Platform Development Costs</FONT></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="display: none; vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center">&#160;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&#160;</TD>
    <TD COLSPAN="2"  STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">September 30, 2021</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&#160;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&#160;</TD>
    <TD COLSPAN="2"  STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December 31, 2020</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&#160;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&#160;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&#160;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">As of</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center">&#160;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&#160;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">September 30, 2021</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&#160;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&#160;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December 31, 2020</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&#160;</TD></TR>
  <TR  STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 60%; text-align: justify">Platform development</TD><TD STYLE="width: 2%">&#160;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 16%; text-align: right">19,497,520</TD><TD STYLE="width: 1%; text-align: left">&#160;</TD><TD STYLE="width: 2%">&#160;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 16%; text-align: right">16,027,428</TD><TD STYLE="width: 1%; text-align: left">&#160;</TD></TR>
  <TR  STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-bottom: 1.5pt">Less accumulated amortization</TD><TD STYLE="padding-bottom: 1.5pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(11,485,813</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1.5pt">&#160;</TD>
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  <TR  STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">8,011,707</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&#160;</TD><TD STYLE="padding-bottom: 2.5pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">7,355,608</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&#160;</TD></TR>
  </TABLE>

<P  STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P  STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">A
summary of platform development activity for the nine months ended September 30, 2021 and year ended December 31, 2020 is as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;<FONT  STYLE="display: none">Summary of Platform Development Cost Activity</FONT></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="display: none; vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: justify">&#160;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&#160;</TD>
    <TD COLSPAN="2"  STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">September 30, 2021</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&#160;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&#160;</TD>
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<TR STYLE="vertical-align: bottom">
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<P  STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Amortization
expense for the three months ended September 30, 2021 and 2020, was $<FONT  TITLE="Amortization expense">1,143,673</FONT> and $<FONT  TITLE="Amortization expense">909,631</FONT>, respectively. Amortization expense for the
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P  STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Intangible
Assets</I> &#8211; Intangible assets subject to amortization consisted of the following:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;<FONT  STYLE="display: none">Schedule of Intangible Assets Subjects to Amortization</FONT></FONT></P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD  TITLE="Intangible assets, accumulated amortization" STYLE="border-bottom: Black 2.5pt double; text-align: right">(28,235,821</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 2.5pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD  TITLE="Intangible assets, net" STYLE="border-bottom: Black 2.5pt double; text-align: right">71,501,835</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&#160;</TD></TR>
  </TABLE>


<P  STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Amortization
expense for the three months ended September 30, 2021 and 2020 was $<FONT  TITLE="Amortization expense of intangible asset">5,038,837</FONT> and $<FONT  TITLE="Amortization expense of intangible asset">5,093,076</FONT>, respectively. Amortization expense for
the nine months ended September 30, 2021 and 2020 was $<FONT  TITLE="Amortization expense of intangible asset">14,940,817</FONT> and $<FONT  TITLE="Amortization expense of intangible asset">15,220,591</FONT>, respectively. <FONT  TITLE="Impairment charges"><FONT  TITLE="Impairment charges">No</FONT></FONT> impairment charges have been recorded
during  the nine months September 30, 2021 and 2020.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P  STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Other
Long-term Liabilities</I> &#8211; Other long-term liabilities consisted of the following:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;<FONT  STYLE="display: none">Schedule of Other Long-term Liabilities</FONT></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="display: none; vertical-align: bottom">
    <TD>&#160;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&#160;</TD>
    <TD COLSPAN="2"  STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">September 30, 2021</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&#160;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&#160;</TD>
    <TD COLSPAN="2"  STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December 31, 2020</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&#160;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&#160;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&#160;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">As of</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&#160;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&#160;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">September 30, 2021</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&#160;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&#160;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December 31, 2020</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&#160;</TD></TR>
  <TR  STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 60%; text-align: left">Lease termination payments</TD><TD STYLE="width: 2%">&#160;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 16%; text-align: right">7,269,469</TD><TD STYLE="width: 1%; text-align: left">&#160;</TD><TD STYLE="width: 2%">&#160;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 16%; text-align: right">541,381</TD><TD STYLE="width: 1%; text-align: left">&#160;</TD></TR>
  <TR  STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Deferred cash payments</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">666,677</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&#160;</TD></TR>
  <TR  STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1.5pt">Other</TD><TD STYLE="padding-bottom: 1.5pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">136,296</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&#160;</TD><TD STYLE="padding-bottom: 1.5pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">211,984</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&#160;</TD></TR>
  <TR  STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; display: none">Other long-term liabilities</FONT></TD><TD STYLE="padding-bottom: 2.5pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">8,072,442</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&#160;</TD><TD STYLE="padding-bottom: 2.5pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">753,365</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&#160;</TD></TR>
  </TABLE>

<P  STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&#160;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

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

<P  STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.75pt; text-transform: uppercase; text-align: justify; text-indent: -23.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: none">4.
<FONT >Leases</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Company&#8217;s leases are primarily comprised of real estate leases for the use of office space, with certain lease arrangements that
contain equipment. The Company determines whether an arrangement that provides control over the use of an asset is a lease at
inception. Lease assets and liabilities are recognized upon commencement of the lease based on the present value of the future minimum
lease payments over the lease term. The lease term includes options to extend the lease when it is reasonably certain that the Company
will exercise that option. Substantially, all of the leases are long-term operating leases for facilities with fixed payment terms between
<FONT >1.5
</FONT></FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">and <FONT >7.9
</FONT></FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">years.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P  STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
table below presents supplemental information related to operating leases:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;<FONT  STYLE="display: none">Schedule of Supplemental Information Related to Operating Leases</FONT></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Nine Months Ended September 30, 2021</TD><TD>&#160;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&#160;</TD><TD>&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 10pt; width: 78%; text-align: justify">Operating cash flows for operating leases</TD><TD STYLE="width: 2%">&#160;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD  TITLE="Operating cash flows for operating leases" STYLE="width: 18%; text-align: right">2,901,529</TD><TD STYLE="width: 1%; text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; text-align: justify">Noncash lease liabilities arising from obtaining operating leased assets during the period</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">$</TD><TD  TITLE="Noncash lease liabilities arising from obtaining operating leased assets" STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 10pt; text-align: justify">Weighted-average remaining lease term</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right"><FONT  TITLE="Weighted-average remaining lease term">6.00</FONT></TD><TD STYLE="text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; text-align: justify">Weighted-average discount rate</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right"><FONT  TITLE="Weighted-average discount rate">9.90</FONT></TD><TD STYLE="text-align: left">%</TD></TR>
  </TABLE>

<P  STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Company generally utilizes its incremental borrowing rate based on information available at the commencement of the lease in determining
the present value of future payments since the implicit rate for most of the Company&#8217;s leases is not readily determinable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Variable
lease expense includes rental increases that are not fixed, such as those based on amounts paid to the lessor based on cost or consumption,
such as maintenance and utilities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Operating
lease costs recognized for the three months ended September 30, 2021 and 2020 were $<FONT  TITLE="Operating lease, cost">642,926</FONT> and $<FONT  TITLE="Operating lease, cost">982,414</FONT>, respectively. Operating lease
costs recognized for the nine months ended September 30, 2021 and 2020 were $<FONT  TITLE="Operating lease, cost">2,458,229</FONT> and $<FONT  TITLE="Operating lease, cost">3,082,499</FONT>, respectively.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P  STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Maturities
of operating lease liabilities as of September 30, 2021 are summarized as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;<FONT  STYLE="display: none">Summary of Maturity of Lease Liabilities</FONT></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 90%; margin-right: auto">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: justify">Years Ending December 31,</TD><TD>&#160;</TD>
    <TD COLSPAN="2"  STYLE="text-align: right">&#160;</TD><TD>&#160;</TD></TR>
  <TR  STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 10pt; width: 78%; text-align: justify">2021 (remaining three months of the year)</TD><TD STYLE="width: 2%">&#160;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 18%; text-align: right">140,134</TD><TD STYLE="width: 1%; text-align: left">&#160;</TD></TR>
  <TR  STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; text-align: justify">2022</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">472,084</TD><TD STYLE="text-align: left">&#160;</TD></TR>
  <TR  STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 10pt; text-align: justify">2023</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">486,247</TD><TD STYLE="text-align: left">&#160;</TD></TR>
  <TR  STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; text-align: justify">2024</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">500,834</TD><TD STYLE="text-align: left">&#160;</TD></TR>
  <TR  STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 10pt; text-align: justify">2025</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">512,019</TD><TD STYLE="text-align: left">&#160;</TD></TR>
  <TR  STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-bottom: 1.5pt">Thereafter</TD><TD STYLE="padding-bottom: 1.5pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">896,034</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&#160;</TD></TR>
  <TR  STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify">Minimum lease payments</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">3,007,352</TD><TD STYLE="text-align: left">&#160;</TD></TR>
  <TR  STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-bottom: 1.5pt">Less imputed interest</TD><TD STYLE="padding-bottom: 1.5pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(753,176</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD></TR>
  <TR  STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; padding-bottom: 2.5pt">Present value of operating lease liabilities</TD><TD STYLE="padding-bottom: 2.5pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">2,254,176</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&#160;</TD></TR>
  <TR  STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">Current portion of operating lease liabilities</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">282,011</TD><TD STYLE="text-align: left">&#160;</TD></TR>
  <TR  STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; padding-bottom: 1.5pt">Long-term portion of operating lease liabilities</TD><TD STYLE="padding-bottom: 1.5pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">1,972,165</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&#160;</TD></TR>
  <TR  STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-bottom: 2.5pt">Total operating lease liabilities</TD><TD STYLE="padding-bottom: 2.5pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">2,254,176</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&#160;</TD></TR>
  </TABLE>

<P  STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Effective
September 30, 2021, the Company terminated a certain lease arrangement for office space and as a result, relinquished
the space and derecognized a right-of-use asset of $<FONT >15,673,474</FONT></FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">,
a lease liability of $<FONT >17,934,940
</FONT></FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">and recorded a penalty</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">
upon termination of $<FONT >9,606,121
</FONT></FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(as discounted since the amount of the liability
and timing of the Cash Payments, as defined below, are fixed), resulting in a net loss upon termination of $<FONT >7,344,655</FONT></FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">,
</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">which has been reflected in general and administrative expenses
on the condensed consolidated statements of operations. In connection with the termination, the Company agreed to pay the landlord cash
of $<FONT >10,000,000
</FONT></FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(the &#8220;Cash Payments&#8221;) and $<FONT >1,475,000
</FONT></FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">in market rate advertising. The Cash Payments
are due as follows: $<FONT >1,000,000
</FONT></FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">on December 1, 2021; $<FONT >1,000,000
</FONT></FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">on</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">
October 1, 2022; $<FONT >4,000,000
</FONT></FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">on October 1, 2023;</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">
and $<FONT >4,000,000
</FONT></FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">on October 1, 2024.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

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

<P  STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.75pt; text-transform: uppercase; text-align: justify; text-indent: -23.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: none">5.
<FONT >Line of Credit</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>&#160;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>FastPay
Credit Facility</I> &#8211; On February 27, 2020, the Company entered into a financing and security agreement with FPP Finance LLC (&#8220;FastPay&#8221;),
pursuant to which FastPay extended a $<FONT  TITLE="Long-term line of credit">15,000,000</FONT> line of credit for working capital purposes secured by a first lien on all of the Company&#8217;s
cash and accounts receivable and a second lien on all other assets. Borrowings under the facility bear interest at the LIBOR Rate plus
<FONT  TITLE="Line of credit facility, interest rate during period">8.50%</FONT> and have a final maturity of <FONT  TITLE="Line of credit facility, expiration date">February 6, 2022</FONT>. The balance outstanding as of September 30, 2021 and December 31, 2020 was $<FONT  TITLE="Line of credit facility, fair value of amount outstanding">6,705,391</FONT>
and $<FONT  TITLE="Line of credit facility, fair value of amount outstanding">7,178,791</FONT>, respectively. As of the date these condensed consolidated financial statements were issued or were available to be issued
the balance outstanding was approximately $<FONT  TITLE="Line of credit facility, fair value of amount outstanding">9,400,000</FONT>.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.75pt; text-transform: uppercase; text-align: justify; text-indent: -23.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: none">&#160;</FONT></P>

<P  STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.75pt; text-transform: uppercase; text-align: justify; text-indent: -23.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: none">6.
<FONT >Restricted Stock Liabilities</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
December 15, 2020, the Company entered into an amendment for certain restricted stock awards and units that were previously issued to
certain employees in connection with a previous merger. Pursuant to the amendment, the Company committed to repurchase <FONT  TITLE="Share-based compensation arrangement by share-based payment award, equity instruments other than options, vested in period">1,064,549</FONT> vested
restricted stock awards as of December 31, 2020 at a price of $<FONT  TITLE="Purchase price per share">4.00</FONT> per share in 24 equal monthly installments on the second business
day of each calendar month beginning January 4, 2021, subject to certain conditions.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P  STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
following table presents the components of the restricted stock liabilities:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;<FONT  STYLE="display: none">Schedule of Components of Restricted Stock Liabilities</FONT></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD>&#160;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&#160;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">As of</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&#160;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&#160;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">September 30, 2021</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&#160;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&#160;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December 31, 2020</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 60%; text-align: left">Restricted stock liabilities recorded upon modification of the restricted stock awards and units (<FONT  TITLE="Number of shares vested" CLASS="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIENvbXBvbmVudHMgb2YgUmVzdHJpY3RlZCBTdG9jayBMaWFiaWxpdGllcyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__"><FONT  TITLE="Number of shares vested" CLASS="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIENvbXBvbmVudHMgb2YgUmVzdHJpY3RlZCBTdG9jayBMaWFiaWxpdGllcyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__">1,064,549</FONT></FONT> restricted stock to be purchased at $<FONT  TITLE="Purchase price per share" CLASS="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIENvbXBvbmVudHMgb2YgUmVzdHJpY3RlZCBTdG9jayBMaWFiaWxpdGllcyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__"><FONT  TITLE="Purchase price per share" CLASS="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIENvbXBvbmVudHMgb2YgUmVzdHJpY3RlZCBTdG9jayBMaWFiaWxpdGllcyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__">4.00</FONT></FONT> per share)</TD><TD STYLE="width: 2%">&#160;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD  TITLE="Restricted stock liabilities recorded upon modification of the restricted stock awards and units (1,064,549 restricted stock to be purchased at $4.00 per share)" STYLE="width: 16%; text-align: right">4,258,196</TD><TD STYLE="width: 1%; text-align: left">&#160;</TD><TD STYLE="width: 2%">&#160;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD  TITLE="Restricted stock liabilities recorded upon modification of the restricted stock awards and units (1,064,549 restricted stock to be purchased at $4.00 per share)" STYLE="width: 16%; text-align: right">4,258,196</TD><TD STYLE="width: 1%; text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">Less imputed interest</TD><TD STYLE="padding-bottom: 1.5pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&#160;</TD><TD  TITLE="Less imputed interest" STYLE="border-bottom: Black 1.5pt solid; text-align: right">(457,462</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1.5pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&#160;</TD><TD  TITLE="Less imputed interest" STYLE="border-bottom: Black 1.5pt solid; text-align: right">(457,462</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Present value of restricted stock liabilities</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD  TITLE="Present value of restricted stock liabilities" STYLE="text-align: right">3,800,734</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD  TITLE="Present value of restricted stock liabilities" STYLE="text-align: right">3,800,734</TD><TD STYLE="text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">Less payments (excluding imputed interest)</TD><TD STYLE="padding-bottom: 1.5pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&#160;</TD><TD  TITLE="Less payments (excluding imputed interest)" STYLE="border-bottom: Black 1.5pt solid; text-align: right">(1,342,379</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1.5pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&#160;</TD><TD  TITLE="Less payments (excluding imputed interest)" STYLE="border-bottom: Black 1.5pt solid; text-align: right">(177,425</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt">Restricted stock liabilities</TD><TD STYLE="padding-bottom: 2.5pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD  TITLE="Restricted stock liabilities" STYLE="border-bottom: Black 2.5pt double; text-align: right">2,458,355</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&#160;</TD><TD STYLE="padding-bottom: 2.5pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD  TITLE="Restricted stock liabilities" STYLE="border-bottom: Black 2.5pt double; text-align: right">3,623,309</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Current portion of restricted stock liabilities (included in accrued expenses and other)</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">$</TD><TD  TITLE="Current portion of restricted stock liabilities (included in accrued expenses and other)" STYLE="text-align: right">1,936,734</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">$</TD><TD  TITLE="Current portion of restricted stock liabilities (included in accrued expenses and other)" STYLE="text-align: right">1,627,499</TD><TD STYLE="text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">Long-term portion of restricted stock liabilities</TD><TD STYLE="padding-bottom: 1.5pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&#160;</TD><TD  TITLE="Long-term portion of restricted stock liabilities" STYLE="border-bottom: Black 1.5pt solid; text-align: right">521,621</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&#160;</TD><TD STYLE="padding-bottom: 1.5pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&#160;</TD><TD  TITLE="Long-term portion of restricted stock liabilities" STYLE="border-bottom: Black 1.5pt solid; text-align: right">1,995,810</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt">Total restricted stock liabilities</TD><TD STYLE="padding-bottom: 2.5pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD  TITLE="Total restricted stock liabilities" STYLE="border-bottom: Black 2.5pt double; text-align: right">2,458,355</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&#160;</TD><TD STYLE="padding-bottom: 2.5pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD  TITLE="Total restricted stock liabilities" STYLE="border-bottom: Black 2.5pt double; text-align: right">3,623,309</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&#160;</TD></TR>
  </TABLE>

<P  STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.75pt; text-transform: uppercase; text-align: justify; text-indent: -23.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: none">&#160;</FONT></P>

<P  STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.75pt; text-transform: uppercase; text-align: justify; text-indent: -23.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: none">7.
<FONT >Fair Value Measurements</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Company estimates the fair value of financial instruments using available market information and valuation methodologies the Company
believes to be appropriate for these purposes. Considerable judgment and a high degree of subjectivity are involved in developing these
estimates and, accordingly, they are not necessarily indicative of amounts the Company would realize upon disposition.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
fair value hierarchy consists of three broad levels of inputs that may be used to measure fair value, which are described below:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.2in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Level
    1 Quoted prices (unadjusted) in active markets for identical assets or liabilities;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Level
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Level
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    result in the use of management estimates.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Company accounts for certain warrants (as described under the heading <I>Common Stock Warrants</I> in Note 10) as derivative liabilities,
which requires the Company to carry such amounts on its condensed consolidated balance sheets as a liability at fair value, as adjusted
at each reporting period-end. The Company accounted for the embedded conversion features of the 12% senior convertible debentures (the
&#8220;12% Convertible Debentures&#8221;) as derivative liabilities, which required the Company to carry such amounts on its condensed
consolidated balance sheets as a liability at fair value, as adjusted at each reporting period-end. As of December 31, 2020, there was
no longer any principal or accrued but unpaid interest outstanding under the 12% Convertible Debentures since certain holders converted
the debt into shares of the Company&#8217;s common stock and certain holders were paid in cash.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">These
warrants are and the embedded conversion features were classified as Level 3 within the fair-value hierarchy. Inputs to
the valuation model include the Company&#8217;s publicly quoted stock price, the stock volatility, the risk-free interest rate, the remaining
life of the warrants and debentures, the exercise price or conversion price, and the dividend rate. The Company uses the closing
stock price of its common stock over an appropriate period of time to compute stock volatility.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Warrant
Derivative Liabilities</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P  STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
following table presents the assumptions used for the warrant derivative liabilities under the Black-Scholes option-pricing model:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;<FONT  STYLE="display: none">Schedule of Warrant Derivative Liabilities</FONT></FONT></P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1.5pt">&#160;</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&#160;</TD>
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  <TR STYLE="vertical-align: bottom">
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  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Dividend rate</TD><TD>&#160;</TD>
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  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <TR STYLE="vertical-align: bottom; background-color: White">
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  </TABLE>


<P  STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

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

<P  STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
following table represents the carrying amounts and change in valuation for the Company&#8217;s warrants accounted for as a derivative
liability and classified within Level 3 of the fair-value hierarchy:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;<FONT  STYLE="display: none">Schedule of Valuation Activity for Warrants Accounted for Derivative Liability</FONT></FONT></P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1.5pt">&#160;</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&#160;</TD>
    <TD COLSPAN="10" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">As of and for the Nine Months Ended September 30, 2021</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&#160;</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&#160;</TD>
    <TD COLSPAN="10" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">As of and for the Nine Months Ended September 30, 2020</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1.5pt">&#160;</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&#160;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">Carry Amount at Beginning of Period</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&#160;</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&#160;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">Change in Valuation</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&#160;</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&#160;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">Carrying Amount at End of Period</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&#160;</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&#160;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">Carry Amount at Beginning of Period</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&#160;</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&#160;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">Change in Valuation</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&#160;</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&#160;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">Carrying Amount at End of Period</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 40%; text-align: left">Strome Warrants</TD><TD STYLE="width: 2%">&#160;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD  TITLE="Carrying value beginning period" STYLE="width: 6%; text-align: right">704,707</TD><TD STYLE="width: 1%; text-align: left">&#160;</TD><TD STYLE="width: 2%">&#160;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD  TITLE="Change in valuation of warrant derivative liabilities" STYLE="width: 6%; text-align: right">(339,924</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 2%">&#160;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD  TITLE="Carrying value at end of the period" STYLE="width: 6%; text-align: right">364,783</TD><TD STYLE="width: 1%; text-align: left">&#160;</TD><TD STYLE="width: 2%">&#160;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD  TITLE="Carrying value beginning period" STYLE="width: 6%; text-align: right">1,036,687</TD><TD STYLE="width: 1%; text-align: left">&#160;</TD><TD STYLE="width: 2%">&#160;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD  TITLE="Change in valuation of warrant derivative liabilities" STYLE="width: 6%; text-align: right">63,160</TD><TD STYLE="width: 1%; text-align: left">&#160;</TD><TD STYLE="width: 2%">&#160;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD  TITLE="Carrying value at end of the period" STYLE="width: 6%; text-align: right">1,099,847</TD><TD STYLE="width: 1%; text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1.5pt; text-align: left">B. Riley Warrants</TD><TD STYLE="padding-bottom: 1.5pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&#160;</TD><TD  TITLE="Carrying value beginning period" STYLE="border-bottom: Black 1.5pt solid; text-align: right">443,188</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&#160;</TD><TD STYLE="padding-bottom: 1.5pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&#160;</TD><TD  TITLE="Change in valuation of warrant derivative liabilities" STYLE="border-bottom: Black 1.5pt solid; text-align: right">(156,888</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1.5pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&#160;</TD><TD  TITLE="Carrying value at end of the period" STYLE="border-bottom: Black 1.5pt solid; text-align: right">286,300</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&#160;</TD><TD STYLE="padding-bottom: 1.5pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&#160;</TD><TD  TITLE="Carrying value beginning period" STYLE="border-bottom: Black 1.5pt solid; text-align: right">607,513</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&#160;</TD><TD STYLE="padding-bottom: 1.5pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&#160;</TD><TD  TITLE="Change in valuation of warrant derivative liabilities" STYLE="border-bottom: Black 1.5pt solid; text-align: right">71,750</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&#160;</TD><TD STYLE="padding-bottom: 1.5pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&#160;</TD><TD  TITLE="Carrying value at end of the period" STYLE="border-bottom: Black 1.5pt solid; text-align: right">679,263</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2.5pt">Total</TD><TD STYLE="padding-bottom: 2.5pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD  TITLE="Carrying value beginning period" STYLE="border-bottom: Black 2.5pt double; text-align: right">1,147,895</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&#160;</TD><TD STYLE="padding-bottom: 2.5pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD  TITLE="Change in valuation of warrant derivative liabilities" STYLE="border-bottom: Black 2.5pt double; text-align: right">(496,812</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 2.5pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD  TITLE="Carrying value at end of the period" STYLE="border-bottom: Black 2.5pt double; text-align: right">651,083</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&#160;</TD><TD STYLE="padding-bottom: 2.5pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD  TITLE="Carrying value beginning period" STYLE="border-bottom: Black 2.5pt double; text-align: right">1,644,200</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&#160;</TD><TD STYLE="padding-bottom: 2.5pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD  TITLE="Change in valuation of warrant derivative liabilities" STYLE="border-bottom: Black 2.5pt double; text-align: right">134,910</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&#160;</TD><TD STYLE="padding-bottom: 2.5pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD  TITLE="Carrying value at end of the period" STYLE="border-bottom: Black 2.5pt double; text-align: right">1,779,110</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&#160;</TD></TR>
  </TABLE>


<P  STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">For
the three months ended September 30, 2021 and 2020, the change in valuation of warrant derivative liabilities recognized as other (expense)
income on the condensed consolidated statement of operations, was <FONT >$801,755
</FONT></FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">and ($<FONT  TITLE="::XDX::-517%2C405">517,405</FONT></FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">),
</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">respectively. For the nine months ended September 30, 2021 and 2020,
the change in valuation of warrant derivative liabilities recognized as other (expense) income on the condensed consolidated statement
of operations, as described in the above table, was <FONT >$496,812
</FONT></FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">and <FONT >($134,910)</FONT></FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">,
</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">respectively.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Embedded
Derivative Liabilities</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">For
the three months ended September 30, 2020, the change in valuation of embedded derivative liabilities recognized as other (expense)
on the condensed consolidated statements of operations was ($<FONT  TITLE="::XDX::-2%2C370%2C000">2,370,000</FONT></FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">).
</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">For the nine months ended September 30, 2020, the change in valuation
of embedded derivative liabilities recognized as other income on the condensed consolidated statements of operations was $<FONT >2,173,000</FONT></FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

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

<P  STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: none"><B>8.
<FONT >Long-term Debt</FONT></B></FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>&#160;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>12%
Second Amended Senior Secured Notes</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>&#160;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Below
is a summary of the various amended and restated notes, as well as various amendments thereto, to the <FONT  TITLE="Debt interest rate">12</FONT>% senior secured note that was
originally issued on June 10, 2019, for gross proceeds of $<FONT  TITLE="Proceeds from issuance of debt">20,000,000</FONT>. The transactions leading up to the 12% second amended and restated
note that is outstanding as of September 30, 2021 consisted of:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.2in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Amended
                                            and restated note issued on June 14, 2019, where the Company received gross proceeds of $<FONT  TITLE="Proceeds from issuance of debt">48,000,000</FONT>,
                                            together with the $<FONT  TITLE="Proceeds from issuance of debt">20,000,000</FONT> gross proceeds received on June 10, 2019 for total gross proceeds
                                            of $<FONT  TITLE="Proceeds from issuance of debt">68,000,000</FONT>, due <FONT  TITLE="Debt maturity date">June 14, 2022</FONT>;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt; text-align: justify; text-indent: -9.35pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>&#160;</I></B></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.2in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">First
                                            amendment to the amended and restated note issued on August 27, 2019, where the Company received
                                            gross proceeds of $<FONT  TITLE="Proceeds from issuance of debt">3,000,000</FONT>;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt; text-align: justify; text-indent: -9.35pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.2in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; background-color: white">Second
                                            amendment to the amended and restated note issued on February 27, 2020, where the Company
                                            issued a $<FONT  TITLE="Proceeds from issuance of debt">3,000,000</FONT> letter of credit to the Company&#8217;s landlord for leased premises;
                                            and </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt; text-align: justify; text-indent: -9.35pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>&#160;</I></B></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.2in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Second
                                            amended and restated note issued on March 24, 2020, where the Company was permitted to enter
                                            into a <FONT  TITLE="Debt instrument interest rate">15.0%</FONT> delayed draw term note, in the aggregate principal amount of $<FONT  TITLE="Principal amount of debt">12,000,000</FONT>.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt; text-align: justify; text-indent: -9.35pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>&#160;</I></B></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.2in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">First
                                            amendment to second amended and restated note issued on March 24, 2020 was entered into on
                                            October 23, 2020 (&#8220;Amendment 1&#8221;), where the maturity date was changed to December
                                            31, 2022, subject to certain acceleration conditions and interest payable on the notes on
                                            September 30, 2020, December 31, 2020, March 31, 2021, June 30, 2021, September 30, 2021,
                                            and December 31, 2021 will be payable in-kind in arrears on the last day of such fiscal quarter.
                                            Alternatively, at the option of the holder, such interest amounts originally could have been
                                            paid in shares of Series K convertible preferred stock (the &#8220;Series K Preferred Stock&#8221;);
                                            however, after December 18, 2020, the date the Series K Preferred Stock converted into shares
                                            of the Company&#8217;s common stock, such interest amounts can be converted into shares of
                                            the Company&#8217;s common stock <FONT STYLE="background-color: white">based upon the conversion
                                            rate specified in the Certificate of </FONT>Designation for the Series K Preferred Stock,
                                            subject to certain adjustments. During the three months ended September 30, 2021, the
                                            Company filed a Certificate of Elimination, which eliminated designation of the Series K
                                            Preferred Stock.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt; text-align: justify; text-indent: -9.35pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.2in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Second
                                            amendment to the second amended and restated note issued March 24, 2020 was entered into
                                            on May 19, 2021 (&#8220;Amendment 2&#8221;), with BRF Finance Co., LLC, an affiliated entity
                                            of B. Riley Financial, Inc. (&#8220;B. Riley&#8221;), in its capacity as agent for the purchasers
                                            and as purchaser, pursuant to which: (i) the interest rate on the <FONT >12%
                                            </FONT></FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Second
                                            Amended Senior Secured Notes, as defined below, decreased from a rate of 12% per annum
                                            to a rate of <FONT >10%
                                            </FONT></FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">per
                                            annum; and (ii) the Company agreed that within one (1) business day after receipt of cash
                                            proceeds from any issuance of equity interests, it will prepay the certain obligations in
                                            an amount equal to such cash proceeds, net of underwriting discounts and commissions; provided,
                                            that, this mandatory prepayment obligation does not apply to any proceeds that the Company
                                            received from shares of the Company&#8217;s common stock issued pursuant to the securities
                                            purchase agreement (as further described below under the heading <I>Common Stock Private
                                            Placement</I> in Note 10) during the 90-day period commencing on May 20, 2021.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Collectively,
</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the amended and restated notes and amendments thereto and the second
amended and restated notes and Amendment 1 and Amendment 2 thereto are referred to as the &#8220;12% Second Amended Senior Secured Notes,&#8221;
with all borrowings collateralized by substantially all assets of the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Delayed
Draw Term Note</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>&#160;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
March 24, 2020, the Company entered into a <FONT  TITLE="Debt instrument interest rate">15%</FONT> delayed draw term note (the &#8220;Delayed Draw Term Note&#8221;) pursuant to the second
amended and restated note purchase agreement, in the aggregate principal amount of $<FONT  TITLE="Principal amount of debt">12,000,000</FONT>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>


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<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
March 24, 2020, the Company drew down $<FONT  TITLE="Proceeds from issuance of debt">6,913,865</FONT> under the Delayed Draw Term Note, and after payment of commitment and funding fees paid
of $<FONT  TITLE="Legal fees">793,109</FONT>, and other of its legal fees and expenses that were incurred, the Company received net proceeds of $<FONT  TITLE="Net proceeds from issuance of debt">6,000,000</FONT>. The net proceeds
were used for working capital and general corporate purposes. Additional borrowings under the Delayed Draw Term Note requested by the
Company may be made at the option of the purchasers, subject to certain conditions. Up to $<FONT  TITLE="Principal amount of debt">8,000,000</FONT> in principal amount under the note
was originally due on <FONT  TITLE="Debt maturity date">March 31, 2021</FONT>. Interest on amounts outstanding under the note was payable in-kind in arrears on the last day of
each fiscal quarter.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
October 23, 2020, pursuant to the terms of Amendment 1, the maturity date of the Delayed Draw Term Note was changed from March 31, 2021
to March 31, 2022. Amendment 1 also provided that the holder, could originally elect, in lieu of receipt of cash for payment of all or
any portion of the interest due or cash payments up to a certain conversion portion of the Delayed Draw Term Note, to receive shares
of Series K Preferred Stock; however, after December 18, 2020, the date the Series K Preferred Stock converted into shares of the Company&#8217;s
common stock, the holder may elect, in lieu of receipt of cash for such amounts, shares of the Company&#8217;s common stock at the price
the Company last sold shares of the Company&#8217;s common stock.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
May 19, 2021, pursuant to Amendment 2, the interest rate on the Delayed Draw Term Note decreased from a rate of <FONT  TITLE="Debt instrument interest rate">15%</FONT> per annum to a rate
of <FONT  TITLE="Percentage of decrease in interest">10%</FONT> per annum.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Paycheck
Protection Program Loan</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>&#160;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
April 6, 2020, the Company entered into a note agreement with JPMorgan Chase Bank, N.A. (&#8220;JPMorgan Chase&#8221;) under the recently
enacted Coronavirus Aid, Relief, and Economic Security Act (&#8220;CARES Act&#8221;) administered by the U.S. Small Business Administration
(&#8220;SBA&#8221;) (the &#8220;Paycheck Protection Program Loan&#8221;). The Company received total proceeds of $<FONT >5,702,725
</FONT></FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">under the Paycheck Protection Program Loan. In
accordance with the requirements of the CARES Act, the Company used proceeds from the Paycheck Protection Program Loan primarily for
payroll costs. The Paycheck Protection Program Loan was scheduled to mature on <FONT >April
6, 2022</FONT></FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">, with a <FONT >0.98%
</FONT></FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">interest rate and was subject to the terms
and conditions applicable to loans administered by the SBA under the CARES Act.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
June 22, 2021, the SBA authorized full forgiveness of $<FONT >5,702,725
</FONT></FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">under the Paycheck Protection Program Loan; thus,
the Company will not need to make any payments on the Paycheck Protection Program Loan that JPMorgan Chase facilitates as an SBA
lender. JPMorgan Chase will apply the forgiveness amount the SBA authorized, plus all accrued interest, to the Company&#8217;s Paycheck
Protection Program Loan. The requirements under this program are established by the SBA. All requests for Paycheck Protection Program
Loan forgiveness are subject to SBA eligibility. The Company recorded a gain upon debt extinguishment for the nine months ended September
30, 2021 of $<FONT >5,716,697
</FONT></FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(including accrued interest) pursuant to the
forgiveness in other (expense) income on the condensed consolidated statements of operations.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Further
details as of the date these condensed consolidated financial statements were issued or were available to be issued are provided under
the heading <I>Long-term Debt </I>in Note 15.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>


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<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

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

<P  STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
following table summarizes the long-term debt:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;<FONT  STYLE="display: none">Schedule of Long Term Debt</FONT></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD>&#160;</TD><TD STYLE="font-weight: bold">&#160;</TD>
    <TD COLSPAN="10" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">As of September 30, 2021</TD><TD STYLE="font-weight: bold">&#160;</TD><TD STYLE="font-weight: bold">&#160;</TD>
    <TD COLSPAN="10" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">As of December 31, 2020</TD><TD STYLE="font-weight: bold">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&#160;</TD><TD STYLE="font-weight: bold">&#160;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Principal Balance (including accrued interest)</TD><TD STYLE="font-weight: bold">&#160;</TD><TD STYLE="font-weight: bold">&#160;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Unamortized Discount and Debt Issuance Costs</TD><TD STYLE="font-weight: bold">&#160;</TD><TD STYLE="font-weight: bold">&#160;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Carrying Value</TD><TD STYLE="font-weight: bold">&#160;</TD><TD STYLE="font-weight: bold">&#160;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Principal Balance (including accrued interest)</TD><TD STYLE="font-weight: bold">&#160;</TD><TD STYLE="font-weight: bold">&#160;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Unamortized Discount and Debt Issuance Costs</TD><TD STYLE="font-weight: bold">&#160;</TD><TD STYLE="font-weight: bold">&#160;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Carrying Value</TD><TD STYLE="font-weight: bold">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 40%; text-align: left">12% Second Amended Senior Secured Note, as amended, due on December 31, 2022</TD><TD STYLE="width: 2%">&#160;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD  TITLE="Principal Balance (including accrued interest)" STYLE="width: 6%; text-align: right">61,131,882</TD><TD STYLE="width: 1%; text-align: left">&#160;</TD><TD STYLE="width: 2%">&#160;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD  TITLE="Unamortized discount and debt issuance cost" STYLE="width: 6%; text-align: right">(2,413,593</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 2%">&#160;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD  TITLE="Carrying value" STYLE="width: 6%; text-align: right">58,718,289</TD><TD STYLE="width: 1%; text-align: left">&#160;</TD><TD STYLE="width: 2%">&#160;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD  TITLE="Principal Balance (including accrued interest)" STYLE="width: 6%; text-align: right">56,296,091</TD><TD STYLE="width: 1%; text-align: left">&#160;</TD><TD STYLE="width: 2%">&#160;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD  TITLE="Unamortized discount and debt issuance cost" STYLE="width: 6%; text-align: right">(3,739,690</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 2%">&#160;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD  TITLE="Carrying value" STYLE="width: 6%; text-align: right">52,556,401</TD><TD STYLE="width: 1%; text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Delayed Draw Term Note, as amended, due on March 31, 2022</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD  TITLE="Principal Balance (including accrued interest)" STYLE="text-align: right">4,717,714</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD  TITLE="Unamortized discount and debt issuance cost" STYLE="text-align: right">(151,732</TD><TD STYLE="text-align: left">)</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD  TITLE="Carrying value" STYLE="text-align: right">4,565,982</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD  TITLE="Principal Balance (including accrued interest)" STYLE="text-align: right">4,294,318</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD  TITLE="Unamortized discount and debt issuance cost" STYLE="text-align: right">(359,172</TD><TD STYLE="text-align: left">)</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD  TITLE="Carrying value" STYLE="text-align: right">3,935,146</TD><TD STYLE="text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Paycheck Protection Program Loan, scheduled to mature April 6, 2022, however, fully forgiven on June 22, 2021</TD><TD>&#160;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&#160;</TD><TD  TITLE="Principal Balance (including accrued interest)" STYLE="border-bottom: Black 1.5pt solid; text-align: right">-</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&#160;</TD><TD  TITLE="Unamortized discount and debt issuance cost" STYLE="border-bottom: Black 1.5pt solid; text-align: right">-</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&#160;</TD><TD  TITLE="Carrying value" STYLE="border-bottom: Black 1.5pt solid; text-align: right">-</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&#160;</TD><TD  TITLE="Principal Balance (including accrued interest)" STYLE="border-bottom: Black 1.5pt solid; text-align: right">5,702,725</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&#160;</TD><TD  TITLE="Unamortized discount and debt issuance cost" STYLE="border-bottom: Black 1.5pt solid; text-align: right">-</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&#160;</TD><TD  TITLE="Carrying value" STYLE="border-bottom: Black 1.5pt solid; text-align: right">5,702,725</TD><TD STYLE="text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Total</TD><TD>&#160;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD  TITLE="Principal Balance (including accrued interest)" STYLE="border-bottom: Black 2.5pt double; text-align: right">65,849,596</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD  TITLE="Unamortized discount and debt issuance cost" STYLE="border-bottom: Black 2.5pt double; text-align: right">(2,565,325</TD><TD STYLE="text-align: left">)</TD><TD>&#160;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD  TITLE="Carrying value" STYLE="border-bottom: Black 2.5pt double; text-align: right">63,284,271</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD  TITLE="Principal Balance (including accrued interest)" STYLE="border-bottom: Black 2.5pt double; text-align: right">66,293,134</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD  TITLE="Unamortized discount and debt issuance cost" STYLE="border-bottom: Black 2.5pt double; text-align: right">(4,098,862</TD><TD STYLE="text-align: left">)</TD><TD>&#160;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD  TITLE="Carrying value" STYLE="border-bottom: Black 2.5pt double; text-align: right">62,194,272</TD><TD STYLE="text-align: left">&#160;</TD></TR>
  </TABLE>

<P  STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.75pt; text-transform: uppercase; text-indent: -23.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: none">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: none">The
current portion of long-term debt as of September 30, 2021 and December 31, 2020 was $<FONT  TITLE="Current portion of long-term debt">4,565,982</FONT> and none, respectively, on the condensed
consolidated balance sheets. The noncurrent portion of long-term debt as of September 30, 2021 and December 31, 2020 was $<FONT  TITLE="Long-term debt, net of current portion">58,718,289</FONT>
and $<FONT  TITLE="Long-term debt, net of current portion">62,194,272</FONT>, respectively, on the condensed consolidated balance sheets.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.75pt; text-transform: uppercase; text-indent: -23.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: none">&#160;</FONT></P>

<P  STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: none"><B>9.
<FONT >Preferred Stock</FONT></B></FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>&#160;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Series
H Preferred Stock</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On August 17, 2021, <FONT  TITLE="Number of shares issued during period, shares">50</FONT> shares of Series H convertible preferred
stock (the &#8220;Series H Preferred Stock&#8221;) were converted into <FONT  TITLE="Number of shares converted">151,515</FONT> shares of the Company&#8217;s common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;<FONT></FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Series
L Preferred Stock</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
May 4, 2021, a special committee of the Board declared a dividend of one preferred stock purchase right to be paid to the stockholders
of record at the close of business on May 14, 2021 for (i) each outstanding share of the Company&#8217;s common stock and (ii) each share
of the Company&#8217;s common stock issuable upon conversion of each share of the Company&#8217;s Series H Preferred Stock. Each
preferred stock purchase right entitles the registered holder to purchase, subject to a rights agreement, from the Company one one-thousandth
of a share of the Company&#8217;s newly created Series L Junior Participating Preferred Stock, par value $<FONT >0.01
</FONT></FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">per share (the &#8220;Series L Preferred Stock&#8221;),
at a price of $<FONT >4.00</FONT></FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">,
subject to certain adjustments. The Series L Preferred Stock will be entitled, when, as and if declared, to a preferential per share
quarterly dividend payment equal to the greater of <FONT >(i)
$1.00 per share or (ii) 1,000 times the aggregate per share amount of all cash dividends, and 1,000 times the aggregate per share amount
(payable in kind) of all noncash dividends or other distributions paid to the holders of the Company&#8217;s common stock. The
Series L Preferred Stock will be entitled to 1,000 votes on all matters submitted to a vote of the stockholders of the Company. In the
event of any merger, consolidation or other transaction in which shares of the Company&#8217;s common stock are converted or exchanged,
the Series L Preferred Stock will be entitled to receive 1,000 times the amount received per one share of the Company&#8217;s common
stock.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P  STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: none"><B>10.
<FONT >Stockholders&#8217; Equity</FONT></B></FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>&#160;</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Company has the authority to issue <FONT  TITLE="Common stock authorized">1,000,000,000</FONT> shares of common stock, $<FONT  TITLE="Common stock par value">0.01</FONT> par value per share.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>&#160;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Common
Stock Private Placement</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
May 20, 2021 and May 25, 2021, the Company entered into securities purchase agreements with several accredited investors, pursuant to
which the Company sold an aggregate of <FONT >21,435,718
</FONT></FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">shares of its common stock, at a per share price
of $<FONT >0.70
</FONT></FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">for aggregate gross proceeds of $<FONT >15,005,000
</FONT></FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">in a private placement. On June 2, 2021, the
Company entered into a securities purchase agreement with an accredited investor, pursuant to which the Company sold an aggregate of
<FONT >7,142,857
</FONT></FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">shares of its common stock, at a per share price
of $<FONT >0.70
</FONT></FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">for gross proceeds of $<FONT >5,000,000
</FONT></FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">in a private placement that was in addition to
the closings that occurred on May 20, 2021 and May 25, 2021. After payment of legal fees and expenses the investors of $<FONT >167,244</FONT></FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">,
of which $<FONT >100,000
</FONT></FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">was paid in cash to B. Riley, the Company received
net proceeds of $<FONT >19,837,757</FONT></FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">.
The proceeds will be used for general corporate purposes.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Pursuant
to the registration rights agreements entered into in connection with the securities purchase agreements, the Company agreed to register
the shares of the Company&#8217;s common stock issued in the private placements. The Company committed to file the registration statement
on the earlier of: (i) in the event the Company does not obtain a waiver from the holders of the shares of the Company&#8217;s common
stock that were issued upon the conversion of the Series K Preferred Stock (the &#8220;Waiver&#8221;), within ten (10) calendar days
following the date the Company&#8217;s registration statement(s) on Form S-1, registering for resale shares of the Company&#8217;s common
stock that were issued in connection with offerings prior to the date of the registration rights agreement (the &#8220;Prior Registration
Statements&#8221;), is declared effective by the SEC; and (ii) in the event the Company does obtain the Waiver, the earliest practicable
date on which the Company is permitted by the SEC guidance to file the initial registration statement following the filing of the Prior
Registration Statements (the &#8220;Filing Date&#8221;). The Company also committed to cause the registration statement to become effective
by no later than 90 days after the Filing Date (or, in the event of a full review by the staff of the SEC, 120 days following the Filing
Date). The registration rights agreement provides for Registration Rights Damages upon the occurrence of certain events up to a maximum
amount of 6% of the aggregate amount invested pursuant to the securities purchase agreements.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>


