<SEC-DOCUMENT>0000355019-25-000016.txt : 20250407
<SEC-HEADER>0000355019-25-000016.hdr.sgml : 20250407
<ACCEPTANCE-DATETIME>20250407150353
ACCESSION NUMBER:		0000355019-25-000016
CONFORMED SUBMISSION TYPE:	DEF 14A
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20250519
FILED AS OF DATE:		20250407
DATE AS OF CHANGE:		20250407

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			FONAR CORP
		CENTRAL INDEX KEY:			0000355019
		STANDARD INDUSTRIAL CLASSIFICATION:	ELECTROMEDICAL & ELECTROTHERAPEUTIC APPARATUS [3845]
		ORGANIZATION NAME:           	08 Industrial Applications and Services
		EIN:				112464137
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-10248
		FILM NUMBER:		25817783

	BUSINESS ADDRESS:	
		STREET 1:		110 MARCUS DR
		CITY:			MELVILLE
		STATE:			NY
		ZIP:			11747
		BUSINESS PHONE:		6316942929

	MAIL ADDRESS:	
		STREET 1:		110 MARCUS DRIVE
		CITY:			MELVILLE
		STATE:			NY
		ZIP:			11747
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEF 14A
<SEQUENCE>1
<FILENAME>fonar_2025annual-report.htm
<DESCRIPTION>FONAR CORPORATION NOTICE OF ANNUAL MEETING AND PROXY
<TEXT>
<HTML>
<HEAD>
     <TITLE>Form 10-K</TITLE>

</HEAD>
<BODY STYLE="font: 11pt Times New Roman, Times, Serif">



<P STYLE="margin: 0"></P>

<DIV STYLE="margin-top: 11pt; margin-bottom: 3pt; width: 100%">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: center"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">FONAR
CORPORATION</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: center"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">110
Marcus Drive</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: center"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">Melville,
New York 11747</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: center"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">(631)
694-2929</FONT></P>