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<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
securities purchase agreements included a provision that requires the Company to maintain its periodic filings with the SEC in order
to satisfy the public information requirements under Rule 144(c) of the Securities Act. At any time during the period commencing
from the twelve (12) month anniversary of the date the Company becomes current in its filing obligations and ending at such time that
all of the common stock may be sold without the requirement for the Company to be in compliance with Rule 144(c)(1) and otherwise without
restriction or limitation pursuant to Rule 144, if the Company (i) fails for any reason to satisfy the current public information
requirement under Rule 144(c) or (ii) has ever been an issuer described in Rule 144(i)(1)(i) or becomes an issuer in the future, and
the Company fails to satisfy any condition set forth in Rule 144(i)(2) (a &#8220;Public Information Failure&#8221;) then, in addition
to such purchaser&#8217;s other available remedies, the Company must pay to a purchaser, in cash, as partial liquidated damages
and not as a penalty (&#8220;Public Information Failure Damages&#8221;), an amount in cash equal to one percent (1.0%) of the
aggregate subscription amount of the purchaser&#8217;s shares then held by the purchaser on the day of a Public Information Failure and
on every thirtieth (30th) day (pro-rated for periods totaling less than thirty days) thereafter until the earlier of (a) the date such
Public Information Failure is cured up to a maximum of five (5) 30-day periods and (b) such time that such public information is no longer
required for the purchasers to transfer the shares pursuant to Rule 144. Public Information Failure Damages will be paid on the
earlier of (i) the last day of the calendar month during which such Public Information Failure Damages are incurred and (ii) the third
(3rd) business day after the event or failure giving rise to the Public Information Failure Damages is cured. In the event the Company
fails to make Public Information Failure Damages in a timely manner, such Public Information Failure Damages will bear interest
at the rate of 1.0% per month (prorated for partial months) until paid in full.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Common
Stock Warrants</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>&#160;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Company issued warrants to purchase shares of the Company&#8217;s common stock to MDB Capital Group, LLC (the &#8220;MDB Warrants&#8221;),
Strome Mezzanine Fund LP (the &#8220;Strome Warrants&#8221;), and B. Riley Financial,
Inc. (the &#8220;B. Riley Warrants&#8221;) in connection with various financing transactions (collectively, the &#8220;Financing Warrants&#8221;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P  STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Financing Warrants outstanding and exercisable as of September 30, 2021 are summarized as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;<FONT  STYLE="display: none">Summary of Warrant Activity</FONT></FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center">&#160;</TD><TD STYLE="font-weight: bold">&#160;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">&#160;</TD><TD STYLE="font-weight: bold">&#160;</TD><TD STYLE="font-weight: bold">&#160;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&#160;</TD><TD STYLE="font-weight: bold">&#160;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Outstanding</TD><TD STYLE="font-weight: bold">&#160;</TD><TD STYLE="font-weight: bold">&#160;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">&#160;</TD><TD STYLE="font-weight: bold">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center">&#160;</TD><TD STYLE="text-align: center; font-weight: bold">&#160;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Exercise Price</TD><TD STYLE="text-align: center; font-weight: bold">&#160;</TD><TD STYLE="text-align: center; font-weight: bold">&#160;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Expiration Date</TD><TD STYLE="text-align: center; font-weight: bold">&#160;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Classified as Derivative Liabilities (Shares)</TD><TD STYLE="text-align: center; font-weight: bold">&#160;</TD><TD STYLE="text-align: center; font-weight: bold">&#160;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Classified within Stockholders&#8217; Equity (Shares)</TD><TD STYLE="text-align: center; font-weight: bold">&#160;</TD><TD STYLE="text-align: center; font-weight: bold">&#160;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Total Exercisable (Shares)</TD><TD STYLE="text-align: center; font-weight: bold">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 20%; text-align: left">MDB Warrants</TD><TD STYLE="width: 2%">&#160;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD  TITLE="Exercise Price" STYLE="width: 10%; text-align: right">0.20</TD><TD STYLE="width: 1%; text-align: left">&#160;</TD><TD STYLE="width: 2%">&#160;</TD>
    <TD STYLE="width: 16%; text-align: left"><FONT  TITLE="Expiration Date">November 4,2021</FONT></TD><TD STYLE="width: 2%">&#160;</TD>
    <TD STYLE="width: 1%; text-align: left">&#160;</TD><TD  TITLE="Outstanding, Classified as Derivative Liabilities" STYLE="width: 12%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&#160;</TD><TD STYLE="width: 2%">&#160;</TD>
    <TD STYLE="width: 1%; text-align: left">&#160;</TD><TD  TITLE="Outstanding, Classified within Stockholders' Equity" STYLE="width: 12%; text-align: right">327,490</TD><TD STYLE="width: 1%; text-align: left">&#160;</TD><TD STYLE="width: 2%">&#160;</TD>
    <TD STYLE="width: 1%; text-align: left">&#160;</TD><TD  TITLE="Total Exercisable" STYLE="width: 12%; text-align: right">327,490</TD><TD STYLE="width: 1%; text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Strome Warrants</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD  TITLE="Exercise Price" STYLE="text-align: right">0.50</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left"><FONT  TITLE="Expiration Date">June 15, 2023</FONT></TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD  TITLE="Outstanding, Classified as Derivative Liabilities" STYLE="text-align: right">1,500,000</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD  TITLE="Outstanding, Classified within Stockholders' Equity" STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD  TITLE="Total Exercisable" STYLE="text-align: right">1,500,000</TD><TD STYLE="text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">B. Riley Warrants</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD  TITLE="Exercise Price" STYLE="text-align: right">0.33</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left"><FONT  TITLE="Expiration Date">October 18, 2025</FONT></TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD  TITLE="Outstanding, Classified as Derivative Liabilities" STYLE="text-align: right">875,000</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD  TITLE="Outstanding, Classified within Stockholders' Equity" STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD  TITLE="Total Exercisable" STYLE="text-align: right">875,000</TD><TD STYLE="text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">MDB Warrants</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD  TITLE="Exercise Price" STYLE="text-align: right">1.15</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left"><FONT  TITLE="Expiration Date">October 19, 2022</FONT></TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD  TITLE="Outstanding, Classified as Derivative Liabilities" STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD  TITLE="Outstanding, Classified within Stockholders' Equity" STYLE="text-align: right">119,565</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD  TITLE="Total Exercisable" STYLE="text-align: right">119,565</TD><TD STYLE="text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">MDB Warrants</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD  TITLE="Exercise Price" STYLE="text-align: right">2.50</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left"><FONT  TITLE="Expiration Date">October 19, 2022</FONT></TD><TD>&#160;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&#160;</TD><TD  TITLE="Outstanding, Classified as Derivative Liabilities" STYLE="border-bottom: Black 1.5pt solid; text-align: right">-</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&#160;</TD><TD  TITLE="Outstanding, Classified within Stockholders' Equity" STYLE="border-bottom: Black 1.5pt solid; text-align: right">60,000</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&#160;</TD><TD  TITLE="Total Exercisable" STYLE="border-bottom: Black 1.5pt solid; text-align: right">60,000</TD><TD STYLE="text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Total outstanding and exercisable</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&#160;</TD><TD  TITLE="Outstanding, Classified as Derivative Liabilities" STYLE="border-bottom: Black 2.5pt double; text-align: right">2,375,000</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&#160;</TD><TD  TITLE="Outstanding, Classified within Stockholders' Equity" STYLE="border-bottom: Black 2.5pt double; text-align: right">507,055</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&#160;</TD><TD  TITLE="Total Exercisable" STYLE="border-bottom: Black 2.5pt double; text-align: right">2,882,055</TD><TD STYLE="text-align: left">&#160;</TD></TR>
  </TABLE>



<P  STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
intrinsic value of exercisable but unexercised in-the-money stock warrants as of September 30, 2021 was $<FONT  TITLE="Aggregate intrinsic value">102,698</FONT>, based on a fair market
value of the Company&#8217;s common stock of $<FONT  TITLE="Common stock, price per share">0.38</FONT> per share on September 30, 2021.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

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

<P  STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: none"><B>11.
<FONT >Compensation Plans</FONT></B></FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Company provides stock-based compensation in the form of (a) stock awards to employees and directors, comprised of restricted stock awards
and restricted stock units (collectively referred to as the &#8220;Restricted Stock Awards&#8221;), (b) stock option grants to employees,
directors and consultants (referred to as the &#8220;Common Stock Awards&#8221;) (c) stock option awards, restricted stock awards, unrestricted
stock awards, and stock appreciation rights to employees, directors and consultants (collectively the &#8220;Common Equity Awards&#8221;),
(d) stock option awards outside of the 2016 Stock Incentive Plan and 2019 Equity Incentive Plan to certain officers, directors and employees
(referred to as the &#8220;Outside Options&#8221;), (e) common stock warrants to the Company&#8217;s publisher partners (referred to
as the &#8220;Publisher Partner Warrants&#8221;), and (f) common stock warrants to ABG-SI, LLC (referred to as the &#8220;ABG Warrants&#8221;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P  STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Stock-based
compensation and equity-based expense charged to operations or capitalized during the three months ended September 30, 2021 and 2020
are summarized as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;<FONT  STYLE="display: none">Summary of Stock-based Compensation</FONT></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD>&#160;</TD><TD STYLE="font-weight: bold">&#160;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">Restricted</TD><TD STYLE="font-weight: bold">&#160;</TD><TD STYLE="font-weight: bold">&#160;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">Common</TD><TD STYLE="font-weight: bold">&#160;</TD><TD STYLE="font-weight: bold">&#160;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">Common</TD><TD STYLE="font-weight: bold">&#160;</TD><TD>&#160;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&#160;</TD><TD>&#160;</TD><TD STYLE="font-weight: bold">&#160;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">Publisher</TD><TD STYLE="font-weight: bold">&#160;</TD><TD>&#160;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&#160;</TD><TD>&#160;</TD><TD>&#160;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&#160;</TD><TD>&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom">
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  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>


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<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Stock-based
compensation and equity-based expense charged to operations or capitalized during the nine months ended September 30, 2021 and 2020 are
summarized as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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    <TD>&#160;</TD><TD STYLE="font-weight: bold">&#160;</TD>
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  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <TD STYLE="font-weight: bold">During the Nine Months Ended September 30, 2020</TD><TD>&#160;</TD>
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  <TR STYLE="vertical-align: bottom; background-color: White">
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<P  STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P  STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Unrecognized
compensation expense and expected weighted-average period to be recognized related to the stock-based compensation awards and equity-based
awards as of September 30, 2021 was as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;<FONT  STYLE="display: none">Schedule of Unrecognized Compensation Expense</FONT></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD>&#160;</TD><TD STYLE="font-weight: bold">&#160;</TD>
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    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">Common</TD><TD STYLE="font-weight: bold">&#160;</TD><TD STYLE="font-weight: bold">&#160;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">Common</TD><TD STYLE="font-weight: bold">&#160;</TD><TD>&#160;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&#160;</TD><TD>&#160;</TD><TD STYLE="font-weight: bold">&#160;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">Publisher</TD><TD STYLE="font-weight: bold">&#160;</TD><TD>&#160;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&#160;</TD><TD>&#160;</TD><TD>&#160;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&#160;</TD><TD>&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom">
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    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">Stock</TD><TD STYLE="font-weight: bold">&#160;</TD><TD STYLE="font-weight: bold">&#160;</TD>
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    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">Outside</TD><TD STYLE="font-weight: bold">&#160;</TD><TD STYLE="font-weight: bold">&#160;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">Partner</TD><TD STYLE="font-weight: bold">&#160;</TD><TD STYLE="font-weight: bold">&#160;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">ABG</TD><TD STYLE="font-weight: bold">&#160;</TD><TD>&#160;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&#160;</TD><TD>&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&#160;</TD><TD STYLE="font-weight: bold">&#160;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Awards</TD><TD STYLE="font-weight: bold">&#160;</TD><TD STYLE="font-weight: bold">&#160;</TD>
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    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Options</TD><TD STYLE="font-weight: bold">&#160;</TD><TD STYLE="font-weight: bold">&#160;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Warrants</TD><TD STYLE="font-weight: bold">&#160;</TD><TD STYLE="font-weight: bold">&#160;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Warrants</TD><TD STYLE="font-weight: bold">&#160;</TD><TD STYLE="font-weight: bold">&#160;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Totals</TD><TD STYLE="font-weight: bold">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 37%; text-align: left">Unrecognized compensation expense</TD><TD STYLE="width: 2%">&#160;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD  TITLE="Unrecognized compensation expense" STYLE="width: 5%; text-align: right">2,750,000</TD><TD STYLE="width: 1%; text-align: left">&#160;</TD><TD STYLE="width: 2%">&#160;</TD>
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    <TD STYLE="width: 1%; text-align: left">$</TD><TD  TITLE="Unrecognized compensation expense" STYLE="width: 5%; text-align: right">54,255,910</TD><TD STYLE="width: 1%; text-align: left">&#160;</TD><TD STYLE="width: 2%">&#160;</TD>
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  <TR STYLE="vertical-align: bottom; background-color: White">
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  </TABLE>

<P  STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Pursuant
to an amendment with ABG-SI, LLC on June 4, 2021, the exercise price related to the ABG Warrants exercisable for up to <FONT  TITLE="Number of warrants exercisable">10,994,922</FONT>
shares of the Company&#8217;s common stock was changed to $<FONT >0.42
</FONT></FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">per share from $<FONT >0.84
</FONT></FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">per share in exchange for additional benefits
under the Sports Illustrated licensing agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Further
details as of the date these condensed consolidated financial statements were issued or were available to be issued are provided under
the heading <I>Compensation Plans </I>in Note 15.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&#160;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P  STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: none"><B>12.
<FONT >Revenue Recognition</FONT></B></FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>&#160;</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P  STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
following table provides information about disaggregated revenue by product line, geographical market and timing of revenue recognition:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;<FONT  STYLE="display: none">Schedule of Disaggregation of Revenue</FONT></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
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  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <TD STYLE="text-align: left">&#160;</TD><TD  TITLE="Total revenue" STYLE="text-align: right">25,973,853</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
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    <TD STYLE="text-align: left">&#160;</TD><TD  TITLE="Total revenue" STYLE="text-align: right">34,041,272</TD><TD STYLE="text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <TR STYLE="vertical-align: bottom; background-color: White">
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  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
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    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
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    <TD STYLE="text-align: left">$</TD><TD  TITLE="Total revenue" STYLE="text-align: right">57,762,726</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">$</TD><TD  TITLE="Total revenue" STYLE="text-align: right">29,964,150</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">$</TD><TD  TITLE="Total revenue" STYLE="text-align: right">123,697,063</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">$</TD><TD  TITLE="Total revenue" STYLE="text-align: right">81,295,916</TD><TD STYLE="text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 10pt">Other</TD><TD>&#160;</TD>
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    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&#160;</TD><TD  TITLE="Total revenue" STYLE="border-bottom: Black 1.5pt solid; text-align: right">2,125,843</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&#160;</TD><TD  TITLE="Total revenue" STYLE="border-bottom: Black 1.5pt solid; text-align: right">4,238,438</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&#160;</TD><TD  TITLE="Total revenue" STYLE="border-bottom: Black 1.5pt solid; text-align: right">4,297,870</TD><TD STYLE="text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Total</TD><TD>&#160;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD  TITLE="Total revenue" STYLE="border-bottom: Black 2.5pt double; text-align: right">59,573,508</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD  TITLE="Total revenue" STYLE="border-bottom: Black 2.5pt double; text-align: right">32,089,993</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD  TITLE="Total revenue" STYLE="border-bottom: Black 2.5pt double; text-align: right">127,935,501</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD  TITLE="Total revenue" STYLE="border-bottom: Black 2.5pt double; text-align: right">85,593,786</TD><TD STYLE="text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Revenue by timing of recognition:</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; text-align: left">At point in time</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">$</TD><TD  TITLE="Total revenue" STYLE="text-align: right">51,875,149</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
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    <TD STYLE="text-align: left">$</TD><TD  TITLE="Total revenue" STYLE="text-align: right">105,462,550</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">$</TD><TD  TITLE="Total revenue" STYLE="text-align: right">65,497,146</TD><TD STYLE="text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 10pt; text-align: left">Over time</TD><TD>&#160;</TD>
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  <TR STYLE="vertical-align: bottom; background-color: White">
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<P  STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>&#160;</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>&#160;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
timing of the Company&#8217;s performance under its various contracts often differs from the timing of the customer&#8217;s payment,
which results in the recognition of a contract asset or a contract liability. A contract asset is recognized when a good or service is
transferred to a customer and the Company does not have the contractual right to bill for the related performance obligations. A contract
liability is recognized when consideration is received from the customer prior to the transfer of goods or services.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P  STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
following table provides information about contract balances:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;<FONT  STYLE="display: none">Schedule of Contract with Customer, Asset and Liability</FONT></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">&#160;</TD><TD STYLE="font-weight: bold">&#160;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">As of</TD><TD STYLE="font-weight: bold">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&#160;</TD><TD STYLE="font-weight: bold">&#160;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">September 30, 2021</TD><TD STYLE="font-weight: bold">&#160;</TD><TD STYLE="font-weight: bold">&#160;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December 31, 2020</TD><TD STYLE="font-weight: bold">&#160;</TD></TR>
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    <TD STYLE="text-align: left">Unearned revenue (short-term contract liabilities):</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD></TR>
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    <TD STYLE="width: 1%; text-align: left">$</TD><TD  TITLE="Unearned revenue" STYLE="width: 12%; text-align: right">15,708,139</TD><TD STYLE="width: 1%; text-align: left">&#160;</TD><TD STYLE="width: 2%">&#160;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD  TITLE="Unearned revenue" STYLE="width: 12%; text-align: right">14,870,712</TD><TD STYLE="width: 1%; text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <TD STYLE="text-align: left">&#160;</TD><TD  TITLE="Unearned revenue" STYLE="text-align: right">49,244,783</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
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  <TR STYLE="vertical-align: bottom; background-color: White">
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    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&#160;</TD><TD  STYLE="border-bottom: Black 1.5pt solid; text-align: right">6,352,733</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
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  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&#160;</TD><TD>&#160;</TD>
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  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Unearned revenue (long-term contract liabilities):</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <TD STYLE="text-align: left">$</TD><TD  TITLE="Unearned revenue, net of current portion" STYLE="text-align: right">1,593,724</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
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  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; text-align: left">Magazine circulation</TD><TD>&#160;</TD>
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  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&#160;</TD><TD>&#160;</TD>
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    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD  TITLE="Unearned revenue, net of current portion" STYLE="border-bottom: Black 2.5pt double; text-align: right">23,498,597</TD><TD STYLE="text-align: left">&#160;</TD></TR>
  </TABLE>

<P  STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>&#160;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Unearned
Revenue </I>&#8211; Unearned revenue, also referred to as contract liabilities, include payments received in advance of performance
under the contracts and are recognized as revenue over time. The Company records contract liabilities as unearned revenue on the
condensed consolidated balance sheets. Digital subscription and magazine circulation revenue of $<FONT >42,893,297
</FONT></FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">was recognized during the nine months ended September
30, 2021 from unearned revenue at the beginning of the year.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">During
January and February  2020, the Company modified certain digital and magazine subscription contracts that prospectively changed the
frequency of the related issues required to be delivered on a yearly basis. The Company determined that the remaining digital content
and magazines to be delivered are distinct from the digital content or magazines already provided under the original contract. As a result,
the Company in effect established a new contract that included only the remaining digital content or magazines. Accordingly, the Company
allocated the remaining performance obligations in the contracts as consideration from the original contract that has not yet been recognized
as revenue.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>


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<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

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

<P  STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: none"><B>13.
<FONT >Income Taxes</FONT></B></FONT></P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
provision for income taxes in interim periods is determined using an estimate of the Company&#8217;s annual effective tax rate, adjusted
for discrete items, if any, that arise during the period. Each quarter, the Company updates its estimate of its annual effective tax
rate, and if the estimated annual effective tax rate changes, the Company makes a cumulative adjustment in such period. The quarterly
provision for income taxes, and estimate of the Company&#8217;s annual effective tax rate, are subject to variation due to several factors,
including variability in pre-tax income (or loss), the mix of jurisdictions to which such income relates, changes in how the Company
conducts business, and tax law developments.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
effective tax rate benefit for the nine months ended September 30, 2021 and 2020 was <FONT  TITLE="Effective tax rate benefit">0.29%</FONT> and <FONT  TITLE="Effective tax rate benefit">0.00%</FONT>, respectively. The tax benefit  for the nine months ended September 30, 2021 was primarily due to discrete items.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
realization of deferred tax assets is dependent upon a variety of factors, including the generation of future taxable income, the reversal
of deferred tax liabilities, and tax planning strategies. Based upon the Company&#8217;s historical operating losses and the uncertainty
of future taxable income, the Company has provided a valuation allowance against most of the deferred tax assets as of September 30,
2021 and December 31, 2020.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P  STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: none"><B>14.
<FONT >Commitments and Contingencies</FONT></B></FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>&#160;</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
a select basis, the Company has provided revenue share guarantees to certain independent publishers that transition their publishing
operations from another platform to theMaven.net or maven.io. <FONT >These
arrangements generally guarantee the publisher a monthly amount of income for a period of 12 to 24 months from inception of the publisher
contract that is the greater of (a) a fixed monthly minimum, or (b) the calculated earned revenue share.</FONT></FONT> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">For
the three months ended September 30, 2021 and 2020, the Company recognized publisher partner guarantees of $<FONT  TITLE="Revenue">214,286
</FONT></FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">and $<FONT  TITLE="Revenue">2,539,055</FONT></FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">,
respectively. For the nine months ended September 30, 2021 and 2020, the Company recognized publisher partner guarantees of $<FONT  TITLE="Revenue">3,781,240
</FONT></FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">and $<FONT  TITLE="Revenue">7,541,619,
</FONT></FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">respectively.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Claims
and Litigation </I></B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">From
time to time, the Company may be subject to claims and litigation arising in the ordinary course of business. The Company is not currently
a party to any pending or threatened legal proceedings that it believes would reasonably be expected to have a material adverse effect
on the Company&#8217;s business, financial condition, results of operations or cash flows.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>


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<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P  STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: none"><B>15.
<FONT >Subsequent Events</FONT></B></FONT></P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Company performed an evaluation of subsequent events through the date of filing of these condensed consolidated financial statements
with the SEC. Other than the below described subsequent events, there were no material subsequent events which affected, or could affect,
the amounts or disclosures on the condensed consolidated financial statements<B>.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&#160;</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">From
October 1, 2021 through the date these condensed consolidated financial statements were issued or were available to be issued, the Company
granted approximately <FONT  TITLE="Issuance of stock option granted, shares">90,000</FONT> restricted stock awards to employees and <FONT  TITLE="Shares common stock options exercisable">910,000</FONT> common stock options exercisable for shares
of its common stock to employees.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Long-term
Debt</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>12%
Second Amended Senior Secured Notes </I>&#8211; The balance outstanding under the 12% Second Amended Senior Secured Notes as of the date
these condensed consolidated financial statements were issued or were available to be issued was approximately $<FONT  TITLE="Debt original amount">61.7</FONT> million, which included
outstanding principal of approximately $<FONT  TITLE="Principal amount of debt">48.8</FONT> million, payment of in-kind interest of approximately $<FONT  TITLE="Payment of in-kind interest">12.3</FONT> million that the Company was
permitted to add to the aggregate outstanding principal balance, and unpaid accrued interest of approximately $<FONT  TITLE="Accrued interest">0.5</FONT> million.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; background-color: white"><I>Delayed
Draw Term Note</I></FONT> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#8211; <FONT STYLE="background-color: white">The
balance outstanding under the Delayed Draw Term Note as of the date these condensed consolidated financial statements were issued or
were available to be issued was approximately $<FONT  TITLE="Debt original amount">4.7</FONT> million, which included outstanding principal of approximately $<FONT  TITLE="Principal amount of debt">3.6</FONT> million, and payment
of in-kind interest of approximately $<FONT  TITLE="Payment of in-kind interest">1.1</FONT> million that the Company was permitted to add to the aggregate outstanding principal balance.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;&#160;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>&#160;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: white"><FONT  TITLE="Lease, description">Effective
October 1, 2021, the Company entered into a business membership agreement with York Factory LLC,  doing business as SaksWorks, that permits access to
certain office space with furnishings, referred to as SaksWorks Memberships (each membership provides a certain number of accounts that
equate to the use of the space granted). The term of the agreement is for <FONT  TITLE="Agreement term::XDX::P27M">twenty-seven</FONT> months, with an initial period of three months
at $<FONT  TITLE="Lease expense">25,000</FONT> per month for 30 accounts and secondary period for the remaining <FONT  TITLE="::XDX::P24M">twenty-four</FONT> months at $<FONT >56,617</FONT> per month for 110 accounts.
The agreement also provides for: (1) additional accounts at predetermined pricing; (2) early termination date of June 30, 2023 providing
the Company gives notice by December 31, 2022; and (3) renewal of agreement at the end on the term for a twelve-month period at the then-current
market price and pricing structure on such renewal date</FONT>.</FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P  STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&#160;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><FONT ID="ar_001"></FONT>REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&#160;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">To
the Shareholders and Board of Directors of</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>TheMaven,
Inc. and Subsidiaries</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Opinion
on the Consolidated Financial Statements</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&#160;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">We
have audited the accompanying consolidated balance sheets of TheMaven, Inc. and Subsidiaries (the &#8220;Company&#8221;) as of December
31, 2020 and 2019, the related consolidated statements of operations, stockholders&#8217; deficiency and cash flows for each of the two
years in the period ended December 31, 2020, and the related notes (collectively referred to as the &#8220;consolidated financial statements&#8221;).
In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company
as of December 31, 2020 and 2019, and the results of its operations and its cash flows for each of the two years in the period ended
December 31, 2020, in conformity with accounting principles generally accepted in the United States of America.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&#160;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Basis
for Opinion</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">These
consolidated financial statements are the responsibility of the Company&#8217;s management. Our responsibility is to express an opinion
on the Company&#8217;s consolidated financial statements based on our audits. We are a public accounting firm registered with the Public
Company Accounting Oversight Board (United States) (&#8220;PCAOB&#8221;) and are required to be independent with respect to the Company
in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission
and the PCAOB.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">We
conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain
reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud.
The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part
of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing
an opinion on the effectiveness of the Company&#8217;s internal control over financial reporting. Accordingly, we express no such opinion.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Our
audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether
due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence
regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles
used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements.
We believe that our audits provide a reasonable basis for our opinion.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Critical
Audit Matters</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
critical audit matters communicated below are matters arising from the current period audit of the financial statements that were communicated
or required to be communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the financial
statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters
does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit
matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>Evaluation
of the Contract Modification to Certain Subscription Contacts</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>&#160;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">As
described in Note 2 to the consolidated financial statements, the Company modified certain digital and magazine subscription contracts.
The Company determined that the contract modification was a termination of the existing contract and a creation of a new contract with
each individual subscriber. The Company accounted for the contract modification on a prospective basis.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
principal consideration for our determination that performing procedures relating to these contract modifications is a critical audit
matter, are there is significant audit judgment by management in determining the impact related to revenue recognition, contract assets
and contract liabilities and classification of short-term and long-term presentation to the Company&#8217;s future period balance sheets.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Addressing
the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated
financial statements. The procedures included, amongst others, (i) gaining an understanding of the Company&#8217;s estimation process
related to contract modification (ii) testing the number of future unserved subscription copies at the contract modification date to
estimate the financial impact of the contract modification to both the current period and future period earnings (iii) testing management&#8217;s
analysis of the financial impact of the contract modification to contract asset and contract liabilities balances as of end of the year
and the impact to current period earnings (iv) testing the mathematical accuracy of the analysis prepared by management (v) evaluating
the appropriateness of the presentation to the consolidated financial statements.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 50%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>/s/
    Marcum <FONT STYLE="font-variant: small-caps">llp</FONT></I></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Marcum
    LLP</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: small-caps 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt; text-align: justify; text-indent: -45pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">We
have served as the Company&#8217;s auditor since 2019.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt; text-align: justify; text-indent: -45pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt; text-align: justify; text-indent: -45pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Los
Angeles, California</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">August
16, 2021</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><FONT ID="ar_002"></FONT>THEMAVEN,
INC. AND SUBSIDIARIES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&#160;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>CONSOLIDATED
BALANCE SHEETS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&#160;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0"  SUMMARY="xdx: Statement - Condensed Consolidated Balance Sheets" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD COLSPAN="2"  STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">2020</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD COLSPAN="2"  STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">2019</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">2020</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR  STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; width: 64%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Cash
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">9,033,872</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">8,852,281</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR  STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Restricted
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">500,809</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">620,809</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR  STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Accounts
    receivable, net</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">16,497,626</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">16,233,955</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR  STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Subscription
    acquisition costs, current portion</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">28,146,895</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">3,142,580</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR  STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Royalty
    fees, current portion</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">15,000,000</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">15,000,000</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR  STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Prepayments
    and other current assets</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">4,667,263</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">4,310,735</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR  STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Total
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">73,846,465</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">48,160,360</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR  STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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    and equipment, net</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1,129,438</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">661,277</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR  STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Operating
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">18,292,196</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">3,980,649</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR  STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">7,355,608</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">5,892,719</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR  STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Royalty
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">11,250,000</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">26,250,000</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR  STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Subscription
    acquisition costs, net of current portion</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">13,358,585</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">3,417,478</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR  STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Acquired
    and other intangible assets, net</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">71,501,835</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">91,404,144</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR  STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Other
    long-term assets</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1,330,812</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1,085,287</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR  STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Goodwill</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">16,139,377</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">16,139,377</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR  STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Total
    assets</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">214,204,316</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">196,991,291</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR  STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Liabilities,
    mezzanine equity and stockholders&#8217; deficiency</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR  STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Current
    liabilities:</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR  STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Accounts
    payable</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">8,228,977</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">9,580,186</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR  STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Accrued
    expenses and other</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">14,718,193</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">16,483,201</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR  STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Line
    of credit</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">7,178,791</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR  STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Unearned
    revenue</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">61,625,676</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">32,163,087</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR  STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Subscription
    refund liability</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">4,035,531</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">3,144,172</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR  STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Operating
    lease liabilities</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1,059,671</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">2,203,474</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR  STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Liquidated
    damages payable</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">9,568,091</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">8,080,514</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR  STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Convertible
    debt</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">741,197</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR  STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Warrant
    derivative liabilities</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1,147,895</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1,644,200</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR  STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Embedded
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    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">13,501,000</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR  STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Total
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">107,562,825</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">87,541,031</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR  STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Unearned
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">23,498,597</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">31,179,211</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR  STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Restricted
    stock liabilities, net of current portion</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1,995,810</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR  STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Operating
    lease liabilities, net of current portion</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">19,886,083</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">2,616,132</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR  STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Other
    long-term liabilities</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">753,365</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">242,310</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR  STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Deferred
    tax liabilities</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">210,832</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR  STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Promissory
    notes, including accrued interest</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">319,351</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR  STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Convertible
    debt, net of current portion</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">12,497,765</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR  STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Long-term
    debt</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">62,194,272</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">44,009,745</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR  STYLE="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Long-term
    debt, net of current portion</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">62,194,272</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">44,009,745</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
<TR  STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Total
    liabilities</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">216,101,784</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">178,405,545</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR  STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Commitments
    and contingencies (Note 26)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR  STYLE="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Commitments
    and contingencies (Note 14)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-<FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-<FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
<TR  STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Mezzanine
    equity:</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR  STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Series
    G redeemable and convertible preferred stock, $<FONT  TITLE="Temporary equity, par value"><FONT  TITLE="Temporary equity, par value">0.01</FONT></FONT> par value, $<FONT  TITLE="Temporary equity, liquidation preference per share value"><FONT  TITLE="Temporary equity, liquidation preference per share value">1,000</FONT></FONT> per share liquidation value and <FONT  TITLE="Temporary equity, shares authorized"><FONT  TITLE="Temporary equity, shares authorized">1,800</FONT></FONT> shares designated; aggregate
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">168,496</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">168,496</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR  STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Series
    H convertible preferred stock, $<FONT  TITLE="Temporary equity, par value"><FONT  TITLE="Temporary equity, par value">0.01</FONT></FONT> par value, $<FONT  TITLE="Temporary equity, liquidation preference per share value"><FONT  TITLE="Temporary equity, liquidation preference per share value">1,000</FONT></FONT> per share liquidation value and <FONT  TITLE="Temporary equity, shares authorized"><FONT  TITLE="Temporary equity, shares authorized">23,000</FONT></FONT> shares designated; aggregate liquidation
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">18,247,496</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">18,045,496</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR  STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Series
    I convertible preferred stock, $<FONT  TITLE="Temporary equity, par value"><FONT  TITLE="Temporary equity, par value">0.01</FONT></FONT> par value, $<FONT  TITLE="Temporary equity, liquidation preference per share value"><FONT  TITLE="Temporary equity, liquidation preference per share value">1,000</FONT></FONT> per share liquidation value and <FONT  TITLE="Temporary equity, shares authorized"><FONT  TITLE="Temporary equity, shares authorized">25,800</FONT></FONT> shares designated; aggregate liquidation
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    issuable upon conversion: <FONT  TITLE="Temporary equity, common shares issuable upon conversion">46,200,000</FONT> at December 31, 2019</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">19,699,742</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR  STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Series
    J convertible preferred stock, $<FONT  TITLE="Temporary equity, par value"><FONT  TITLE="Temporary equity, par value">0.01</FONT></FONT> par value, $<FONT  TITLE="Temporary equity, liquidation preference per share value"><FONT  TITLE="Temporary equity, liquidation preference per share value">1,000</FONT></FONT> per share liquidation value and <FONT  TITLE="Temporary equity, shares authorized"><FONT  TITLE="Temporary equity, shares authorized">25,000</FONT></FONT> shares designated; aggregate liquidation
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    issuable upon conversion: <FONT  TITLE="Temporary equity, common shares issuable upon conversion">28,571,428</FONT> at December 31, 2019</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">17,739,996</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR  STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Total
    mezzanine equity</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">18,415,992</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">55,653,730</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR  STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Stockholders&#8217;
    deficiency:</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR  STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Common
    stock, $<FONT  TITLE="Common stock, par value"><FONT  TITLE="Common stock, par value">0.01</FONT></FONT> par value, authorized <FONT  TITLE="Common stock, shares authorized"><FONT  TITLE="Common stock, shares authorized">1,000,000,000</FONT></FONT> shares; issued and outstanding: <FONT  TITLE="Common stock, shares issued"><FONT  TITLE="Common stock, shares outstanding">229,085,167</FONT></FONT> and <FONT  TITLE="Common stock, shares issued"><FONT  TITLE="Common stock, shares outstanding">37,119,117</FONT></FONT> shares at December 31,
    2020 and 2019, respectively</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">2,290,851</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">371,190</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR  STYLE="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Common
    stock, value</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">2,290,851</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">371,190</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
<TR  STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Common
    stock to be issued</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">10,809</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">39,383</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR  STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Additional
    paid-in capital</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">139,658,166</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">35,562,766</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR  STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Accumulated
    deficit</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(162,273,286</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(73,041,323</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD></TR>
  <TR  STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Total
    stockholders&#8217; deficiency</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(20,313,460</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(37,067,984</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD></TR>
  <TR  STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Total
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    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">214,204,316</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">196,991,291</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>&#160;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>See
accompanying notes to consolidated financial statements.</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>&#160;</I></FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>&#160;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><FONT ID="ar_003"></FONT>THEMAVEN,
INC. AND SUBSIDIARIES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>CONSOLIDATED
STATEMENTS OF OPERATIONS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0"  SUMMARY="xdx: Statement - Condensed Consolidated Statements of Operations (Unaudited)" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD COLSPAN="2"  STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">2020</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD COLSPAN="2"  STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">2019</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Years
    Ended December 31,</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">2020</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">2019</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
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    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 64%"><FONT STYLE="font-family: Times New Roman, Times, Serif">Revenue</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">128,032,397</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">53,343,310</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR  STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Cost
    of revenue (includes amortization for developed technology and platform development for 2020 and 2019 of $<FONT  TITLE="Amortization cost of developed technology and platform development">8,550,952</FONT> and $<FONT  TITLE="Amortization cost of developed technology and platform development">6,191,965</FONT>,
    respectively)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">103,063,445</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">47,301,175</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR  STYLE="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Cost
    of revenue</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">103,063,445</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">47,301,175</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
<TR  STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Gross
    profit</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">24,968,952</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">6,042,135</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR  STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Operating
    expenses</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR  STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Selling
    and marketing</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">43,589,239</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">12,789,056</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR  STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">General
    and administrative</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">36,007,238</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">29,511,204</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR  STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Depreciation
    and amortization</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">16,280,475</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">4,551,372</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR  STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Total
    operating expenses</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">95,876,952</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">46,851,632</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR  STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Loss
    from operations</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(70,908,000</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(40,809,497</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD></TR>
  <TR  STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Other
    (expenses) income</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR  STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Change
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">496,305</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(1,015,151</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD></TR>
  <TR  STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Change
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(5,040,000</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD></TR>
  <TR  STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Loss
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR  STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Interest
    expense</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(16,497,217</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
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  <TR  STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Interest
    income</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">381,026</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">13,976</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR  STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Liquidated
    damages</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(1,487,577</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
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  <TR  STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Other
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    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(279,133</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">262</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR  STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Total
    other expenses</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(18,113,131</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(17,232,999</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD></TR>
  <TR  STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Loss
    before income taxes</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(89,021,131</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(58,042,496</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD></TR>
  <TR  STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Income
    taxes</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(210,832</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">19,541,127</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR  STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Net
    loss</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(89,231,963</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(38,501,369</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD></TR>
  <TR  STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Deemed
    dividend on convertible preferred stock</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(15,642,595</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR  STYLE="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Deemed
    dividend on Series H convertible preferred stock</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(15,642,595</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
<TR  STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Net
    loss attributable to common stockholders</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(104,874,558</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(38,501,369</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD></TR>
  <TR  STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Basic
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    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(1.04</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD></TR>
  <TR  STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Weighted
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    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">37,080,784</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>&#160;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>See
accompanying notes to consolidated financial statements.</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>&#160;</I></FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><FONT ID="ar_004"></FONT>THEMAVEN,
INC. AND SUBSIDIARIES</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>CONSOLIDATED
STATEMENTS OF STOCKHOLDERS&#8217; DEFICIENCY</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Years
Ended December 31, 2020 and 2019</B></FONT></P>

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<TABLE CELLPADDING="0" CELLSPACING="0"  SUMMARY="xdx: Statement - Condensed Consolidated Statements of Stockholders' Deficiency (Unaudited)" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
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<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Shares</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Par
    Value</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
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    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Par
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    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Capital</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
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    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Deficiency
    </B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR  STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 37%"><FONT STYLE="font-family: Times New Roman, Times, Serif">Balance
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD  TITLE="Beginning balance, shares" STYLE="font: 10pt Times New Roman, Times, Serif; width: 5%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">35,768,619</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 5%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">23,413,077</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 5%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(34,539,954</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 5%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(10,717,920</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD></TR>
  <TR  STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Issuance
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  <TR  STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Cashless
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Deemed
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  <TR  STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">Exercise of common
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">69</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">3,767</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR  STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Deemed
    dividend on Series I convertible preferred stock</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(5,082,000</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(5,082,000</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD></TR>
  <TR  STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Deemed
    dividend on Series J convertible preferred stock</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(586,545</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(586,545</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD></TR>
  <TR  STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Deemed
    dividend on Series K convertible preferred stock</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(9,472,050</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(9,472,050</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD></TR>
  <TR  STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Beneficial
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">502,000</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">502,000</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR  STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Deemed
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</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>&#160;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>See
accompanying notes to consolidated financial statements.</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>&#160;</I></B></FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>&#160;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><FONT ID="ar_005"></FONT>THEMAVEN,
INC. AND SUBSIDIARIES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>CONSOLIDATED
STATEMENTS OF CASH FLOWS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0"  SUMMARY="xdx: Statement - Condensed Consolidated Statements of Cash Flows (Unaudited)" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD COLSPAN="2"  STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">2020</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD COLSPAN="2"  STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">2019</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Years
    Ended December 31,</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">2020</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">2019</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR  STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Cash
    flows from operating activities</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 64%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Net
    loss</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(89,231,963</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(38,501,369</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD></TR>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Adjustments
    to reconcile net loss to net cash used in operating activities:</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR  STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Depreciation
    of property and equipment</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">638,796</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">276,791</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR  STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Amortization
    of platform development and intangible assets</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">24,192,631</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">10,466,546</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR  STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Amortization
    of debt discounts</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">6,607,212</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">4,545,675</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR  STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Change
    in valuation of warrant derivative liabilities</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(496,305</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1,015,151</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR  STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Change
    in valuation of embedded derivative liabilities</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(2,571,004</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">5,040,000</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR  STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Loss
    on conversion of 12% convertible debentures</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">3,297,539</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR  STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Accrued
    and noncash converted interest</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">9,244,324</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">3,065,633</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR  STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Liquidated
    damages</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1,487,577</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">728,516</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR  STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Stock-based
    compensation</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">14,641,181</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">10,364,787</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR  STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Deferred
    income taxes</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">210,832</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(19,541,127</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD></TR>
  <TR  STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Other</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Change
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR  STYLE="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Change
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
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<TR  STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Accounts
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Factor
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(6,130,674</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD></TR>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Subscription
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(34,945,422</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(5,008,080</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD></TR>
  <TR  STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Royalty
    fees</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">15,000,000</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(41,250,000</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD></TR>
  <TR  STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Prepayments
    and other current assets</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(356,528</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(1,702,064</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD></TR>
  <TR  STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Other
    long-term assets</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(245,525</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(276,145</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD></TR>
  <TR  STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Accounts
    payable</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(1,404,703</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">3,323,196</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR  STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Accrued
    expenses</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(3,392,507</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">11,986,442</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR  STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Unearned
    revenue</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">21,695,088</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">9,201,586</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR  STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Subscription
    refund liability</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">891,359</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(2,283,351</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD></TR>
  <TR  STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Other
    long-term liabilities</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">511,055</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR  STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt; text-align: left; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Operating
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  <TR  STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Net
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  <TR  STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Cash
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR  STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Purchases
    of property and equipment</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(1,212,003</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(150,763</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD></TR>
  <TR  STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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    platform development</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(2,537,402</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD></TR>
  <TR  STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Proceeds
    from sale of intangible asset</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">350,000</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR  STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Payments
    for acquisition of businesses, net of cash</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(315,289</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(16,331,026</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD></TR>
  <TR  STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Net
    cash used in investing activities</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(4,927,833</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(19,019,191</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD></TR>
  <TR  STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Cash
    flows from financing activities</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR  STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Proceeds
    from long-term debt</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">11,702,725</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">71,000,000</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR  STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Repayments
    of long-term debt</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(17,307,364</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD></TR>
  <TR  STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Payment
    of debt issuance costs on long-term debt</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(560,500</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(7,162,382</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD></TR>
  <TR  STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Proceeds
    from issuance of Series H convertible preferred stock</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">113,000</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR  STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Proceeds
    from (repayments of) convertible debt</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(1,130,903</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">2,000,000</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR  STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Proceeds
    from exercise of common stock options</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">3,767</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR  STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Proceeds
    from issuance of Series I convertible preferred stock</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">23,100,000</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR  STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Proceeds
    from issuance of Series J convertible preferred stock</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">6,000,000</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">15,000,000</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR  STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Proceeds
    from issuance of Series K convertible preferred stock</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">14,675,000</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR  STYLE="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left">Proceeds from issuance convertible preferred stock</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD></TR>
  <TR  STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Payment
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  <TR  STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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  <TR  STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Payment
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Repayment
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  <TR  STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Net
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  <TR  STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Net
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  <TR  STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Cash,
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Cash,
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    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">9,473,090</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR  STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Supplemental
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR  STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Cash
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR  STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR  STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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  <TR  STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Discount
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
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  <TR  STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Exercise
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  <TR  STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Payment
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
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  <TR  STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Liquidated
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">84,000</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR  STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Liquidated
    damages liability recorded against cash proceeds for Series I convertible preferred stock</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1,940,400</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR  STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Restricted
    common stock units issued in connection with acquisition of LiftIgniter</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">500,000</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR  STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Assumption
    of liabilities in connection with acquisition of LiftIgniter</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">140,381</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR  STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Liquidated
    damages liability recorded against cash proceeds for Series J convertible preferred stock</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1,680,000</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR  STYLE="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Liquidated
    damages liability recorded against cash proceeds for convertible preferred stock</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD></TR>
  <TR  STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Conversion
    of convertible debt into common stock</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">21,402,488</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR  STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Conversion
    of embedded derivative liabilities into common stock</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">10,929,996</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR  STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Conversion
    of Series I convertible preferred stock into common stock</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">19,699,742</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR  STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Conversion
    of Series J convertible preferred stock into common stock</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">23,739,996</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR  STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Conversion
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">17,481,500</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR  STYLE="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left">Conversion of convertible preferred stock into common stock</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD></TR>
  <TR  STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">502,000</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR  STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Deemed
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>&#160;</I></FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.75pt; text-align: justify; text-indent: -23.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>See
accompanying notes to consolidated financial statements.</I></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.75pt; text-transform: uppercase; text-align: justify; text-indent: -23.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>&#160;</I></FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><FONT ID="ar_006"></FONT>THEMAVEN,
INC. AND SUBSIDIARIES</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Years
Ended December 31, 2020 and 2019</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&#160;</B></FONT></P>

<P  STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: none"><B>1.</B></FONT> <FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: none"><B><FONT >Organization and Basis of Presentation</FONT></B></FONT></P>



<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.75pt; text-transform: uppercase; text-align: justify; text-indent: -23.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: none">&#160;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">TheMaven,
Inc. (the &#8220;Maven&#8221; or &#8220;Company&#8221;), was incorporated in Delaware on October 1, 1990. On October 11, 2016, the predecessor
entity now known as Maven exchanged its shares with another entity that was incorporated in Delaware on July 22, 2016. On November 4,
2016, these entities consummated a recapitalization. This resulted in Maven becoming the parent entity, and the other Delaware entity
becoming the wholly owned subsidiary. On December 19, 2019, the Company&#8217;s wholly owned subsidiaries Maven Coalition, Inc., and
HubPages, Inc., a Delaware corporation that was acquired by the Company in a merger during 2018 (&#8220;HubPages&#8221;), were merged
into another of the Company&#8217;s wholly owned subsidiaries, Say Media, Inc., a Delaware corporation that was acquired by the Company
in a merger during 2018 (&#8220;Say Media&#8221;), with Say Media as the surviving corporation. On January 6, 2020, Say Media changed
its name to Maven Coalition, Inc. (&#8220;Coalition&#8221;). As of December 31, 2020, the Company&#8217;s wholly owned subsidiaries consist
of Coalition, Maven Media Brands, LLC (&#8220;Maven Media&#8221; formed during 2019 as a wholly owned subsidiary of Maven) and TheStreet,
Inc. (&#8220;TheStreet&#8221; acquired by the Company in a merger during 2019 as further described in Note 3).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Unless
the context indicates otherwise, Maven, Coalition, and TheStreet, are together hereinafter referred to as the &#8220;Company.&#8221;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Company operates a best-in-class technology platform empowering premium publishers who impact, inform, educate and entertain. The Company
operates a significant portion of the media businesses for Sports Illustrated (as defined below), own and operate TheStreet, Inc. (the
&#8220;TheStreet&#8221;), and power more than 250 independent brands. The Maven technology platform (the &#8220;Maven Platform&#8221;)
provides digital publishing, distribution, and monetization capabilities for the Sports Illustrated and TheStreet businesses as well
as a coalition of independent, professionally managed, online media publishers (each a &#8220;Publisher Partner&#8221;). Each Publisher
Partner joins the media-coalition by invitation-only and is drawn from premium media brands and independent publishing businesses. Publisher
Partners publish content and oversee an online community for their respective sites, leveraging our proprietary technology platform to
engage the collective audiences within a single network. Generally, Publisher Partners are independently owned, strategic partners who
receive a share of revenue from the interaction with their content. When they join, the Company believes Publisher Partners will benefit
from the proprietary technology of the Maven Platform, techniques and relationships. Advertising revenue may improve due to the scale
we have achieved by combining all Publisher Partners onto a single platform and a large and experienced sales organization. They may
also benefit from our membership marketing and management systems, which we believe will enhance their revenue. Additionally, the Company
believes the lead brand within each vertical creates a halo benefit for all Publisher Partners in the vertical while each of them adds
to the breadth and quality of content. While they benefit from these critical performance improvements they also may save substantially
in costs of technology, infrastructure, advertising sales, and member marketing and management.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Company&#8217;s growth strategy is to continue to expand the coalition by adding new Publisher Partners in key verticals that management
believes will expand the scale of unique users interacting on the Company&#8217;s technology platform. In each vertical, the Company
seeks to build around a leading brand, such as Sports Illustrated (for sports) and TheStreet (for finance), surround it with subcategory
publisher specialists, and further enhance coverage with individual expert contributors. The primary means of expansion is adding independent
Publisher Partners and/or acquiring publishers that have premium branded content and can broaden the reach and impact of the Company&#8217;s
technology platform.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">In
June 2019, the Company entered into a licensing agreement (the &#8220;Initial Licensing Agreement&#8221;) with ABG-SI LLC (&#8220;ABG&#8221;),
as amended by Amendment No. 1 to Licensing Agreement, dated September 1, 2019 (the &#8220;First Amendment&#8221;), Amendment No. 2 to
Licensing Agreement, dated April 1, 2020 (the &#8220;Second Amendment&#8221;), and Amendment No. 3 to Licensing Agreement, dated July
28, 2020 (the &#8220;Third Agreement&#8221; and, together with the Initial Licensing Agreement, First Amendment, and Second Amendment,
the &#8220;Sports Illustrated Licensing Agreement&#8221;) to license certain Sports Illustrated (&#8220;Sports Illustrated&#8221;) brands
as part of its growth strategy. In August 2019, the Company acquired TheStreet. For addition information, see Note 3.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Company&#8217;s common stock is quoted on the OTC Markets Group Inc.&#8217;s Pink Open Market under the symbol &#8220;MVEN&#8221;.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Company experiences typical media company advertising and membership sales seasonality, which is strong in the fiscal fourth quarter
and slower in the fiscal first quarter.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>&#160;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Company performed an annual reporting period going concern assessment. Management is required to assess its ability to continue as a
going concern. These consolidated financial statements have been prepared assuming that the Company will continue as a going concern,
which contemplates the realization of assets and the liquidation of liabilities in the normal course of business. These consolidated
financial statements do not include any adjustments that might be necessary if it is unable to continue as a going concern.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Company has a history of recurring losses. The Company&#8217;s recurring losses from operations and net capital deficiency have been
evaluated by management to determine if the significance of those conditions or events would limit its ability to meet its obligations
when due. The operating loss realized in fiscal 2020 was primarily a result of the impact on our business from the COVID-19 pandemic
and the related shut down of most professional and collegiate sports, which reduced user traffic and advertising revenue. The operating
loss realized in fiscal 2019 was primarily a result of a marketing investment in customer growth, together with investment in people
and technology as we continued to expand our operations, and operations rapidly expanding during fiscal 2019 with the TheStreet Merger
and the Sports Illustrated Licensing Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">As
reflected in these consolidated financial statements, the Company had revenues of $<FONT  TITLE="Revenues">128,032,397</FONT> for the year ended December 31, 2020,
and experienced recurring net losses from operations, negative working capital, and negative operating cash flows. During the year ended
December 31, 2020, the Company incurred a net loss attributable to common stockholders of $<FONT  TITLE="Net loss attributable to common shareholders">104,874,558</FONT>, utilized cash in operating activities
of $<FONT  TITLE="Net cash used in operating activities">32,294,587</FONT>, and as of December 31, 2020, had an accumulated deficit of $<FONT  TITLE="Accumulated deficit">162,273,286</FONT>. The Company has financed its working capital
requirements since inception through the issuance of debt and equity securities.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
negative impact from the COVID-19 pandemic during 2021 has been to a lesser extent than in 2020. Beginning in 2021, restrictions on non-essential
work activity have begun to lift and sporting and other events have begun to be held, with attendance closer to pre-pandemic levels,
which has resulted in an increase in traffic to the Maven Platform and, thereby an increase in advertising revenue. The ultimate extent
of the impact on our operational and financial performance will depend on future developments, including the duration and spread of the
COVID-19 pandemic, whether related group gathering and sports event advisories and restrictions will be put in place again, and the extent
and effectiveness of containment and other actions taken, including the percentage of the population that receives COVID-19 vaccinations,
all of which remain uncertain at the time of issuance of our accompanying consolidated financial statements.</FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Management
has evaluated whether relevant conditions or events, considered in the aggregate, raise substantial doubt about the Company&#8217;s ability
to continue as a going concern. Substantial doubt exists when conditions and events, considered in the aggregate, indicate it is probable
that a company will not be able to meet its obligations as they become due within one year after the issuance date of its financial statements.
Management&#8217;s assessment is based on the relevant conditions that are known or reasonably knowable as of the date these consolidated
financial statements were issued or were available to be issued.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Management&#8217;s
assessment of the Company&#8217;s ability to meet its future obligations is inherently judgmental, subjective and susceptible to change.
The factors that the Company considered important in its going concern analysis, include, but are not limited to, the Company&#8217;s
fiscal 2021 cash flow forecast and its fiscal 2021 operating budget. Management also considered the Company&#8217;s implementation of
additional measures, if required, related to potential revenue and earnings declines from COVID-19. These factors consider information
including, but not limited to, the Company&#8217;s financial condition, liquidity sources, obligations due within one year after the
issuance date of these consolidated financial statements, the funds necessary to maintain operations and financial conditions, including
negative financial trends or other indicators of possible financial difficulty.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">In
particular, the Company&#8217;s plan for the: (1) 2021 cash flow forecast, considered the use of its working capital line with FastPay
(as described in Note 14) to fund changes in working capital, under which the Company has available credit of approximately $<FONT  TITLE="Available credit">8.5</FONT> million
as of the issuance date of these consolidated financial statements for the year ended December 31, 2020, and that the Company does not
anticipate the need for any further borrowings that are subject to the approval of the holders of the Term Note (as described in Note
19) under which the Company may be permitted to borrow up to an additional $<FONT  TITLE="Borrowings subject to note holders approval">5.0</FONT> million; and (2) 2021 operating budget, considered that
approximately fifty-eight percent of the Company&#8217;s revenue is from recurring subscriptions, generally paid in advance, and that
digital subscription revenue, that accounts for approximately thirty percent of subscription revenue, grew approximately thirty percent
in 2020 demonstrating the strength of its premium brand, and the plan to continue to grow its subscription revenue from its acquisition
of TheStreet in 2019 (as described in Note 3) and to grow premium digital subscriptions from its Sports Illustrated Licensed Brands (as
described in Note 3), in which were launched in February 2021.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Company has considered both quantitative and qualitative factors as part of the assessment that are known or reasonably knowable as of
the date these consolidated financial statements were issued or were available to be issued and concluded that conditions and events
considered in the aggregate, do not raise substantial doubt about the Company&#8217;s ability to continue as a going concern for a one-year
period following the financial statement issuance date.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>&#160;</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Certain
comparative amounts as of and for the year ended December 31, 2019 have been reclassified to conform to the current period&#8217;s presentation.
These reclassifications were immaterial, both individually and in the aggregate. These changes did not impact previously reported loss
from operations or net loss.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P  STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: none"><B>2.</B></FONT> <FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: none"><B><FONT >Summary of Significant Accounting Policies</FONT></B></FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.75pt; text-transform: uppercase; text-align: justify; text-indent: -23.75pt"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif; text-transform: none">&#160;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
accompanying consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted
in the United States of America (&#8220;GAAP&#8221;) and include the financial statements of Maven and its wholly owned subsidiaries,
Coalition, and TheStreet. Intercompany balances and transactions have been eliminated in consolidation.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&#160;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
functional currency of the Company&#8217;s foreign subsidiaries is the local currencies (U.K. pounds sterling and Canadian dollar), as
it is the monetary unit of account of the principal economic environment in which the Company&#8217;s foreign subsidiaries operate. All
assets and liabilities of the foreign subsidiaries are translated at the current exchange rate as of the end of the period, and revenue
and expenses are translated at average exchange rates in effect during the period. The gain or loss resulting from the process of translating
foreign currencies financial statements into U.S. dollars was immaterial for the years ended December 31, 2020 and 2019, therefore, a
foreign currency cumulative translation adjustment was not reported as a component of accumulated other comprehensive income (loss) and
the unrealized foreign exchange gain or loss was omitted from the consolidated statements of cash flows. Foreign currency transaction
gains and losses, if any, resulting from or expected to result from transactions denominated in a currency other than the functional
currency are recognized in other income, net on the consolidated statements of operations.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>&#160;</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated
financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates include those
related to the selection of useful lives of property and equipment, intangible assets, capitalization of platform development and associated
useful lives; assumptions used in accruals for potential liabilities; fair value of assets acquired and liabilities assumed in the business
acquisitions, the fair value of the Company&#8217;s goodwill and the assessment of acquired goodwill, other intangible assets and long-lived
assets for impairment; determination of the fair value of stock-based compensation and valuation of derivatives liabilities; and the
assumptions used to calculate contingent liabilities, and realization of deferred tax assets. Management evaluates its estimates and
assumptions on an ongoing basis using historical experience and other factors, including the current economic environment, and makes
adjustments when facts and circumstances dictate. Actual results could differ from these estimates.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P  STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Risks
and Uncertainties</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Company has a limited operating history and has not generated significant revenues to date to cover its operating expenses. The Company&#8217;s
business and operations are sensitive to general business and economic conditions in the U.S. and worldwide. These conditions include
short-term and long-term interest rates, inflation, fluctuations in debt and equity capital markets and the general condition of the
U.S. and world economy. A host of factors beyond the Company&#8217;s control could cause fluctuations in these conditions. Adverse developments
in these general business and economic conditions could have a material adverse effect on the Company&#8217;s financial condition and
the results of its operations.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">In
addition, the Company will compete with many companies that currently have extensive and well-funded projects, marketing and sales operations
as well as extensive human capital. The Company may be unable to compete successfully against these companies. The Company&#8217;s industry
is characterized by rapid changes in technology and market demands. As a result, the Company&#8217;s products, services, and/or expertise
may become obsolete and/or unmarketable. The Company&#8217;s future success will depend on its ability to adapt to technological advances,
anticipate customer and market demands, and enhance its current technology under development.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">With
the initial onset of COVID-19, the Company faced significant change in its advertisers&#8217; buying behavior. The Company&#8217;s advertising
revenue from Sports Illustrated was impacted as a result of sports authorities around the world making the decision to postpone/cancel
high attendance sports events in an effort to reduce the spread of the COVID-19 virus. Since May 2020, there has been a steady recovery
in the advertising market in both pricing and volume, which coupled with the return of professional and college sports yielded steady
growth in revenues through the balance of 2020 and the first half of 2021. The Company expects a continued modest growth in advertising
revenue back toward pre-pandemic levels. As a result of the Company&#8217;s advertising revenue declining in early 2020, the Company
is vulnerable to a risk of loss in the near term and it is at least reasonably possible that events or circumstances may occur that could
cause a significant impact in the near term, that depend on future developments, including the duration of COVID-19, future sport event
advisories and restrictions, and the extent and effectiveness of containment actions taken.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Since
August 2018, B. Riley FBR, Inc. (&#8220;B. Riley FBR&#8221;), a registered broker-dealer owned by B. Riley Financial, Inc., a diversified
publicly-traded financial services company (&#8220;B. Riley&#8221;), has been instrumental in providing investment banking services to
the Company and in raising debt and equity capital for the Company. These services have included raising debt and equity capital to support
various acquisitions, including TheStreet, the Sports Illustrated Licensing Agreement with ABG (as described in Note 3) and the acquisition
of the College Spun Media Incorporated (as described in Note 27). The raising debt and equity capital for the acquisitions, refinancing
and working capital purposes included the sale of the <FONT  TITLE="Debt instrument interest rate">12</FONT>% Convertible Debentures (as described in Note 18), <FONT  TITLE="Debt instrument interest rate">12</FONT>% Second Amended Senior
Secured Notes (as described in Note 19), Preferred Stock (as described in Note 20), and subsequent equity offerings of common stock (as
described in Note 27).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>&#160;</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>&#160;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">In
accordance with Accounting Standards Codification (&#8220;ASC&#8221;) 606, <I>Revenue from Contracts with Customers</I>, revenues are
recognized when control of the promised goods or services are transferred to the Company&#8217;s customers, in an amount that reflects
the consideration that the Company expects to receive in exchange for those goods or services. The Company generates all of its revenue
from contracts with customers. The Company accounts for revenue on a gross basis, as compared to a net basis, in its statement of operations.
Cost of revenues is presented as a separate line item in the statement of operations. The Company has made this determination based on
it taking the credit risk in its revenue-generating transactions and it also being the primary obligor responsible for providing the
services to the customer.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
following is a description of the principal activities from which the Company generates revenue:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Digital
Advertising &#8211; </I>The Company recognizes revenue from digital advertisements at the point when each ad is viewed. The quantity
of advertisements, the impression bid prices and revenue are reported on a real-time basis. The Company enters into contracts with advertising
networks to serve display or video advertisements on the digital media pages associated with its various channels. Although reported
advertising transactions are subject to adjustment by the advertising network partners, any such adjustments are known within a few days
of month end. The Company owes its independent Publisher Partners a revenue share of the advertising revenue earned, which is recorded
as service costs in the same period in which the associated advertising revenue is recognized.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Advertising
revenue that is comprised of fees charged for the placement of advertising, on the Company&#8217;s flagship website, <I>TheStreet.com,
</I>is recognized as the advertising or sponsorship is displayed, provided that collection of the resulting receivable is reasonably
assured.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Print
Advertising &#8211; </I>Advertising related revenues for print advertisements are recognized when advertisements are published (defined
as an issue&#8217;s on-sale date), net of provisions for estimated rebates, rate adjustments, and discounts.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Digital
Subscriptions</I> &#8211; The Company enters into contracts with internet users that subscribe to premium content on the owned and operated
media channels and facilitate such contracts between internet users and our Publisher Partners. These contracts provide internet users
with a membership subscription to access the premium content. The Company owes its independent Publisher Partners a revenue share of
the membership subscription revenue earned, which is initially deferred and recorded as deferred contract costs. The Company recognizes
deferred contract costs over the membership subscription term in the same pattern that the associated membership subscription revenue
is recognized.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Subscription
revenue generated from the Company&#8217;s flagship website <I>TheStreet.com</I> from institutional and retail customers is comprised
of subscriptions and license fees for access to securities investment information, stock market commentary, director and officer profiles,
relationship capital management services, and transactional information pertaining to mergers and acquisitions and other changes in the
corporate control environment. Subscriptions are charged to customers&#8217; credit cards or are directly billed to corporate subscribers,
and are generally billed in advance on a monthly, quarterly or annual basis. The Company calculates net subscription revenue by deducting
from gross revenue an estimate of potential refunds from cancelled subscriptions as well as chargebacks of disputed credit card charges.
Net subscription revenue is recognized ratably over the subscription periods. Unearned revenue relates to payments for subscription fees
for which revenue has not been recognized because services have not yet been provided.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Circulation
revenues include magazine subscriptions and single copy sales at newsstands.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Print
Subscriptions &#8211;</I> Revenues from magazine subscriptions are deferred and recognized proportionately as products are distributed
to subscribers.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>&#160;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Newsstand
</I>&#8211; Single copy revenue is recognized on the publication&#8217;s on-sale date, net of provisions for estimated returns. The Company
bases its estimates for returns on historical experience and current marketplace conditions.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Content
licensing-based revenues are accrued generally monthly or quarterly based on the specific mechanisms of each contract. Generally, revenues
are accrued based on estimated sales and adjusted as actual sales are reported by partners. These adjustments are typically recorded
within three months of the initial estimates and have not been material. Any minimum guarantees are typically earned evenly over the
fiscal year.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">At
contract inception, the Company assesses the obligations promised in its contracts with customers and identifies a performance obligation
for each promise to transfer a good or service or bundle that is distinct. To identify the performance obligations, the Company considers
all the promises in the contract, whether explicitly stated or implied based on customary business practices. For a contract that has
more than one performance obligation, the Company allocates the total contract consideration to each distinct performance obligation
on a relative standalone selling price basis. Revenue is recognized when, or as, the performance obligations are satisfied and control
is transferred to the customer.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Digital
Advertising</I> &#8211; The Company sells digital advertising inventory on its websites directly to advertisers or through advertising
agencies. The Company&#8217;s performance obligations related to digital advertising are generally satisfied when the advertisement is
run on the Company&#8217;s platform. The price for direct digital advertising is determined in contracts with the advertisers. Revenue
from the sale of direct digital advertising is recognized when the advertisements are delivered based on the contract. The customer is
invoiced the agreed-upon price in the month following the month that the advertisements are delivered with normal trade terms. The agreed
upon price is adjusted for estimated provisions for rebates, rate adjustments, and discounts. As part of the Company&#8217;s customary
business practices, digital advertising contracts may include a guaranteed number of impressions and sales incentives to its customers
including volume discounts, rebates, value added impressions, etc. For all such contracts that include these types of variable consideration,
the Company estimates the variable consideration and factors in such an estimate when determining the transaction price.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>&#160;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Print
Advertising</I> <B>&#8211; </B>The Company provides advertisement placements in print media directly to advertisers or through advertising
agencies. The Company&#8217;s performance obligations related to print advertising are satisfied when the magazine in which an advertisement
appears is published, which is defined as an issue&#8217;s on-sale date. The customer is invoiced the agreed-upon price when the advertisements
are published under normal industry trade terms. The agreed upon price is adjusted for estimated provisions for rebates, rate adjustments,
and discounts. As part of the Company&#8217;s customary business practices, print advertising contracts include guaranteed circulation
levels of magazines, referred to as rate base, and a number of sales incentives to its customers including volume discounts, rebates,
bonus pages, etc. For all such contracts that include these types of variable consideration, the Company estimates such when determining
the transaction price.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Digital
Subscriptions</I> &#8211; The Company recognizes revenue from each membership subscription to access the premium content over time based
on a daily calculation of revenue during the reporting period, which is generally one year. Subscriber payments are initially recorded
as unearned revenue on the balance sheets. As the Company provides access to the premium content over the membership subscription term,
the Company recognizes revenue and proportionately reduces the unearned revenue balance.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Print
Subscriptions</I> &#8211; The Company sells magazines to consumers through subscriptions. Each copy of a magazine is determined to be
a distinct performance obligation that is satisfied when the publication is sent to the customer. The majority of the Company&#8217;s
subscription sales are prepaid at the time of order. Subscriptions may be canceled at any time for a refund of the price paid for remaining
issues. As the contract may be canceled at any time for a full refund of the unserved copies, the contract term is determined to be on
an issue-to-issue basis as these contracts do not have substantive termination penalties. Revenues from subscriptions are deferred and
recognized proportionately as subscribers are served. Some magazine subscription offers contain more than one magazine title in a bundle.
The Company allocates the total contract consideration to each distinct performance obligation, or magazine title, based on a standalone-selling
price basis.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Newsstand
</I>&#8211; The Company sells single copy magazines, or bundles of single copy magazines, to wholesalers for ultimate resale on newsstands
primarily at major retailers and grocery/drug stores, and in digital form on tablets and other electronic devices. Publications sold
to magazine wholesalers are sold with the right to receive credit from the Company for magazines returned to the wholesaler by retailers.
Revenue is recognized on the issue&#8217;s on-sale date as the date aligns most closely with the date that control is transferred to
the customer. The Company bases its estimates for returns on historical experience and current marketplace conditions.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Licensing
&#8211; </I>The Company has entered into various licensing agreements that provide third-party partners the right to utilize the Company&#8217;s
content. Functional licenses in national media consist of content licensing.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&#160;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Point-in-Time
Performance Obligations &#8211; </I><FONT  TITLE="Revenue, performance obligation, description of timing">For
performance obligations related to certain digital advertising space and sales of print advertisements, the Company determines that
the customer can direct the use of and obtain substantially all the benefits from the advertising products as the digital
impressions are served or on the issue&#8217;s on-sale date. For performance obligations related to sales of magazines through
subscriptions, the customer obtains control when each magazine issue is mailed to the customer on or before the issue&#8217;s
on-sale date. For sales of single copy magazines on newsstands, revenue is recognized on the issue&#8217;s on-sale date as the date
aligns most closely with the date that control is transferred to the customer. Revenues from functional licenses are recognized at a
point-in-time when access to the completed content is granted to the partner.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Over-Time
Performance Obligations</I> <B>&#8211; </B>For performance obligations related to sales of certain digital advertising space, the Company
transfers control and recognizes revenue over time by measuring progress towards complete satisfaction using the most appropriate method.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">For
performance obligations related to digital advertising, the Company satisfies its performance obligations on some flat-fee digital advertising
placements over time using a time-elapsed output method.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Determining
a measure of progress requires management to make judgments that affect the timing of revenue recognized. The Company has determined
that the above method provides a faithful depiction of the transfer of goods or services to the customer. For performance obligations
recognized using a time-elapsed output method, the Company&#8217;s efforts are expended evenly throughout the period.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Performance
obligations related to subscriptions to premium content on the digital media channels provides access for a given period of time, which
is generally one year. The Company recognizes revenue from each membership subscription over time based on a daily calculation of revenue
during the reporting period.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Transaction
Price and Amounts Allocated to Performance Obligations</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Determining
the Transaction Price &#8211; </I>Certain advertising contracts contain variable components of the transaction price, such as volume
discounts and rebates. The Company has sufficient historical data and has established processes to reliably estimate these variable components
of the transaction price.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Subscription
revenue generated from the flagship website <I>TheStreet.com</I> is subject to estimation and variability due to the fact that, in the
normal course of business, subscribers may for various reasons contact the Company or their credit card companies to request a refund
or other adjustment for a previously purchased subscription. With respect to many of the Company&#8217;s annual newsletter subscription
products, the Company offers the ability to receive a refund during the first 30 days but none thereafter. Accordingly, the Company maintains
a provision for estimated future revenue reductions resulting from expected refunds and chargebacks related to subscriptions for which
revenue was recognized in a prior period. The calculation of this provision is based upon historical trends and is reevaluated each quarter.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Company typically does not offer any type of variable consideration in standard magazine subscription contracts. For these contracts,
the transaction price is fixed upon establishment of the contract that contains the final terms of the sale including description, quantity
and price of each subscription purchased. Therefore, the Company does not estimate variable consideration or perform a constraint analysis
for these contracts.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">A
right of return exists for newsstand contracts. The Company has sufficient historical data to estimate the final amount of returns and
reduces the transaction price at contract inception for the expected return reserve.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">There
is no variable consideration related to functional licenses.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Estimating
Standalone-Selling Prices</I> <B>&#8211; </B>For contracts that contain multiple performance obligations, the Company allocates the transaction
price to each performance obligation on a relative standalone-selling price basis. The standalone-selling price is the price at which
the Company would sell a promised good or service separately to the customer. In situations in which an obligation is bundled with other
obligations and the total amount of consideration does not reflect the sum of individual observable prices, the Company allocates the
discount to (1) a single obligation if the discount is attributable to that obligation or (2) prorates across all obligations if the
discount relates to the bundle. When standalone-selling price is not directly observable, the Company estimates and considers all the
information that is reasonably available to the Company, including market conditions, entity specific factors, customer information,
etc. The Company maximizes the use of observable inputs and applies estimation methods consistently in similar circumstances.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Measuring
Obligations for Returns and Refunds</I> &#8211; The Company accepts product returns in some cases. The Company establishes provisions
for estimated returns concurrently with the recognition of revenue. The provisions are established based upon consideration of a variety
of factors, including, among other things, recent and historical return rates for both specific products and distributors and the impact
of any new product releases and projected economic conditions.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">As
of December 31, 2020 and 2019, a subscription refund liability of $<FONT  TITLE="Subscription refund liability">4,035,531</FONT> and $<FONT  TITLE="Subscription refund liability">3,144,172</FONT>, respectively, was recorded for the provision
for the estimated returns and refunds on the consolidated balance sheets.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>&#160;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Company occasionally enters into amendments to previously executed contracts that constitute contract modifications. The Company assesses
each of these contract modifications to determine:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">if
    the additional services and goods are distinct from the services and goods in the original arrangement; and</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">if
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">A
contract modification meeting both criteria is accounted for as a separate contract. A contract modification not meeting both criteria
is considered a change to the original contract and is accounted for on either a prospective basis as a termination of the existing contract
and the creation of a new contract, or a cumulative catch-up basis (further details are provided under the headings <I>Contract Balances
</I>and <I>Subscription Acquisition Costs</I>).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P  STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
following table provides information about disaggregated revenue by product line, geographical market and timing of revenue recognition:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;<FONT  STYLE="display: none">Schedule of Disaggregation of Revenue</FONT></FONT></P>

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    <TD COLSPAN="6" STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Years
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">At
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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  </TABLE>

<P  STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>&#160;</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Cost
of revenue represents the cost of providing the Company&#8217;s digital media network channels and advertising and membership services.
The cost of revenue that the Company has incurred in the periods presented primarily include: Publisher Partner guarantees and revenue
share payments; amortization of developed technology and platform development; royalty fees; hosting and bandwidth and software license
fees; printing and distribution costs; payroll and related expenses for customer support, technology maintenance, and occupancy costs
of related personnel; fees paid for data analytics and to other outside service providers; and stock-based compensation of related personnel
and stock-based compensation related to Publisher Partner Warrants (as described in Note 22).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>&#160;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
timing of the Company&#8217;s performance under its various contracts often differs from the timing of the customer&#8217;s payment,
which results in the recognition of a contract asset or a contract liability. A contract asset is recognized when a good or service is
transferred to a customer and the Company does not have the contractual right to bill for the related performance obligations. An asset
is recognized when certain costs incurred to obtain a contract meet the capitalization criteria. A contract liability is recognized when
consideration is received from the customer prior to the transfer of goods or services.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P  STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
following table provides information about contract balances:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;<FONT  STYLE="display: none">Schedule of Contract with Customer, Asset and Liability</FONT></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">As
    of December 31,</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">2020</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>2019</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Unearned
    revenue (short-term contract liabilities):</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; width: 64%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Digital
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Magazine
    circulation</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
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    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD  TITLE="Unearned revenues (short-term contract liabilities)" STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">23,528,148</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD  TITLE="Unearned revenues (short-term contract liabilities)" STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">61,625,676</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD  TITLE="Unearned revenues (short-term contract liabilities)" STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">32,163,087</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Unearned
    revenue (long-term contract liabilities):</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Digital
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD  TITLE="Unearned revenues (long-term contract liabilities)" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">593,136</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Magazine
    circulation</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Other</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
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  </TABLE>

<P  STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>&#160;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Unearned
Revenue </I>&#8211; Unearned revenue, also referred to as contract liabilities, include payments received in advance of performance under
the contracts and are recognized as revenue over time. The Company records contract liabilities as unearned revenue on the consolidated
balance sheets. Digital subscription and magazine circulation revenue of $<FONT  TITLE="Unearned revenue">32,163,087</FONT> was recognized during the year ended December 31,
2020 from unearned revenue at the beginning of the year.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">During
January and February of 2020, the Company modified certain digital and magazine subscription contracts that prospectively changed the
frequency of the related issues required to be delivered on a yearly basis (the &#8220;Contract Modifications&#8221;). The Company determined
that the remaining digital content and magazines to be delivered are distinct from the digital content or magazines already provided
under the original contract. As a result, the Company in effect established a new contract that included only the remaining digital content
or magazines. Accordingly, the Company allocated the remaining performance obligations in the contracts as consideration from the original
contract that has not yet been recognized as revenue.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>&#160;</I></FONT></P>

<P  STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Cash,
Cash Equivalents, and Restricted Cash</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&#160;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Company maintains cash, cash equivalents, and restricted cash at banks where amounts on deposit may exceed the Federal Deposit Insurance
Corporation limit during the year. Cash and cash equivalents represent cash and highly liquid investments with an original contractual
maturity at the date of purchase of three months. As of December 31, 2020 and 2019, cash and cash equivalents consist primarily of checking,
savings deposits and money market accounts. These deposits exceeded federally insured limits. The Company has not experienced any losses
in such accounts and believes it is not exposed to significant credit risk regarding its cash and cash equivalents.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P  STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
following table reconciles total cash, cash equivalents, and restricted cash:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;<FONT  STYLE="display: none">Schedule of Cash and Restricted Cash</FONT></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">&#160;</TD>
    <TD  STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">2020</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">&#160;</TD>
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<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
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    of December 31,</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">2020</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
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  <TR  STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Total
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  </TABLE>

<P  STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">As
of December 31, 2020, the Company had restricted cash of $<FONT  TITLE="Restricted cash">500,809</FONT>, which serves as collateral for certain credit card merchant accounts
with a bank. As of December 31, 2019, the Company had restricted cash of $<FONT  TITLE="Restricted cash">620,809</FONT> of which (1) $<FONT  TITLE="Restricted cash">500,000</FONT> served as collateral for an outstanding
letter of credit for a security deposit for office space leased at 14 Wall Street, 15th Floor, New York, New York (see Note 7), and (2)
$<FONT  TITLE="Restricted cash">120,809</FONT> served as collateral for certain credit card merchant accounts with a bank.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Company receives payments from advertising customers based upon contractual payment terms; accounts receivable is recorded when the right
to consideration becomes unconditional and are generally collected within 90 days. The Company generally receives payments from digital
and print subscription customers at the time of sign up for each subscription; accounts receivable from merchant credit card processors
are recorded when the right to consideration becomes unconditional and are generally collected weekly. Accounts receivable as of December
31, 2020 and 2019 of $<FONT  TITLE="Accounts receivable">16,497,626</FONT> and $<FONT  TITLE="Accounts receivable">16,233,955</FONT>, respectively, are presented net of allowance for doubtful accounts. The allowance for
doubtful accounts as of December 31, 2020 and 2019 was $<FONT  TITLE="Allowance for doubtful accounts of accounts receivable">892,352</FONT> and $<FONT  TITLE="Allowance for doubtful accounts of accounts receivable">287,902</FONT>, respectively</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>&#160;</I></FONT></P>

<P  STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Subscription
Acquisition Costs</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>&#160;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Subscription
acquisition costs include the incremental costs of obtaining a contract with a customer, paid to external parties, if it expects to recover
those costs. The Company has determined that sales commissions paid on all third-party agent sales of subscriptions are direct and incremental
and, therefore, meet the capitalization criteria. Direct mail costs also meet the requirements to be capitalized as assets if they are
proven to be recoverable. The incremental costs of obtaining a contract are amortized as revenue is recognized or over the term of the
agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Incremental
costs of obtaining a contract also included contract fulfillment costs related to the revenue share to the Publisher Partners. The contract
fulfillment costs were amortized over the same period as the associated revenue. The Company records incremental costs of obtaining a
contract as subscription acquisition costs on the consolidated balance sheets. The Company had <FONT  TITLE="Assets impairment charges"><FONT  TITLE="Assets impairment charges">no</FONT></FONT> asset impairment charges related to
the subscription acquisition costs during the years ended December 31, 2020 and 2019.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Contract Modifications resulted in subscription acquisition costs to be recognized on a prospective basis in the same proportion as the
revenue that has not yet been recognized.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">As
of December 31, 2020 and 2019, subscription acquisition costs were $<FONT  TITLE="Subscription acquisition cost">41,505,480</FONT> (short-term of $<FONT  TITLE="Subscription acquisition cost">28,146,895</FONT> and long-term of $<FONT  TITLE="Subscription acquisition cost">13,358,585</FONT>)
and $<FONT  TITLE="Subscription acquisition cost">6,560,058</FONT> (short-term of $<FONT  TITLE="Subscription acquisition cost">3,142,580</FONT> and long-term of $<FONT  TITLE="Subscription acquisition cost">3,417,478</FONT>), respectively. Subscription acquisition cost as of December 31,
2020 presented as current assets of $<FONT  TITLE="Subscription acquisition costs (short-term)">28,146,895</FONT> are expected to be amortized during the year ending December 31, 2021 and $<FONT  TITLE="Subscription acquisition costs (long-term)">13,358,585</FONT>
presented as long-term assets are expected to be amortized after the year ending December 31, 2021.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>&#160;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Significant
Customers</I> &#8211; Concentration of credit risk with respect to accounts receivable is limited to customers to whom the Company makes
significant sales. While a reserve for the potential write-off of accounts receivable is maintained, the Company has not written off
any significant accounts to date. To control credit risk, the Company performs regular credit evaluations of its customers&#8217; financial
condition.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P  STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Revenue
from significant customers as a percentage of the Company&#8217;s total revenue are as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&#160;</B><FONT  STYLE="display: none">Schedule
of Concentration of Credit Risk</FONT></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Years
    Ended December 31,</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">2020</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">2019</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 64%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Customer
    1</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD  TITLE="Concentration risk percentage" STYLE="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD  TITLE="Concentration risk percentage" STYLE="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">22.4</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></TD></TR>
  </TABLE>

<P  STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">There
were no significant accounts receivable balances as a percentage of the Company&#8217;s total accounts receivable as of December 31,
2020 and 2019.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Significant
Vendors</I> &#8211; Concentrations of risk with respect to third party vendors who provide products and services to the Company are limited.
If not limited, such concentrations could impact profitability if a vendor failed to fulfill their obligations or if a significant vendor
was unable to renew an existing contract and the Company was not able to replace the related product or service at the same cost.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><FONT>&#160;</FONT></FONT></P>

<DIV ><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Significant
accounts payable balances as a percentage of the Company&#8217;s total accounts payable are as follows:</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0"  SUMMARY="xdx: Disclosure - Schedule of Concentration of Credit Risk (Details)" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">As
    of December 31,</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">2020</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 64%; text-align: justify"><FONT  STYLE="font-family: Times New Roman, Times, Serif">Vendor
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD  TITLE="Concentration risk percentage" CLASS="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIENvbmNlbnRyYXRpb24gb2YgQ3JlZGl0IFJpc2sgKERldGFpbHMpAA__" STYLE="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD  TITLE="Concentration risk percentage" CLASS="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIENvbmNlbnRyYXRpb24gb2YgQ3JlZGl0IFJpc2sgKERldGFpbHMpAA__" STYLE="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">61.7</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD  STYLE="width: 3%">*</TD>
  <TD  STYLE="width: 97%">The significant accounts payable balance as of December 31, 2019 related to the service agreements with Meredith Corporation (&#8220;Meredith&#8221;)
(as described in Note 3).</TD></TR>
</TABLE>