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

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0pt; text-align: center"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif"><IMG SRC="fonar_logo.jpg" ALT="" STYLE="height: 23px; width: 150px"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0pt; text-align: center"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">NOTICE
OF ANNUAL MEETING OF STOCKHOLDERS</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: center"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">Monday,
May 19, 2025</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">To
The Stockholders:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">The
Annual Meeting of the stockholders of Fonar Corporation will be held at the Hilton Long Island Huntington Hotel, 598 Broadhollow Road,
Melville, New York 11747 (631-845-1000), on Monday, May 19, 2025, at 10:00 a.m. local time for the following purposes:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">1.
To elect five Directors to the Board of Directors.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">2.
To approve, on an advisory basis, the compensation of the Company&rsquo;s named executive officers.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">3.
To ratify the selection of CohnReznick LLP as the Company&rsquo;s auditors for the fiscal year ending June 30, 2025.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">4.
To transact such other business as may properly come before the meeting.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">Only
stockholders of record at the close of business on March 24, 2025 are entitled to notice of, and to vote at, this meeting. A list of
such stockholders will be available for examination by any stockholder for any purpose germane to the meeting, during normal business
hours, at the principal office of the Company, 110 Marcus Drive, Melville, New York, for a period of ten days prior to the meeting.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">Whether
or not you expect to attend in person, we urge you to vote your shares at your earliest convenience. You may vote by internet, by phone
or by signing, dating, and returning your proxy at your earliest convenience. Voting by internet, telephone or mail will not prevent
you from voting your stock at the meeting if you desire to do so, as your proxy is revocable at your option.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt 1in; text-indent: 0.5in"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">BY
ORDER OF THE BOARD OF DIRECTORS</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt 1.5in; text-indent: 0.5in"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">/s/
Claudette J.V. Chan</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt 1.5in; text-indent: 0.5in"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">Claudette
J.V. Chan, Secretary</FONT></P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 0pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: center"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">PROXY
STATEMENT</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: center"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">FOR
ANNUAL MEETING OF</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: center"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">STOCKHOLDERS
TO BE HELD MONDAY, MAY 19, 2025</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">This
proxy statement, which is first being made available to shareholders on or about April 7, 2025 on the internet, is furnished in connection
with the solicitation of proxies by the Board of Directors of Fonar Corporation (the &quot;Company&quot;), to be voted at the annual
meeting of the stockholders of the Company to be held at 10:00 a.m. on May 19, 2025 and any adjournment(s) thereof for the purposes set
forth in the accompanying Notice of Annual Meeting of Stockholders. At the same time a paper notice regarding the availability of proxy
materials will be mailed to stockholders. Stockholders who execute proxies retain the right to revoke them at any time prior to the exercise
of the powers conferred thereby. The cost of solicitation of proxies will be borne by the Company.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">The
stockholders will have several options as to how to view the materials and vote their shares.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">The
Company is posting the Notice of Annual Meeting and Proxy Statement, together with the Annual Report on the internet. You may read the
materials online or print out a copy. You will also have the ability to vote online.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">In
the alternative, you may elect to receive an e-mail or the traditional paper copies of the Notice of Annual Meeting and Proxy Statement,
and the Annual Report. There is no charge for receiving e-mail or paper copies, BUT you must request paper copies if you want them. To
facilitate timely delivery please make the request as instructed on or before April 29, 2025.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">To
view the materials and vote on the internet, have the 12 Digit Control Number(s) located on the Notice Regarding the Availability of
Proxy Materials available and visit: www.proxyvote.com.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">Stockholders
may request a copy of the Proxy Materials:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">1.
By internet &ndash; visit www.proxy.com</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">2.
By telephone &ndash; 1-800-579-1639</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">3.
By e-mail &ndash; sendmaterial@proxyvote.com</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">Only
stockholders of record at the close of business on March 24, 2025, will be entitled to vote at the meeting. Shares of Common Stock are
entitled to one vote per share, shares of Class B Common Stock are entitled to ten votes per share and shares of Class C Common Stock
are entitled to twenty-five votes per share. At the close of business on March 24, 2025, there were issued and outstanding 6,211,191
shares of Common Stock held of record by approximately 928 stockholders, 146 shares of Class B Common Stock held of record by 12 stockholders
and 382,513 shares of Class C Common Stock held of record by 5 shareholders. The 313,438 shares of Class A Nonvoting Preferred Stock
were held by 1,008 stockholders at the close of business on March 24, 2025, are not entitled to vote. Except for the shares of Class
A Nonvoting Preferred Stock, there are no shares of Preferred Stock issued and outstanding.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">Any
proxy may be revoked at any time before it is exercised by delivery of a written instrument of revocation or a later dated proxy to the
Secretary of the Company at the principal executive office of the Company or, while the meeting is in session, to the Secretary of the
meeting, without, however, affecting any vote previously taken. The presence of a stockholder at the meeting will not operate to revoke
his proxy. The casting of a ballot by a stockholder who is present at the meeting, however, will revoke his proxy, but only as to the
matters on which the ballot is cast and not as to any matters on which he does not cast a ballot or as to matters previously voted upon.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">Proxies
received by management will be voted at the meeting or any adjournment thereof. EACH PROXY WILL BE VOTED IN ACCORDANCE WITH THE SPECIFICATIONS
MADE THEREIN BY THE PERSON GIVING THE PROXY. TO THE EXTENT NO CHOICE IS SPECIFIED, HOWEVER, THE PROXY WILL BE VOTED FOR MANAGEMENT&rsquo;S
PROPOSALS. All of management&rsquo;s proposals have been unanimously approved by the Board of Directors.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">1.
ELECTION OF DIRECTORS AND MANAGEMENT INFORMATION</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">Five
directors are to be elected at the annual meeting, to hold office until the next annual meeting of stockholders and until their successors
are elected and qualified. It is intended that the accompanying proxy will be voted in favor of the following nominees to serve as directors
unless the stockholder indicates to the contrary on the proxy. All of the nominees are currently directors. Management expects that each
of the nominees will be available for election.</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">NOMINEES
FOR ELECTION OF DIRECTORS</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">1.
Timothy Damadian</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">2.
Claudette J.V. Chan</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">3.
Ronald G. Lehman</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">4.
Richard E. Turk</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">5.
Jessica Maher</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0pt; text-align: justify"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">BIOGRAPHIES
FOR DIRECTORS AND OFFICERS</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">Timothy
Damadian (age 60) has been the Chairman of the Board since September 7, 2022, and the President and Chief Executive Officer of FONAR
since February 11, 2016. He has also served as Treasurer since August 3, 2022. From 2010 to 2016 he served as an independent consultant,
with a focus on the Company&rsquo;s MRI facility management business. Timothy Damadian began his career at FONAR in 1985, installing
MRI scanners and components for FONAR customers. Over the course of the following 16 years, he held positions of increasing authority,
eventually becoming Vice President of Operations. In 1997, Timothy Damadian was appointed President of the newly formed Health Management
Corporation of America (HMCA), a subsidiary of FONAR that was formed to manage medical and diagnostic imaging offices. In 2001, Timothy
Damadian left FONAR to form Integrity Healthcare Management, Inc., a diagnostic imaging management company that would eventually manage
11 MRI scanning centers in New York and Florida. The company was a success and was sold to Health Diagnostics, LLC in 2007. Mr. Damadian
returned to Fonar as a consultant in 2010 and was appointed as FONAR&rsquo;s Chief Executive Officer and President on February 11, 2016.
He also serves as a Manager of Health Diagnostics Management LLC.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">Luciano
B. Bonanni (age 69) has served as Chief Operating Officer (COO) and Executive Vice President (EVP) for FONAR Corporation since June 27,
2016. Prior to his appointment as COO, Mr. Bonanni had served the Company as Vice President since 1989, during which time he oversaw
general operations, research and development, manufacturing, service, sales, finance, accounting and regulatory compliance. Prior to
1989, Mr. Bonanni held the title of Vice President of Production and Engineering from the time of FONAR&rsquo;s initial public offering
in 1981. Mr. Bonanni joined the Company as an electrical engineer in 1978. He holds a Bachelor of Electrical Engineering degree from
Manhattan College.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">Claudette
J.V. Chan (age 87) has been a Director of FONAR since October 1987 and Secretary of FONAR since January 2008. Mrs. Chan was employed
from 1992 through 1997 by Raymond V. Damadian, M.D. MR Scanning Centers Management Company and since 1997 by HMCA, as site inspector,
in which capacity she is responsible for supervising and implementing standard procedures and policies for MRI scanning centers. From
1989 to 1994 Mrs. Chan was employed by St. Matthew's and St. Timothy's Neighborhood Center, Inc., as the director of volunteers in the
&quot;Meals on Wheels&quot; program, a program which cares for the elderly. From approximately 1983 to 1989, Mrs. Chan was President
of the Claudette Penot Collection, a retail mail-order business specializing in women's apparel and gifts. Mrs. Chan practiced and taught
in the field of nursing until 1973, when her son was born. She received a Bachelor of Science degree in nursing from Cornell University