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

</DIV><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><FONT >&#160;</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Company has various lease arrangements for certain equipment and its offices. Leases are recorded as an operating lease right-of-use
assets and operating lease liabilities on the consolidated balance sheets. Leases with an initial term of 12 months or less are not recorded
on the consolidated balance sheets. At inception, the Company determines whether an arrangement that provides control over the use of
an asset is a lease. When it is reasonably certain that the Company will exercise the renewal period, the Company includes the impact
of the renewal in the lease term for purposes of determining total future lease payments. Rent expense is recognized on a straight-line
basis over the lease term.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">In
February 2016, the Financial Accounting Standards Board (&#8220;FASB&#8221;) issued Accounting Standards Update (&#8220;ASU&#8221;) ASU
2016-02, <I>Leases (Topic 842)</I>, in order to increase transparency and comparability among organizations by recognizing lease assets
and lease liabilities on the balance sheet for those leases classified as operating leases under prior GAAP. ASU 2016-02 requires that
a lessee should recognize a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to
use the underlying asset for the lease term on the balance sheet, initially measured at the present value of the lease payments, for
all leases with terms longer than 12 months. The Company adopted ASU 2016-02 as of January 1, 2019 utilizing the modified retrospective
transition method through a cumulative-effect adjustment. The Company has elected the package of practical expedients, which allows the
Company not to reassess (1) whether any expired or existing contracts as of the adoption date are or contain a lease, (2) lease classification
for any expired or existing leases as of the adoption date and (3) initial direct costs for any existing leases as of the adoption date.
The Company did not elect to apply the hindsight practical expedient when determining lease term and assessing impairment of right-of-use
assets. The adoption of ASU 2016-02 on January 1, 2019 resulted in the recognition of right-of-use assets of $<FONT  TITLE="Right-of-use assets">1,003,221</FONT>, lease liabilities
for operating leases of $<FONT  TITLE="Operating lease liabilities">1,069,745</FONT>, with no cumulative effect adjustment on retained earnings on its consolidated balance sheets, and
with no material impact to its consolidated statements of operations (as further described in Note 7).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&#160;</B></FONT></P>

<P  STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Property
and Equipment</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>&#160;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Property
and equipment is stated at cost less accumulated depreciation and amortization. Major improvements are capitalized, while maintenance
and repairs are charged to expense as incurred. Gains and losses from disposition of property and equipment are included in the statement
of operations when realized. Depreciation and amortization are provided using the straight-line method over the following estimated useful
lives:</FONT></P>

<P  STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;<FONT  STYLE="display: none">Schedule of Depreciation and Amortization, Useful Lives of Assets</FONT></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 65%; background-color: white; border-collapse: collapse; margin-right: auto">
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    equipment and computers</FONT></TD>
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    improvements</FONT></TD>
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    of remaining lease term or estimated useful life</FONT></FONT></TD>
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<P  STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">In
accordance with authoritative guidance, the Company capitalizes platform development costs for internal use when planning and design
efforts are successfully completed, and development is ready to commence. The Company places capitalized platform development assets
into service and commences amortization when the applicable project or asset is substantially complete and ready for its intended use.
Once placed into service, the Company capitalizes qualifying costs of specified upgrades or enhancements to capitalized platform development
assets when the upgrade or enhancement will result in new or additional functionality.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Company capitalizes internal labor costs, including payroll-based and stock-based compensation, benefits and payroll taxes, that are
incurred for certain capitalized platform development projects related to the Company&#8217;s technology platform. The Company&#8217;s
policy with respect to capitalized internal labor stipulates that labor costs for employees working on eligible internal use capital
projects are capitalized as part of the historical cost of the project when the impact, as compared to expensing such labor costs, is
material.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Platform
development costs are amortized on a straight-line basis over <FONT  TITLE="Estimated useful life of asset">three years</FONT>, which is the estimated useful life of the related asset and
is recorded in cost of revenues on the consolidated statements of operations.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Company accounts for business combinations using the acquisition method of accounting. The acquisition method of accounting requires
that the purchase price, including the fair value of contingent consideration, of the acquisition be allocated to the assets acquired
and liabilities assumed using the estimated fair values determined by management as of the acquisition date. Goodwill is measured as
the excess of consideration transferred and the net fair values of the assets acquired and the liabilities assumed at the date of acquisition.
While the Company uses its best estimates and assumptions as part of the purchase price allocation process to accurately value assets
acquired and liabilities assumed at the acquisition date, the Company&#8217;s estimates are inherently uncertain and subject to refinement.
As a result, during the measurement period, the Company records adjustments to the assets acquired and liabilities assumed, with the
corresponding offset to goodwill to the extent the Company identifies adjustments to the preliminary purchase price allocation. Upon
the conclusion of the measurement period, which may be up to one year from the acquisition date, or final determination of the values
of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded to the consolidated statements
of operations. Additionally, the Company identifies acquisition-related contingent payments and determines their respective fair values
as of the acquisition date, which are recorded as accrued liabilities on the consolidated balance sheets. Subsequent changes in fair
value of contingent payments are recorded on the consolidated statements of operations. The Company expenses transaction costs related
to the acquisition as incurred.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Intangibles
with finite lives, consisting of developed technology and trade names, are amortized using the straight-line method over the estimated
economic lives of the assets. A finite lived intangible asset is tested for recoverability whenever events or changes in circumstances
indicate that its carrying amount may not be recoverable. Determination of recoverability is based on an estimate of undiscounted future
cash flows resulting from the use of the asset and its eventual disposition. Intangibles with an indefinite useful life are not being
amortized.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P  STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Long-Lived
Assets</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Company periodically evaluates the carrying value of long-lived assets to be held and used when events or circumstances warrant such
a review. The carrying value of a long-lived asset to be held and used is considered impaired when the anticipated separately identifiable
undiscounted cash flows from such an asset are less than the carrying value of the asset. In that event, a loss is recognized based on
the amount by which the carrying value exceeds the fair value of the long-lived asset. Fair value is determined primarily by reference
to the anticipated cash flows discounted at a rate commensurate with the risk involved.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&#160;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Goodwill
represents the excess of the purchase price over the fair value of the net tangible and intangible assets of businesses acquired in a
business combination. Goodwill is not amortized but rather is tested for impairment at least annually on December 31, or more frequently
if events or changes in circumstances indicate that the carrying amount of goodwill may not be recoverable. The Company adopted ASU 2017-04
(as further described below under the heading <I>Recent Accounting Pronouncements</I>) during the first quarter of 2020 which eliminated
Step 2 from the goodwill impairment test. The Company operates as one reporting unit, therefore, the impairment test is performed at
the consolidated entity level by comparing the estimated fair value of the Company to its carrying value. The Company has elected to
first assess the qualitative factors to determine whether it is more likely than not that the fair value of its single reporting unit
is less than its carrying amount as a basis of determining whether it is necessary to perform the quantitative goodwill impairment test.
If the Company determines that it is more likely than not that its fair value is less than its carrying amount, then the quantitative
goodwill impairment test will be performed. The quantitative goodwill impairment test identifies goodwill impairment and measures the
amount of goodwill impairment loss to be recognized by comparing the fair value of the Company&#8217;s single reporting unit with its
carrying amount. If the fair value exceeds the carrying amount, no further analysis is required; otherwise, any excess of the goodwill
carrying amount over the implied fair value is recognized as an impairment loss, and the carrying value of goodwill is written down to
fair value.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P  STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Deferred
Financing Costs and Discounts on Debt Obligations</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Deferred
financing costs consist of cash and noncash consideration paid to lenders and third parties with respect to convertible debt and other
financing transactions, including legal fees and placement agent fees. Such costs are deferred and amortized over the term of the related
debt. Upon the settlement of debt or conversion of convertible debt into common stock, under certain circumstances, the pro rata portion
of any related unamortized deferred financing costs are charged to operations.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Additional
consideration in the form of warrants and other derivative financial instruments issued to lenders is accounted for at fair value utilizing
information determined by consultants with the Company&#8217;s independent valuation firm. The fair value of warrants and derivatives
are recorded as a reduction to the carrying amount of the related debt and are being amortized to interest expense over the term of such
debt, with the initial offsetting entries recorded as a liability on the balance sheet. Upon the settlement or conversion of convertible
debt into common stock, under certain circumstances, the pro rata portion of any related unamortized discount on debt is charged to operations.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Amortization
of debt discount during the years ended December 31, 2020 and 2019, was $<FONT  TITLE="Amortization debt discount">6,607,212</FONT> and $<FONT  TITLE="Amortization debt discount">4,545,675</FONT>, respectively.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>&#160;</I></B></FONT></P>

<P  STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Liquidated
Damages</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>&#160;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Liquidated
damages are provided as a result of the following: (i) certain registration rights agreements provide for damages if the Company does
not register certain shares of the Company&#8217;s common stock within the requisite time frame (the &#8220;Registration Rights Damages&#8221;);
and (ii) certain securities purchase agreements provide for damages if the Company does not maintain its periodic filings with the Securities
and Exchange Commission (&#8220;SEC&#8221;) within the requisite time frame (the &#8220;Public Information Failure Damages&#8221;). Obligations
with respect to the Registration Rights Damages and the Public Information Failure Damages (collectively, the &#8220;Liquidated Damages&#8221;)
are accounted for as contingent obligations when it is deemed probable the obligations would not be satisfied at the time a financing
is completed and are subsequently reviewed at each quarter-end reporting date thereafter. When such quarterly review indicates that it
is probable that the Liquidated Damages will be incurred, the Company records an estimate of each such obligation at the balance sheet
date based on the amount due of such obligation. The Company reviews and revises such estimates at each quarter-end date based on updated
information.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>&#160;</I></B></FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>&#160;</I></B></FONT></P>

<P  STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Selling
and Marketing</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&#160;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Selling
and marketing expenses consist of compensation, employee benefits and stock-based compensation of selling and marketing, account management
support teams, as well as commissions, travel, trade show sponsorships and events, conferences and advertising costs. The Company&#8217;s
advertising expenses relate to direct-mail costs for magazine subscription acquisition efforts, print, and digital advertising. Advertising
costs that are not capitalized are expensed the first time the advertising takes place. During the years ended December 31, 2020 and
2019, the Company incurred advertising expenses of $<FONT  TITLE="Advertising costs">3,583,116</FONT> and $<FONT  TITLE="Advertising costs">859,802</FONT>, respectively, which are included within selling and marketing
on the consolidated statements of operations.</FONT></P>

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<P  STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>General
and Administrative</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">General
and administrative expenses consist primarily of payroll for executive personnel, technology personnel incurred in developing conceptual
formulation and determination of existence of needed technology, and administrative personnel along with any related payroll costs; professional
services, including accounting, legal and insurance; facilities costs; conferences; other general corporate expenses; and stock-based
compensation of related personnel.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P  STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Derivative
Financial Instruments</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Company accounts for freestanding contracts that are settled in the Company&#8217;s equity securities, including common stock warrants,
to be designated as an equity instrument, and generally as a liability. A contract so designated is carried at fair value on a company&#8217;s
balance sheet, with any changes in fair value recorded as a gain or loss in a company&#8217;s results of operations.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Company records all derivatives on the balance sheet at fair value, adjusted at the end of each reporting period to reflect any material
changes in fair value, with any such changes classified as changes in derivatives valuation in the statement of operations. The calculation
of the fair value of derivatives utilizes highly subjective and theoretical assumptions that can materially affect fair values from period
to period. The recognition of these derivative amounts does not have any impact on cash flows.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">At
the date of exercise of any of the warrants, or the conversion of any convertible debt or preferred stock into common stock, the pro
rata fair value of the related warrant liability and any embedded derivative liability is transferred to additional paid-in capital.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P  STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Fair
Value of Financial Instruments</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
authoritative guidance with respect to fair value established a fair value hierarchy that prioritizes the inputs to valuation techniques
used to measure fair value into three levels and requires that assets and liabilities carried at fair value be classified and disclosed
in one of three categories, as presented below. Disclosure as to transfers in and out of Levels 1 and 2, and activity in Level 3 fair
value measurements, is also required.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Level
1. Observable inputs such as quoted prices in active markets for an identical asset or liability that the Company has the ability to
access as of the measurement date. Financial assets and liabilities utilizing Level 1 inputs include active-exchange traded securities
and exchange-based derivatives.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Level
2. Inputs, other than quoted prices included within Level 1, which are directly observable for the asset or liability or indirectly observable
through corroboration with observable market data. Financial assets and liabilities utilizing Level 2 inputs include fixed income securities,
non-exchange-based derivatives, mutual funds, and fair-value hedges.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Level
3. Unobservable inputs in which there is little or no market data for the asset or liability which requires the reporting entity to develop
its own assumptions. Financial assets and liabilities utilizing Level 3 inputs include infrequently traded non-exchange-based derivatives
and commingled investment funds and are measured using present value pricing models.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Company determines the level in the fair value hierarchy within which each fair value measurement falls in its entirety, based on the
lowest level input that is significant to the fair value measurement in its entirety. In determining the appropriate levels, the Company
performs an analysis of the assets and liabilities at each reporting period end.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
carrying amount of the Company&#8217;s financial instruments comprising of cash, restricted cash, accounts receivable, accounts payable
and accrued expenses approximate fair value because of the short-term maturity of these instruments.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>&#160;</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&#160;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Preferred
stock (the &#8220;Preferred Stock&#8221;) (as described in Note 20) is reported as a mezzanine obligation between liabilities and stockholders&#8217;
equity. If it becomes probable that the Preferred Stock will become redeemable, the Company will re-measure the Preferred Stock by adjusting
the carrying value to the redemption value of the Preferred Stock assuming each balance sheet date is a redemption date.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>&#160;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Company provides stock-based compensation in the form of (a) stock awards to employees and directors, comprised of restricted stock awards
and restricted stock units, (b) stock option grants to employees, directors and consultants, (c) common stock warrants to Publisher Partners
(further details are provided under the heading <I>Publisher Partner Warrants</I> in Note 22), and (d) common stock warrants to ABG (further
details are provided under the heading <I>ABG Warrants</I> in Note 22).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Company accounts for stock awards and stock option grants to employees, directors and consultants by measuring the cost of services received
in exchange for the stock-based payments as compensation expense in the Company&#8217;s consolidated financial statements. Stock awards
and stock option grants to employees which are time-vested, are measured at fair value on the grant date, and charged to operations ratably
over the vesting period. Stock awards and stock option grants to employees which are performance-vested, are measured at fair value on
the grant date and charged to operations when the performance condition is satisfied.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Publisher Partner Warrants granted are subject to a performance condition, which is generally based on the average number of unique visitors
on the channel operated by the Publisher Partner generated during the six-month period from the launch of the Publisher Partner&#8217;s
operations on Maven&#8217;s platform or the revenue generated during the period from issuance date through a specified end date. The
Company recognizes expense for these Publisher Partner Warrants as the services are received. The Company has specific objective criteria
for determination of the period over which services are received and expense is recognized.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Prior
to the adoption of ASU 2018-07, <I>Compensation &#8211; Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment
Accounting, </I>the Company accounted for stock-based payments to certain directors and consultants, and Publisher Partners (collectively
the &#8220;non-employee awards&#8221;) by determining the value of the stock compensation based upon the measurement date at either (a)
the date at which a performance commitment is reached or (b) at the date at which the necessary performance to earn the equity instruments
is complete, resulting in financial reporting period adjustments to stock-based compensation during the vesting terms for changes in
the fair value of the awards. After adoption of ASU 2018-07, the measurement date for non-employee awards is the later of the adoption
date of ASU 2018-07, or the date of grant, without change in the fair value of the award. There was no cumulative effect of adoption
of ASU 2018-07 on January 1, 2019. For stock-based awards granted to non-employees subject to graded vesting that only contain service
conditions, the Company has elected to recognize stock-based compensation using the straight-line recognition method.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
fair value measurement of equity awards and grants used for stock-based compensation is as follows: (1) restricted stock awards and restricted
stock units which are time-vested, are determined using the quoted market price of the Company&#8217;s common stock at the grant date;
(2) stock option grants which are time-vested and performance-vested, are determined utilizing the Black-Scholes option-pricing model
at the grant date; (3) restricted stock awards which provide for performance-vesting and a true-up provision, are determined through
consultants with the Company&#8217;s independent valuation firm using the binomial pricing model at the grant date; (4) stock option
grants which provide for market-based vesting with a time-vesting overlay, are determined through consultants with the Company&#8217;s
independent valuation firm using the Monte Carlo model at the grant date; (5) Publisher Partner Warrants are determined utilizing the
Black-Scholes option-pricing model; and (6) ABG warrants are determined utilizing the Monte Carlo model (further details are provided
in Note 22).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Fair
value determined under the Black-Scholes option-pricing model and Monte Carlo model is affected by several variables, the most significant
of which are the life of the equity award, the exercise price of the stock option or warrants, as compared to the fair market value of
the common stock on the grant date, and the estimated volatility of the common stock over the term of the equity award. Estimated volatility
is based on the historical volatility of the Company&#8217;s common stock and is evaluated based upon market comparisons. The risk-free
interest rate is based on the U.S. Treasury yield curve in effect at the time of grant. The fair market value of common stock is determined
by reference to the quoted market price of the Company&#8217;s common stock.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
fair value of the stock options granted were probability weighted effective January 1, 2019 under the Black-Scholes option-pricing model
or Monte Carlo model as determined through consultants with the Company&#8217;s independent valuation firm since the value of the stock
options, among other things, depend on the volatility of the underlying shares of the Company&#8217;s common stock, under the following
two scenarios: (1) scenario one assumes that the Company&#8217;s common stock will be up-listed on a national stock exchange (the &#8220;Exchange&#8221;)
on a certain listing date (the &#8220;Up-list&#8221;); and (2) scenario two assumes that the Company&#8217;s common stock is not up-listed
on the Exchange prior to the final vesting date of the grants (the &#8220;No Up-list&#8221;), collectively referred to as the &#8220;Probability
Weighted Scenarios&#8221;.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Company classifies stock-based compensation in its consolidated statements of operations in the same manner in which the award recipient&#8217;s
cash compensation cost is classified.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>&#160;</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>&#160;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Company accounts for income taxes under the asset and liability method. Deferred tax assets and liabilities are recognized for the future
tax consequences attributable to operating loss carryforwards and temporary differences between financial statement bases of existing
assets and liabilities and their respective income tax bases. Deferred tax assets and liabilities are measured using enacted income tax
rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled.
The effect of a change in the income tax rates on deferred tax asset and liability balances is recognized in income in the period that
includes the enactment date of such rate change. A valuation allowance is recorded for loss carryforwards and other deferred tax assets
when it is determined that it is more likely than not that such loss carryforwards and deferred tax assets will not be realized.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Company follows accounting guidance that sets forth a threshold for financial statement recognition, measurement, and disclosure of a
tax position taken or expected to be taken on a tax return. Such guidance requires the Company to determine whether a tax position of
the Company is more likely than not to be sustained upon examination by the applicable taxing authority, including resolution of any
related appeals or litigation processes, based on technical merits of the position.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P  STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Loss
per Common Share</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Basic
loss per share is computed using the weighted average number of common shares outstanding during the period and excludes any dilutive
effects of common stock equivalent shares, such as stock options, restricted stock, and warrants. All restricted stock awards are considered
outstanding but is included in the computation of basic loss per common share only when the underlying restrictions expire, the shares
are no longer forfeitable and, thus, are vested. All restricted stock units are included in the computation of basic loss per common
share only when the underlying restrictions expire, the shares are no longer forfeitable and, thus, are vested. Contingently issuable
shares are included in basic loss per common share only when there is no circumstance under which those shares would not be issued. Diluted
loss per common share is computed using the weighted average number of common shares outstanding and common stock equivalent shares outstanding
during the period using the treasury stock method. Common stock equivalent shares are excluded from the computation if their effect is
anti-dilutive.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P  STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Company excluded the outstanding securities summarized below (capitalized terms are described herein), which entitle the holders thereof
to acquire shares of the Company&#8217;s common stock, from its calculation of net income loss per common share, as their effect would
have been anti-dilutive.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;<FONT  STYLE="display: none">Schedule of Net Income (Loss) Per Common Share</FONT></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">As
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 64%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Series
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Series
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<P  STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>&#160;</I></B></FONT></P>

<P  STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Recent
Accounting Pronouncements</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Recently
Adopted Accounting Standards</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">In
June 2016, the FASB ASU 2016-13, <I>Financial Instruments &#8211; Credit Losses (Topic 326)</I>, which introduces a new model for recognizing
credit losses for certain financial instruments, including loans, accounts receivable and debt securities. The new model requires an
estimate of expected credit losses over the life of exposure to be recorded through the establishment of an allowance account, which
is presented as an offset to the related financial asset. The expected credit loss is recorded upon the initial recognition of the financial
asset. The Company adopted ASU 2016-13 as of the reporting period beginning January 1, 2020. No impact on the consolidated financial
statements was recorded as a result of the adoption of ASU 2016-13.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>&#160;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">In
January 2017, the FASB issued ASU 2017-04, <I>Intangibles &#8211; Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment</I>,
that simplifies the subsequent measurement of goodwill by eliminating Step 2 of the goodwill impairment test. The Step 2 test requires
an entity to calculate the implied fair value of goodwill to measure a goodwill impairment charge. Instead, an entity will record an
impairment charge based on the excess of a reporting unit&#8217;s carrying value over its fair value determined in Step 1. This update
also eliminates the qualitative assessment requirements for a reporting unit with zero or negative carrying value. Prospective adoption
is required and the Company adopted ASU 2017-04 as of the reporting period beginning January 1, 2020. No impact on the consolidated financial
statements was recorded as a result of the adoption of ASU 2017-04.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">In
August 2018, the FASB issued ASU 2018-13, <I>Fair Value Measurement (Topic 820) &#8211; Disclosure Framework &#8211; Changes to the Disclosure
Requirements for Fair Value Measurement</I>, which changes the fair value measurement disclosure requirements. The update removes, modifies,
and adds certain additional disclosures. The Company adopted ASU 2018-13 as of the reporting period beginning January 1, 2020. The adoption
of this update required a change in disclosures and had no impact on the Company&#8217;s consolidated financial statements.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>&#160;</I></FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>&#160;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Recently
Issued Accounting Standards</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">In
December 2019, the FASB issued ASU 2019-12, <I>Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes</I>, which removes
certain exceptions related to the approach for intra-period tax allocation, the methodology for calculating income taxes in an interim
period, and the recognition of deferred tax liabilities for outside basis differences. This guidance also clarifies and simplifies other
areas of ASC 740. Certain amendments in this update must be applied on a prospective basis, certain amendments must be applied on a retrospective
basis, and certain amendments must be applied on a modified retrospective basis through a cumulative-effect adjustment to retained earnings/(deficit)
in the period of adoption. ASU 2019-12 will be effective beginning in the first quarter of the Company&#8217;s fiscal year 2021. Early
adoption is permitted. The Company is currently evaluating the impact this update will have on its consolidated financial statements.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">In
August 2020, the FASB issued ASU 2020-06, <I>Debt &#8211; Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and
Hedging &#8211; Contracts in Entity&#8217;s Own Equity (Subtopic 815-40)</I>, which updates various codification topics to simplify the
accounting guidance for certain financial instruments with characteristics of liabilities and equity, with a specific focus on convertible
instruments and the derivative scope exception for contracts in an entity&#8217;s own equity and amends the diluted EPS computation for
these instruments. ASU 2020-06 is effective for annual and interim reporting periods beginning after December 15, 2021, with early adoption
permitted for annual and interim reporting periods beginning after December 15, 2020. The Company will adopt ASU 2020-06 as of the reporting
period beginning January 1, 2021. The Company is currently evaluating the impact this update will have on its consolidated financial
statements.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">In
October 2020, the FASB issued ASU 2020-08, <I>Codification Improvements to Subtopic 310-20 &#8211; Receivables &#8211; Nonrefundable
Fees and Other Costs</I>, which clarifies that a reporting entity should assess whether a callable debt security purchased at a premium
is within the scope of ASC 310-20-35-33 each reporting period, which impacts the amortization period for nonrefundable fees and other
costs. The Company will adopt ASU 2020-08 as of the reporting period beginning January 1, 2021. The Company is currently evaluating the
impact this update will have on its consolidated financial statements.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">In
October 2020, the FASB issued ASU 2020-10, <I>Codification Improvements</I>, which updates various codification topics by clarifying
or improving disclosure requirements to align with the SEC&#8217;s regulations. The Company will adopt ASU 2020-10 as of the reporting
period beginning January 1, 2021. The adoption of this update is not expected to have a material effect on the Company&#8217;s consolidated
financial statements.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">In
May 2021, the FASB issued ASU 2021-04, <I>Earnings Per Share (Topic 260), Debt-Modifications and Extinguishments (Subtopic 470-50), Compensation
(Topic 718), and Derivatives and Hedging-Contracts in Entity&#8217;s Own Equity (Subtopic 815-40): Issuer&#8217;s Accounting for Certain
Modifications or Exchanges of Freestanding Equity-Classified Written Call Options, a consensus of the Emerging Issues Task Force (EITF),
</I>to provide explicit guidance on accounting by issuers for modifications or exchanges of freestanding equity-classified written call
options that remain equity classified after the modification or exchange. ASU 2021-04 is effective for fiscal years beginning after December
31, 2021. The Company is currently evaluating the impact this update will have on its consolidated financial statements.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Management
does not believe that any other recently issued, but not yet effective, authoritative guidance, if currently adopted, would have a material
impact on the Company&#8217;s financial statement presentation or disclosures.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>


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<P  STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: none"><B>3.</B></FONT> <FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: none"><B><FONT >Acquisitions</FONT></B></FONT></P>



<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.75pt; text-transform: uppercase; text-align: justify; text-indent: -23.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: none">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>2020
Acquisitions</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Company uses the acquisition method of accounting, which is based on ASC, <I>Business Combinations (Topic 805)</I>, and uses the fair
value concepts which requires, among other things, that most assets acquired and liabilities assumed be recognized at their fair values
as of the acquisition date.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
March 9, 2020, the Company entered into an asset purchase agreement with Petametrics Inc., dba LiftIgniter, a Delaware corporation (&#8220;LiftIgniter&#8221;),
where it purchased substantially all the assets, including the intellectual property and excluding certain accounts receivable, and assumed
certain liabilities. The purchase price consisted of: (1) cash payment of $<FONT  TITLE="Cash payment">184,087</FONT> on February 19, 2020, in connection with the repayment
of all outstanding indebtedness, (2) at closing, a cash payment of $<FONT  TITLE="Cash payment">131,202</FONT>, (3) collections of certain accounts receivable, (4) on the
first anniversary date of the closing issuance of restricted stock units for an aggregate of up to <FONT  TITLE="Number of restricted common stock issued">312,500</FONT> shares of the Company&#8217;s
common stock, and (5) on the second anniversary date of the closing, issuance of restricted stock units for an aggregate of up to <FONT  TITLE="Number of restricted common stock issued">312,500</FONT>
shares of the Company&#8217;s common stock.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P  STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
composition of the purchase price is as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;<FONT  STYLE="display: none">Schedule of Preliminary Purchase Price</FONT></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 82%"><FONT STYLE="font-family: Times New Roman, Times, Serif">Cash</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT  TITLE="Cash">315,289</FONT></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Indemnity
    restricted stock units for shares of common stock</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD  TITLE="Indemnity restricted stock units for shares of common stock" STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">500,000</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Total
    purchase consideration</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD  TITLE="Total purchase consideration" STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">815,289</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  </TABLE>

<P  STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P  STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
purchase price allocation resulted in the following amounts being allocated to the assets acquired and liabilities assumed at the closing
date of the acquisition based upon their respective fair values as summarized below:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;<FONT  STYLE="display: none">Summary of Price Allocation for Acquisition</FONT></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 82%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Accounts
    receivable</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT  TITLE="Accounts receivable">37,908</FONT></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Developed
    technology</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD  TITLE="Developed technology" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">917,762</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Accounts
    payable</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD  TITLE="Accounts payable" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(53,494</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Unearned
    revenue</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD  TITLE="Unearned revenues" STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(86,887</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Net
    assets acquired</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD  TITLE="Net assets acquired" STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">815,289</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  </TABLE>

<P  STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
useful life for the developed technology is three years (<FONT >3</FONT>.0 years).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>2019
Acquisitions</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>&#160;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>TheStreet,
Inc.</I> &#8211; On June 11, 2019, the Company, TST Acquisition Co., Inc., a Delaware corporation (&#8220;TSTAC&#8221;), a newly-formed
indirect wholly owned subsidiary of the Company, and TheStreet, entered into an agreement and plan of merger, as amended (the &#8220;TheStreet
Merger Agreement&#8221;), pursuant to which TSTAC merged with and into TheStreet, with TheStreet continuing as the surviving corporation
in the merger and as a wholly owned subsidiary of the Company (&#8220;TheStreet Merger&#8221;). TheStreet Merger Agreement provided that
all issued and outstanding shares of common stock of TheStreet would be exchanged for an aggregate of $<FONT  TITLE="Payments to acquire businesses, gross">16,500,000</FONT> in cash. Pursuant to
the terms of TheStreet Merger Agreement, on June 10, 2019, the Company deposited $<FONT  TITLE="Deposit into escrow">16,500,000</FONT> into an escrow account pursuant to an escrow
agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
August 7, 2019, the Company acquired all of the outstanding shares of TheStreet for total cash consideration of $<FONT  TITLE="Total cash consideration">16,500,000</FONT>, pursuant
to TheStreet Merger Agreement. The results of operation of the acquired business and the estimated fair market values of the assets acquired
and liabilities assumed have been included in the consolidated financial statements as of the acquisition date. TheStreet&#8217;s addition
to the Company&#8217;s premium media coalition highlights its strategic growth and adds a flagship to the portfolio of major media brands.
The Company acquired TheStreet to enhance the user&#8217;s experience by increasing content through the Company&#8217;s industry-leading
technology, distribution and monetization platform. TheStreet is a digital financial media company that provides reporting on investment
trends and analysis and operates a network of 28 premium content channels that act as an open community for writers, explorers, knowledge
seekers and conversation starters to connect in an interactive and informative online space. In connection with TheStreet Merger, the
Company entered into an arrangement with a co-founder to continue certain services (further details are provided under the heading <I>Cramer
Digital, Inc. Agreement</I> in Note 25). TheStreet operates primarily in the United States.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Company funded the cash consideration pursuant to TheStreet Merger from the net proceeds from the <FONT  TITLE="Debt instrument interest rate">12</FONT>% Senior Secured Note financing (as
described in Note 19).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Company incurred $<FONT  TITLE="Transaction costs related to acquisition">199,630</FONT> in transaction costs related to the acquisition, which primarily consisted of banking, legal, accounting and
valuation-related expenses. The acquisition related expenses were recorded within general and administrative expense on the consolidated
statements of operations.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P  STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
purchase price allocation resulted in the following amounts being allocated to the assets acquired and liabilities assumed at the closing
date of the acquisition based upon their respective fair values as summarized below:&#9;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;<FONT  STYLE="display: none">Summary of Price Allocation for Acquisition</FONT></FONT></P>

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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 82%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Accounts
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT  TITLE="Accounts receivable">1,586,031</FONT></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Prepaid
    expenses</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD  TITLE="Prepaid expenses" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1,697,347</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Restricted
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Operating
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD  TITLE="Database" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1,140,000</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">Goodwill</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Accrued
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Unearned
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Net
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    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD  TITLE="Net assets acquired" STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">16,500,000</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
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<P  STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Company utilized an independent appraisal, as well as other available market data, to assist in the determination of the fair values
of the assets acquired and liabilities assumed, which required certain significant management assumptions and estimates. The fair value
of the intangible assets were determined as follows: developed technology was determined under the cost approach with a useful life of
<FONT  TITLE="Useful life for intangible assets">three years</FONT> (3.0 years); trade name was determined using the relief from royalty method of the income approach with a useful life of
<FONT  TITLE="Useful life for intangible assets">twenty years</FONT> (20.0 years); subscriber relationships and advertising relationships were determined using the multi-period excess earnings
method of the income approach with a useful life of eight and four tenths years (<FONT >8.4</FONT> years) and nine and four tenths years (<FONT >9.4</FONT> years),
respectively; and data base was determined using the replacement cost method of the cost approach with a useful life of fifteen years
(<FONT >15.0</FONT> years). The weighted-average useful life for the intangible assets is eight and six tenths years (<FONT >8.6</FONT> years). The fair value of
the unearned revenues was determined with the following inputs: (1) projection of when unearned revenue will be earned; (2) expense necessary
to fulfill the subscriptions; (3) gross up of the fulfillment costs to include a market participant level of profitability; (4) slight
premium to the fulfillment-costs plus a reasonable profit metric; and (5) reduce projected future cash flows to present value using an
appropriate discount rate.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
excess of purchase price over the fair value amounts assigned to the assets acquired and liabilities assumed represents goodwill from
the acquisition. Goodwill is recorded as a non-current asset that is not amortized but is subject to an annual review for impairment.
The Company believes the factors that contributed to goodwill include the acquisition of a talented workforce that expands the Company&#8217;s
expertise and synergies that are specific to the Company&#8217;s consolidated business and not available to market participants.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Licensing
Agreement with ABG-SI LLC</I> &#8211; On June 14, 2019, the Company and ABG, a Delaware limited liability company and indirect wholly
owned subsidiary of Authentic Brands Group, entered into the Sports Illustrated Licensing Agreement, pursuant to which the Company has
the exclusive right and license in the United States, Canada, Mexico, United Kingdom, Republic of Ireland, Australia, and New Zealand
to operate the Sports Illustrated media business (in the English and Spanish languages), including to (i) operate the digital and print
editions of <I>Sports Illustrated </I>(including all special interest issues and the swimsuit issue) and <I>Sports Illustrated for Kids</I>,
(ii) develop new digital media channels under the Sports Illustrated brands, and (iii) operate certain related businesses, including
without limitation, special interest publications, video channels, bookazines and the licensing and/or syndication of certain products
and content under the Sports Illustrated brand (collectively, the &#8220;Sports Illustrated Licensed Brands&#8221;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
initial term of the Sports Illustrated Licensing Agreement commenced on October 4, 2019 upon the termination of the Meredith License
Agreement (as defined below) and continues through December 31, 2029. <FONT >The Company has the option, subject to certain conditions, to renew
the term of the Sports Illustrated Licensing Agreement for nine consecutive renewal terms of 10 years each (collectively with the initial
term, the &#8220;Term&#8221;), for a total of 100 years.</FONT> The Sports Illustrated Licensing Agreement provides that the Company will pay
to ABG annual royalties in respect of each year of the Term based on gross revenues (&#8220;Royalties&#8221;) with guaranteed minimum
annual amounts. On the execution of the Sports Illustrated Licensing Agreement, the Company prepaid ABG $<FONT  TITLE="Prepaid royalties">45,000,000</FONT> against future Royalties
upon (see Note 5). In addition, ABG will pay to the Company a share of revenues relating to certain Sports Illustrated business lines
not licensed to the Company, such as all gambling-related advertising and monetization, events, and commerce. The Company funded the
prepaid Royalties from the net proceeds from the <FONT  TITLE="Debt instrument interest rate">12</FONT>% Senior Secured Notes financing (as described in Note 19). The Company entered into
the Licensing Agreement as part of its growth strategy to serve as a cornerstone of vertical content.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Pursuant
to a publicly announced agreement, dated May 24, 2019, between ABG and Meredith, Meredith previously operated the Sports Illustrated
Licensed Brands under license from ABG (the &#8220;Meredith License Agreement&#8221;). On October 3, 2019, Maven and Meredith entered
into a Transition Services Agreement and an Outsourcing Agreement (collectively, the &#8220;Transition Agreement&#8221;), whereby the
parties agreed to the terms and conditions under which Meredith continued to operate certain aspects of the business and provide certain
services during the fourth quarter of 2019 as all activities were transitioned over to Maven. Through these agreements, Maven took over
operating control of the Sports Illustrated Licensed Brands, and the Transition Agreement was terminated.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">In
connection with the Sports Illustrated Licensing Agreement, the Company issued ABG warrants to acquire common stock of the Company (the
&#8220;ABG Warrants&#8221;) for performance of future services (see Note 22).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">As
consideration for entering into the Licensing Agreement, the Company agreed to retain the responsibility and lead the negotiations with
Meredith to provide for the transfer of the Sports Illustrated Licensed Brands from Meredith, including an arrangement where Meredith
retains responsibility for producing and distributing the physical publications <I>Sports Illustrated</I> and <I>Sports Illustrated for
Kids</I> (the &#8220;Magazines&#8221;) and subscriber marketing, as well as to retain responsibility for paying the deferred subscription
revenue, described in the Sports Illustrated Licensing Agreement, as the total liability to subscribers to fulfill unfulfilled subscriptions
to the print and electronic editions of the Magazines, accrued as of October 4, 2019, and the obligation to issue to each subscriber
requesting a refund in connection therewith the amount of such liability owing to that subscriber. No cash was paid to ABG in connection
with the Sports Illustrated Licensing Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Company concluded that the Sports Illustrated Licensing Agreement entered into to conduct the licensed brands was an asset acquisition
in accordance with ASC 805, <I>Business Combinations, </I>Subtopic 50<I>, Related Issues </I>(ASC 805-50), as substantially all of the
fair value of the gross assets acquired by the Company is concentrated in a group of similar identifiable assets. All direct acquisition
related costs of $<FONT  TITLE="Transaction costs related to acquisition">331,026</FONT> are assigned to the assets in relation to the relative fair value of the acquired assets and recorded as part
of the consideration transferred.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P  STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">In
accordance with the above guidance, the fair value of the assets acquired and liabilities assumed at the effective date of the acquisition
based upon their respective fair values are summarized below:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;<FONT  STYLE="display: none">Summary of Price Allocation for Acquisition</FONT></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 82%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Accounts
    receivable</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT  TITLE="Accounts receivable">337,481</FONT></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Prepaid
    expenses</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD  TITLE="Prepaid expenses" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1,534,922</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Subscriber
    relationships</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD  TITLE="Subscriber relationships" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">71,308,799</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Other
    current liabilities</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD  TITLE="Other current liabilities" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(632,056</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Unearned
    revenues</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD  TITLE="Unearned revenues" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(47,249,470</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Subscription
    refund liability</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD  TITLE="Subscription refund liability" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(5,427,523</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Deferred
    tax liabilities</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD  TITLE="Deferred tax liabilities" STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(19,541,127</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Net
    assets acquired</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD  TITLE="Net assets acquired" STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">331,026</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  </TABLE>

<P  STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Company utilized an independent appraisal, as well as other available market data, to assist in the determination of the fair values
of the assets acquired and liabilities assumed, which required certain significant management assumptions and estimates. The fair value
of the intangible asset was determined by an independent appraisal in accordance with ASC 805-50 by allocating the fair value of an assumed
liability to the individual assets acquired based on their relative fair values, with the fair value of the assumed liabilities (or unearned
revenues and subscription refund liability) assigned to the subscriber relationships asset as the subscribers are sufficiently similar
and can be valued together as a single identifiable asset acquired. The fair value of the unearned revenues was determined with the following
inputs: (1) projection of when unearned revenue will be earned; (2) expense necessary to fulfill the subscriptions; (3) gross up of the
fulfillment costs to include a market participant level of profitability; (4) slight premium to the fulfillment-costs plus a reasonable
profit metric; and (5) reduce projected future cash flows to present value using an appropriate discount rate. The fair value of the
subscription refund liability was established based upon the historical return rates for specific products. The subscriber relationships
(the customer-based intangible assets) useful life was determined by establishing the average term of the issues served taking into account
expected subscription renewals, which is five years (<FONT >5</FONT>.0 years).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Company concluded and recognized deferred tax liabilities, consistent with the guidance for an asset acquisition, at the Licensing Agreement
effective date in accordance with ASC 740, <I>Income Taxes</I>, based on the difference between the book and tax basis of the assets
acquired calculated under the simultaneous equation model using the initial measurement guidance in accordance with ASC 805.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P  STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: none"><B>4.</B></FONT> <FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: none"><B><FONT >Prepayments and Other Current Assets</FONT></B></FONT></P>



<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.75pt; text-transform: uppercase; text-align: justify; text-indent: -23.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: none">&#160;</FONT></P>

<P  STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Prepayments
and other current assets are summarized as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;<FONT  STYLE="display: none">Schedule of Prepayments and Other Current Assets</FONT></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">As
    of December 31,</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">2020</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 64%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Prepaid
    expenses</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD  TITLE="Prepaid expenses" STYLE="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">3,400,080</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD  TITLE="Prepaid expenses" STYLE="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">3,370,757</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Prepaid
    software license</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD  TITLE="Prepaid software license" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">378,488</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD  TITLE="Prepaid software license" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">89,822</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Refundable
    income and franchise taxes</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD  TITLE="Refundable income and franchise taxes" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">733,553</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD  TITLE="Refundable income and franchise taxes" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">733,553</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Security
    deposits</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD  TITLE="Security deposits" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">92,494</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD  TITLE="Security deposits" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">96,135</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Other
    receivables</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD  TITLE="Other receivables" STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">62,648</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD  TITLE="Other receivables" STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">20,468</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-bottom: 2.5pt"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD  TITLE="Prepayments and other current assets" STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">4,667,263</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD  TITLE="Prepayments and other current assets" STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">4,310,735</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  </TABLE>

<P  STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.75pt; text-transform: uppercase; text-align: justify; text-indent: -23.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: none">&#160;</FONT></P>

<P  STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: none"><B>5.</B></FONT> <FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: none"><B><FONT >Royalty Fees</FONT></B></FONT></P>



<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.75pt; text-transform: uppercase; text-align: justify; text-indent: -23.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: none">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">As
of December 31, 2020 and 2019, $<FONT  TITLE="Minimum annual royalties">26,250,000</FONT> and $<FONT  TITLE="Minimum annual royalties">41,250,000</FONT>, respectively, of prepaid Royalties fees was unamortized from the $<FONT  TITLE="Unamortization of advance royalty">45,000,000</FONT>
guaranteed minimum annual Royalties that was paid to ABG in connection with the Sports Illustrated Licensing Agreement. The Royalties
are being recognized over a period of three-years starting October 4, 2019. As of December 31, 2020 and 2019, the current portion of
$<FONT  TITLE="Royalty fees, current"><FONT  TITLE="Royalty fees, current">15,000,000</FONT></FONT> was reflected within royalty fees on the consolidated balance sheets and the long-term portion of $<FONT  TITLE="Royalty fees, noncurrent">11,250,000</FONT> and $<FONT  TITLE="Royalty fees, noncurrent">26,250,000</FONT>,
respectively, was reflected within royalty fees, net of current portion on the consolidated balance sheets.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P  STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: none"><B>6.</B></FONT> <FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: none"><B><FONT >Property and Equipment</FONT></B></FONT></P>



<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.75pt; text-transform: uppercase; text-align: justify; text-indent: -23.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: none">&#160;</FONT></P>

<P  STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Property
and equipment are summarized as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;<FONT  STYLE="display: none">Schedule of Property and Equipment</FONT></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">As
    of December 31,</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">2020</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">2019</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 64%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Office
    equipment and computers</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD  TITLE="Gross property and equipment costs" STYLE="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1,341,292</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD  TITLE="Gross property and equipment costs" STYLE="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">476,233</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Furniture
    and fixtures</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD  TITLE="Gross property and equipment costs" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">19,997</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD  TITLE="Gross property and equipment costs" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">193,914</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Leasehold
    improvements</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD  TITLE="Gross property and equipment costs" STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">345,516</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD  TITLE="Gross property and equipment costs" STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">307,550</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD  TITLE="Gross property and equipment costs" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1,706,805</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD  TITLE="Gross property and equipment costs" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">977,697</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Less
    accumulated depreciation and amortization</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD  TITLE="Less accumulated depreciation and amortization" STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(577,367</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD  TITLE="Less accumulated depreciation and amortization" STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(316,420</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Net
    property and equipment</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD  TITLE="Net property and equipment" STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1,129,438</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD  TITLE="Net property and equipment" STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">661,277</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  </TABLE>

<P  STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Depreciation
and amortization expense for the years ended December 31, 2020 and 2019 was $<FONT  TITLE="Depreciation expense">638,796</FONT> and $<FONT  TITLE="Depreciation expense">276,791</FONT>, respectively. Depreciation and amortization
expense is included in selling and marketing expenses and general and administrative expenses, as appropriate, on the consolidated statements
of operations. No impairment charges have been recorded in the periods presented.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P  STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: none"><B>7.</B></FONT> <FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: none"><B><FONT >Leases</FONT></B></FONT></P>



<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.75pt; text-transform: uppercase; text-align: justify; text-indent: -23.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: none">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Company adopted the comprehensive new lease accounting standard effective January 1, 2019 using the modified retrospective transition
method. The Company elected the package of practical expedients under the new lease standards, which includes (i) not reassessing whether
any expired or existing contracts are or contain a lease, (ii) not reassessing lease classification for any expired or existing leases,
(iii) not reassessing initial direct costs for any existing leases, and (iv) account for a lease and non-lease component as a single
component for certain classes of assets. The Company will not adopt the practical expedient to use hindsight in determining the lease
term. Adoption of the new standard resulted in recording operating lease right-of-use assets and operating lease liabilities of on the
consolidated balance sheets. The adoption of the standard was immaterial and did not result in an impact as of January 1, 2019. The standard
did not have a material impact on the consolidated statements of operations or consolidated statements of cash flows.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Company&#8217;s leases are primarily comprised of real estate leases for the use of office space, with certain lease arrangements that
contain equipment. The Company determines whether an arrangement contains a lease at inception. Lease assets and liabilities are recognized
upon commencement of the lease based on the present value of the future minimum lease payments over the lease term. The lease term includes
options to extend the lease when it is reasonably certain that the Company will exercise that option. Substantially all of the leases
are long-term operating leases for facilities with fixed payment terms between <FONT  TITLE="Lease term">1.5</FONT> and <FONT >12.8</FONT> years, <FONT  TITLE="Lease description">which expire at various dates through
2032.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P  STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
table below presents supplemental information related to operating leases:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;<FONT  STYLE="display: none">Schedule of Supplemental Information Related to Operating Leases</FONT></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">&#160;</TD>
    <TD  STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">2020</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">&#160;</TD>
    <TD  STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">2019</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Year
    Ended December 31,</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">2020</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">2019</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR  STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 64%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Operating
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">4,054,423</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1,112,362</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR  STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Cash
    payments included in the measurement of operating lease liabilities during the year</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">3,188,986</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1,212,800</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR  STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Operating
    lease liabilities arising from obtaining lease right-of-use assets during the year</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">16,617,790</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Weighted-average
    remaining lease term (in years) as of year-end</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT  TITLE="Weighted-average remaining lease term (in years) as of year-end">11.25</FONT></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT  TITLE="Weighted-average remaining lease term (in years) as of year-end">5.03</FONT></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Weighted-average
    discount rate during the year</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT  TITLE="Weighted-average discount rate during the year">13.57</FONT></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT  TITLE="Weighted-average discount rate during the year">9.85</FONT></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></TD></TR>
  </TABLE>

<P  STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">As
most of the Company&#8217;s leases do not provide an implicit rate, the Company is required to use its incremental borrowing rate. The
Company uses an incremental borrowing rate based on the information available at the lease commencement date to determine present value
of lease payments. The incremental borrowing rate used is the rate the Company would have to borrow on a collateralized basis over a
similar term an amount equal to the lease payments in a similar economic environment.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
February 7, 2020, under the terms of the first amendment to the <FONT  TITLE="Debt instrument, interest rate percentage">12</FONT>% Amended Senior Secured Notes (as further amended and described in
Note 19), BRF Finance Co., LLC (&#8220;BRF Finance&#8221;), an affiliated entity of B. Riley, issued a letter of credit for $<FONT  TITLE="Landlords">3,024,232</FONT>
to one of the Company&#8217;s landlords. In the event BRF Finance is required to make a draw on the letter of credit, the amount paid
will automatically be added to principal of the outstanding notes. As of December 31, 2020 and 2019, security deposits under letters
of credit or cash deposited with banks under the terms of the lease arrangements were $<FONT  TITLE="Cash deposit with bank">185,606</FONT> and $<FONT  TITLE="Cash deposit with bank">160,910</FONT>, respectively, reflected
within other assets on the consolidated balance sheets.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Maturity
of Lease Liabilities</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&#160;</B></FONT></P>

<P  STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
present value of the Company&#8217;s operating leases consisted of the following as of December 31, 2020:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;<FONT  STYLE="display: none">Summary of Maturity of Lease Liabilities</FONT></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 75%; margin-right: auto">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&#160;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD><TD  STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">Year Ending December
    31,</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR  STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; width: 80%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">2021</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">3,804,853</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR  STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">2022</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">3,525,158</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR  STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">2023</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">3,528,696</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR  STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">2024</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">3,526,406</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR  STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">2025</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">3,740,591</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR  STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: justify; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Thereafter</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">23,822,981</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR  STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Minimum
    lease payments</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">41,948,685</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR  STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Less
    imputed interest</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(21,002,931</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD></TR>
  <TR  STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Present
    value of operating lease liabilities</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">20,945,754</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR  STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Current
    portion of operating lease liabilities</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1,059,671</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR  STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Long-term
    portion of operating lease liabilities</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">19,886,083</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR  STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Total
    operating lease liabilities</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">20,945,754</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  </TABLE>

<P  STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></P>

<P  STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: none"><B>8.</B></FONT> <FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: none"><B><FONT >Platform Development</FONT></B></FONT></P>



<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.75pt; text-transform: uppercase; text-align: justify; text-indent: -23.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: none">&#160;</FONT></P>

<P  STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Platform
development costs are summarized as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;<FONT  STYLE="display: none">Summary of Platform Development Costs</FONT></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">As
    of December 31,</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">2020</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">2019</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 64%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Platform
    development</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Less
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    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD  TITLE="Less accumulated amortization" STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(8,671,820</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD  TITLE="Less accumulated amortization" STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(4,785,973</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Net
    platform development</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD  TITLE="Net platform development" STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">7,355,608</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD  TITLE="Net platform development" STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">5,892,719</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  </TABLE>

<P  STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P  STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">A
summary of platform development activity for the years ended December 31, 2020 and 2019 is as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;<FONT  STYLE="display: none">Summary of Platform Development Cost Activity</FONT></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">As
    of December 31,</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">2020</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">2019</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 64%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Platform
    development beginning of year</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD  TITLE="Platform development beginning of year" STYLE="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">10,678,692</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD  TITLE="Platform development beginning of year" STYLE="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">6,833,900</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Payroll-based
    costs capitalized during the year</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD  TITLE="Payroll-based costs capitalized during the year" STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">3,750,541</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD  TITLE="Payroll-based costs capitalized during the year" STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">2,537,402</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Total
    capitalized costs</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD  TITLE="Total capitalized costs" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">14,429,233</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD  TITLE="Total capitalized costs" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">9,371,302</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Stock-based
    compensation</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD  TITLE="Stock-based compensation" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1,608,995</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD  TITLE="Stock-based compensation" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1,307,390</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Dispositions
    during the year</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD  TITLE="Dispositions during the year" STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(10,800</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD  TITLE="Dispositions during the year" STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Platform
    development end of year</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD  TITLE="Platform development end of year" STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">16,027,428</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD  TITLE="Platform development end of year" STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">10,678,692</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  </TABLE>

<P  STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Amortization
expense for platform development for the years ended December 31, 2020 and 2019, was $<FONT  TITLE="Amortization expense platform development">3,890,966</FONT> and $<FONT  TITLE="Amortization expense platform development">2,660,029</FONT>, respectively, is included
within cost of revenues on the consolidated statements of operations.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P  STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: none"><B>9.</B></FONT> <FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: none"><B><FONT >Intangible Assets</FONT></B></FONT></P>



<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.75pt; text-transform: uppercase; text-align: justify; text-indent: -23.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: none">&#160;</FONT></P>

<P  STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Intangible
assets subject to amortization consisted of the following:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;<FONT  STYLE="display: none">Schedule of Intangible Assets Subjects to Amortization</FONT></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Weighted
    Average</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD COLSPAN="10" STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">As
    of December 31, 2020</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD COLSPAN="10" STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">As
    of December 31, 2019</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Useful
    Life (in years)</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD  TITLE="Intangible assets, gross" STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">20,000</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD  TITLE="Intangible assets, accumulated amortization" STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P  STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Developed
technology, noncompete agreement, trade name, subscriber relationships, advertiser relationships, and database intangible assets subject
to amortization were recorded as part of the Company&#8217;s business acquisitions. The website domain name has an infinite life and
is not being amortized. Amortization expense for the years ended December 31, 2020 and 2019 was $<FONT  TITLE="Amortization expense of intangible asset">20,301,665</FONT> and $<FONT  TITLE="Amortization expense of intangible asset">7,806,517</FONT>, respectively.
Amortization expense for developed technology and platform development of $<FONT  TITLE="Amortization expense of intangible asset">4,659,986</FONT> and $<FONT  TITLE="Amortization expense of intangible asset">3,531,936</FONT> for the years ended December 31,
2020 and 2019, respectively, are included within cost of revenues on the consolidated statements of operations. <FONT  TITLE="Impairment charges"><FONT  TITLE="Impairment charges">No</FONT></FONT> impairment charges
have been recorded during the years ended December 31, 2020 and 2019.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P  STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Estimated
total amortization expense for the next five years and thereafter related to the Company&#8217;s intangible assets subject to amortization
as of December 31, 2020 is as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;<FONT  STYLE="display: none">Schedule of Future Estimated Amortization Expenses for Intangible Assets</FONT></FONT></P>

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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom; background-color: White">
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<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD COLSPAN="5" STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">Year
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  <TR  STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; width: 80%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">2021</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">19,803,965</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR  STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">2022</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">19,209,117</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR  STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">2023</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">17,460,073</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR  STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">2024</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">11,397,870</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR  STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; padding-left: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Thereafter</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">3,610,810</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR  STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="display: none; font-family: Times New Roman, Times, Serif">&#160;Intangible
    assets, net</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">71,481,835</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  </TABLE>

<P  STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: none">&#160;</FONT></P>

<P  STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: none"><B>10.</B></FONT> <FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: none"><B><FONT >Other Assets</FONT></B></FONT></P>



<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.75pt; text-transform: uppercase; text-align: justify; text-indent: -23.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: none">&#160;</FONT></P>

<P  STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Other
assets are summarized as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;<FONT  STYLE="display: none">Summary of Other Assets</FONT></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">&#160;</TD>
    <TD  STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">2020</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">&#160;</TD>
    <TD  STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">2019</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">As
    of December 31,</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">2020</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">2019</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR  STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 64%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Security
    deposit</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">110,418</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">110,418</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR  STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Other
    deposits</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">15,400</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">65,764</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR  STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Prepaid
    expenses</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">732,309</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">867,467</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR  STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Note
    receivable</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">41,638</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR  STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Prepaid
    supplies</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">472,685</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR  STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="display: none; font-family: Times New Roman, Times, Serif">&#160;Other
    assets</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1,330,812</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1,085,287</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  </TABLE>

<P  STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.75pt; text-transform: uppercase; text-align: justify; text-indent: -23.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: none">&#160;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P  STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: none"><B>11.</B></FONT> <FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: none"><B><FONT >Goodwill</FONT></B></FONT></P>



<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.75pt; text-transform: uppercase; text-align: justify; text-indent: -23.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: none">&#160;</FONT></P>

<P  STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
changes in carrying value of goodwill as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;<FONT  STYLE="display: none">Schedule of Changes in Carrying Value of Goodwill</FONT></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">As
    of December 31,</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">2020</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">2019</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 64%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Carrying
    value at beginning of year</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD  TITLE="Carrying value at beginning of year" STYLE="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">7,324,287</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Goodwill
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    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD  TITLE="Goodwill acquired in acquisition of TheStreet" STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD  TITLE="Goodwill acquired in acquisition of TheStreet" STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">8,815,090</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Carrying
    value at end of year</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD  TITLE="Carrying value at end of year" STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">16,139,377</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD  TITLE="Carrying value at end of year" STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">16,139,377</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  </TABLE>

<P  STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Company performs its annual impairment test at the reporting unit level, which is the operating segment or one level below the operating
segment. Management determined that the Company would be aggregated into a single reporting unit for purposes of performing the impairment
test for goodwill.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">For
the years ended December 31, 2020 and 2019, the Company as part of its annual evaluations utilized the option to first assess qualitative
factors to determine whether it was necessary to perform the quantitative goodwill impairment assessment. As part of this assessment,
the Company reviews qualitative factors which include, but are not limited to, economic, market and industry conditions, as well as the
financial performance of its reporting unit. In accordance with applicable guidance, an entity is not required to calculate the fair
value of its reporting unit if, after assessing these qualitative factors, the Company determines that it is more likely than not that
the fair value of its reporting unit is greater than its respective carrying amount. The annual impairment test was performed on December
31, 2020. <FONT  TITLE="Impairment of goodwill"><FONT  TITLE="Impairment of goodwill">No</FONT></FONT> impairment of goodwill has been identified during the years ended December 31, 2020 and 2019.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P  STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: none"><B>12.</B></FONT> <FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: none"><B><FONT >Restricted Stock Liabilities</FONT></B></FONT></P>



<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.75pt; text-transform: uppercase; text-align: justify; text-indent: -23.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: none">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
December 15, 2020, the Company entered into an amendment for certain restricted stock awards and units that were previously issued to
certain employees in connection with the HubPages merger. Pursuant to the amendment:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the
    restricted stock awards ceased to vest and all unvested shares were deemed unvested and forfeited, leaving an aggregate of <FONT  TITLE="Number of shares vested">1,064,549</FONT>
    shares vested;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the
    restricted stock units were modified to vest on December 31, 2020, and as of the close of business on December 31, 2020, each restricted
    stock unit was terminated and deemed forfeited, with no shares vesting thereunder; and</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">subject
    to certain conditions, the Company agreed to purchase the vested restricted stock awards and restricted stock units, at a price of
    $<FONT  TITLE="Purchase price per share">4.00</FONT> per share in 24 equal monthly installments on the second business day of each calendar month beginning on January 4, 2021.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">As
a result of the modification of the equity-based awards, the Company recognized $<FONT  TITLE="Incremental stock-based compensation costs">334,328</FONT> of incremental stock-based compensation costs
at the time of the modification and recorded $<FONT  TITLE="Reclassification of restricted stock awards and units from equity to liability classified upon modification">3,800,734</FONT> as a reclassification of restricted stock awards and units from equity to liability
classified upon modification, as reflected within additional paid-in capital on the consolidated statements of stockholders&#8217; deficiency.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P  STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
following table presents the components of the restricted stock liabilities as of December 31, 2020:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;<FONT  STYLE="display: none">Schedule of Components of Restricted Stock Liabilities</FONT></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Total
    restricted stock liabilities</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD  TITLE="Total restricted stock liabilities" STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">3,623,309</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 82%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Restricted
    stock liabilities recorded upon modification of the restricted stock awards and units (<FONT  TITLE="Number of shares vested" CLASS="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIENvbXBvbmVudHMgb2YgUmVzdHJpY3RlZCBTdG9jayBMaWFiaWxpdGllcyAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__">1,064,549</FONT> restricted stock to be purchased
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD  TITLE="Restricted stock liabilities recorded upon modification of the restricted stock awards and units (1,064,549 restricted stock to be purchased at $4.00 per share)" STYLE="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">4,258,196</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Less
    imputed interest</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD  TITLE="Less imputed interest" STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(457,462</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Present
    value of restricted stock liabilities</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD  TITLE="Present value of restricted stock liabilities" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">3,800,734</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Less
    prepayments on December 31, 2020</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD  TITLE="Less prepayments" STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(177,425</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Restricted
    stock liabilities</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD  TITLE="Total restricted stock liabilities" STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">3,623,309</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Current
    portion of restricted stock liabilities</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD  TITLE="Current portion of restricted stock liabilities" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1,627,499</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Long-term
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    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD  TITLE="Long-term portion of restricted stock liabilities" STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1,995,810</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Total
    restricted stock liabilities</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD  TITLE="Total restricted stock liabilities" STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">3,623,309</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  </TABLE>

<P  STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P  STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: none"><B>13.</B></FONT> <FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: none"><B><FONT >Accrued Expenses</FONT></B></FONT></P>



<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.75pt; text-transform: uppercase; text-align: justify; text-indent: -23.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: none">&#160;</FONT></P>

<P  STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Accrued
expenses are summarized as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;<FONT  STYLE="display: none">Schedule of Accrued Expenses</FONT></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">&#160;</TD>
    <TD  STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">2020</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">&#160;</TD>
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<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
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  <TR  STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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    accrued expenses</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
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  <TR  STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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  <TR  STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Accrued
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  <TR  STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Sales
    tax liability</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
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  <TR  STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Due
    to Meredith</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">701,734</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR  STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Due
    to ABG</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">4,000,000</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR  STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Restricted
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1,627,499</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR  STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Other</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
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    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">794,568</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR  STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-bottom: 2.5pt"><FONT STYLE="display: none; font-family: Times New Roman, Times, Serif">&#160;Total
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<P  STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.75pt; text-transform: uppercase; text-align: justify; text-indent: -23.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: none">&#160;</FONT></P>

<P  STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: none"><B>14.</B></FONT> <FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: none"><B><FONT >Line of Credit</FONT></B></FONT></P>



<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.75pt; text-transform: uppercase; text-align: justify; text-indent: -23.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: none">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>FastPay
Credit Facility</I> &#8211; On February 27, 2020, the Company entered into a financing and security agreement with FPP Finance LLC (&#8220;FastPay&#8221;),
pursuant to which FastPay extended a $<FONT  TITLE="Line of credit">15,000,000</FONT> line of credit for working capital purposes secured by a first lien on all of the Company&#8217;s
cash and accounts receivable and a second lien on all other assets. Borrowings under the facility bear interest at the LIBOR Rate plus
<FONT  TITLE="Line of credit interest rate">8.50</FONT>% and have a final maturity of <FONT  TITLE="Line of credit maturity date">February 6, 2022</FONT>. As of December 31, 2020, the balance outstanding under the FastPay facility was
$<FONT  TITLE="Line of credit">7,178,791</FONT>. As of the date these condensed consolidated financial statements were issued or were available to be issued the balance outstanding
was approximately $<FONT  TITLE="Line of credit, outstanding amount">6.5</FONT> million.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>SallyPort
Credit Facility</I> &#8211; During November 2018, the Company entered into a factoring note agreement, with a $<FONT  TITLE="Line of credit , maximum borrowing capacity">3,500,000</FONT> maximum facility
limit, with Sallyport Commercial Finance, LLC (&#8220;Sallyport&#8221;) to increase working capital through accounts receivable factoring.
The note provided for maximum borrowing up to <FONT  TITLE="Line of credit , maximum borrowing percentage">85</FONT>% of the eligible accounts receivable (the &#8220;Advance Rate&#8221;) and the Company
was permitted to adjust the amount advanced up or down at any time. The note was subject to a minimum monthly sales shortfall fee in
the event the monthly sales volume is below $<FONT  TITLE="Monthly sales volume amount">1,000,000</FONT>. The note bore interest at the prime rate plus <FONT  TITLE="Line of credit interest rate">4.00</FONT>% (the &#8220;Interest Rate&#8221;)
(<FONT  TITLE="Line of credit interest rate">8.75</FONT>% as of December 31, 2019) and provided for a floor rate of <FONT  TITLE="Line of credit interest rate">5.00</FONT>% with a default rate of <FONT  TITLE="Debt instrument interest rate">3.00</FONT>% plus the Interest Rate. In addition,
the note provided for an initial factoring fee of <FONT  TITLE="Initial factoring fee">0.415</FONT>% with an annual per day fee of $<FONT  TITLE="Debt fee">950</FONT>. As of December 31, 2019, Sallyport collected
accounts receivable in excess of the balance outstanding under the note, therefore, the Company was due $<FONT  TITLE="Receivable from related party">626,532</FONT> from Sallyport which
was reflected within accounts receivable on the condensed consolidated balance sheet. Effective January 30, 2020, the Company&#8217;s
factoring facility with Sallyport was closed and funds were no longer available for advance.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P  STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: none"><B>15.</B></FONT> <FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: none"><B><FONT >Liquidated Damages Payable</FONT></B></FONT></P>



<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.75pt; text-transform: uppercase; text-align: justify; text-indent: -23.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: none">&#160;</FONT></P>

<P  STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Liquidated
Damages payable are summarized as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;<FONT  STYLE="display: none">Summary of Liquidated Damages</FONT></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">MDB
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    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Series
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    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">12%
    Convertible<BR>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Accrued
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    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD  TITLE="Accrued interest" STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">481,017</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
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    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD  TITLE="Accrued interest" STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">332,185</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD  TITLE="Accrued interest" STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">200,022</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD  TITLE="Accrued interest" STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1,147,690</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
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    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD  TITLE="Liquidated damages payable" STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">2,808,927</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Public
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Accrued
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD  TITLE="Liquidated damages payable" STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">15,001</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD  TITLE="Liquidated damages payable" STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">2,808,927</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
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  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 3%"><FONT  STYLE="font: 10pt Times New Roman, Times, Serif">(1)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 96%"> <FONT  STYLE="font: 10pt Times New Roman, Times, Serif">Consists of shares of common stock issuable to MDB Capital
Group, LLC (&#8220;MDB&#8221;).</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  </TABLE>
<P  STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Information
with respect to the Liquidated Damages recognized on the consolidated statements of operations is provided in Note 23, and for amounts
contingently liable in Note 26.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P  STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: none"><B>16.</B></FONT> <FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: none"><B><FONT >Fair Value Measurements</FONT></B></FONT></P>



<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.75pt; text-transform: uppercase; text-align: justify; text-indent: -23.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: none">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Company&#8217;s financial instruments consist of Level 1, Level 2 and Level 3 assets as of December 31, 2020 and 2019. As of December
31, 2020 and 2019, the Company&#8217;s cash and cash equivalents of $<FONT  TITLE="Cash and cash equivalents">9,033,872</FONT> and $<FONT >8,852,281</FONT>, respectively, were Level 1 assets and
included savings deposits, overnight investments, and other liquid funds with financial institutions.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P  STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Financial
instruments measured at fair value during the year consisted of the following as of December 31, 2020 and 2019:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;<FONT  STYLE="display: none">Schedule of Fair Value of Financial Instruments</FONT></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD COLSPAN="14" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Year
    Ended December 31, 2020</FONT></TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Fair
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    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Quoted
                                            Prices in Active Markets for Identical Assets</B></FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(Level
                                            1)</B></FONT></P></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Significant
                                            Other Observable Inputs</B></FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(Level
                                            2)</B></FONT></P></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Significant
                                            Unobservable Inputs</B></FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(Level
                                            3)</B></FONT></P></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Long-term debt:</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt; padding-left: 10pt; width: 38%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">12%
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    <TD STYLE="border-bottom: Black 2.5pt double; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD  TITLE="Long-term debt fair value" STYLE="border-bottom: Black 2.5pt double; width: 12%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="padding-bottom: 2.5pt; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="padding-bottom: 2.5pt; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD  TITLE="Long-term debt fair value" STYLE="border-bottom: Black 2.5pt double; width: 12%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">52,556,401</FONT></TD><TD STYLE="padding-bottom: 2.5pt; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="padding-bottom: 2.5pt; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD  TITLE="Long-term debt fair value" STYLE="border-bottom: Black 2.5pt double; width: 12%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="padding-bottom: 2.5pt; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Warrant derivative liabilities:</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Strome Warrants</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD  TITLE="Warrant derivative liabilities fair value" STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">704,707</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD  TITLE="Warrant derivative liabilities fair value" STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD  TITLE="Warrant derivative liabilities fair value" STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD  TITLE="Warrant derivative liabilities fair value" STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">704,707</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1.5pt; padding-left: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">B.
    Riley Warrants</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD  TITLE="Warrant derivative liabilities fair value" STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">443,188</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD  TITLE="Warrant derivative liabilities fair value" STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD  TITLE="Warrant derivative liabilities fair value" STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
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  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt; padding-left: 0pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Total
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    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD  TITLE="Warrant derivative liabilities fair value" STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1,147,895</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD  TITLE="Warrant derivative liabilities fair value" STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD  TITLE="Warrant derivative liabilities fair value" STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD  TITLE="Warrant derivative liabilities fair value" STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1,147,895</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD COLSPAN="14" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Year
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  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Fair
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    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Quoted
                                            Prices in Active Markets for Identical Assets</B></FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(Level
                                            1)</B></FONT></P></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Significant
                                            Other Observable Inputs</B></FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(Level
                                            2)</B></FONT></P></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Significant
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  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Long-term debt:</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt; padding-left: 10pt; width: 38%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">12%
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    <TD STYLE="border-bottom: Black 2.5pt double; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD  TITLE="Long-term debt fair value" STYLE="border-bottom: Black 2.5pt double; width: 10%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">44,009,745</FONT></TD><TD STYLE="padding-bottom: 2.5pt; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="padding-bottom: 2.5pt; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD  TITLE="Long-term debt fair value" STYLE="border-bottom: Black 2.5pt double; width: 12%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="padding-bottom: 2.5pt; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="padding-bottom: 2.5pt; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD  TITLE="Long-term debt fair value" STYLE="border-bottom: Black 2.5pt double; width: 12%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">44,009,745</FONT></TD><TD STYLE="padding-bottom: 2.5pt; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="padding-bottom: 2.5pt; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD  TITLE="Long-term debt fair value" STYLE="border-bottom: Black 2.5pt double; width: 12%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="padding-bottom: 2.5pt; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Warrant derivative liabilities:</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
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<P  STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
carrying value of the Company&#8217;s 12% Amended Senior Secured Notes (as defined below) approximates fair value based on current market
interest rates for debt instruments of similar credit standing and, consequently, their fair values are based on Level 2 inputs.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
quantitative information utilized in the fair value calculation of the Level 3 liabilities are as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Company accounts for certain warrants and the embedded conversion features of the 12% Convertible Debentures (as described in Note 18)
as derivative liabilities, which require the Company carry such amounts on its consolidated balance sheets as a liability at fair value,
as adjusted at each reporting period-end.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Company determined the fair value of the L2 Warrants, Strome Warrants and B. Riley Warrants (all as described in Note 21) utilizing the
Black-Scholes valuation model as further described below. These warrants and the embedded conversion features are classified as Level
3 within the fair-value hierarchy. Inputs to the valuation model include the Company&#8217;s publicly-quoted stock price, the stock volatility,
the risk-free interest rate, the remaining life of the warrants and debentures, the exercise price or conversion price, and the dividend
rate. The Company uses the closing stock price of its common stock over an appropriate period of time to compute stock volatility. These
assumptions are summarized as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>L2
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factor: <FONT  TITLE="Fair value assumptions, measurement input, percentages">130.46</FONT>%; dividend rate: <FONT  TITLE="Fair value assumptions, measurement input, percentages">0.0</FONT>%; transaction date closing market price: $<FONT  TITLE="Fair value assumptions, measurement input, price per share">0.89</FONT>; exercise price: $<FONT  TITLE="Fair value assumptions, measurement input, price per share">0.50</FONT>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Strome
Warrants &#8211; </I>2020 assumptions: Black-Scholes option-pricing; expected life: <FONT  TITLE="Fair value assumptions, measurement input, term">2.45</FONT>; risk-free interest rate: <FONT  TITLE="Fair value assumptions, measurement input, percentages">0.13</FONT>%; volatility
factor: <FONT  TITLE="Fair value assumptions, measurement input, percentages">150.55</FONT>%; dividend rate: <FONT  TITLE="Fair value assumptions, measurement input, percentages">0.0</FONT>%; transaction date closing market price: $<FONT  TITLE="Fair value assumptions, measurement input, price per share">0.60</FONT>; exercise price: $<FONT  TITLE="Fair value assumptions, measurement input, price per share">0.50</FONT>; and 2019 assumptions: Black-Scholes
option-pricing; expected life: <FONT  TITLE="Fair value assumptions, measurement input, term">3.45</FONT>; risk-free interest rate: <FONT  TITLE="Fair value assumptions, measurement input, percentages">1.62</FONT>%; volatility factor: <FONT  TITLE="Fair value assumptions, measurement input, percentages">144.56</FONT>%; dividend rate: <FONT  TITLE="Fair value assumptions, measurement input, percentages">0.0</FONT>%; transaction date
closing market price: $<FONT  TITLE="Fair value assumptions, measurement input, price per share">0.80</FONT>; exercise price: $<FONT  TITLE="Fair value assumptions, measurement input, price per share">4.50</FONT>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>B.
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volatility factor: <FONT  TITLE="Fair value assumptions, measurement input, percentages">140.95</FONT>%; dividend rate: <FONT  TITLE="Fair value assumptions, measurement input, percentages">0.0</FONT>%; transaction date closing market price: $<FONT  TITLE="Fair value assumptions, measurement input, price per share">0.60</FONT>; exercise price: $<FONT  TITLE="Fair value assumptions, measurement input, price per share">1.00</FONT>; and 2019 assumptions:
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transaction date closing market price:$<FONT  TITLE="Fair value assumptions, measurement input, price per share">0.80</FONT>; exercise price: $<FONT  TITLE="Fair value assumptions, measurement input, price per share">1.00</FONT>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P  STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
following table represents the carrying amount, valuation and roll-forward of activity for the Company&#8217;s warrants accounted for
as a derivative liability and classified within Level 3 of the fair-value hierarchy as of and for the years ended December 31, 2020 and
2019:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;<FONT  STYLE="display: none">Schedule of Valuation Activity for Warrants Accounted for Derivative Liability</FONT></FONT></P>

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    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Exercise
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Carrying
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Strome
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: justify; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">B.
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    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD  TITLE="Carrying amount at end of year" STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">443,188</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD  TITLE="Carrying amount at end of year" STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">607,513</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Carrying
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    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD  TITLE="Carrying amount at end of year" STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1,147,895</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD  TITLE="Carrying amount at end of year" STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1,644,200</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
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<P  STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">For
the years ended December 31, 2020 and 2019, the change in valuation of warrant derivative liabilities recognized within other (expense)
income on the consolidated statement of operations, as described in the above table of $<FONT  TITLE="Change in valuation of warrant derivative liabilities">496,305</FONT> and <FONT  TITLE="Change in valuation of warrant derivative liabilities">($1,015,151)</FONT>, respectively. The L2
Warrants were fully exercised on a cashless basis during the year ended December 31, 2019, resulting in a $<FONT  TITLE="Adjustment to additional paid in capital">735,186</FONT> offset within additional
paid-in capital on the consolidated statements of stockholders&#8217; deficiency.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P  STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
following table represents the carrying amount, valuation and a roll-forward of activity for the conversion option features, buy-in features,
and default remedy features, as deemed appropriate for each instrument (collectively the embedded derivative liabilities), for the <FONT  TITLE="Debenture convertible percentage">12</FONT>%
Convertible Debentures (refer to Note 18) accounted for as embedded derivative liabilities and classified within Level 3 of the fair-value
hierarchy as of and for the years ended December 31, 2020 and 2019:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;<FONT  STYLE="display: none">Schedule of Valuation Activity for the Embedded Conversion Feature Liability</FONT></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD  TITLE="Recognition of embedded derivative liabilities (conversion feature, buy-in feature, and default remedy feature): Issuance date of March 27, 2019" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Issuance
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD  TITLE="Recognition of embedded derivative liabilities (conversion feature, buy-in feature, and default remedy feature): Issuance date of April 8, 2019" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Fair
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    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD  TITLE="Fair value of embedded derivative liabilities recorded within additional paid-capital upon conversion of 12% convertible debentures" STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Carrying
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    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD  TITLE="Carrying amount at end of year" STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD  TITLE="Carrying amount at end of year" STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">13,501,000</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  </TABLE>

<P  STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">For
the year ended December 31, 2020, the change in valuation of embedded derivative liabilities as described in the above table of $<FONT  TITLE="Change in valuation of embedded derivative liabilities">2,571,004</FONT>
was recognized as other income on the consolidated statements of operations. For the year ended December 31, 2019, the change in valuation
of embedded derivative liabilities as described in the above table of $<FONT  TITLE="Change in valuation of embedded derivative liabilities">5,040,000</FONT> was recognized as other expense on the consolidated
statements of operations.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">In
addition, the fair value requirement at each period-end for the Series G Preferred Stock embedded conversion feature was no longer required
for the year ended December 31, 2019 since it is not considered a derivative liability, therefore, the carrying amount of $<FONT  TITLE="Warrant derivative liabilities">72,563</FONT> as
of January 1, 2018 was recognized as other income of $<FONT  TITLE="Other income">72,563</FONT> during the year ended December 31, 2019 on the consolidated statements of
operations.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">As
a result of the conversion of certain 12% Convertible Debentures into shares of the Company&#8217;s common stock, the Company recorded
the fair value of the embedded derivative liabilities of the conversion option features, buy-in features, and default remedy features
of $<FONT  TITLE="Fair value of embedded derivative liabilities">10,929,996</FONT> within additional paid-in capital on the consolidated statements of stockholders&#8217; deficiency (as further described
in Note 18).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; background-color: white">There
have been no transfers in Level 1, Level 2, and Level 3 and no changes in valuation techniques for these assets or liabilities for the
years ended December 31, 2020 and 2019.</FONT></P>
<!-- Field: Split-Segment; Name: 001 -->
<P  STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 100%; text-transform: uppercase; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.35in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: none"><B>17.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: none"><B><FONT >Promissory Notes</FONT></B></FONT></TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.75pt; text-transform: uppercase; text-align: justify; text-indent: -23.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: none">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">In
May 2018, the Company&#8217;s then Chief Executive Officer began advancing funds to the Company in order to meet minimum operating needs.
Such advances were made pursuant to promissory notes that were due on demand, with interest at the minimum applicable federal rate, which
ranged from <FONT  TITLE="Federal rate, percentage">2.18</FONT>% to <FONT  TITLE="Federal rate, percentage">2.38</FONT>%. As of December 31, 2019, the total principal amount of advances outstanding were $<FONT  TITLE="Notes payable outstanding">319,351</FONT> (including accrued
interest of $<FONT  TITLE="Accrued interest payable">12,574</FONT>) (see Note 25). As of December 31, 2020, the note was repaid (further details are provided in Note 20).</FONT></P>

<P  STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 100%; text-transform: uppercase; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.35in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: none"><B>18.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: none"><B><FONT >Convertible Debt</FONT></B></FONT></TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.75pt; text-transform: uppercase; text-align: justify; text-indent: -23.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: none">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">During
2018 and 2019, the Company had various financings through the issuance of the 12% senior subordinated convertible debentures which were
due and payable on December 31, 2020 (the &#8220;12% Convertible Debentures&#8221;). Interest accrued at the rate of 12% per annum, payable
on the earlier of conversion or December 31, 2020. The Company&#8217;s obligations under the 12% Convertible Debentures were secured
by a security agreement, dated as of October 18, 2018, by and among the Company and each investor thereto. <FONT  TITLE="Debt conversion description">The 12% Convertible Debentures
were subject to the Company receiving stockholder approval to increase its authorized shares of common stock before conversion. Principal
on the <FONT  TITLE="Debt interest rate">12</FONT>% Convertible Debentures were convertible into shares of the Company&#8217;s common stock, at the option of the investor at
any time prior to December 31, 2020, at either a per share conversion price of $<FONT  TITLE="Conversion price">0.33</FONT> (with respect to the <FONT  TITLE="Debt interest rate">12</FONT>% Convertible Debentures
issued in 2018) or $<FONT  TITLE="Conversion price">0.40</FONT> (with respect to the <FONT  TITLE="Debt interest rate">12</FONT>% Convertible Debentures issued in 2019), subject to adjustment for stock splits, stock
dividends and similar transactions, and certain beneficial ownership blocker provisions.</FONT> Further, the 12% Convertible Debentures were
subject to Liquidated Damages (as further described below and in Note 23 and Note 26).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>&#160;</I></B></FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>&#160;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
12% Convertible Debentures were issued and convertible into shares of the Company&#8217;s common stock as follows: (1) gross proceeds
of $<FONT  TITLE="Proceeds from convertible debt">13,091,528</FONT> on December 12, 2018, convertible into <FONT  TITLE="Debt converted into shares">39,671,297</FONT> shares; (2) gross proceeds of $<FONT  TITLE="Proceeds from convertible debt">1,696,000</FONT> on March 18, 2019, convertible
into <FONT  TITLE="Debt converted into shares">4,240,000</FONT> shares; (3) gross proceeds of $<FONT  TITLE="Proceeds from convertible debt">318,000</FONT> on March 27, 2019, convertible into <FONT  TITLE="Debt converted into shares">795,000</FONT> shares; and (4) gross proceeds of $<FONT  TITLE="Proceeds from convertible debt">100,000</FONT>
on April 8, 2019, convertible into <FONT  TITLE="Debt converted into shares">250,000</FONT> shares. Upon issuance of the various financings, the Company accounted for the embedded conversion
option feature, buy-in feature, and default remedy feature (as further described below and in Note 16) as embedded derivative liabilities,
which required the Company to carry such amount on its consolidated balance sheets as a liability at fair value, as adjusted at each
period-end (see Note 16).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Company also incurred debt issuance cost. The embedded derivative liabilities and debt issuance cost were treated as a debt discount
and amortized over the term of the debt.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>&#160;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
12% Convertible Debentures issued during the year ended December 31, 2019 were as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
March 18, 2019, the Company entered into a securities purchase agreement with two accredited investors, including John Fichthorn, the
Company&#8217;s Executive Chairman of the Board of Directors (the &#8220;Board&#8221;), pursuant to which the Company issued 12% Convertible
Debentures in the aggregate principal amount of $<FONT  TITLE="Principal amount of debt">1,696,000</FONT>, which included a placement fee of $<FONT  TITLE="Placement fee payable in cash">96,000</FONT> paid to B. Riley FBR in the form
of a 12% Convertible Debenture, for acting as the Company&#8217;s placement agent in the offering. The Company received net proceeds
of $<FONT  TITLE="Net proceeds received">1,600,000</FONT> and paid legal fees and expenses of $<FONT  TITLE="Legal expenses">10,000</FONT> in cash. This financing of the 12% Convertible Debentures was subject to an
issuance limitation, which fully limited the conversion of the 12% Convertible Debentures into shares of common stock by the holders
(outside of the issuance limitation these 12% Convertible Debentures were convertible into <FONT  TITLE="Conversion of convertible shares">4,240,000</FONT> shares of the Company&#8217;s common
stock), subject to certain conditions as described below.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
March 27, 2019, the Company entered into a securities purchase agreement with an accredited investor pursuant to which the Company issued
12% Convertible Debentures in the aggregate principal amount of $<FONT  TITLE="Principal amount of debt">318,000</FONT>, which included a placement fee of $<FONT  TITLE="Placement fee payable in cash">18,000</FONT> paid to B. Riley
FBR in the form of a 12% Convertible Debenture for acting as the Company&#8217;s placement agent in the offering. The Company received
net proceeds of $<FONT  TITLE="Net proceeds received">300,000</FONT>. This financing of the 12% Convertible Debentures was subject to an issuance limitation, which fully limited
the conversion of the 12% Convertible Debentures into shares of common stock by the holder (outside of the issuance limitation these
12% Convertible Debentures were convertible into <FONT  TITLE="Conversion of convertible shares">795,000</FONT> shares of the Company&#8217;s common stock), subject to certain conditions as
described below.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
April 8, 2019, the Company entered into a securities purchase agreement with an accredited investor, Todd D. Sims, a member of the Board,
pursuant to which the Company issued a 12% Convertible Debenture in the aggregate principal amount of $<FONT  TITLE="Principal amount of debt">100,000</FONT> and received $<FONT  TITLE="Net proceeds received">100,000</FONT>
from the proceeds. This financing of the 12% Convertible Debenture was subject to an issuance limitation, which fully limited the conversion
of the 12% Convertible Debentures into shares of common stock by the holder (outside of the issuance limitation this 12% Convertible
Debenture was convertible into <FONT  TITLE="Conversion of convertible shares">250,000</FONT> shares of the Company&#8217;s common stock), subject to certain conditions as described below.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Upon
issuance of the various financings of the 12% Convertible Debentures, the Company recognized the following embedded derivative liabilities
that were bifurcated from the note instruments:</FONT></P>