in 1960.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">Ronald
G. Lehman (age 48) has been a Director of FONAR since April, 2012, and chair of the audit committee since 2021. .Mr. Lehman is Managing
Director and Head of Investment Banking at Bruderman Advisory Group, LLC where he is responsible for the firm&rsquo;s sell-side advisory
and capital raising processes. Mr. Lehman is also a Partner at Sandy Hill Investors, LLC, participating in and overseeing many of the
firm's investments. He is Chairman of portfolio company Persante Acquisition Corp., and was a board member at Seviroli Foods, LLC during
the firm&rsquo;s investment period. From 2000-2008, Mr. Lehman worked for various Bruderman entities as a buy and sell-side advisor,
and as a principal in several private equity transactions. In 2008, Mr. Lehman joined Health Diagnostics, LLC, one of the country's fastest
growing diagnostic imaging providers, as Senior Vice President of Acquisitions, where he managed the company's acquisition and corporate
finance activities. Mr. Lehman returned to Bruderman in 2010 to lead the firm's investment banking efforts. Lehman is a graduate of Columbia
University and worked at Deutsche Bank from 1998-2000.&nbsp;</FONT></P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 0pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; text-align: justify; margin: 0 0 0pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">Richard
E. Turk (age 40) has been a Director of FONAR since June, 2020. Mr. Turk is the Chief Financial Officer of PRISM Vision Group, a private
equity-backed, multi-location, outpatient comprehensive eye care practice headquartered in New Providence, New Jersey. Mr. Turk joined
PRISM in November, 2018 as the Chief Development Officer and became CFO in March 2021. Mr. Turk has helped PRISM expand from a single-specialty
(retina) provider with 17 locations and 21 physicians to a comprehensive, vertically-integrated, multi-specialty, eye care organization
with approximately 190 physicians and more than 90 locations across New Jersey, Pennsylvania, Delaware, Virginia, Washington, DC, and
Maryland. Prior to his tenure at PRISM, Mr. Turk was employed by Professional Physical Therapy, a private equity-backed outpatient physical
and occupational therapy company headquartered in Uniondale, New York with more than 180 locations across New York, New Jersey, Connecticut,
Massachusetts and New Hampshire. During his four years at Professional Physical Therapy, Mr. Turk sourced, analyzed, and completed 32
acquisitions comprised of 116 clinics, expanding the company&rsquo;s services and adding three states to its geographic footprint. From
2007 to 2014, Mr. Turk was employed by Bruderman Brothers, a broker dealer involved in investment banking, merchant banking, investment
advisory, and consulting for lower middle market companies ($10M-$250M of enterprise value) in a variety of industries, including healthcare.
Mr. Turk was Vice President of Bruderman Brothers from 2011 to 2014. Mr. Turk graduated from Columbia University in 2007.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">Jessica
Maher (age 27) has been a Director of FONAR since March 2023. Mrs. Maher is a staff accountant at Ives &amp; Sultan, LLP in Woodbury,
New York, where she is responsible for preparing audited financial statements for various clients, overseeing audit testing areas, audits
of 401(k) plans, and personal and company tax returns. Mrs. Maher holds a Bachelor of Science in Accounting with a minor in Accounting
Information Systems, and a Master of Science in Accounting from Fairfield University in Fairfield, Connecticut. During her early undergraduate
years, Mrs. Maher worked for Tritech Healthcare Management in Melville, New York, where she reviewed patient files, insurance, charts
and documents to ensure that the services provided by clients were being properly billed. In her senior year, Mrs. Maher interned at
Northwell Health in Westbury, New York, where she supported the financial reporting team for two hospitals, reported into accounts receivable
software, and analyzed patient billing records to identify overpayments. Mrs. Maher&rsquo;s first position out of college was with PriceWaterhouseCoopers
in Melville, New York, where she was assigned to two private equity clients, was responsible for a variety of the audit areas, and assisted
managers in reviewing financial statements, footnote disclosures, and audit opinions.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">CORPORATE
GOVERNANCE, THE BOARD AND ITS COMMITTEES</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">All
of the nominees are presently directors of the Company. The five nominees will be elected to hold office for the ensuing year or until
their respective successors are elected and qualified. Of the five nominees, Ronald G. Lehman, Richard E. Turk and Jessica Maher are
independent, as defined in the Securities and Exchange Commission Regulations and NASDAQ Market Place Rules. In making such determinations,
there were no transactions, relationships or arrangements not disclosed in our SEC filings to be considered by the Board of Directors,
in determining whether the director was independent.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0pt; text-align: justify"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">BOARD
MEETINGS</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">During
the year ended June 30, 2024 the Board of Directors and the audit committee met four times.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">The
attendance of the Board of Directors at annual meetings is not required. The Chairman of the Board, however, when he attends the annual
meeting of stockholders, acts as Chairman of the Meeting.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">Timothy
Damadian receives no compensation for serving on the Board. The other directors are each paid a minimum of $20,000 per year in their
capacities as directors. This is the sole compensation payable to the directors.</FONT></P>

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


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 0pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">Board
Leadership Structure. The current Board Chairman is Timothy Damadian. In addition, although the Company has not selected a lead independent
director, Ronald G. Lehman effectively functions as such. The Company believes that the current leadership structure is appropriate for
the Company in the context of the specific circumstances facing the Company. Consideration of the Company&rsquo;s leadership structure
is a continuing process which the Board of Directors and Management of the Company undertake in coordination with each other.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">The
lead independent director, Ronald G. Lehman, acts as the Chairman of the Audit Committee. As such he plays a leading role in the engagement
of auditors and the review of the Company&rsquo;s financial statements. Under certain circumstances, he will also serve as the principal
point for employees.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">The
Company believes its present leadership structure is successfully meeting the Company&rsquo;s current needs, including:</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 61px; text-align: right"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">*</FONT></TD>
    <TD STYLE="width: 1px"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 6pt; text-align: justify"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">Efficient
    communication between Management and the Board;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">*</FONT></TD>
    <TD><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0.5in; text-align: justify; text-indent: -20pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">Clarity
    for the Company&rsquo;s stockholders on corporate leadership and accountability;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">*</FONT></TD>
    <TD><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 16pt; text-align: justify"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">The
    Chairman of the Board having the Company&rsquo;s strategy, operations and financial conditions; and</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">*</FONT></TD>
    <TD><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 16pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt; font-style: normal; font-variant: normal; font-weight: normal">Continuity
in the Company&rsquo;s leadership, as the Chairman of the Board, Timothy Damadian, began his career at Fonar in 1985.</FONT></P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">The
Company's Board of Directors has an audit committee. There is no standing compensation committee, nominating committee or other committee
of the Board.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">In
accordance with the NASDAQ Marketplace Rules, the Board of Directors adopted a written charter for the audit committee which took effect
in June 2001 and was revised on November 17, 2004. All of the directors on the audit committee are independent.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">Stockholders
may communicate with directors by writing to them at the Company in accordance with the Company&rsquo;s corporate governance policies
and code of conduct, or in any other manner the particular director may provide. Depending on the sensitivity and timing of a matter
raised by a stockholder and the need for disclosure of matters to be made not to just one stockholder, but to the stockholders as a whole,
it may not be possible for the director to reply to the stockholder.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">The
Company&rsquo;s Chairman of the Board, Timothy Damadian, as trustee and individually, controls more than 50% of the voting power of the
Company&rsquo;s outstanding stock. Consequently, the Company is a controlled company for purposes of NASDAQ Marketplace Rule 4350(c).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">AUDIT
COMMITTEE</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">The
Audit Committee, which is comprised solely of independent directors, is governed by a Board approved charter that contains, among other
things, the Committee&rsquo;s membership requirements and responsibilities. The audit committee oversees the Company&rsquo;s accounting,
financial reporting processes, internal controls and audits, and consults with management and the independent public accountants on,
among other items, matters related to the annual audit, the published financial statements and the accounting principles applied. As
part of its duties, the audit committee appoints, evaluates and retains the Company&rsquo;s independent public accountants. It also maintains
direct responsibility for the compensation, termination and oversight of the Company&rsquo;s independent public accountants and evaluates
the independent public accountants&rsquo; qualifications, performance and independence.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">Financial
Expert on Audit Committee: The Board has determined that Mr. Ronald G. Lehman, is the audit committee financial expert. The Board made
a qualitative assessment of Mr. Lehman&rsquo;s level of knowledge and experience based on a number of factors, including his formal education
and experience.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">Board
Oversight of Risk Management. The Company faces risk in many different areas, including business strategy; government regulation; financial
condition; health care compliance; product research and development; competition for talent; business vitality; operational efficiency;
quality assurance; reputation; intellectual property; cybersecurity; and trade secrets, among others. The oversight function is carried
out in the quarterly and annual Audit Committee meetings and by communication and meetings with the Company&rsquo;s Management, which
exercises the responsibility for oversight of risk management.</FONT></P>