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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Conversion
    option &#8211; (1) At any time after the original issue date until the 12% Convertible Debenture is no longer outstanding, the 12%
    Convertible Debenture is convertible, in whole or in part, into shares of common stock at the option of the holder at the aforementioned
    conversion price, and (2) at any time and from time to time subject to: (i) an issuance limitation until the Company has an authorized
    share increase, and (ii) a beneficial ownership limitations, which prevents conversion if the common stock shares held by the holder
    exceeds <FONT  TITLE="Ownership percentage">4.99</FONT>% of the common stock outstanding (subject to increase by the holder to <FONT  TITLE="Ownership percentage">9.99</FONT>%).</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Buy-in
    feature &#8211; (1) The 12% Convertible Debenture is puttable for a certain buy-in amount where it gives the holder the right, if
    the Company fails for any reason to deliver to the holder the conversion shares, to a cash settlement for the difference between
    the cost of the Company&#8217;s common stock in the open market and the conversion price; and (2) the put is contingent if the Company
    fails to deliver conversion shares pursuant to a buy-in event.</FONT></TD></TR>
  </TABLE>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
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    remedy feature &#8211; (1) The 12% Convertible Debenture is puttable in the event of default where it gives the holder the right
    to repayment, in cash, the greater of (i) the outstanding principal amount due divided by the then conversion price times the daily
    volume weighted average price of the common stock; or (ii) the outstanding principal debt amount, plus unpaid but accrued interest
    and other amounts owing in the notes; and (2) the put is contingent upon a Change of Control (as described below) or Fundamental
    Transaction (as described below).</FONT></TD></TR>
  </TABLE>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Change
in Control</I> &#8211; Change in Control, in general, means: <FONT  TITLE="Voting transaction description">(a) an acquisition in excess of 50% of the voting securities of the Company;
(b) the Company merges into or consolidates whereby the Company stockholders own less than 50% of the aggregate voting power after the
transaction; (c) the Company sells or transfers all or substantially all of its assets to whereby the Company stockholders own less than
50% of the aggregate voting power after the transaction; (d) a replacement at one time or within a three year period of more than one-half
of the Board, which is not approved by a majority of those individuals who are members of the Board on the original issue date, subject
to certain conditions; or (e) the execution by the Company of an agreement for any of the events set forth in clauses (a) through (d)
above</FONT>.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Fundamental
Transaction</I> &#8211; Fundamental Transaction, in general, means: <FONT  TITLE="Transaction description">(a) the Company, directly or indirectly, in one or more related transactions
effects any merger or consolidation; (b) the Company, directly or indirectly, effects any sale, lease, license, assignment, transfer,
conveyance or other disposition of all or substantially all of its assets in one or a series of related transactions; (c) any, direct
or indirect, purchase offer, tender offer or exchange offer is completed pursuant to which the Company common stock holders are permitted
to sell, tender or exchange their shares for other securities, cash or property and has been accepted by the holders of 50% or more of
the Company&#8217;s outstanding common stock; (d) the Company, directly or indirectly, in one or more related transactions effects any
reclassification, reorganization or recapitalization of the Company&#8217;s common stock or any compulsory share exchange pursuant to
which the common stock is effectively converted into or exchanged for other securities, cash or property, or (e) the Company, directly
or indirectly, in one or more related transactions consummates a stock or share purchase agreement or other business combination whereby
such transaction results in an acquisition of more than 50% of the outstanding shares of the Company&#8217;s common stock, subject to
certain other conditions. Further, if a Fundamental Transaction occurs, the holders have the right to their conversion shares as if the
beneficial ownership limitation or the issuance limitation was not in place, subject to certain terms as additional consideration.</FONT></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
12% Convertible Debentures also provided that <FONT  TITLE="Debt conversion description">as long as the debt remains outstanding, unless investors holding at least 51% in principal
amount of the then-outstanding 12% Convertible Debentures otherwise agree, the Company was not permitted to enter into, incur, assume
or guarantee any indebtedness, except for certain permitted indebtedness</FONT>.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Pursuant
to the registration rights agreements entered into in connection with the securities purchase agreements, <FONT  TITLE="Debt conversion description">the Company agreed to register
the shares issuable upon conversion of the 12% Convertible Debentures for resale by the holders within a certain timeframe and subject
to certain conditions. The registration rights agreement provides for a cash payment equal to 1.0% per month of the amount invested as
partial liquidated damages upon the occurrence of certain events, on each monthly anniversary, up to a maximum amount of 6.0% of the
aggregate amount invested, subject to interest at 12.0% per annum, accruing daily, until paid in full.</FONT> The registration rights agreements
provide for Registration Rights Damages (further details are provided in Note 15).</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
securities purchase agreements also included a provision that requires the Company to maintain its periodic filings with the SEC in order
to satisfy the public information requirements under Rule 144(c) of the Securities Act. If the Company fails for any reason to satisfy
the current public information requirement after 6 months of the closing date, then the Company will be obligated to pay <FONT  TITLE="Debt conversion description">to each holder
a cash payment equal to 1.0% of the aggregate amount invested for each 30-day period, or pro rata portion thereof, as partial liquidated
damages per month, up to a maximum of 6 months, subject to interest at the rate of 1.0% per month until paid in full</FONT>. The securities
purchase agreements provide for Public Information Failure Damages (further details are provided in Note 15).</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Company recognized a portion of the Public Information Failure Damages pursuant to the securities purchase agreements in connection with
the 12% Convertible Debentures at the time of issuance as it was deemed probable the obligations would not be satisfied when the financings
were completed (see Note 15 and Note 26).</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
December 31, 2020, certain holders converted the 12% Convertible Debentures representing an aggregate of $<FONT  TITLE="Principal amount of debt">18,104,949</FONT> of the then-outstanding
principal and accrued but unpaid interest into <FONT  TITLE="Debt converted into shares">53,887,470</FONT> shares of the Company&#8217;s common stock at effective conversion per-share
prices ranging from $<FONT  TITLE="Conversion price">0.33</FONT> to $<FONT  TITLE="Conversion price">0.40</FONT>. Further, the Company repaid an aggregate of $<FONT  TITLE="Repayments of debt">1,130,903</FONT> of the 12% Convertible Debentures, including
the then-outstanding principal and accrued interest, in cash. With respect to the conversion of the accrued interest into shares of the
Company&#8217;s common stock, the Company recognized a loss on conversion of $<FONT  TITLE="Loss on conversion of debt">3,297,539</FONT> at the time of conversion on the consolidated
statements of operations. Upon conversion of the 12% Convertible Debentures, the Company recorded the aggregate outstanding principal
and loss on conversion of the accrued interest of $<FONT  TITLE="Loss on conversion of the accrued interest">21,402,488</FONT> within additional paid-capital on the consolidated statements of stockholders&#8217;
deficiency.</FONT></P>

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<P  STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
following table represents the various financings of the 12% Convertible Debentures recognized during the year ended December 31, 2019
and carrying value as of December 31, 2019:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;<FONT  STYLE="display: none">Schedule of 12% Convertible Debentures</FONT></FONT></P>

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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD COLSPAN="14" STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Issuance
    Date</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Total
    12%</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">December
    12, 2018</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>March
                                            18,</B></FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>2019</B></FONT></P></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>March
                                            27,</B></FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>2019</B></FONT></P></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>April
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    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Convertible
    Debentures</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 32%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Principal
    amount of debt</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Carry
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">For
additional information for the years ended December 31, 2020 and 2019 with respect to interest expense related to the <I>12% Convertible
Debentures</I> is provided in Note 19<B><I>.</I></B></FONT></P>

<P  STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>


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<P  STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 100%; text-transform: uppercase; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.35in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: none"><B>19.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: none"><B><FONT >Long-term Debt</FONT></B></FONT></TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.75pt; text-transform: uppercase; text-align: justify; text-indent: -23.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: none">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>12%
Senior Secured Note</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>&#160;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
June 10, 2019, the Company entered into a note purchase agreement with one accredited investor, BRF Finance, an affiliated entity of
B. Riley, pursuant to which the Company issued to the investor a 12% senior secured note, due <FONT  TITLE="Debt maturity date">July 31, 2019</FONT> (the &#8220;12% Senior Secured
Note&#8221;), in the aggregate principal amount of $<FONT  TITLE="Principal amount of debt">20,000,000</FONT>, which after taking into account a B. Riley FBR placement fee of $<FONT  TITLE="Placement fee payable in cash">1,000,000</FONT>
and legal fees and expenses of the investor of $<FONT  TITLE="Long-term debt">135,000</FONT>, resulted in the Company receiving net proceeds of $<FONT  TITLE="Proceeds from issuance of debt">18,865,000</FONT>, of which $<FONT  TITLE="Escrow deposit">16,500,000</FONT>
was deposited into escrow to fund TheStreet Merger consideration and the balance of $<FONT  TITLE="Note payable">2,365,000</FONT> was to be used by the Company for working
capital and general corporate purposes.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
balance outstanding under the note purchase agreement was no longer outstanding as of June 14, 2019 (refer to <I>12% Amended Senior Secured
Notes</I> below).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>12%
Amended Senior Secured Notes</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
<FONT  TITLE="Debt maturity date">June 14, 2019</FONT>, the Company entered into an amended and restated note purchase agreement with one accredited investor, BRF Finance, an
affiliated entity of B. Riley, which amended and restated the note purchase agreement and the 12% Senior Secured Note issued by the Company
thereunder. All borrowings under the amended and restated note purchase agreement are collateralized by substantially all assets of the
Company. Pursuant to the amended and restated note purchase agreement, the Company issued an amended and restated 12% senior secured
note, due June 14, 2022, in the aggregate principal amount of $<FONT  TITLE="Principal amount of debt">68,000,000</FONT>, which amended, restated, and superseded that $<FONT  TITLE="Principal amount of debt">20,000,000</FONT> 12%
Senior Secured Note issued by the Company to the investor (the &#8220;12% Amended Senior Secured Note(s)&#8221;). The Company received
additional gross proceeds of $<FONT  TITLE="Proceeds from issuance of debt">48,000,000</FONT>, which after taking into account a B. Riley FBR placement of $<FONT  TITLE="Placement fee payable in cash">2,400,000</FONT>, the Company received
net proceeds of $<FONT  TITLE="Proceeds from issuance of debt">45,600,000</FONT>, of which $<FONT  TITLE="Repayments of debt">45,000,000</FONT> was paid to ABG against future Royalties in connection with the Sports Illustrated
Licensing Agreement with ABG, and the balance of $<FONT  TITLE="Note payable">600,000</FONT> was used by the Company for working capital and general corporate purposes.
In addition, the Company paid B. Riley FBR, in cash, a success fee of $<FONT  TITLE="Success fee">3,400,000</FONT> and legal fees of the investor of $<FONT  TITLE="Legal fees">50,000</FONT>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
August 27, 2019, the Company entered into a first amendment to amended note purchase agreement with one accredited investor, BRF Finance,
an affiliated entity of B. Riley, which amended the 12% Amended Senior Secured Note. Pursuant to this first amendment, the Company received
gross proceeds of $<FONT  TITLE="Proceeds from issuance of debt">3,000,000</FONT>, which after taking into account a B. Riley FBR placement fee of $<FONT  TITLE="Placement fee payable in cash">150,000</FONT>, the Company received net proceeds
of approximately $<FONT  TITLE="Net proceeds from issuance of debt">2,850,000</FONT>, which was used by the Company for working capital and general corporate purposes. In addition, the Company
paid B. Riley FBR in cash legal fees of the investor of $<FONT  TITLE="Legal fees">17,382</FONT>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
February 27, 2020, the Company entered into a second amendment to the amended and restated note purchase agreement, which further amended
the amended and restated note purchase agreements dated as of June 14, 2019. Pursuant to <FONT  TITLE="Licensing agreement description">the second amendment to the amended and restated
note purchase agreement, the Company replaced its previous $3,500,000 working capital facility with Sallyport with a new $15,000,000
working capital facility with FastPay; and (ii) BRF Finance issued a letter of credit in the amount of approximately $3,000,000 to the
Company&#8217;s landlord for the property lease located at 225 Liberty Street, 27th Floor, New York, New York 10281</FONT>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
balance outstanding under the note purchase agreement was no longer outstanding as of March 24, 2020 (refer to <I>12% Second Amended
Senior Secured Notes</I> below).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>12%
Second Amended Senior Secured Notes</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
March 24, 2020, the Company entered into a second amended and restated note purchase agreement, which further amended and restated the
12% Amended Senior Secured Notes (collectively, with all previous amendments and restatements, the &#8220;12% Second Amended Senior Secured
Notes&#8221;). Pursuant to the 12% Second Amended Senior Secured Notes, interest on amounts outstanding under the existing 12% Amended
Senior Secured Notes with respect to (i) interest that was payable on March 31, 2020 and June 30, 2020, and (ii) at the Company&#8217;s
option, with the consent of requisite purchasers, interest that was payable on September 30, 2020 and December 31, 2020, in lieu of the
payment in cash of all or any portion of the interest due on such dates, was payable in-kind in arrears on the last day of such applicable
fiscal quarter.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
October 23, 2020, the Company entered into an amendment to the 12% Second Amended Senior Secured Notes (&#8220;Amendment 1&#8221;), pursuant
to which the maturity date of the 12% Second Amended Senior Secured Notes was changed to December 31, 2022, subject to certain acceleration
conditions. Pursuant to Amendment 1, interest payable on the 12% Second Amended Senior Secured Notes on September 30, 2020, December
31, 2020, March 31, 2021, June 30, 2021, September 30, 2021, and December 31, 2021 will be payable in-kind in arrears on the last day
of such fiscal quarter. Alternatively, at the option of the holder, such interest amounts originally could have been paid in shares of
Series K Preferred Stock; however, after December 18, 2020, the date the Series K Preferred Stock converted into shares of the Company&#8217;s
common stock, all such interest amounts can be paid in shares of the Company&#8217;s common stock based upon the conversion rate specified
in the Certificate of Designation for the Series K Preferred Stock, subject to certain adjustments.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; line-height: 115%; background-color: white">Further
details subsequent to the date of these consolidated financial statements are provided under the heading <I>Long-Term Debt</I> in Note
27.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Delayed
Draw Term Note</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
March 24, 2020, the Company entered into a <FONT  TITLE="Debt instrument interest rate">15</FONT>% delayed draw term note (the &#8220;Term Note&#8221;) pursuant to the 12% Second Amended
Senior Secured Notes, in the aggregate principal amount of $<FONT  TITLE="Principal amount of debt">12,000,000</FONT>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
March 24, 2020, the Company drew down $<FONT  TITLE="Proceeds from issuance of debt">6,913,865</FONT> under the Term Note, and after payment of commitment and funding fees paid to BRF Finance
in the amount of $<FONT  TITLE="Legal fees">793,109</FONT>, and other of its legal fees and expenses that were incurred, the Company received net proceeds of $<FONT  TITLE="Net proceeds from issuance of debt">6,000,000</FONT>.
The net proceeds were used for working capital and general corporate purposes. Additional borrowings under the Term Note requested by
the Company may be made at the option of the purchasers, subject to certain conditions. Up to $<FONT  TITLE="Principal amount of debt">8,000,000</FONT> in principal amount under the
Term Note was originally due on March 31, 2021. Interest on amounts outstanding under the Term Note was payable in-kind in arrears on
the last day of each fiscal quarter.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Pursuant
to the terms of Amendment 1, the maturity date was changed from <FONT  TITLE="Debt maturity date">March 31, 2021</FONT> to <FONT  TITLE="Debt maturity date">March 31, 2022</FONT>. <FONT  TITLE="Licensing agreement description">Amendment 1 also provided that BRF
Finance, as holder, could originally elect, in lieu of receipt of cash for payment of all or any portion of the interest due or cash
payments up to a certain conversion portion (as further described in Amendment 1) of the Term Note, to receive shares of Series K Preferred
Stock; however, after December 18, 2020, the date the Series K Preferred Stock converted into shares of the Company&#8217;s common stock,
the holder may elect, in lieu of receipt of cash for such interest amounts, shares of the Company&#8217;s common stock Company&#8217;s
common stock based upon the conversion rate specified in the Certificate of Designation for the Series K Preferred Stock, subject to
certain adjustments</FONT>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
October 23, 2020, $<FONT  TITLE="Debt principal and accrued interest amount">3,367,000</FONT>, including principal and accrued interest of the Term Note, converted into shares of the Company&#8217;s
Series K Preferred Stock (see Note 20).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">Further
details subsequent to the date of these consolidated financial statements are provided under the heading <I>Long-Term Debt</I> in Note
27.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Paycheck
Protection Program Loan</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>&#160;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
April 6, 2020, the Company entered into a note agreement with JPMorgan Chase Bank, N.A. (&#8220;JPMorgan Chase&#8221;) under the recently
enacted Coronavirus Aid, Relief, and Economic Security Act (&#8220;CARES Act&#8221;) administered by the U.S. Small Business Administration
(&#8220;SBA&#8221;) (the &#8220;PPP Loan&#8221;). The Company received total proceeds of $<FONT  TITLE="Proceeds from loan">5,702,725</FONT> under the PPP Loan. In accordance
with the requirements of the CARES Act, the Company used proceeds from the PPP Loan primarily for payroll costs. The PPP Loan was scheduled
to mature on <FONT  TITLE="Debt maturity date">April 6, 2022</FONT>, with a <FONT  TITLE="Debt instrument interest rate">0.98</FONT>% interest rate and is subject to the terms and conditions applicable to loans administered by
the SBA under the CARES Act. The PPP Loan was fully forgiven on June 22, 2021 (further details are provided under the heading <I>Long-Term
Debt</I> in Note 27).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P  STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
following table represents the components of long-term debt recognized during the years ended December 31, 2020 and 2019 and the carrying
value as of December 31, 2020 and 2019:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;<FONT  STYLE="display: none">Schedule of Components of the 12% Amended Senior Secured Notes and Carrying Values</FONT></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
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    Senior <BR>
    Secured <BR>
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    Note<BR>
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    Program<BR>
    Loan<BR>
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    Senior <BR>
    Secured <BR>
    Notes<BR>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; width: 29%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Principal
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Principal
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Principal
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD  TITLE="Subtotal principal amount of debt" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Principal
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    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD  TITLE="Subtotal principal amount of debt" STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
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    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD  TITLE="Subtotal principal amount of debt" STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Subtotal
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD  TITLE="Subtotal principal amount of debt" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">71,000,000</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Less
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Less
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD  TITLE="Principal amount of debt outstanding including accrued interest" STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">4,294,318</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
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    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD  TITLE="Principal amount of debt outstanding including accrued interest" STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">49,921,345</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Debt
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Placement
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Commitment
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Less
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Carrying
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    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD  TITLE="Carrying value at end of year" STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">52,556,401</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
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    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD  TITLE="Carrying value at end of year" STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">44,009,745</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
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<P  STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Information
for the years ended December 31, 2020 and 2019 with respect to interest expense related to long-term debt is provided below under the
heading <I>Interest Expense</I>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>&#160;</I></B></FONT></P>

<P  STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
following table represents interest expense:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;<FONT  STYLE="display: none">Summary of Interest Expense</FONT></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Years
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; width: 64%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">12%
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">12%
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; padding-left: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Term
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; padding-left: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Total
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    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD  TITLE="Amortization of debt discounts" STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">6,607,212</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Accrued
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">12%
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">12%
    Second Amended Senior Secured Notes</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Term
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD  TITLE="Total accrued and noncash converted interest" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: justify; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Promissory
    Note</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD  TITLE="Total accrued and noncash converted interest" STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">5,844</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD  TITLE="Total accrued and noncash converted interest" STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">5,794</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Total
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    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD  TITLE="Total accrued and noncash converted interest" STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">9,244,324</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Cash
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">12%
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD  TITLE="Total cash paid interest expense" STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">499,375</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Total
    cash paid interest expense</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD  TITLE="Total cash paid interest expense" STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">645,681</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD  TITLE="Total cash paid interest expense" STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">2,852,262</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Total
    interest expense</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD  TITLE="Total interest expense" STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">16,497,217</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD  TITLE="Total interest expense" STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">10,463,570</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  </TABLE>

<P  STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.75pt; text-transform: uppercase; text-align: justify; text-indent: -23.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: none">&#160;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 100%; text-transform: uppercase; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.35in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: none"><B>20.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: none"><B><FONT><FONT >Preferred
                                            Stock</FONT></FONT></B></FONT></TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.75pt; text-transform: uppercase; text-align: justify; text-indent: -23.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: none">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Company has the authority to issue <FONT  TITLE="Preferred stock, shares authorized">1,000,000</FONT> shares of preferred stock, $<FONT  TITLE="Preferred stock par value">0.01</FONT> par value per share, consisting of authorized and/or outstanding
shares as of December 31, 2020 as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><FONT  TITLE="Preferred stock, designated shares">2,000</FONT>
    authorized shares designated as &#8220;Series F Convertible Preferred Stock,&#8221; none of which are outstanding;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><FONT  TITLE="Preferred stock, designated shares">1,800</FONT>
    authorized shares designated as &#8220;Series G Convertible Preferred Stock&#8221; (as further described below), of which <FONT  TITLE="Shares outstanding">168.496</FONT>
    shares are outstanding;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><FONT  TITLE="Preferred stock, designated shares">23,000</FONT>
    authorized shares designated as &#8220;Series H Convertible Preferred Stock&#8221; (as further described below), of which <FONT  TITLE="Shares outstanding">19,597</FONT>
    shares are outstanding;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><FONT  TITLE="Preferred stock, designated shares">25,800</FONT>
    authorized shares designated as &#8220;Series I Convertible Preferred Stock&#8221; on June 27, 2019, none of which are outstanding
    (as further described below);</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><FONT  TITLE="Preferred stock, designated shares">35,000</FONT>
    authorized shares designated as &#8220;Series J Convertible Preferred Stock&#8221; on October 4, 2019, none of which are outstanding
    (as further described below); and</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><FONT  TITLE="Preferred stock, designated shares">20,000</FONT>
    authorized shares designated as &#8220;Series K Convertible Preferred Stock&#8221; on October 22, 2020, none of which are outstanding
    (as further described below)</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Series
G Preferred Stock</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
May 30, 2000, the Company sold <FONT  TITLE="Sale of stock">1,800</FONT> shares of its Series G Convertible Preferred Stock (the &#8220;Series G Preferred Stock&#8221;),
of which <FONT  TITLE="Number of shares converted">1,631.504</FONT> were converted prior to November 2001 and <FONT  TITLE="Shares outstanding">168.496</FONT> shares continue to be outstanding, at a stated value of $<FONT  TITLE="Preferred stock, liquidation value">1,000</FONT> per
share, convertible into <FONT  TITLE="Number of shares converted">188,791</FONT> shares of the Company&#8217;s common stock. The Series G Preferred Stock is convertible into shares of
common stock, at the option of the holder, subject to certain limitations. The Company may require holders to convert all (but not less
than all) of the Series G Preferred Stock or buy out all outstanding shares of Series G Preferred Stock at the liquidation value of $<FONT  TITLE="Preferred stock, liquidation aggregate amount">168,496</FONT>.
Holders of Series G Preferred Stock are not entitled to dividends and have no voting rights, unless required by law or with respect to
certain matters relating to the Series G Preferred Stock.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Upon
a change in control, sale of or similar transaction, as defined in the Certificate of Designation for the Series G Preferred Stock, the
holder of the Series G Preferred Stock has the option to deem such transaction as a liquidation and may redeem their <FONT  TITLE="Shares outstanding">168.496</FONT> shares at
the liquidation value of $<FONT  TITLE="Temporary equity, liquidation preference per share value">1,000</FONT> per share, or an aggregate amount of $<FONT  TITLE="Preferred stock, liquidation aggregate amount">168,496</FONT>. The sale of all the assets of the Company on June 28,
2007 triggered the redemption option. As such redemption was not in the control of the Company, the Series G Preferred Stock has been
accounted for as if it is redeemable preferred stock and is classified on the consolidated balance sheets as a mezzanine obligation between
liabilities and stockholders&#8217; equity.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Series
H Preferred Stock</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
August 10, 2018 (the &#8220;Closing Date&#8221;), the Company closed on a securities purchase agreement with certain accredited investors,
pursuant to which the Company issued an aggregate of <FONT  TITLE="Preferred stock, shares issued">19,400</FONT> shares of Series H Convertible Preferred Stock (the &#8220;Series H Preferred
Stock&#8221;) at a stated value of $<FONT  TITLE="Preferred stock, liquidation value">1,000</FONT>, initially convertible into <FONT  TITLE="Number of shares converted">58,787,879</FONT> shares of the Company&#8217;s common stock, at the option
of the holder subject to certain limitations, at a conversion rate equal to the stated value divided by the conversion price of $<FONT  TITLE="Conversion price">0.33</FONT>
per share, for aggregate gross proceeds of $<FONT  TITLE="Proceeds from issuance of convetible preferred stock">19,399,250</FONT> (net proceeds of $<FONT  TITLE="Stock issuance cost">18,045,496</FONT> after taking into consideration issuance costs).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Between
August 14, 2020 and August 20, 2020, the Company entered into additional securities purchase agreements for the sale of Series H Preferred
Stock with accredited investors, pursuant to which the Company issued <FONT  TITLE="Number of shares issued during period, shares">108</FONT> shares (after it rescinded the issuance of <FONT  TITLE="Shares issued during the period deemed null and void">2,145</FONT> shares that
were deemed null and void and repaid to certain holders on October 28, 2020), at a stated value of $<FONT  TITLE="Preferred stock par value">1,000</FONT> per share, initially convertible
into <FONT  TITLE="Number of shares converted">327,273</FONT> shares of the Company&#8217;s common stock at a conversion rate equal to the stated value divided by the conversion price
of $<FONT  TITLE="Conversion price">0.33</FONT> per share, for aggregate gross proceeds of $<FONT  TITLE="Proceeds from issuance of convetible preferred stock">130,896</FONT> (net proceeds of $<FONT  TITLE="Stock issuance cost">113,000</FONT> after taking into consideration issuance costs),
which was used for working capital and general corporate purposes.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
October 31, 2020, the Company issued <FONT  TITLE="Number of shares issued during period, shares">389</FONT> shares of Series H Preferred Stock to James Heckman at the stated value of $<FONT  TITLE="Preferred stock par value">1,000</FONT>, convertible
into <FONT  TITLE="Number of shares converted">1,178,788</FONT> shares of the Company&#8217;s common stock, at the option of the holder subject to certain limitations at a conversion
rate equal to the stated value divided by the conversion price of $<FONT  TITLE="Conversion price">0.33</FONT> per share. The shares of Series H Preferred Stock were issued
in connection with the cancellation of promissory notes payable to Mr. Heckman in the aggregate outstanding principal amount of $<FONT  TITLE="Note payable">389,000</FONT>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
number of shares issuable upon conversion of the Series H Preferred Stock will be adjusted in the event of stock splits, stock dividends,
combinations of shares and similar transactions. Each Series H Preferred Stock votes on an as-if-converted to common stock basis, subject
to beneficial ownership blocker provisions and other certain conditions. In addition, if at any time the Company grants, issues or sells
any common stock equivalents or rights to purchase stock, warrants, securities or other property pro rata to the record holders of any
class of shares of common stock (the &#8220;Purchase Rights&#8221;), then a holder of the Series H Preferred Stock will be entitled to
acquire the aggregate Purchase Rights which the holder could have acquired if the holder had held the number of shares of common stock
acquirable upon complete conversion of such holder&#8217;s Series H Preferred Stock immediately before the date on which a record is
taken for the grant, issuance or sale of such Purchase Rights, subject to certain conditions, adjustments, and limitations. All the shares
of Series H Preferred Stock automatically convert into shares of the Company&#8217;s common stock on the fifth anniversary of the Closing
Date at the conversion price of $0.33 per share.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
shares of Series H Preferred Stock were subject to limitations on conversion into shares of the Company&#8217;s common stock until the
date that increased the number of authorized shares of its common stock to at least a number permitting all the Series H Preferred Stock
to be converted in full, which was filed on December 18, 2020, therefore this limitation was removed (as further described in Note 21).</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Pursuant
to the registration rights agreement entered into on August 10, 2018, in connection with the securities purchase agreements, the Company
agreed to register the shares issuable upon conversion of the Series H Preferred Stock for resale by the holders. The Company committed
to file the registration statement by no later than 75 days after the closing date and to cause the registration statement to become
effective, in general, by no later than 120 days after the closing date (or, in the event of a full review by the staff of the SEC, 150
days following the closing date). <FONT  TITLE="Agreement description">The registration rights agreement provides for a cash payment equal to 1.0% per month of the amount
invested as partial liquidated damages, on each monthly anniversary, payable within 7 days of such event, and upon the occurrence of
certain events up to a maximum amount of 6.0% of the aggregate amount invested, subject to interest at 12.0% per annum, accruing daily,
until paid in full. The registration rights agreements provide for Registration Rights Damages (further details are provided in Note
15)</FONT>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
securities purchase agreements entered into on August 10, 2018, included a provision that requires the Company to maintain its periodic
filings with the SEC in order to satisfy the public information requirements under Rule 144(c) of the Securities Act. <FONT  TITLE="Agreement description">If the Company
fails for any reason to satisfy the current public information requirement after 6 months of the closing date, then the Company will
be obligated to pay to each holder a cash payment equal to 1.0% of the aggregate amount invested for each 30-day period, or pro rata
portion thereof, as partial liquidated damages per month, up to a maximum of 6 months, subject to interest at the rate of 1.0% per month
until paid in full. The securities purchase agreements provide for Public Information Failure Damages (further details are provided in
Note 15)</FONT>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P  STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
following table represents the components of the Series H Preferred Stock for the year ended December 31, 2020 and as of December 31,
2019:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;<FONT  STYLE="display: none">Schedule of Components of Preferred Stock</FONT></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Conversion
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Issuance
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Net
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    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD  TITLE="Net issuance of Preferred Stock, shares" STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">197</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD  TITLE="Net issuance of Preferred Stock" STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">202,000</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Series
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    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD  TITLE="Preferred stock, shares issued" STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">19,597</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD  TITLE="Preferred stock, components value" STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">18,247,496</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Beneficial
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD  TITLE="Beneficial conversion feature" STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">502,000</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">During
the year ended December 31, 2020, in connection with the issuance of <FONT  TITLE="Number of shares issued during period, shares">108</FONT> shares (issued on August 19, 2020) and <FONT  TITLE="Number of shares issued during period, shares">389</FONT> shares (issued on
October 31, 2020) of Series H Preferred Stock, the Company recorded a beneficial conversion feature in the amount of $<FONT  TITLE="Beneficial conversion feature">113,000</FONT> and $<FONT  TITLE="Beneficial conversion feature">389,000</FONT>
(totaling $<FONT  TITLE="Beneficial conversion feature">502,000</FONT>), respectively, for the underlying common shares since the nondetachable conversion feature was in-the-money (the
conversion price of $<FONT  TITLE="Conversion price"><FONT  TITLE="Conversion price">0.33</FONT></FONT> was lower than the Company&#8217;s common stock trading price of $<FONT  TITLE="Trading price, per share">0.86</FONT> and $<FONT  TITLE="Trading price, per share">0.77</FONT> at the issuance date of August
19, 2020 and October 31, 2020, respectively). The beneficial conversion feature was recognized as a deemed dividend with an offset to
additional paid-in capital.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Series
I Preferred Stock</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
June 28, 2019, the Company closed on a securities purchase agreement with certain accredited investors, pursuant to which the Company
issued an aggregate of <FONT  TITLE="Preferred stock, shares issued">23,100</FONT> shares of Series I Convertible Preferred Stock (the &#8220;Series I Preferred Stock&#8221;) at a stated
value of $<FONT  TITLE="Preferred stock par value">1,000</FONT>, initially convertible into <FONT  TITLE="Number of shares converted">46,200,000</FONT> shares of the Company&#8217;s common stock at a conversion rate equal to the stated
value divided by the conversion price of $<FONT  TITLE="Conversion price">0.50</FONT> per share, for aggregate gross proceeds of $<FONT  TITLE="Proceeds from issuance of convetible preferred stock">23,100,000</FONT>. Each Series I Preferred Stock
votes on an as-if-converted to common stock basis, subject to certain conditions.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">In
consideration for its services as placement agent, the Company paid B. Riley FBR a cash fee of $<FONT  TITLE="Cash fee paid">1,386,000</FONT> plus $<FONT  TITLE="Reimbursement of legal fee">73,858</FONT> in reimbursement
of legal fees and other transaction costs. The Company used approximately $<FONT  TITLE="Partially repayments of notes">18.3</FONT> million of the net proceeds from the financing to partially
repay the amended and restated 12% Amended Senior Secured Note dated June 14, 2019, and to pay deferred fees of approximately $<FONT  TITLE="Payment of deferred fees">3.4</FONT> million
related to that borrowing facility.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Pursuant
to the registration rights agreements entered into in connection with the securities purchase agreements on June 28, 2019, the Company
agreed to register the shares issuable upon conversion of the Series I Preferred Stock for resale by the investors. The Company committed
to file the registration statement no later than the 30th calendar day following the date the Company files (i) its Annual Report on
Form 10-K for the fiscal year ended December 31, 2018, (ii) all its required quarterly reports on Form 10-Q since the quarter ended September
30, 2018 through September 30, 2019, and (iii) current Form 8-K in connection with the acquisitions of TheStreet and its license with
ABG, with the SEC, but in no event later than December 1, 2019. The Company committed to cause the registration statement to become effective
by no later than 90 days after December 1, 2019, subject to certain conditions and upon the occurrence of certain events up to a maximum
amount of <FONT  TITLE="Maximum liquidated damages percentage">6</FONT>% of the aggregate amount invested. The registration rights agreements provide for Registration Rights Damages (further details
are provided in Note 15).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
securities purchase agreements included a provision that requires the Company to maintain its periodic filings with the SEC in order
to satisfy the public information requirements under Rule 144(c) of the Securities Act. <FONT  TITLE="Agreement description">If the Company fails for any reason to satisfy
the current public information requirement after 6 months of the closing date, then the Company will be obligated to pay to each holder
a cash payment equal to 1.0% of the aggregate amount invested for each 30-day period, or pro rata portion thereof, as partial liquidated
damages per month, up to a maximum of 6 months, subject to interest at the rate of 1.0% per month until paid in full. The securities
purchase agreements provide for Public Information Failure Damages (further details are provided in Note 15)</FONT>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Company recognized a portion of the Liquidated Damages pursuant to the registration rights and securities purchase agreements in connection
with the Series I Preferred Stock at the time of issuance as it was deemed probable the obligations would not be satisfied when the financing
was completed (further details are presented in the table below).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P  STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
following table represents the components of the Series I Preferred Stock for the years ended December 31, 2020 and 2019:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;<FONT  STYLE="display: none">Schedule of Components of Preferred Stock</FONT></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Cash
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD  TITLE="Legal fees and other costs" STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(73,858</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Total
    issuance costs</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD  TITLE="Stock issuance cost" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(1,459,858</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Less
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Total
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    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD  TITLE="Total issuance costs and Liquidated Damages" STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(3,400,258</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Net
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Conversion
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    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD  TITLE="Conversion of preferred stock into common stock" STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(19,699,742</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Series
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    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD  TITLE="Preferred stock, components value" STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Beneficial
    conversion feature recognized during the year ended December 31, 2020 (as described below) upon conversion of Series I Preferred
    Stock</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD  TITLE="Beneficial conversion feature" STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">5,082,000</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  </TABLE>

<P  STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">All
of the shares of Series I Preferred Stock converted automatically into shares of the Company&#8217;s common stock on December 18, 2020,
as a result of the increase in the number of authorized shares of the Company&#8217;s common stock (as further described in Note 21).
Upon conversion the Company recognized a beneficial conversion feature for the underlying common shares since the nondetachable conversion
feature was in-the-money (the conversion price of $<FONT  TITLE="Conversion price">0.50</FONT> was lower than the Company&#8217;s common stock trading price of $<FONT  TITLE="Trading price, per share">0.61</FONT> at the
conversion date). The beneficial conversion feature was recognized as a deemed dividend with an offset to additional paid-in capital.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Series
J Preferred Stock</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
October 7, 2019, the Company closed on a securities purchase agreement with certain accredited investors, pursuant to which the Company
issued an aggregate of <FONT  TITLE="Preferred stock, shares issued">20,000</FONT> shares of Series J Convertible Preferred Stock (the &#8220;Series J Preferred Stock&#8221;) at a stated
value of $<FONT  TITLE="Preferred stock par value">1,000</FONT>, initially convertible into <FONT  TITLE="Number of shares converted">28,571,428</FONT> shares of the Company&#8217;s common stock at a conversion rate equal to the stated
value divided by the conversion price of $<FONT  TITLE="Conversion price">0.70</FONT> per share, for aggregate gross proceeds of $<FONT  TITLE="Proceeds from issuance of convetible preferred stock">20,000,000</FONT>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">In
consideration for its services as placement agent, the Company paid B. Riley FBR a cash fee of $<FONT  TITLE="Cash fee paid">525,240</FONT> plus $<FONT  TITLE="Reimbursement of legal fee">43,043</FONT> in reimbursement
of legal fees and other transaction costs. The Company used $<FONT  TITLE="Partially repayments of notes">5.0</FONT> million of the net proceeds from the financing to partially repay the
amended and restated <FONT  TITLE="Debt instrument interest rate">12</FONT>% Senior Secured Note dated June 14, 2019, and to use net proceeds of approximately $<FONT  TITLE="Working capital and general coporate">14.4</FONT> million for working
capital and general corporate purposes.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Pursuant
to the registration rights agreements entered into in connection with the securities purchase agreements on October 7, 2019, the Company
agreed to register the shares issuable upon conversion of the Series J Preferred Stock for resale by the investors. The Company committed
to file the registration statement no later than the 30th calendar day following the date the Company files (i) its Annual Report on
Form 10-K for the fiscal year ended December 31, 2018, (ii) all its required quarterly reports on Form 10-Q since the quarter ended September
30, 2018 through September 30, 2019, and (iii) current Form 8-K in connection with the acquisition of TheStreet, and other acquisitions
during 2018, and its license with ABG, with the SEC, but in no event later than March 31, 2020. The Company committed to cause the registration
statement to become effective by no later than 90 days after March 31, 2020, subject to certain conditions and upon the occurrence of
certain events up to a maximum amount of <FONT  TITLE="Maximum liquidated damages percentage">6</FONT>% of the aggregate amount invested. The registration rights agreements provide for Registration
Rights Damages (further details are provided in Note 15).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
September 4, 2020, the Company closed on securities purchase agreements with two accredited investors, pursuant to which the Company
issued an aggregate of 10,500 shares of Series J Preferred Stock at a stated value of $<FONT  TITLE="Preferred stock par value">1,000</FONT> per share, initially convertible into <FONT  TITLE="Proceeds from issuance of common stock">15,000,000</FONT>
shares of the Company&#8217;s common stock at a conversion rate equal to the stated value divided by the conversion price of $<FONT  TITLE="Conversion price">0.70</FONT>, for
aggregate gross proceeds of $<FONT  TITLE="Number of shares converted">6,000,000</FONT>, which was used for working capital and general corporate purposes.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Pursuant
to a registration rights agreement entered into in connection with the securities purchase agreements on September 4, 2020, the Company
agreed to register the shares issuable upon conversion of the Series J Preferred Stock for resale by the investors. The Company committed
to file the registration statement by no later than the 30th calendar day following the date the Company files its (a) Annual Reports
on Form 10-K for the fiscal year ended December 31, 2018 and December 31, 2019, (b) all its required Quarterly Reports on Form 10-Q since
the quarter ended September 30, 2018, through the quarter ended September 30, 2020, and (c) any Form 8-K Reports that the Company is
required to file with the SEC; but in no event later than April 30, 2021 (the &#8220;Filing Date&#8221;). The Company also committed
to cause the registration statement to become effective by no later than 60 days after the Filing Date (or, in the event of a full review
by the staff of the SEC, 120 days following the Filing Date) and upon the occurrence of certain events up to a maximum amount of <FONT  TITLE="Maximum liquidated damages percentage">6</FONT>% of
the aggregate amount invested. The registration rights agreements provide for Registration Rights Damages (further details are provided
in Note 15).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
number of shares issuable upon conversion of the Series J Preferred Stock will be adjusted in the event of stock splits, stock dividends,
combinations of shares and similar transactions. Each share of Series J Convertible Preferred Stock votes on an as-if-converted to common
stock basis, subject to certain conditions.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
securities purchase agreements included a provision that requires the Company to maintain its periodic filings with the SEC in order
to satisfy the public information requirements under Rule 144(c) of the Securities Act. <FONT  TITLE="Agreement description">If the Company fails for any reason to satisfy
the current public information requirement after 6 months of the closing date, then the Company will be obligated to pay to each holder
a cash payment equal to 1.0% of the aggregate amount invested for each 30-day period, or pro rata portion thereof, as partial liquidated
damages per month, up to a maximum of 6 months, subject to interest at the rate of 1.0% per month until paid in full. The securities
purchase agreements provide for Public Information Failure Damages (further details are provided in Note 15)</FONT>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Company recognized a portion of the Liquidated Damages pursuant to the registration rights and securities purchase agreements in connection
with the Series J Preferred Stock at the time of issuance as it was deemed probable the obligations would not be satisfied when the financing
was completed (further details are presented in the table below).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P  STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
following table represents the components of the Series J Preferred Stock for the years ended December 31, 2020 and 2019:</FONT></P>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD  TITLE="Issuance of Preferred Stock. shares" STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">20,000</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Less
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Net
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Conversion
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    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD  TITLE="Conversion of preferred stock into common stock" STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(23,739,996</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Series
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    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD  TITLE="Preferred stock, shares issued" STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD  TITLE="Preferred stock, components value" STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Beneficial
    conversion feature recognized during the year ended December 31, 2020 (as described below) upon conversion of Series J Preferred
    Stock</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD  TITLE="Beneficial conversion feature" STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">586,545</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  </TABLE>

<P  STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">All
of the shares of Series J Preferred Stock converted automatically into shares of the Company&#8217;s common stock on December 18, 2020,
as a result of the increase in the number of authorized shares of the Company&#8217;s common stock (as further described in Note 21).
Upon conversion the Company recognized a beneficial conversion feature for the underlying common shares since the nondetachable conversion
feature was in-the-money (the effective conversion price of $<FONT  TITLE="Conversion price">0.40</FONT> for the issuance of Series J Preferred Stock on September 4, 2020 (these
shares were issued at a discount) was lower than the Company&#8217;s common stock trading price of $<FONT  TITLE="Trading price, per share">0.61</FONT> at the conversion date). The
beneficial conversion feature was recognized as a deemed dividend with an offset to additional paid-in capital.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Series
K Preferred Stock</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>&#160;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Between
October 23, 2020 and November 11, 2020, the Company closed on several securities purchase agreements with accredited investors, pursuant
to which the Company issued an aggregate of <FONT  TITLE="Preferred stock, shares issued">18,042</FONT> shares of Series K Convertible Preferred Stock&#8221; (the &#8220;Series K Preferred
Stock&#8221;) at a stated value of $<FONT  TITLE="Preferred stock par value">1,000</FONT>, initially convertible into <FONT  TITLE="Number of shares converted">45,105,000</FONT> shares of the Company&#8217;s common stock at a conversion
rate equal to the stated value divided by the conversion price of $<FONT  TITLE="Conversion price">0.40</FONT> per share, for aggregate gross proceeds of $<FONT  TITLE="Proceeds from issuance of convetible preferred stock">18,042,000</FONT>. The number
of shares issuable upon conversion of the Series K Preferred Stock will be adjusted in the event of stock splits, stock dividends, combinations
of shares and similar transactions. Each Series K Preferred Stock votes on an as-if-converted to common stock basis, subject to certain
conditions.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">In
consideration for its services as placement agent, the Company paid B. Riley FBR a cash fee of $<FONT  TITLE="Cash fee paid">560,500</FONT>. The Company used approximately
$<FONT  TITLE="Partially repayments of notes">3.4</FONT> million of the net proceeds from the financing to partially repay the Term Note and used approximately $<FONT  TITLE="Payments for prior investment">2.6</FONT> million for payment
on a prior investment, with the remainder of approximately $<FONT  TITLE="Working capital and general coporate">11.5</FONT> million for working capital and general corporate purposes.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Pursuant
to a registration rights agreement entered into in connection with the securities purchase agreements, the Company agreed to register
the shares issuable upon conversion of the Series K Preferred Stock for resale by the investors. The Company committed to file the registration
statement by no later than the 30th calendar day following the date the Company files its (a) Annual Reports on Form 10-K for the fiscal
year ended December 31, 2018 and December 31, 2019, (b) all its required Quarterly Reports on Form 10-Q since the quarter ended September
30, 2018, through the quarter ended September 30, 2020, and (c) any Form 8-K Reports that the Company is required to file with the SEC;
provided, however, if such 30th calendar day is on or after February 12, 2021, then such 30th calendar date shall be tolled until the
30th calendar day following the date that the Company files its Annual Report on Form 10-K for the fiscal year ended December 31, 2020
(the &#8220;Filing Date&#8221;). The Company also committed to cause the registration statement to become effective by no later than
90 days after the Filing Date (or, in the event of a full review by the staff of the SEC, 120 days following the Filing Date) and upon
the occurrence of certain events up to a maximum amount of <FONT  TITLE="Maximum liquidated damages percentage">6</FONT>% of the aggregate amount invested. The registration rights agreements provide
for Registration Rights Damages (further details are provided in Note 15).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
securities purchase agreements included a provision that requires the Company to maintain its periodic filings with the SEC in order
to satisfy the public information requirements under Rule 144(c) of the Securities Act. <FONT  TITLE="Agreement description">If the Company fails for any reason to satisfy
the current public information requirement after 6 months of the closing date, then the Company will be obligated to pay to each holder
a cash payment equal to 1.0% of the aggregate amount invested for each 30-day period, or pro rata portion thereof, as partial liquidated
damages per month, up to a maximum of 6 months, subject to interest at the rate of 1.0% per month until paid in full. The securities
purchase agreements provide for Public Information Failure Damages (further details are provided in Note 15)</FONT>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P  STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
following table represents the components of the Series K Preferred Stock for the year ended December 31, 2020:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;<FONT  STYLE="display: none">Schedule of Components of Preferred Stock</FONT></FONT></P>