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


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 0pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">AUDIT
COMMITTEE REPORT</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">The
audit committee has (a) reviewed and discussed the audited financial statements with management, (b) discussed with the independent auditors
the matters required to be discussed by SAS 61 (Statement on Auditing Standards No. 61) and (c) has received the written disclosures
and the letter from the independent auditors required by Independence Standards Board, Standard No. 1 and has discussed with the independent
auditors the independent accountants&rsquo; independence.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">Based
on the foregoing review and discussions, the audit committee recommended to the Board of Directors that the audited financial statements
be included in the Company&rsquo;s Annual Report on Form 10-K for the fiscal year ended June 30, 2024.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">The
members of the audit committee are Ronald G. Lehman, Richard E. Turk and Jessica Maher, all of whom are independent directors, as defined
in the Securities and Exchange Commission Regulations and NASDAQ Market Place Rules.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">NOMINATING
COMMITTEE</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">The
Board of Directors does not believe it requires a separate standing nominating committee because the Board of Directors is relatively
small and can make the nominations acting as a whole. The Board does not have a policy with regard to director candidates recommended
by stockholders because the absence of such recommendations makes a formal policy unnecessary. Historically, there usually has not been
a need for a committee to identify new nominees in the case of the resignation or death of an existing director. The remaining directors
evaluate a new nominee based on the nominee&rsquo;s integrity, loyalty, competence and experience, and how the nominee&rsquo;s background
complements that of the remaining directors.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">Promoting
diversity in the selection of nominees has not yet been considered, but the Board follows a policy of nondiscrimination and equal opportunity.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">COMPENSATION
COMMITTEE</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">COMPENSATION
COMMITTEE INTERLOCKS AND INSIDER PARTICIPATION</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">The
Board of Directors does not believe it requires a separate standing compensation committee because the management, under the authority
of the Chairman of the Board and the Chief Executive Officer, is best equipped to make compensation decisions. The Board reserves the
right to change this policy at any time.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">Timothy
Damadian, who serves as the Chairman of the Board, Chief Executive Officer and President of the Company, participates in the deliberation
and determination of executive officer and director compensation.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">VOTE
REQUIRED AND BOARD RECOMMENDATION</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">The
directors will be elected by the vote of a plurality of the votes represented at the meeting. THE BOARD OF DIRECTORS RECOMMENDS A VOTE
FOR ALL OF THE NOMINEES FOR THE DIRECTORS OF THE COMPANY.</FONT></P>