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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Issuance
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Issuance
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Cash
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Total
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    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD  TITLE="Stock issuance cost" STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(560,500</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Net
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Conversion
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    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD  TITLE="Conversion of preferred stock into common stock" STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(17,481,500</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Series
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    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD  TITLE="Preferred stock, shares issued" STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD  TITLE="Preferred stock, components value" STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Beneficial
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD  TITLE="Beneficial conversion feature" STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">9,472,050</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  </TABLE>

<P  STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">All
of the shares of Series K Preferred Stock converted automatically into shares of the Company&#8217;s common stock on December 18, 2020,
as a result of the increase in the number of authorized shares of the Company&#8217;s common stock (as further described in Note 21).
Upon conversion the Company recognized a beneficial conversion feature for the underlying common shares since the nondetachable conversion
feature was in-the-money (the conversion price of $<FONT  TITLE="Conversion price">0.40</FONT> was lower than the Company&#8217;s common stock trading price of $<FONT  TITLE="Trading price, per share">0.61</FONT> at the
conversion date). The beneficial conversion feature was recognized as a deemed dividend with an offset to additional paid-in capital.</FONT></P>
<!-- Field: Split-Segment; Name: 002 -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P  STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: none"><B>21.</B></FONT> <FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: none"><B><FONT >Stockholders&#8217; Equity</FONT></B></FONT></P>



<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.75pt; text-transform: uppercase; text-align: justify; text-indent: -23.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: none">&#160;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>&#160;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Company has the authority to issue <FONT  TITLE="Common stock authorized">1,000,000,000</FONT> shares of common stock, $<FONT  TITLE="Common stock par value">0.01</FONT> par value per share as the result of filing on December
18, 2020, a Certificate of Amendment with the Secretary of the State of Delaware to increase the number of authorized shares of its common
stock from <FONT  TITLE="Common stock authorized">100,000,000</FONT> shares to <FONT  TITLE="Common stock authorized">1,000,000,000</FONT> shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Common
Stock to be Issued</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>&#160;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">During
the years ended December 31, 2020 and 2019, in connection with the merger of Say Media, the Company issued <FONT  TITLE="Number of shares issued during period, shares">2,857,357</FONT> shares and <FONT  TITLE="Number of shares issued during period, shares">1,188,880</FONT>
shares, respectively, of its common stock out of total shares required to be issued of <FONT  TITLE="Number of shares issued during period, shares">5,067,167</FONT> as of January 1, 2019, and has remaining
shares to be issued of <FONT  TITLE="Remaining shares to be issued">1,020,930</FONT> as of December 31, 2020.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">In
connection with a closing of a private placement on January 4, 2018, MDB, as the placement agent, was entitled to receive <FONT  TITLE="Number of common shares sold">60,000</FONT> shares
of the Company&#8217;s common stock that have not been issued as of December 31, 2020. Further, the <FONT  TITLE="Number of common shares sold">60,000</FONT> shares of common stock to
be issued were subject to Liquidated Damages (see Note 15).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Restricted
Stock Awards</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">As
of December 31, 2020 and 2019, a net of <FONT  TITLE="Restricted stock awards for common shares"><FONT  TITLE="Restricted stock awards for common shares">12,312,417</FONT></FONT> restricted stock awards for shares of the Company&#8217;s common stock issued during
2016 remain outstanding and are fully vested. The awards contained a buy-back right that was waived by the Board on March 12, 2018, which
resulted in a modification of the restricted stock awards upon the waiver. The shares vest over a three-year period starting on the beginning
of the month of the issuance date, with one-third vesting in one year, and the balance monthly over the remaining two years. Because
these shares require continued service to the Company, the estimated fair value of the shares is being recognized as compensation expense
over the vesting period of the award.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">In
connection with the merger of HubPages, the Company issued a total of <FONT  TITLE="Restricted stock awards for common shares">2,399,997</FONT> shares of common stock to certain key personnel of HubPages
who agreed to continue their employment, as restricted stock awards, subject to a repurchase right and vesting. The repurchase right,
which expired in March 2019 unexercised, gave the Company the option to repurchase a certain number of shares at par value based on a
performance condition as defined in the terms of the merger agreement. The shares were subject to vesting over twenty-four equal monthly
installments beginning September 23, 2019, and ending September 23, 2021, with the estimated fair value of these shares was recognized
as compensation expense over the vesting period of the award. The restricted stock awards provided for a true-up period that if the common
stock was sold for less than $<FONT  TITLE="Common stock par value">2.50</FONT> the holder would receive, subject to certain conditions, additional shares of common stock up to a
maximum of the number of shares originally received (or <FONT  TITLE="Number of shares issued during period, shares">2,400,000</FONT> in aggregate to all holders) for the shares that re-sold for less than
$<FONT  TITLE="Common stock par value">2.50</FONT>. <FONT  TITLE="Restricted stock vesting description">The true-up provision was settled on May 31, 2019 (as further described in Note 22). The true-up period, in general, was 13 months
after the consummation of the merger until 90 days following completion of vesting, or July 30, 2021. The restricted stock awards were
fair valued upon issuance by an independent appraisal firm</FONT>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
January 1, 2019, the Company issued <FONT  TITLE="Number of shares issued during period, shares">833,333</FONT> shares of its common stock as restricted stock awards to certain members of the Board subject
to continued service with the Company. The awards vest over a twelve-month period from the grant date and the estimated fair value of
these shares is being recognized as compensation expense over the vesting period of the award (see Note 22).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
December 11, 2019, the Company modified the vesting provisions of <FONT  TITLE="Restricted stock awards for common shares">2,000,000</FONT> restricted stock awards, issued in connection with <FONT  TITLE="Restricted stock vesting description">the Say
Media merger, to remove certain repurchase rights, such that they will vest six equal installments at four-month intervals on the twelfth
of each month, starting on December 12, 2019, with the final vesting date on August 12, 2021. Compensation expense is recognized over
the vesting period of the awards</FONT>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
January 1, 2020, the Company issued <FONT  TITLE="Number of shares issued during period, shares">562,500</FONT> shares of its common stock as restricted stock awards to certain members of the Board subject
to continued service with the Company. The awards vest over a twelve-month period from the grant date and the estimated fair value of
these shares is being recognized as compensation expense over the vesting period of the award (see Note 22).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Unless
otherwise stated, the fair value of a restricted stock award is determined based on the number of shares granted and the quoted price
of the Company&#8217;s common stock on the date issued.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P  STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">A
summary of the restricted stock award activity during the years ended December 31, 2020 and 2019 is as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;<FONT  STYLE="display: none">Summary of Restricted Stock Award Activity</FONT></FONT></P>

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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Vested</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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  </TABLE>

<P  STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Company recorded forfeited unvested restricted stock awards and/or forfeited vested restricted stock awards used for tax withholding
of <FONT  TITLE="Forfeited vested restricted stock including tax withholding">1,146,811</FONT> (<FONT  TITLE="Forfeited vested restricted stock">399,998</FONT> forfeited awards and <FONT  TITLE="Forfeited vested restricted stock tax withholding">746,813</FONT> used for tax withholding) and <FONT  TITLE="Forfeited vested restricted stock including tax withholding">1,227,512</FONT> (<FONT  TITLE="Forfeited vested restricted stock">825,000</FONT> forfeited awards and <FONT  TITLE="Forfeited vested restricted stock tax withholding">402,512</FONT> used
for tax withholding) during the years ended December 31, 2020 and 2019, respectively, on the consolidated statements of stockholders&#8217;
deficiency.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
December 31, 2020, the Company modified certain vested restricted stock awards where the Company agreed to repurchase the underlying
common stock at a specified price and forfeited any unvested awards (as further described in Note 12)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Information
with respect to stock-based compensation expense and unrecognized stock-based compensation expense related to the restricted stock awards
is provided under the heading <I>Stock-Based Compensation</I> in Note 22.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Common
Stock Warrants</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>&#160;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Warrants
issued to purchase shares of the Company&#8217;s common stock to MDB, L2, Strome, and B. Riley (collectively the &#8220;Financing Warrants&#8221;)
are described below.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>MDB
Warrants</I> &#8211; On November 4, 2016, in conjunction with the recapitalization, the Company issued warrants to MDB (the &#8220;MDB
Warrants&#8221;) to purchase shares of common stock with an exercise price of $<FONT  TITLE="Warrant exercise price">0.20</FONT> per share, of which <FONT  TITLE="Warrant outstanding">327,490</FONT> warrants remain outstanding
under this instrument as of December 31, 2020, subject to customary anti-dilution adjustments and exercisable for a period of five years.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
October 19, 2017, the Company issued warrants to MDB who acted as placement agent in connection with a private placement of its common
stock, to purchase <FONT  TITLE="Warrant to purchase common stock">119,565</FONT> shares of common stock. The warrants have an exercise price of $<FONT  TITLE="Warrant exercise price">1.15</FONT> per share, subject to customary anti-dilution
adjustments and exercisable for a period of <FONT  TITLE="Warrant expiration term">five years</FONT>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
January 4, 2018, the Company issued warrants to MDB which acted as placement agent in connection with a private placement of its common
stock, to purchase <FONT  TITLE="Warrant to purchase common stock">60,000</FONT> shares of common stock. The warrants have an exercise price of $<FONT  TITLE="Warrant exercise price">2.50</FONT> per share, subject to customary anti-dilution
adjustments, and may, in the event there is no effective registration statement covering the re-sale of the warrant shares, be exercised
on a cashless basis, exercisable for a period of five years.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">MDB
Warrants exercisable for a total of <FONT  TITLE="Warrant outstanding">507,055</FONT> shares of the Company&#8217;s common stock were outstanding as of December 31, 2020 (as further
detailed below).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>L2
Warrants</I> &#8211; Effective as of August 3, 2018, pursuant to a reset provision, the Company issued additional warrants to L2 Capital,
LLC (&#8220;L2&#8221;) to purchase <FONT  TITLE="Warrant to purchase common stock">640,405</FONT> shares of common stock at an exercise price of $<FONT  TITLE="Warrant exercise price">0.50</FONT> per share (the &#8220;L2 Warrants&#8221;),
which were carried on the consolidated balance sheets as a derivative liability at fair value, as adjusted at each period-end since,
among other criteria, delivery of unregistered shares is precluded upon exercise (see Note 16).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
L2 Warrants were exercisable for a period of five years, subject to customary anti-dilution adjustments, and may, in the event there
was no effective registration statement covering the resale of the warrant shares, be exercised on a cashless basis in certain circumstances.
On September 10, 2019, the L2 Warrants were fully exercised on a cashless basis, resulting in the issuance of <FONT  TITLE="Warrant to purchase common stock">539,331</FONT> shares of the Company&#8217;s
common stock.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Strome
Warrants</I> &#8211; On June 15, 2018, the Company modified the two securities purchase agreements dated January 4, 2018 and March 30,
2018 with Strome Mezzanine Fund LP (&#8220;Strome&#8221;). As consideration for such modification, the Company issued warrants to Strome
(the &#8220;Strome Warrants&#8221;) to purchase <FONT  TITLE="Warrant to purchase common stock">1,500,000</FONT> shares of common stock, exercisable at price of $<FONT  TITLE="Warrant exercise price">0.50</FONT> per share (as amended),
which are carried on the consolidated balance sheets as a derivative liability at fair value, as adjusted at each period-end since, among
other criteria, delivery of unregistered shares is precluded upon exercise (see Note 16). Strome was also granted observer rights on
the Board.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Strome Warrants are exercisable for a period of five years, subject to customary anti-dilution adjustments, and may, in the event there
is no effective registration statement covering the resale of the warrant shares, be exercised on a cashless basis in certain circumstances.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>B.
Riley Warrants</I> &#8211; On October 18, 2018, the Company issued warrants to B. Riley (the &#8220;B. Riley Warrants&#8221;) to purchase
up to <FONT  TITLE="Warrant to purchase common stock">875,000</FONT> shares of the Company&#8217;s common stock, with an exercise price of $<FONT  TITLE="Warrant exercise price">1.00</FONT> per share, subject to customary anti-dilution
adjustments, which are carried on the consolidated balance sheets as a derivative liability at fair value, as adjusted at each period-end
since, among other criteria, delivery of unregistered shares is precluded upon exercise (see Note 16).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
B. Riley Warrants are exercisable for a period of five years, subject to customary anti-dilution adjustments, and may, in the event,
at any time after the six-month anniversary of the issuance of the warrants, if there is no effective registration statement covering
the re-sale of the shares of common stock underlying the warrants, the warrants may be exercised on a cashless basis.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P  STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">A
summary of the Financing Warrants activity during the years ended December 31, 2020 and 2019 is as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;<FONT  STYLE="display: none">Summary of Warrant Activity</FONT></FONT></P>

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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Financing
    Warrants exercisable at December 31, 2020</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT  TITLE="Weighted Average Remaining Contractual Life, Exercisable at end of year">2.94</FONT></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  </TABLE>

<P  STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">During
2019, the exercise of the <FONT  TITLE="Number of warrant exercised under cashless exercise">1,066,963</FONT> warrants in September 2019 on a cashless basis resulted in the issuance of <FONT  TITLE="Number of shares issued during period, shares">539,331</FONT> net shares of
common stock when the common stock price was $<FONT  TITLE="Warrant exercise price">0.80</FONT> per share.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
intrinsic value of exercisable but unexercised in-the-money Financing Warrants as of December 31, 2020 was approximately $<FONT  TITLE="Fair value of warrants">280,996</FONT>, based
on a fair market value of the Company&#8217;s common stock of $<FONT  TITLE="Warrant exercise price">0.60</FONT> per share on December 31, 2020.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P  STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Financing Warrants outstanding and exercisable as of December 31, 2020 are summarized as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;<FONT  STYLE="display: none">Schedule of Common Stock Financing Warrants Outstanding and Exercisable</FONT></FONT></P>

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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">B.
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD  TITLE="Financing Warrants Classified as Derivative Liabilities (Shares)" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">875,000</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">MDB
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD  TITLE="Financing Warrants Exercise Price" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.15</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD  TITLE="Financing Warrants Classified as Derivative Liabilities (Shares)" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD  TITLE="Financing Warrants Classified within Stockholders' Equity (Shares)" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">119,565</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">MDB
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD  TITLE="Financing Warrants Exercise Price" STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.50</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT  TITLE="Financing Warrants Expiration Date">October
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Total
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
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  </TABLE>

<P  STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>&#160;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>AllHipHop
Warrants</I> &#8211; On October 26, 2020, the Company exchanged <FONT  TITLE="Warrant to purchase common stock">150,000</FONT> of Publisher Partner Warrants (as further described under the
heading <I>Publisher Partner Warrants</I>) granted to AllHipHop, LLC (&#8220;AllHipHop&#8221;) for shares of the Company&#8217;s common
stock that were originally granted on December 20, 2017 with an exercise price of $<FONT  TITLE="Warrant exercise price">2.08</FONT>, for an aggregate of <FONT  TITLE="Warrant to purchase common stock">125,000</FONT> new warrants for
shares of the Company&#8217;s common stock with an exercise price of $<FONT  TITLE="Warrant exercise price">0.65</FONT> (the &#8220;AllHipHop Warrants&#8221;) for the surrender and
termination of the original warrants granted (the &#8220;Exchange&#8221;) (further details are provided in Note 22).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
AllHipHop Warrants are exercisable for a period of five years, subject to customary anti-dilution adjustments, and may be exercised on
a cashless basis.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Publisher
Partner Warrants</I> &#8211; On December 19, 2016, the Board approved up to <FONT  TITLE="Warrant to purchase common stock">5,000,000</FONT> stock warrants to issue shares of the Company&#8217;s
common stock to provide equity incentive to its Publisher Partners (the &#8220;Publisher Partner Warrants&#8221;) to motivate and reward
them for their services to the Company and to align the interests of the Publisher Partners with those of stockholders of the Company.
On August 23, 2018, the Board approved a reduction of the number of warrant reserve shares from <FONT  TITLE="Warrant to purchase common stock">5,000,000</FONT> to <FONT  TITLE="Warrant to purchase common stock">2,000,000</FONT>. The issuance
of the Publisher Partner Warrants is administered by management and approved by the Board.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Information
with respect to stock-based compensation expense and unrecognized stock-based compensation expense related to the Publisher Partner Warrants
is provided under the heading <I>Stock-Based Compensation</I> in Note 22.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>&#160;</I></FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>&#160;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>ABG
Warrants</I> &#8211; On June 14, 2019, the Company issued <FONT  TITLE="Warrant to purchase common stock">21,989,844</FONT> warrants to acquire the Company&#8217;s common stock to ABG in connection
with the Sports Illustrated Licensing Agreement, expiring in <FONT  TITLE="Warrant expiration term">ten years</FONT>. Half the warrants have an exercise price of $<FONT  TITLE="Warrant exercise price">0.42</FONT> per share (the
&#8220;Forty-Two Cents Warrants&#8221;). The other half of the warrants have an exercise price of $<FONT  TITLE="Warrant exercise price">0.84</FONT> per share (the &#8220;Eighty-Four
Cents Warrants&#8221;). The warrants provide for the following: <FONT  TITLE="Warrants description">(1) 40% of the Forty-Two Cents Warrants and 40% of the Eighty-Four Cents
Warrants vest in equal monthly increments over a period of two years beginning on the one year anniversary of the date of issuance of
the warrants (any unvested portion of such warrants to be forfeited by ABG upon certain terminations by the Company of the Sports Illustrated
Licensing Agreement); (2) 60% of the Forty-Two Cents Warrants and 60% of the Eighty-Four Cents Warrants vest based on the achievement
of certain performance goals for the licensed brands in calendar years 2020, 2021, 2022, or 2023; (3) under certain circumstances the
Company may require ABG to exercise all (and not less than all) of the warrants, in which case all of the warrants will be vested; (4)
all of the warrants automatically vest upon certain terminations of the Licensing Agreement by ABG or upon a change of control of the
Company; and (5) ABG has the right to participate, on a pro-rata basis (including vested and unvested warrants, exercised or unexercised),
in any future equity issuance of the Company (subject to customary exceptions).</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Information
with respect to stock-based compensation expense and unrecognized stock-based compensation expense related to the ABG Warrants is provided
under the heading <I>Stock-Based Compensation</I> in Note 22.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P  STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: none"><B>22.
<FONT >Stock-Based Compensation </FONT></B></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.75pt; text-transform: uppercase; text-align: justify; text-indent: -23.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: none">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Common
Stock Awards</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>2016
Plan</I> &#8211; On December 19, 2016, the Board adopted the 2016 Stock Incentive Plan (the &#8220;2016 Plan&#8221;). The purpose of
the 2016 Plan is to advance the interests of the Company and its stockholders by enabling the Company and its subsidiaries to attract
and retain qualified individuals through opportunities for equity participation in the Company, and to reward those individuals who contribute
to the Company&#8217;s achievement of its economic objectives. The 2016 Plan allows the Company to grant statutory and non-statutory
common stock options, and restricted stock awards (collectively the &#8220;common stock awards&#8221;) to acquire shares of the Company&#8217;s
common stock to the Company&#8217;s employees, directors and consultants. Shares subject to an award that lapse, expire, are forfeited
or for any reason are terminated unexercised or unvested will automatically again become available for issuance under the 2016 Plan.
Stock awards issued under the 2016 Plan may have a term of up to ten years and may have variable vesting provisions consisting of time-based
and performance-based.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
March 28, 2018, the Board approved an increase in the number of shares of the Company&#8217;s common stock reserved for grant pursuant
to the 2016 Plan from <FONT  TITLE="Common stock reserved for grant">3,000,000</FONT> shares to <FONT  TITLE="Common stock reserved for grant">5,000,000</FONT> shares. On August 23, 2018, the Board increased the authorized number of shares of
common stock under the 2016 Plan from <FONT  TITLE="Common stock reserved for grant">5,000,000</FONT> shares to <FONT  TITLE="Common stock reserved for grant">10,000,000</FONT> shares. The Company&#8217;s stockholders approved the increase in
the number of shares authorized under the 2016 Plan on April 3, 2020. The issuance of common stock awards under the 2016 Plan is administered
by the Company and approved by the Board.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
estimated fair value of the common stock awards is recognized as compensation expense over the vesting period of the award.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P  STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
fair value of common stock awards granted during the year ended December 31, 2020 were calculated using the Black-Scholes option pricing
model under the Probability Weighted Scenarios utilizing the following assumptions:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;<FONT  STYLE="display: none">Schedule of Fair Value of Stock Options Assumptions</FONT></FONT></P>

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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 64%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Risk-free
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD  TITLE="Risk-free interest rate" STYLE="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">0.45</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></TD></TR>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Expected
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Expected
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Expected
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><FONT  TITLE="Expected life">6.0</FONT> years</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><FONT  TITLE="Expected life">6.0</FONT> years</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  </TABLE>

<P  STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P  STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">A
summary of the common stock award activity during the years ended December 31, 2020 and 2019 is as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;<FONT  STYLE="display: none">Summary of Stock Option Activity</FONT></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
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    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Weighted</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Common
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Common
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Common
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  </TABLE>

<P  STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
aggregate grant date fair value of common stock awards granted during the years ended December 31, 2020 was $<FONT  TITLE="Grant date fair value of stock options granted">117,000</FONT>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
intrinsic value of exercisable but unexercised in-the-money common stock awards as of December 31, 2020 was approximately $<FONT  TITLE="Intrinsic value of stock option">185,413</FONT> based
on a fair market value of the Company&#8217;s common stock of $<FONT  TITLE="Exercise price of stock option">0.60</FONT> per share on December 31, 2020.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P  STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
exercise prices under the 2016 Plan for the common stock awards outstanding and exercisable are as follows as of December 31, 2020:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;<FONT  STYLE="display: none">Schedule of Exercise Prices of Common Stock Options</FONT></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 50%; margin-right: auto">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
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    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Exercisable</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 30%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Under
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><FONT  TITLE="Exercise price lower range">1.01</FONT>
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><FONT  TITLE="Exercise price lower range">1.51</FONT>
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><FONT  TITLE="Exercise price lower range">1.76</FONT>
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><FONT  TITLE="Exercise price lower range">2.01</FONT>
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
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    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD  TITLE="Number of Shares, Exercisable" STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">6,027,418</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
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<P  STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Information
with respect to stock-based compensation expense and unrecognized stock-based compensation expense related to the common stock awards
is provided under the heading <I>Stock-Based Compensation</I>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>&#160;</I></B></FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>&#160;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Common
Equity Awards</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>&#160;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>2019
Plan</I> &#8211; On April 4, 2019, the Board adopted the 2019 Equity Incentive Plan (the &#8220;2019 Plan&#8221;). The purpose of the
2019 Plan is to retain the services of our directors, employees, and consultants and align the interests of these individuals with the
interests of our stockholders through awards of stock options, restricted stock awards, unrestricted stock awards, and stock appreciation
rights (collectively the &#8220;common equity awards&#8221;). Certain common equity awards require the achievement of certain price targets
of the Company&#8217;s common stock. Shares subject to a common equity award that lapse, expire, are forfeited or for any reason are
terminated unexercised or unvested will automatically again become available for issuance under the 2019 Plan. Common stock options issued
under the 2019 Plan may have a term of up to ten years and may have variable vesting provisions consisting of time-based, performance-based,
or market-based.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Company&#8217;s stockholders approved the 2019 Plan and the maximum number of shares authorized of <FONT  TITLE="Number of shares authorized">85,000,000</FONT> under the 2019 Plan on
April 3, 2020 (further details subsequent to the issuance date of these consolidated financial statements are provided under the heading
<I>2019 Equity Incentive Plan </I>in Note 27). The issuance of common equity awards under the 2019 Plan is administered by the Company
and approved by the Board. Prior to December 18, 2020, the Company did not have sufficient authorized but unissued shares of common stock
to allow for the exercise of these common equity awards granted; accordingly, any common equity awards granted were considered unfunded
and were not exercisable until sufficient common shares were authorized (further details are provided in Note 21).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
estimated fair value of the common equity awards is recognized as compensation expense over the vesting period of the award.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P  STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
fair value of common equity awards granted during the years ended December 31, 2020 and 2019 were calculated using the Black-Scholes
option pricing model for the time-based and performance-based awards by an independent appraisal firm under the Probability Weighted
Scenarios utilizing the following assumptions:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;<FONT  STYLE="display: none">Schedule of Fair Value of Stock Options Assumptions</FONT></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
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    <TD COLSPAN="6" STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">December
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Up-list</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
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    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Up-list</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">No
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Expected
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><FONT  TITLE="Risk-free interest rate, minimum">0.20</FONT>%
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><FONT  TITLE="Risk-free interest rate, minimum">1.51</FONT>%
                                            - <FONT  TITLE="Risk-free interest rate, maximum">2.59</FONT></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><FONT  TITLE="Risk-free interest rate, minimum">1.51</FONT>%
                                            - <FONT  TITLE="Risk-free interest rate, maximum">2.59</FONT></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 30%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Risk-free
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD  TITLE="Expected dividend yield" STYLE="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">0.00</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD  TITLE="Expected dividend yield" STYLE="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">0.00</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD  TITLE="Expected dividend yield" STYLE="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">0.00</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD  TITLE="Expected dividend yield" STYLE="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">0.00</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></TD></TR>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Volatility
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><FONT  TITLE="Expected volatility, minimum">61.00</FONT>%
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><FONT  TITLE="Expected volatility, minimum">61.00</FONT>%
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><FONT  TITLE="Expected volatility, minimum">119.00</FONT>%
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Dividend
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                                            &#8211; <FONT  TITLE="Expected life">6.7</FONT> years</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
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                                            &#8211; <FONT  TITLE="Expected life">6.0</FONT> years</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
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                                            &#8211; <FONT  TITLE="Expected life">6.0</FONT> years</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
fair value of common equity awards granted during the year ended December 31, 2019 were calculated using the Monte Carlo model for the
market-based awards by an independent appraisal firm under the Probability Weighted Scenarios utilizing the following assumptions:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Expected
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Volatility
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Dividend
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                                            years</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><FONT  TITLE="Expected life">10.0</FONT>
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  </TABLE>

<P  STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P  STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">A
summary of the common equity award activity during the years ended December 31, 2020 and 2019 is as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;<FONT  STYLE="display: none">Summary of Stock Option Activity</FONT></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">of</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom; background-color: White">
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Common
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Common
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Common
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
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<P  STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
intrinsic value of exercisable but unexercised in-the-money common equity awards as of December 31, 2020 was approximately $<FONT  TITLE="Intrinsic value of stock option">1,416,000</FONT>
based on a fair market value of the Company&#8217;s common stock of $<FONT  TITLE="Fair market value of stock option">0.60</FONT> per share on December 31, 2020.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P  STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
exercise prices under the 2019 Plan for the common equity awards outstanding and exercisable are as follows as of December 31, 2020:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;<FONT  STYLE="display: none">Schedule of Exercise Prices of Common Stock Options</FONT></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 70%; margin-right: auto">
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    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">(Shares)</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Under
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
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    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD  TITLE="Number of Shares, Exercisable" STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">13,608,686</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  </TABLE>


<P  STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Information
with respect to stock-based compensation expense and unrecognized stock-based compensation expense related to the common equity awards
is provided under the heading <I>Stock-Based Compensation</I>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>&#160;</I></B></FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>&#160;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Outside
Options</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>&#160;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Company granted stock options outside the 2016 Plan and 2019 Plan during the year ended December 31, 2020 to certain officers, directors
and employees of the Company as approved by the Board and administered by the Company (the &#8220;outside options&#8221;). The stock
options were to acquire shares of the Company&#8217;s common stock and were subject to: (1) time-based vesting; (2) certain performance-based
targets; and (3) certain performance achievements. Options to purchase common stock issued pursuant to the Outside Plan may have a term
of up to ten years. The issuance of outside options is administered by the Company and approved by the Board. Prior to December 18, 2020,
the Company did not have sufficient authorized but unissued shares of common stock to allow for the exercise of these outside options
granted; accordingly, any common stock options granted were considered unfunded and were not exercisable until sufficient common shares
were authorized (further details are provided in Note 21).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P  STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
fair value for the outside options granted during the year ended December 31, 2019 were calculated using the Black-Scholes option pricing
model for the time-based and performance-based awards by an independent appraisal firm under the Probability Weighted Scenarios utilizing
the following assumptions:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;<FONT  STYLE="display: none">Schedule of Fair Value of Stock Options Assumptions</FONT></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
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    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">No
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Risk-free
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><FONT  TITLE="Risk-free interest rate, minimum">2.49</FONT>%
                                            &#8211;<FONT  TITLE="Risk-free interest rate, maximum">2.57</FONT></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><FONT  TITLE="Risk-free interest rate, minimum">2.49</FONT>%
                                            &#8211; <FONT  TITLE="Risk-free interest rate, maximum">2.57</FONT></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 60%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Expected
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Expected
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><FONT  TITLE="Expected volatility, minimum">122.00</FONT>%
                                            &#8211; <FONT  TITLE="Expected volatility, maximum">142.00</FONT></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Expected
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><FONT  TITLE="Expected life">3.0</FONT>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><FONT  TITLE="Expected life">3.0</FONT>
                                            &#8211; <FONT  TITLE="Expected life">5.8</FONT> years</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  </TABLE>

<P  STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P  STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">A
summary of outside option activity during the years ended December 31, 2020 and 2019 is as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;<FONT  STYLE="display: none">Summary of Stock Option Activity</FONT></FONT></P>

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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
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    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Remaining</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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<P  STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
aggregate grant date fair value of outside options granted during the year ended December 31, 2019 was $<FONT  TITLE="Number of Shares Common stock options, Granted">675,000</FONT>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
intrinsic value of exercisable but unexercised in-the-money outside options as of December 31, 2020 was approximately $<FONT  TITLE="Intrinsic value of stock option">401,583</FONT> based
on a fair market value of the Company&#8217;s common stock of $<FONT  TITLE="Fair market value of stock option">0.60</FONT> per share on December 31, 2020.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></P>

<P  STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
exercise prices of outside options outstanding and exercisable are as follows as of December 31, 2020:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;<FONT  STYLE="display: none">Schedule of Exercise Prices of Common Stock Options</FONT></FONT></P>

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<P  STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Information
with respect to stock-based compensation expense and unrecognized stock-based compensation expense related to the outside options is
provided under the heading <I>Stock-Based Compensation</I>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>&#160;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Publisher
Partner Warrants</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
December 19, 2016, as amended on August 23, 2017, and August 23, 2018, the Board approved the Channel Partner Warrant Program to be administered
by management that authorized the Company to grant Publisher Partner Warrants. As of December 31, 2020, Publisher Partner Warrants to
purchase up to <FONT  TITLE="Warrant to purchase common stock">2,000,000</FONT> shares of the Company&#8217;s common stock were reserved for grant.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Publisher Partner Warrants had certain performance conditions. Pursuant to the terms of the Publisher Partner Warrants, the Company would
notify the respective Publisher Partner of the number of shares earned, with one-third of the earned shares vesting on the notice date,
one-third of the earned shares vesting on the first anniversary of the notice date, and the remaining one-third of the earned shares
vesting on the second anniversary of the notice date. The Publisher Partner Warrants had a term of <FONT  TITLE="Warrant expiration term">five years</FONT> from issuance and could
also be exercised on a cashless basis. Performance conditions are generally based on the average of number of unique visitors on the
channel operation by the Publisher Partner generated during the six-month period from the launch of the Publisher Partner&#8217;s operations
on the Company&#8217;s technology platform or the revenue generated during the period from the issuance date through a specified end
date.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P  STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">A
summary of the Publisher Partner Warrants activity during the years ended December 31, 2020 and 2019 is as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;<FONT  STYLE="display: none">Schedule of Warrants Activity</FONT></FONT></P>

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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
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    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">of</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Publisher
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
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<P  STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">During
the year ended December 31, 2020, the Company recognized incremental compensation costs as a result of the Exchange of $<FONT  TITLE="Incremental compensation cost">27,754</FONT> (see Note
21).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">There
was <FONT  TITLE="Intrinsic value of stock option">no</FONT> intrinsic value of exercisable but unexercised in-the-money Publisher Partner Warrants since the fair market value of $<FONT  TITLE="Fair market value of stock option">0.60</FONT> per
share of the Company&#8217;s common stock was lower than the exercise prices on December 31, 2020.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P  STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
exercise prices of the Publisher Partner Warrants outstanding and exercisable are as follows as of December 31, 2020.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;<FONT  STYLE="display: none">Schedule of Exercise Prices of Common Stock Options</FONT></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 60%; margin-right: auto">
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><FONT  TITLE="Exercise price lower range">1.26</FONT>
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><FONT  TITLE="Exercise price lower range">1.76</FONT>
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
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<P  STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Information
with respect to compensation expense and unrecognized compensation expense related to the Publisher Partner Warrants is provided below.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Restricted
Stock Units</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
May 31, 2019, the Company issued <FONT  TITLE="Number of Shares Common stock options, Granted">2,399,997</FONT> restricted stock units to certain employees in settlement of the true-up provisions of the
restricted stock awards issued at the time of the HubPages merger. Each restricted stock unit represented the right to receive a number
of the shares of the Company&#8217;s common stock pursuant to a grant agreement, subject to certain terms and conditions, and was to
be credited to a separate account maintained by the Company in certain circumstances. All amounts credited to the separate account will
be part of the general assets of the Company. The restricted stock units were to vest in accordance with the grant agreement in six equal
installments at four-month intervals on the first of each month, starting on June 1, 2019, with the final vesting date on February 1,
2021. In addition to the vesting schedule as aforementioned, the restricted stock units would not vest until the Company increased its
authorized shares of the Company&#8217;s common stock. Each restricted stock unit granted and credited to the separate account for the
employee will be issued by the Company upon the authorized shares of the Company&#8217;s common stock increased (further details are
provided in Note 21). Further, unless otherwise specified in an employee&#8217;s grant agreement, vesting will cease upon the termination
of the employees continuous service.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
fair value of a restricted stock award is determined based on the number of shares granted and the quoted price of the Company&#8217;s
common stock on the date issued during the year ended December 31, 2019.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P  STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">A
summary of the restricted stock unit activity during the years ended December 31, 2020 and 2019 is as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;<FONT  STYLE="display: none">Schedule of Restricted Stock Units Activity</FONT></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Number
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    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Weighted
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
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    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Fair
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Restricted
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 52%; text-align: justify; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Granted</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Restricted
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD  TITLE="Weighted Average Exercise Price, outstanding, at end of year" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">0.45</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Forfeited</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD  TITLE="Number of Shares, Unvested, Forfeited" STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(2,399,997</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD  TITLE="Number of Shares, Vested, Forfeited" STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Restricted
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD  TITLE="Weighted Average Exercise Price, outstanding, at end of year" STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
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<P  STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">As
aforementioned (see Note 12), the restricted stock units were forfeited on December 31, 2020.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Information
with respect to stock-based compensation expense and unrecognized stock-based compensation expense related to the restricted stock units
is included within the Restricted Stock Awards caption under the heading <I>Stock-Based Compensation</I>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">In
connection with the Sports Illustrated Licensing Agreement and issuance of the ABG Warrants to purchase up to <FONT  TITLE="Warrant to purchase common stock">21,989,844</FONT> shares of the
Company&#8217;s common stock, the Company recorded the issuance of the warrants as stock-based compensation with the fair value of the
warrants measured at the time of issuance and expensed over the requisite service period.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P  STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
fair value of the ABG Warrants issued during the year ended December 31, 2019 were calculated using the Monte Carlo model by an independent
appraisal firm under the Probability Weighted Scenarios utilizing the following assumptions:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;<FONT  STYLE="display: none">Schedule of Fair Value of Stock Options Assumptions</FONT></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Up-list</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">No
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Risk-free
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><FONT  TITLE="Risk-free interest rate, minimum">2.00</FONT>%
                                            &#8211; <FONT  TITLE="Risk-free interest rate, maximum">2.10</FONT></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><FONT  TITLE="Risk-free interest rate, minimum">2.00</FONT>%
                                            &#8211; <FONT  TITLE="Risk-free interest rate, maximum">2.10</FONT></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 60%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Expected
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT  TITLE="Expected dividend yield">0.00</FONT></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Expected
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><FONT  TITLE="Expected volatility, minimum" STYLE="font: 10pt Times New Roman, Times, Serif">51.00</FONT>%
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><FONT  TITLE="Expected volatility, minimum">121.00</FONT>%
                                            &#8211; <FONT  TITLE="Expected volatility, maximum">123.00</FONT></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Expected
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><FONT  TITLE="Expected life">6.0</FONT>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><FONT  TITLE="Expected life">6.2</FONT>
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  </TABLE>

<P  STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P  STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">A
summary of the ABG Warrant activity during the years ended December 31, 2020 and 2019 is as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;<FONT  STYLE="display: none">Schedule of Warrants Activity</FONT></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Number
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    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Weighted
                                            Average</FONT></P>
                                                                                <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Exercise</FONT></P></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Weighted
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
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  </TABLE>


<P  STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
aggregate issue date fair value of the ABG Warrants issued during the year ended December 31, 2019 was $<FONT  TITLE="Fair market value of stock option">5,458,979</FONT>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
intrinsic value of exercisable but unexercised in-the-money ABG Warrants as of December 31, 2020 was approximately $<FONT  TITLE="Intrinsic value of stock option">197,909</FONT> based on
a fair market value of the Company&#8217;s common stock of $<FONT  TITLE="Fair market value of stock option">0.60</FONT> per share on December 31, 2020.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Information
with respect to compensation expense and unrecognized compensation expense related to the ABG Warrants is provided under the heading
<I>Stock-Based Compensation</I>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P  STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Stock&#8211;based
compensation and equity-based expense charged to operations or capitalized during the years ended December 31, 2020 and 2019 are summarized
as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;<FONT  STYLE="display: none">Summary of Stock-based Compensation</FONT></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Total
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  </TABLE>

<P  STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P  STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Unrecognized
compensation expense related to the stock-based compensation awards and equity-based awards as of December 31, 2020 was as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;<FONT  STYLE="display: none">Schedule of Unrecognized Compensation Expense</FONT></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD COLSPAN="26" STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">As
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
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  </TABLE>

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<P  STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 100%; text-transform: uppercase; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.35in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: none"><B>23.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: none"><B><FONT >Liquidated Damages</FONT></B></FONT></TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.75pt; text-transform: uppercase; text-align: justify; text-indent: -23.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: none">&#160;</FONT></P>

<P  STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
following tables summarize the Liquidated Damages recognized during the years ended December 31, 2020 and 2019, with respect to the registration
rights agreements and securities purchase agreements:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;&#160;<FONT  STYLE="display: none">Schedule of Recognized Liquidated Damages</FONT></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD COLSPAN="14" STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Year
    Ended December 31, 2020</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">12%
    Convertible Debentures</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Series
    I Preferred Stock</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Series
    J Preferred Stock</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Total
    Liquidated Damages</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 44%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Registration
    Rights Damages</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD  TITLE="Registration Rights Damages" STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD  TITLE="Registration Rights Damages" STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">360,000</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD  TITLE="Registration Rights Damages" STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">637,200</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Public
    Information Failure Damages</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD  TITLE="Public Information Failure Damages" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">12,300</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD  TITLE="Public Information Failure Damages" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">346,500</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD  TITLE="Public Information Failure Damages" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">360,000</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD  TITLE="Public Information Failure Damages" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">718,800</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Accrued
    interest</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD  TITLE="Accrued interest" STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1,578</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD  TITLE="Accrued interest" STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">69,992</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD  TITLE="Accrued interest" STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">60,007</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD  TITLE="Accrued interest" STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">131,577</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Balance</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD  TITLE="Totals" STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">13,878</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD  TITLE="Totals" STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">693,692</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
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    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD  TITLE="Totals" STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1,487,577</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 27.8pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD COLSPAN="14" STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Year
    Ended December 31, 2019</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">12%
    Convertible Debentures</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Series
    I Preferred Stock</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Series
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    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Total
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 44%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Registration
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD  TITLE="Registration Rights Damages" STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Public
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Accrued
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  </TABLE>

<P  STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0">&#160;</P>

<P  STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 100%; text-transform: uppercase; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.35in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: none"><B>24.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: none"><B><FONT >Income Taxes</FONT></B></FONT></TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 23.75pt; text-transform: uppercase; text-align: justify; text-indent: -23.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: none">&#160;</FONT></P>

<P  STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
components of the (provision) benefit for income taxes consist of the following:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;<FONT  STYLE="display: none">Schedule of Income Taxes</FONT></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">&#160;</TD>
    <TD  STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">&#160;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">&#160;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">&#160;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">&#160;</TD>
    <TD  STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">&#160;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&#160;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Years
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Current
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Federal</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR  STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">State
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    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt; text-align: left; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Total
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    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Deferred
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR  STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">9,802,070</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR  STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">State
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">5,279,879</FONT></P></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">3,053,709</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Change
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<P  STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
CARES Act<FONT STYLE="font-size: 10pt; line-height: 115%">, was enacted March 27, 2020. Among the business provisions, the CARES Act
provided for various payroll tax incentives, changes to net operating loss carryback and carryforward rules, business interest expense
limitation increases, and bonus depreciation on qualified improvement property. Additionally, the Consolidated Appropriations Act of
2021 was signed on December 27, 2020 which provided additional COVID-19 relief provisions for businesses. The Company has evaluated the
impact of both the Acts and has determined that any impact is not material to its financial statements.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P  STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
components of deferred tax assets and liabilities were as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;<FONT  STYLE="display: none">Schedule of Components of Deferred Tax Assets and Liabilities</FONT></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">&#160;</TD>
    <TD  STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">&#160;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">&#160;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">&#160;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">&#160;</TD>
    <TD  STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">&#160;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&#160;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Tax
    credit carryforwards</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">263,873</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">263,873</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR  STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Allowance
    for doubtful accounts</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">458,506</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">450,116</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
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  <TR  STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Deferred
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">28,055,521</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt; text-align: left; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Total
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  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Deferred
    tax liabilities:</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR  STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Prepaid
    expenses</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(144,704</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(148,051</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD></TR>
  <TR  STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Unearned
                                            revenue</FONT></P></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(67,295</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD></TR>
  <TR  STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Acquisition-related
    intangibles</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(18,445,655</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(24,355,429</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD></TR>
  <TR  STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt; text-align: left; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Total
    deferred tax liabilities</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(18,590,359</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(24,570,775</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD></TR>
  <TR  STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Net
    deferred tax liabilities</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(210,832</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  </TABLE>

<P  STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Company must make judgements as to the realization of deferred tax assets that are dependent upon a variety of factors, including the
generation of future taxable income, the reversal of deferred tax liabilities, and tax planning strategies. To the extent that the Company
believes that recovery is not likely, it must establish a valuation allowance. A valuation allowance has been established for deferred
tax assets which the Company does not believe meet the &#8220;more likely than not&#8221; criteria. The Company&#8217;s judgments regarding
future taxable income may change due to changes in market conditions, changes in tax laws, tax planning strategies or other factors.
If the Company&#8217;s assumptions and consequently its estimates change in the future, the valuation allowances it has established may
be increased or decreased, resulting in a respective increase or decrease in income tax expense. Based upon the Company&#8217;s historical
operating losses and the uncertainty of future taxable income, the Company has provided a valuation allowance primarily against its deferred
tax assets up to the deferred tax liabilities, except for deferred tax liabilities on indefinite lived intangible assets, as of December
31, 2020 and 2019.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">As
of December 31, 2020, the Company had federal, state, and local net operating loss carryforwards available of approximately $<FONT  TITLE="Operating loss carryforward">131.17</FONT> million,
$<FONT  TITLE="Operating loss carryforward">100.61</FONT> million, and $<FONT  TITLE="Operating loss carryforward">31.15</FONT> million, respectively, to offset future taxable income. Net operating losses for <FONT  TITLE="Income tax description">U.S. federal tax purposes
of $<FONT  TITLE="Operating loss carryforward">60.67</FONT> million do not expire (limited to 80% of taxable income in a given year) and $<FONT  TITLE="Net operating losses expiration amount">70.50</FONT> million will expire, if not utilized, through
2037 in various amounts.</FONT> As of December 31, 2019, the Company had federal, state, and local net operating loss carryforwards available
of approximately $<FONT  TITLE="Operating loss carryforward">75.00</FONT> million, $<FONT  TITLE="Operating loss carryforward">59.66</FONT> million, and $<FONT  TITLE="Operating loss carryforward">22.66</FONT> million, respectively, to offset future taxable income.</FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Sections
382 and 383 of the Internal Revenue Code imposes restrictions on the use of a corporation&#8217;s net operating losses, as well as certain
recognized built-in losses and other carryforwards, after an ownership change occurs. A section 382 ownership change occurs if one or
more stockholders or groups of stockholders who own at least 5% of the Company&#8217;s common stock increase their ownership by more
than 50 percentage points over their lowest ownership percentage within a rolling three-year period. Future issuances or sales of the
Company&#8217;s common stock (including certain transactions involving the Company&#8217;s common stock that are outside of the Company&#8217;s
control) could also result in an ownership change under section 382. If an ownership change occurs, Section 382 would impose an annual
limit on the amount of pre-change net operating losses and other losses the Company can use to reduce its taxable income generally equal
to the product of the total value of the Company&#8217;s outstanding equity immediately prior to the ownership change (subject to certain
adjustments) and the long-term tax exempt interest rate for the month of the ownership change.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Company believes that it did have a change in control under these sections in connection with its recapitalization on November 4, 2016
and utilization of the carryforwards would be limited such that the majority of the carryforwards will never be available. Accordingly,
the Company has not recorded those net operating loss carryforwards and credit carryforwards in its deferred tax assets. The Company
completed a preliminary section 382 analysis as of December 31, 2019 and 2020 and concluded it may have experienced an ownership change
as a result of certain equity offerings during the rolling three-year period of 2018 to 2020. The Company concluded that its federal
net operating loss carryforwards, including any net operating loss carryforwards as a result of the mergers during 2018 and 2019, resulted
in annual limitations on the overall net operating loss carryforward and that the ownership change during 2018, 2019 and 2020 would impose
an annual limit on the net operating loss carryforwards and could cause federal income taxes (similar provisions apply for state and
local income taxes) to be paid earlier than otherwise would be paid if such limitations were not in effect. The federal, state, and local
net operating loss carryforwards are stated net of any such anticipated limitations as of December 31, 2020.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P  STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
provision (benefit) for income taxes on the statement of operations differs from the amount computed by applying the statutory federal
income tax rate to loss before the benefit for income taxes, as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT  STYLE="display: none">Schedule of Tax Benefit and Effective Income Tax</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD COLSPAN="14" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Years
    Ended December 31,</FONT></TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">2020</FONT></TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">2019</FONT></TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
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  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <TR STYLE="vertical-align: bottom; background-color: White">
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  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <TR STYLE="vertical-align: bottom; background-color: White">
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  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <TR STYLE="vertical-align: bottom; background-color: White">
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  </TABLE>


<P  STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Company recognizes the tax benefit from uncertain tax positions only if it is &#8220;more likely than not&#8221; that the tax positions
will be sustained on examination by the tax authorities, based on the technical merits of the position. <FONT  TITLE="Income tax likelihood percentage">The tax benefit is measured based
on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement.</FONT> The Company recognizes interest
and penalties related to income tax matters in income tax expense. The Company is also required to assess at each reporting date whether
it is reasonably possible that any significant increases or decreases to its unrecognized tax benefits will occur during the next 12
months.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Company did not recognize any uncertain tax positions or any accrued interest and penalties associated with uncertain tax positions for
the years ended December 31, 2020 and 2019. The Company files tax returns in the U.S. federal jurisdiction and New York, California,
and other states. The Company is generally subject to examination by income tax authorities for three years from the filing of a tax
return, therefore, the federal and certain state returns from 2017 forward and the California returns from 2016 forward are subject to
examination. The Company currently is not under examination by any tax authority.</FONT></P>

<P  STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 100%; text-transform: uppercase; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.35in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: none"><B>25.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: none"><B><FONT >Related Party Transactions</FONT></B></FONT></TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.75pt; text-transform: uppercase; text-align: justify; text-indent: -23.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: none">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
June 10, 2019, the Company entered into the 12% Senior Secured Note agreement with one accredited investor, BRF Finance, an affiliated
entity of B. Riley, pursuant to which the Company issued to the investor a 12% senior secured note, due July 31, 2019. In connection
with the 12% Senior Secured Note, B. Riley FBR received a placement fee from the proceeds of $<FONT  TITLE="Proceeds from secured note payable">1,000,000</FONT> and legal fees and expenses of
$<FONT  TITLE="Legal fees">135,000</FONT>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
June 14, 2019, the Company entered into the 12% Amended Senior Secured Note agreement with one accredited investor, BRF Finance, an affiliated
entity of B. Riley, which amended and restated the 12% Senior Secured Note dated June 10, 2019. In connection with the 12% Amended Senior
Secured Note the Company paid B. Riley FBR cash of $<FONT  TITLE="Payments issuance for private placement">2,400,000</FONT> as placement agent and $<FONT  TITLE="Success fees">3,500,000</FONT> as a success fee in the offering.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
June 28, 2019, the Company closed on a securities purchase agreement with certain accredited investors, pursuant to which it issued an
aggregate of <FONT  TITLE="Number of shares issued during period, shares">23,100</FONT> shares of Series I Preferred Stock at a stated value of $<FONT  TITLE="Preferred stock stated value">1,000</FONT>, initially convertible into <FONT  TITLE="Convertible shares">46,200,000</FONT> shares of its
common stock, at the option of the holder subject to certain limitations, at a conversion rate equal to the stated value divided by the
conversion price of $<FONT  TITLE="Conversion price">0.50</FONT> per share, for aggregate gross proceeds of $<FONT  TITLE="Proceeds from issuance of convertible preferred stock">23,100,000</FONT>. Of the shares of Series I Preferred Stock issued, Ross
Levinsohn purchased <FONT  TITLE="Number of shares issued during period, shares">500</FONT> shares for $<FONT  TITLE="Stock issued during period, value">500,000</FONT>. B. Riley FBR, acting as placement agent for the Series I Preferred Stock financing, was
paid in cash $<FONT  TITLE="Legal fees">1,386,000</FONT> for its services and reimbursed for certain legal and other costs.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
August 27, 2019, the Company entered into a first amendment to amended note purchase agreement with one accredited investor, BRF Finance,
an affiliated entity of B. Riley, with respect to the 12% Amended Senior Secured Notes. In connection with the 12% Amended Senior Secured
Note, B. Riley FBR received a closing fee from the proceeds of $<FONT  TITLE="Legal fees">150,000</FONT> and legal fees and expenses.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
October 7, 2019, the Company closed on a securities purchase agreement with certain accredited investors, pursuant to which it issued
an aggregate of <FONT  TITLE="Number of shares issued during period, shares">20,000</FONT> shares of Series H Preferred Stock at a stated value of $<FONT  TITLE="Preferred stock stated value">1,000</FONT>, initially convertible into <FONT  TITLE="Convertible shares">28,571,428</FONT> shares of
its common stock, at the option of the holder subject to certain limitations, at a conversion rate equal to the stated value divided
by the conversion price of $<FONT  TITLE="Conversion price">0.70</FONT> per share, for aggregate gross proceeds of $<FONT  TITLE="Proceeds from issuance of convertible preferred stock">20,000,000</FONT>. Of the shares of Series H Preferred Stock issued,
Luke E. Fichthorn III, an immediate family member of John A. Fichthorn, purchased <FONT  TITLE="Number of shares issued during period, shares">100</FONT> shares, and B Riley, or an affiliated entity, purchased
<FONT  TITLE="Number of shares issued during period, shares">5,000</FONT> shares. B. Riley FBR, acting as placement agent for the Series J Preferred Stock financing, was paid in cash $<FONT  TITLE="Service fees">525,240</FONT> for its services
and reimbursed for certain legal and other costs.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
March 24, 2020, the Company entered into a second amended and restated note purchase agreement with BRF Finance, an affiliated entity
of B. Riley, in its capacity as agent and a purchaser, which further amended and restated the amended and restated note purchase agreement
dated June 14, 2019, as amended. Pursuant to the second amended and restated note purchase agreement, the Company issued the Term Note,
in the aggregate principal amount of $<FONT  TITLE="Debt face amount">12,000,000</FONT> to the purchaser. Up to $<FONT  TITLE="Debt face amount">8,000,000</FONT> in principal amount under the Term Note was due on
<FONT  TITLE="Maturity date">March 31, 2021</FONT>, with the balance thereunder due on June 14, 2022. Interest on amounts outstanding under the Term Note are payable in-kind
in arrears on the last day of each fiscal quarter. On March 25, 2020, the Company drew down $<FONT  TITLE="Note payable">6,913,865</FONT> under the Term Note, and after
payment of commitment and funding fees paid to BRF Finance in the amount of $<FONT  TITLE="Legal fees">793,109</FONT>, and other legal fees and expenses of BRF Finance
that the Company paid, it received net proceeds of approximately $<FONT  TITLE="Proceeds from notes">6,000,000</FONT>. Pursuant to Amendment 1 to the second amended and restated
note purchase agreement, dated October 23, 2020, interest payable on the notes on September 30, 2020, December 31,2020, March 31, 2021,
June 30, 2021, September 30, 2021, and December 31, 2021 will be payable in-kind in arrears on the last day of such fiscal quarter. Alternatively,
at the option of the holder, such interest amounts can be converted into shares of the Company&#8217;s common stock based upon the conversion
rate specified in the Certificate of Designation for the Series K Preferred Stock, subject to certain adjustments. In addition, $<FONT  TITLE="Debt amount">3,367,000</FONT>,
including $<FONT  TITLE="Debt principal amount">3,295,506</FONT> of principal amount of the Term Note and $<FONT  TITLE="Debt interest">71,494</FONT> of accrued interest, was converted into shares of Series K Preferred
Stock and the maturity date of the Term Note was changed from March 31, 2021 to March 31, 2022. John A. Fichthorn, the Executive Chairman,
served as Head of Alternative Investments for B. Riley Capital Management, a wholly owned subsidiary of B. Riley. Todd Sims, one of the
Company&#8217;s directors, has served as the President of BRVC, a wholly owned subsidiary of B. Riley since October 2020. B. Riley FBR
and its affiliates also beneficially owns more than 10% of our common stock. B. Riley FBR and its affiliates also beneficially owns more
than <FONT  TITLE="Ownership percentage">10</FONT>% of the Company&#8217;s common stock.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Between
August 14, 2020 and August 20, 2020, the Company entered into several securities purchase agreements for the sale of Series H Preferred
Stock with certain accredited investors, including, among others, Strome and Strome Alpha Fund, L.P. (&#8220;Strome Alpha&#8221;), affiliates
of Mark Strome, who previously beneficially owned more than <FONT  TITLE="Ownership percentage">10</FONT>% of the shares of the Company&#8217;s common stock and currently beneficially
owns more than 10% of the shares of Series H Preferred Stock, pursuant to which the Company issued an aggregate of <FONT  TITLE="Stock issued during period, shares, issued for services">2,253</FONT> shares, at a
stated value of $<FONT  TITLE="Preferred stock stated value">1,000</FONT> per share, initially convertible into <FONT  TITLE="Convertible shares">6,825,000</FONT> shares of the Company&#8217;s common stock at a conversion rate
equal to the stated value divided by the conversion price of $<FONT  TITLE="Conversion price">0.33</FONT> per share, for aggregate gross proceeds of $<FONT  TITLE="Proceeds from convertible debt">2,730,000</FONT> for working
capital and general corporate purposes. B. Riley FBR, acting as a placement agent for these issuances, waived its fee for these services
and was reimbursed for certain legal and other costs. On October 28, 2020, the Company entered into a mutual rescission agreement with
Strome and Strome Alpha, pursuant to which the stock purchase agreements entered into by Strome and Strome Alpha between August 14, 2020
and August 20, 2020 were rescinded and deemed null and void.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
September 4, 2020, the Company entered into a securities purchase agreement with certain accredited investors, pursuant to which the
Company issued an aggregate of <FONT  TITLE="Stock issued during period, shares, issued for services">10,500</FONT> shares of Series J Preferred Stock at a stated value of $<FONT  TITLE="Preferred stock stated value">1,000</FONT>, initially convertible into shares
of the Company&#8217;s common stock, at the option of the holder subject to certain limitations, at a conversion rate equal to the stated
value divided by the conversion price of $<FONT  TITLE="Conversion price">0.70</FONT> per share, for aggregate gross proceeds of $<FONT  TITLE="Proceeds from convertible debt">6,000,000</FONT>. Of the shares of Series J Preferred
Stock issued, B. Riley Securities, Inc., an affiliate of B. Riley, purchased <FONT  TITLE="Stock issued during period, shares, issued for services">5,250</FONT> shares, and B&amp;W Pension Trust, of which 180 Degree
Capital Corp. is the Investment Adviser, purchased <FONT  TITLE="Stock issued during period, shares, issued for services">5,250</FONT> shares. B. Riley FBR, acting as placement agent for these issuances, waived
its fee for these services and was reimbursed for certain legal and other costs. Todd Sims, one of the Company&#8217;s directors, has
served as the President of BRVC, a wholly-owned subsidiary of B. Riley since October 2020. B. Riley FBR and its affiliates also beneficially
owns more than 10% of the Company&#8217;s common stock.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Between
October 23, 2020 and November 11, 2020, the Company entered into several securities purchase agreements with accredited investors, pursuant
to which the Company issued an aggregate of <FONT  TITLE="Stock issued during period, shares, issued for services">18,042</FONT> shares of Series K Preferred Stock at a stated value of $<FONT  TITLE="Preferred stock stated value">1,000</FONT> per share, initially
convertible into <FONT  TITLE="Convertible shares">45,105,000</FONT> shares of the Company&#8217;s common stock at a conversion rate equal to the stated value divided by the
conversion price of $<FONT  TITLE="Conversion price">0.40</FONT> per share, for aggregate gross proceeds of $<FONT  TITLE="Proceeds from convertible debt">18,042,090</FONT>. B. Riley FBR, acting as a placement agent for these
issuances, was paid in cash $520,500 for its services and reimbursed for certain legal and other costs. John A. Fichthorn, the Executive
Chairman, served as Head of Alternative Investments for B. Riley Capital Management, a wholly owned subsidiary of B. Riley. Todd Sims,
one of the Company&#8217;s directors, has served as the President of BRVC, a wholly owned subsidiary of B. Riley since October 2020.
B. Riley FBR and its affiliates also beneficially owns more than 10% of the Company&#8217;s common stock.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Cramer
Digital, Inc. Agreement</I></B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
August 7, 2019, in connection with TheStreet Merger, the Company entered into a letter agreement (the &#8220;Original Cramer Agreement&#8221;)
with finance and stock market expert Jim Cramer, who co-founded TheStreet, which sets forth the terms of the Cramer Services (defined
below) to be provided by Mr. Cramer and Cramer Digital, Inc. (&#8220;Cramer Digital&#8221;), a production company owned and controlled
by Mr. Cramer, featuring the digital rights and content created by Mr. Cramer and his team of financial experts. A second letter agreement
providing additional terms was entered into on April 16, 2020 (the &#8220;Second Cramer Agreement&#8221;). The Company entered into a
third letter agreement on January 25, 2021, which extended the notice date to cancel the third year of the term of the Original Cramer
Agreement from February 7, 2021 to April 9, 2021 (the &#8220;Third Cramer Agreement&#8221; and, together with the Original Cramer Agreement
and the Second Cramer Agreement, the &#8220;Cramer Agreement&#8221;).</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Cramer Agreement provides for Mr. Cramer and Cramer Digital to create content for the Company on each business day during the term of
the Cramer Agreement, prepare special content for the Company, make certain personal appearances and provide other services as reasonably
requested and mutually agreed to (collectively, the &#8220;Cramer Services&#8221;). In consideration for the Cramer Services, the Company
pays Cramer Digital a commission on subscription revenues and net advertising revenues for certain content (the &#8220;Revenue Share&#8221;).
In addition, the Company pays Cramer Digital approximately $<FONT  TITLE="Annualized guaranteed payment">3,000,000</FONT> as an annualized guaranteed payment in equal monthly draws, recoupable
against the Revenue Share. The Company also issued two options to Cramer Digital pursuant to the 2019 Plan. The first option was to purchase
up to <FONT  TITLE="Number of shares issued during period, shares">two million</FONT> shares of the Company&#8217;s common stock at an exercise price of $<FONT  TITLE="Shares issued price, per share">0.72</FONT>, the closing stock price on August 7, 2019,
the grant date. This option vests over 36 months. The second option was to purchase up to <FONT  TITLE="Number of shares issued during period, shares">three million</FONT> shares of the Company&#8217;s
common stock at an exercise price of $<FONT  TITLE="Shares issued price, per share">0.54</FONT>, the closing stock price on April 21, 2020, the grant date. In the event Cramer Digital and
the Company agree to renew the term of the Cramer Agreement for a minimum of three years from the end of the second year of the current
term, <FONT  TITLE="Number of shares issued during period, shares">900,000</FONT> shares will vest on the first day of the third year of the term as so extended (the &#8220;Trigger Date&#8221;). The remaining
shares will vest equally on the <FONT  TITLE="Option vests">12</FONT>-month anniversary of the Trigger Date, the <FONT  TITLE="Option vests">24</FONT>-month anniversary of the Trigger Date and the <FONT  TITLE="Option vests">36</FONT>-month
anniversary of the Trigger Date.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">In
addition, the Company provides Cramer Digital with a marketing budget, access to personnel and support services, and production facilities.
Finally, the Cramer Agreement provides that the Company will reimburse fifty percent of the cost of the rented office space by Cramer
Digital, up to a maximum of $<FONT  TITLE="Reimbursement of rent expense">4,250</FONT> per month.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Board
of Directors and Finance Committee</I></B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">During
September 2018, John A. Fichthorn joined the Board and during November 2018 he was elected as Executive Chairman and Chairman of the
Company&#8217;s Finance Committee. Until April 2020, Mr. Fichthorn served as Head of Alternative Investments for B. Riley Capital Management,
which is an SEC-registered investment adviser and a wholly owned subsidiary of B. Riley. </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">From
April 2020 to November 2020, Mr. Fichthorn served as a consultant to B. Riley. Further, Mr. Fichthorn serves on our Board as a designee
of the holders of our Series H Preferred Stock.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">During
September 2018, Todd D. Sims joined the Board and is also a member of the board of directors of B. Riley. Mr. Sims has served as the
President of BRVC, a wholly owned subsidiary of B. Riley since October 2020. Prior to that, Mr. Sims served as a member of the board
of directors of B. Riley from 2016 to 2020. Mr. Sims serves on the Company&#8217;s Board as a designee of B. Riley.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Since
August 2018, B. Riley FBR has been instrumental in raising debt and equity capital for the Company to support its acquisitions of HubPages,
Say Media, TheStreet, and the Sports Illustrated Licensing Agreement with ABG, with continued support for subsequent refinancing of debt,
equity capital, and working capital purposes <FONT STYLE="line-height: 115%">(see Note 27).</FONT></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">As
of December 31, 2020, our Board was composed of seven persons &#8211; Ross Levinsohn, John Fichthorn, Peter Mills, Todd Sims, B. Rinku
Sen, David Bailey, and Joshua Jacobs.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Service
and Consulting Contracts</I></B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Ms.
Rinku Sen joined the Board in November 2017 and has provided consulting services and operates a channel on the Company&#8217;s technology
platform. During the years ended December 31, 2020 and 2019, the Company paid Ms. Sen $<FONT  TITLE="Proceeds from related parties">12,050</FONT> and $<FONT  TITLE="Proceeds from related parties">39,650</FONT>, respectively, for these services.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Mr.
Josh Jacobs has provided consulting services and operates a channel on the Company&#8217;s platform. During the years ended December
31, 2020, the Company paid Ms. Jacobs $<FONT  TITLE="Proceeds from related parties">120,000</FONT> for these services.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
January 1, 2019, the Company entered into an amended consulting agreement with William Sornsin, the Company&#8217;s former Chief Operating
Officer, pursuant to which the Company agreed to pay a monthly fee of $<FONT  TITLE="Service fees">10,000</FONT>, plus various incentive payments for launching certain
sites on the Company&#8217;s platform from January 2019 through September 2019.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
August 26, 2020, the Company entered into a consulting agreement with James C. Heckman, the Company&#8217;s former Chief Executive Officer
pursuant to which the Company agreed to pay to Mr. Heckman a monthly fee of approximately $<FONT  TITLE="Monthly fee">29,167</FONT> (to be increased to approximately $<FONT  TITLE="Monthly fee">35,417</FONT>
once the Company&#8217;s senior executive officer salaries are returned to the levels in place prior to March 2020). Mr. Heckman is also
entitled to bonus payments of up to one hundred percent of the monthly fees payable in the then-current year upon satisfaction of certain
performance goals. Mr. Heckman may also be awarded additional equity incentive awards. The initial term of the consulting agreement commenced
on August 26, 2020 and ends on August 26, 2021, which term may be extended for an additional 12-month period unless our then-Chief Executive
Officer notifies Mr. Heckman of a decision not to extend at least 90 days in advance.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
October 5, 2020, the Company entered into a separation agreement with Benjamin Joldersma, who served as the Company&#8217;s Chief Technology
Officer from November 2016 through September 2020, pursuant to which the Company agreed to pay Mr. Joldersma approximately $<FONT  TITLE="Stock issued during period, issued for services">111,000</FONT> as
a severance payment, as well as any COBRA premiums.</FONT></P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">In
May 2018, the Company&#8217;s then Chief Executive Officer began advancing funds to the Company in order to meet minimum operating needs.
Such advances were made pursuant to promissory notes that were due on demand, with interest at the minimum applicable federal rate, which
ranged from <FONT  TITLE="Federal rate, percentage">2.18</FONT>% to <FONT  TITLE="Federal rate, percentage">2.38</FONT>%. As of December 31, 2019, the total principal amount of advances outstanding was $<FONT  TITLE="Note payable">319,351</FONT> (includes accrued
interest of $<FONT  TITLE="Accrued interest">12,574</FONT>) (see Note 17). On October 31, 2020, the Company entered into an exchange agreement with Mr. Heckman pursuant to
which Mr. Heckman converted the outstanding principal amount due, together with accrued but unpaid interest under the promissory notes,
into <FONT  TITLE="Number of shares issued during period, shares"><FONT  TITLE="Stock issued during period, shares, issued for services">389</FONT></FONT> shares of Series H Preferred Stock (see Note 20).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Repurchases
of Restricted Stock</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>&#160;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
December 15, 2020, the Company entered into an amendment for certain restricted stock awards and units that were previously issued to
certain employees in connection with the HubPages merger, pursuant to which the Company agreed to repurchase from certain key personnel
of HubPages, including Paul Edmondson, one of the Company&#8217;s officers, and his spouse, an aggregate of approximately <FONT  TITLE="Stock issued during period, shares, issued for services">16,802</FONT> shares
of the Company&#8217;s common stock at a price of $<FONT  TITLE="Stock price">4</FONT> per share each month for a period of 24 months, for aggregate proceeds to Mr. Edmondson
and his spouse of approximately $<FONT  TITLE="Proceeds from repurchase of restricted stock">67,207</FONT> per month (see Note 12).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>


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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 100%; text-transform: uppercase; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.35in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: none"><B>26.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: none"><B><FONT >Commitments and Contingencies</FONT></B></FONT></TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.75pt; text-transform: uppercase; text-align: justify; text-indent: -23.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: none">&#160;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
a select basis, the Company has provided revenue share guarantees to certain independent publishers that transition their publishing
operations from another platform to theMaven.net or maven.io. <FONT  TITLE="Revenue guarantee description">These arrangements generally guarantee the publisher a monthly amount of
income for a period of 12 to 24 months from inception of the publisher contract that is the greater of (a) a fixed monthly minimum, or
(b) the calculated earned revenue share.</FONT> During the years ended December 31, 2020 and 2019, the Company paid Publisher Partner guarantees
of $<FONT  TITLE="Revenue">9,391,135</FONT> and $<FONT  TITLE="Revenue">7,111,248</FONT>, respectively.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Claims
and Litigation</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">From
time to time, the Company may be subject to claims and litigation arising in the ordinary course of business. The Company is not currently
a party to any pending or threatened legal proceedings that it believes would reasonably be expected to have a material adverse effect
on the Company&#8217;s business, financial condition, results of operations or cash flows.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Liquidated
Damages</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>&#160;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Company determined that it is contingently liable for certain for the Registration Rights Damages and Public Information Failure Damages
(collectively the &#8220;Liquidated Damages&#8221;) covering the instruments in the table below, therefore, a contingent obligation (including
interest computed at <FONT  TITLE="Percentage of interest computed based on balance outstanding for liquidating damages">1</FONT>% per month based on the balance outstanding for each Liquidating Damages) exist as of the issuance date of these
consolidated financial statements as follows:</FONT></P>

<P  STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;<FONT  STYLE="display: none">Schedule of Liquidating Damages</FONT></FONT></P>

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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Accrued
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<P  STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.75pt; text-transform: uppercase; text-align: justify; text-indent: -23.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: none">&#160;</FONT></P>

<P  STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.75pt; text-transform: uppercase; text-align: justify; text-indent: -23.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: none">&#160;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 100%; text-transform: uppercase; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.35in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: none"><B>27.</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: none"><B><FONT >Subsequent Events</FONT></B></FONT></TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.75pt; text-transform: uppercase; text-align: justify; text-indent: -23.75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: none">&#160;</FONT></P>

<P  STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Company performed an evaluation of subsequent events through the date of filing of these consolidated financial statements with the SEC.
Other than the below described subsequent events, there were no material subsequent events which affected, or could affect, the amounts
or disclosures on the consolidated financial statements<B>.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&#160;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>2019
Equity Incentive Plan</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>&#160;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">From
January 2021 through the date these consolidated financial statements were issued or were available to be issued, the Company granted
common stock options, restricted stock units and restricted stock awards totaling <FONT  TITLE="Number of Shares Common stock options, Granted">83,590,165</FONT> (includes <FONT  TITLE="Number of Shares Common stock options, Granted">11,158,049</FONT> stock options and <FONT  TITLE="Number of Shares Common stock options, Granted">26,048,781</FONT>
restricted stock units issued on February 18, 2021, see below for further details) shares of the Company&#8217;s common stock, of which
<FONT  TITLE="Stock options outstanding">83,565,415</FONT> remain outstanding as of the date these consolidated financial statements were issued or were available to be issued, to acquire
shares of the Company&#8217;s common stock to officers, directors, employees and consultants.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
January 8, 2021, the Company amended certain grants of common stock options under its 2019 Plan to remove certain vesting conditions
for the performance-based awards, in general, the amendment provides that:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the
    common stock options will vest with respect to one-third of the grant when the option holder completes one year of continuous service
    beginning on the grant date; and</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the
    remaining common stock options will vest monthly over twenty-four months when the option holder completes each month of continuous
    service thereafter. </FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
February 18, 2021, the Board approved an amendment to the Company&#8217;s 2019 Plan to increase the number of shares of the Company&#8217;s
common stock, par value $<FONT  TITLE="Common stock, par value">0.01</FONT> per share, available for issuance under the 2019 Plan from <FONT  TITLE="Number of shares issued during period, shares">85,000,000</FONT> shares to <FONT  TITLE="Number of shares issued during period, shares">185,000,000</FONT> shares. Further,
the Board approved up to an aggregate amount of <FONT  TITLE="Number of shares issued during period, shares">26,200,000</FONT> stock options to be made on or before March 18, 2021 for shares of the Company&#8217;s
common stock to certain executive officers of the Company under the 2019 Plan. A total of <FONT  TITLE="Number of Shares Common stock options, Granted">11,158,049</FONT> stock options were granted and designated
as a non-qualified stock options, subject to certain terms and conditions.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
February 18, 2021, the Board approved the issuance of restricted stock units to certain executive officers of the Company under the 2019
Plan. A total of <FONT  TITLE="Number of restricted common stock issued">26,048,781</FONT> restricted stock units were granted, subject to certain terms and conditions.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Appointments
and Departures</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
February 16, 2021, the Company announced the appointment of H. Robertson Barrett as the President of Maven Media Brands, LLC, a wholly
owned subsidiary of Maven.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>&#160;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
March 9, 2021, the Company announced the appointment of Eric Semler as a director of the Company. On June 8, 2021, Mr. Semler resigned
as a director of the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">On
March 9, 2021, Josh Jacobs resigned as a director of the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">On
June 10, 2021, David Bailey resigned as a director of the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="margin: 0; text-align: justify; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">On
June 11, 2021, the Company announced the appointment of Carlo Zola and Daniel Shribman as directors of the Company.</FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Preferred
Stock</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
May 4, 2021, a special committee of the Board declared a dividend of one preferred stock purchase right to be paid to the stockholders
of record at the close of business on May 14, 2021 for (i) each outstanding share of the Company&#8217;s common stock and (ii) each share
of the Company&#8217;s common stock issuable upon conversion of each share of the Company&#8217;s Series H Preferred Stock. Each preferred
stock purchase right entitles the registered holder to purchase, subject to a rights agreement, from the Company one one-thousandth of
a share of the Company&#8217;s newly created Series L Junior Participating Preferred Stock, par value $<FONT  TITLE="Share issued price per share">0.01</FONT> per share (the &#8220;Series
L Preferred Stock&#8221;), at a price of $<FONT  TITLE="Share issued price per share">4.00</FONT>, subject to certain adjustments. The Series L Preferred Stock will be entitled, when,
as and if declared, to a preferential per share quarterly dividend payment equal to the greater of (i) $1.00 per share or (ii) <FONT  TITLE="Preferred stock voting rights">1,000
times the aggregate per share amount of all cash dividends, and 1,000 times the aggregate per share amount (payable in kind) of all non-cash
dividends or other distributions paid to the holders of the Company&#8217;s common stock. The Series L Preferred Stock will be entitled
to 1,000 votes on all matters submitted to a vote of the stockholders of the Company. In the event of any merger, consolidation or other
transaction in which shares of the Company&#8217;s common stock are converted or exchanged, the Series L Preferred Stock will be entitled
to receive 1,000 times the amount received per one share of the Company&#8217;s common stock.</FONT></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><I>Long-Term
Debt</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>&#160;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>12%
Second Amended Senior Secured Notes </I></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&#8211; On May 19, 2021, the
Company entered into an amendment to second amended and restated note purchase agreement (&#8220;Amendment 2&#8221;) with BRF Finance,
an affiliated entity of B. Riley, in its capacity as agent for the purchasers and as purchaser, which further amended the <I>12% Second Amended Senior Secured Notes</I>, dated March 24,2020, as amended. <FONT  TITLE="Debt instrument, description">Pursuant to Amendment 2: (i) the interest rate on the <I>12% Second Amended Senior Secured Notes</I> decreased from a rate of 12% per annum to a rate of 10% per annum; (ii) the interest rate on the Term Note decreased from a rate of 15% per annum to a rate of 10% per annum; and (iii) the Company agreed that within one (1) business day after receipt of cash proceeds from any issuance of equity interests, it will prepay the certain obligations in an amount equal to such cash proceeds, net of underwriting discounts and commissions; provided, that, this mandatory prepayment obligation does not apply to any proceeds that the Company received from shares of the Company&#8217;s common stock issued pursuant to the securities purchase agreement (as further described below under the heading <I>Common Stock</I>) during the 90-day period commencing on May 20, 2021.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
balance outstanding under the 12% Second Amended Senior Secured Notes as of the date these consolidated financial statements were issued
or were available to be issued was approximately $<FONT  TITLE="Number of shares issued during period">60.1</FONT> million, which included outstanding principal of approximately $<FONT  TITLE="Principal amount of debt">48.8</FONT> million,
payment of in-kind interest of approximately $<FONT  TITLE="Payment of in-kind interest">10.8</FONT> million that the Company was permitted to add to the aggregate outstanding principal
balance, and unpaid accrued interest of approximately $<FONT  TITLE="Accrued interest">0.5</FONT> million.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; background-color: white"><I>Delayed
Draw Term Note</I></FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif">&#8211; On May 19, 2021, pursuant to Amendment 2, the
interest rate on the Term Note decreased from a rate of <FONT  TITLE="Debt interest rate">15</FONT>% per annum to a rate of <FONT  TITLE="Debt interest rate">10</FONT>% per annum.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
balance outstanding under the Term Note as of the date these consolidated financial statements were issued or were available to be issued
was approximately $<FONT  TITLE="Number of shares issued during period, shares">4.6</FONT> million, which included outstanding principal of approximately $<FONT  TITLE="Principal amount of debt">3.5</FONT> million, and payment of in-kind interest of
approximately $<FONT  TITLE="Payment of in-kind interest">1.1</FONT> million that the Company was permitted to add to the aggregate outstanding principal balance.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><I>&#160;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>Paycheck
Protection Program Loan</I> <FONT STYLE="font-size: 10pt; line-height: 115%">&#8211; On June 22, 2021, the SBA has authorized full forgiveness
of $<FONT  TITLE="Debt forgiveness">5,702,725</FONT> under the PPP Loan, where the Company will not need to make any payments on the PPP Loan that JPMorgan Chase facilitates
as an SBA lender. JPMorgan Chase will apply the forgiveness amount the SBA authorized, plus all accrued interest, to the Company&#8217;s
PPP Loan. The requirements under this program are established by the SBA. All requests for PPP Loan forgiveness are subject to SBA eligibility.</FONT></FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
May 20, 2021 and May 25, 2021, the Company entered into securities purchase agreements with several accredited investors, pursuant to
which the Company sold an aggregate of <FONT  TITLE="Sale of stock, shares"><FONT  TITLE="Sale of stock, shares">21,435,718</FONT></FONT> shares of its common stock, at a per share price of $<FONT  TITLE="Sale of stock price per share"><FONT  TITLE="Sale of stock price per share">0.70</FONT></FONT> for aggregate gross proceeds
of approximately $<FONT  TITLE="Sales of stock, consideration received on transaction"><FONT  TITLE="Sales of stock, consideration received on transaction">15.0</FONT></FONT> million in a private placement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
June 2, 2021, the Company entered into a securities purchase agreement with an accredited investor, pursuant to which the Company sold
an aggregate of <FONT  TITLE="Sale of stock, shares">7,142,857</FONT> shares of its common stock, at a per share price of $<FONT  TITLE="Sale of stock price per share">0.70</FONT> for gross proceeds of approximately $<FONT  TITLE="Sale of stock, consideration received on transaction">5.0</FONT> million
in a private placement that was in addition to the closings that occurred on May 20, 2021 and May 25, 2021 as referenced above. The Company
intends to use the proceeds for general corporate purposes.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Pursuant
to the registration rights agreements entered into in connection with the securities purchase agreements, the Company agreed to register
the shares of the Company&#8217;s common stock issued in the private placements. The Company committed to file the registration statement
on the earlier of: (i) in the event the Company does not obtain a waiver from the holders of the shares of the Company&#8217;s common
stock that were issued upon the conversion of the Series K Preferred Stock (the &#8220;Waiver&#8221;), within ten (10) calendar days
following the date the Company&#8217;s registration statement(s) on Form S-1, registering for resale shares of the Company&#8217;s common
stock that were issued in connection with offerings prior to the date of the registration rights agreement (the &#8220;Prior Registration
Statements&#8221;), is declared effective by the SEC; and (ii) in the event the Company does obtain the Waiver, the earliest practicable
date on which the Company is permitted by the SEC guidance to file the initial registration statement following the filing of the Prior
Registration Statements (the &#8220;Filing Date&#8221;). The Company also committed to cause the registration statement to become effective
by no later than 90 days after the Filing Date (or, in the event of a full review by the staff of the SEC, 120 days following the Filing
Date). The registration rights agreement provides for Registration Rights Damages upon the occurrence of certain events up to a maximum
amount of 6% of the aggregate amount invested pursuant to the securities purchase agreements.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
security purchase agreements included a provision that requires the Company to maintain its periodic filings with the SEC in order to
satisfy the public information requirements under Rule 144(c) of the Securities Act. If the Company fails for any reason to satisfy the
current public information requirement at any time during the period commencing from the twelve (12) month anniversary of the date the
Company becomes current in its filing obligations and ending at such time that all of the common stock may be sold without the requirement
for the Company to be in compliance with Rule 144(c)(1) and otherwise without restriction or limitation pursuant to Rule 144, if the
Company (i) shall fail for any reason to satisfy the current public information requirement under Rule 144(c) or (ii) has ever been an
issuer described in Rule 144(i)(1)(i) or becomes an issuer in the future, and the Company shall fail to satisfy any condition set forth
in Rule 144(i)(2) (a &#8220;Public Information Failure&#8221;) then, in addition to such purchaser&#8217;s other available remedies,
the Company shall pay to a purchaser, in cash, as partial liquidated damages and not as a penalty, an amount in cash equal to one percent
(1.0%) of the aggregate subscription amount of the purchaser&#8217;s shares then held by the purchaser on the day of a Public Information
Failure and on every thirtieth (30th) day (pro-rated for periods totaling less than thirty days) thereafter until the earlier of (a)
the date such Public Information Failure is cured up to a maximum of five (5) 30-day periods and (b) such time that such public information
is no longer required for the purchasers to transfer the shares pursuant to Rule 144. Public Information Failure Damages shall be paid
on the earlier of (i) the last day of the calendar month during which such Public Information Failure Damages are incurred and (ii) the
third (3rd) business day after the event or failure giving rise to the Public Information Failure Damages is cured. In the event the
Company fails to make Public Information Failure Damages in a timely manner, such Public Information Failure Damages shall bear interest
at the rate of 1.0% per month (prorated for partial months) until paid in full.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Heckman
Stock Option Modifications</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>&#160;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
June 3, 2021, the Company and Mr. Heckman, the Company&#8217;s former Chief Executive Officer, entered into an amendment to certain option
grants under the Company&#8217;s 2016 Plan and 2019 Plan. The amendment to the 2016 Plan options, clarifies that the option qualifies
as a non-statutory stock option and that it remains exercisable for the remainder of the term of the option. The amendment to the 2019
Plan options, clarifies that the option qualifies as a non-statutory stock option and that it remains exercisable for the remainder of
the term of the option. The 2019 Plan amendment also changed the vesting schedule of the option to provide for immediate vesting of <FONT  TITLE="Number of vesting options">2,000,000</FONT>
shares of options, with the remainder of the options being subject to performance-based vesting that is tied to the price of the Company&#8217;s
common stock.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Acquisition
of College Spun Media Incorporated</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
June 4, 2021, the Company acquired all of the issued and outstanding shares of capital stock of College Spun Media Incorporated for an
aggregate of $<FONT  TITLE="Aggregate cash">11.0</FONT> million in cash and the issuance of an aggregate of <FONT  TITLE="Restricted shares of common stock">4,285,714</FONT> restricted shares of the Company&#8217;s common stock,
with one-half of the shares vesting on the first anniversary of the closing date and the remaining one-half of the shares vesting on
the second anniversary of the closing date. The cash payment consists of: (i) $<FONT  TITLE="Cash payment">10.8</FONT> million paid at closing (additional cash paid at
closing of $<FONT  TITLE="Additional cash payment paid">0.8</FONT> million represents adjusted cash pursuant to the agreement), and (ii) $<FONT  TITLE="Cash payment">0.5</FONT> million to be paid on the first anniversary
of the closing and $<FONT  TITLE="Cash payment">0.5</FONT> million to be paid on the second anniversary date of the closing, subject to a customary working capital adjustment
based on cash and accounts receivable as of the closing date. The vesting of shares of the Company&#8217;s common stock is subject to
the continued employment of certain selling employees.</FONT></P>

<P  STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></P>

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