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


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 0pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: center"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">INFORMATION
REGARDING BENEFICIAL OWNERSHIP OF PRINCIPAL STOCKHOLDERS, DIRECTORS, AND MANAGEMENT</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">The
following table sets forth information regarding the beneficial ownership of the Company's common shares held by holders of at least
5% of the shares of any class, by the nominees for directors, the Company's Chief Executive Officer, and the directors and executive
officers as a group as of the close of business on March 24, 2025 unless otherwise noted.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 11pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: normal; font-style: normal; text-align: left; padding-left: 10pt">Name and Address of Beneficial Owner (1)</TD><TD STYLE="font-weight: normal; font-style: normal; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: normal; font-style: normal; border-bottom: Black 1pt solid">Shares Beneficially Owned</TD><TD STYLE="font-weight: normal; font-style: normal; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: normal; font-style: normal; border-bottom: Black 1pt solid">Percent of Class</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: normal; font-style: normal; text-align: left; padding-left: 10pt">Timothy Damadian, as Trustee (2)</TD><TD STYLE="font-weight: normal; font-style: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: right">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: right">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: normal; font-style: normal; text-align: left; padding-left: 10pt">c/o Fonar Corporation, Melville, New York</TD><TD STYLE="font-weight: normal; font-style: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: right">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: right">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: normal; font-style: normal; text-align: left; padding-left: 10pt">Chairman of the Board, CEO and President</TD><TD STYLE="font-weight: normal; font-style: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: right">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: right">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: normal; font-style: normal; padding-left: 10pt">5% + Stockholder</TD><TD STYLE="font-weight: normal; font-style: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: right">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: right">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 56%; font-weight: normal; font-style: normal; text-align: left; padding-left: 10pt">Class C Stock</TD><TD STYLE="width: 8%; font-weight: normal; font-style: normal">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; font-weight: normal; font-style: normal; text-align: right">382,447</TD><TD STYLE="width: 1%; font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font-weight: normal; font-style: normal">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; font-weight: normal; font-style: normal; text-align: right">99.98</TD><TD STYLE="width: 1%; font-weight: normal; font-style: normal; text-align: left">%</TD></TR>
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    <TD STYLE="font-weight: normal; font-style: normal; text-align: left; padding-left: 10pt">Class A Preferred</TD><TD STYLE="font-weight: normal; font-style: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: right">19,093</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: right">6.09</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: normal; font-style: normal">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: right">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: right">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: normal; font-style: normal; text-align: left; padding-left: 10pt">Kayne Anderson Rudnick</TD><TD STYLE="font-weight: normal; font-style: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: right">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: right">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD></TR>
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    <TD STYLE="font-weight: normal; font-style: normal; text-align: left; padding-left: 10pt">Investment Management LLC (2)</TD><TD STYLE="font-weight: normal; font-style: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: right">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: right">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: normal; font-style: normal; text-align: left; padding-left: 10pt">1800 Avenue of the Stars, 2nd Floor</TD><TD STYLE="font-weight: normal; font-style: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: right">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: right">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: normal; font-style: normal; text-align: left; padding-left: 10pt">Los Angeles, CA&nbsp;&nbsp;90067</TD><TD STYLE="font-weight: normal; font-style: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: right">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: right">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: normal; font-style: normal; padding-left: 10pt">Common Stock (as of 12/31/2024)</TD><TD STYLE="font-weight: normal; font-style: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: right">611,847</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: right">9.67</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: normal; font-style: normal">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: right">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: right">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: normal; font-style: normal; text-align: left; padding-left: 10pt">Money Concepts Capital Corp.</TD><TD STYLE="font-weight: normal; font-style: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: right">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: right">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: normal; font-style: normal; text-align: left; padding-left: 10pt">100 Vanguard Boulevard</TD><TD STYLE="font-weight: normal; font-style: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: right">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: right">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: normal; font-style: normal; text-align: left; padding-left: 10pt">Malverne, PA 19355</TD><TD STYLE="font-weight: normal; font-style: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: right">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: right">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: normal; font-style: normal; padding-left: 10pt">Common Stock (as of 12/31/2024)</TD><TD STYLE="font-weight: normal; font-style: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: right">401,577</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: right">6.35</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: normal; font-style: normal">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: right">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: right">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: normal; font-style: normal; text-align: left; padding-left: 10pt">The Vanguard Group, Inc.</TD><TD STYLE="font-weight: normal; font-style: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: right">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: right">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: normal; font-style: normal; text-align: left; padding-left: 10pt">100 Vanguard Boulevard</TD><TD STYLE="font-weight: normal; font-style: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: right">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: right">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: normal; font-style: normal; text-align: left; padding-left: 10pt">Malvern, PA 19355</TD><TD STYLE="font-weight: normal; font-style: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: right">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: right">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: normal; font-style: normal; padding-left: 10pt">Common Stock (as of 12/31/2024)</TD><TD STYLE="font-weight: normal; font-style: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: right">390,345</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: right">6.17</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: normal; font-style: normal">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: right">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: right">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: normal; font-style: normal; text-align: left; padding-left: 10pt">Dimensional Fund Advisors LP</TD><TD STYLE="font-weight: normal; font-style: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: right">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: right">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: normal; font-style: normal; text-align: left; padding-left: 10pt">Building One</TD><TD STYLE="font-weight: normal; font-style: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: right">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: right">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: normal; font-style: normal; text-align: left; padding-left: 10pt">6300 Bee Cave Road</TD><TD STYLE="font-weight: normal; font-style: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: right">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: right">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD></TR>
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    <TD STYLE="font-weight: normal; font-style: normal; text-align: left; padding-left: 10pt">Austin, TX 78746</TD><TD STYLE="font-weight: normal; font-style: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: right">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: right">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: normal; font-style: normal; text-align: left; padding-left: 10pt">Common Stock (as of 12/31/2024)</TD><TD STYLE="font-weight: normal; font-style: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: right">376,678</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: right">5.95</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: normal; font-style: normal; padding-left: 5.4pt">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: right">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: right">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: normal; font-style: normal; text-align: left; padding-left: 10pt">Renaissance Technologies, LLC</TD><TD STYLE="font-weight: normal; font-style: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: right">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: right">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: normal; font-style: normal; text-align: left; padding-left: 10pt">Renaissance Technologies Holding Corporation</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: normal; font-style: normal; text-align: left; padding-left: 10pt">800 Third Avenue</TD><TD STYLE="font-weight: normal; font-style: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: right">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: right">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: normal; font-style: normal; text-align: left; padding-left: 10pt">New York, NY 10022</TD><TD STYLE="font-weight: normal; font-style: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: right">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: right">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: normal; font-style: normal; text-align: left; padding-left: 10pt">Common Stock (as of 12/31/2024)</TD><TD STYLE="font-weight: normal; font-style: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: right">333,716</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: right">5.06</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: normal; font-style: normal">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: right">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: right">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD></TR>
  </TABLE>


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<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 0pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 11pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: normal; font-style: normal; text-align: left; padding-left: 5.4pt">Name and Address of Beneficial Owner (1)</TD><TD STYLE="font-weight: normal; font-style: normal; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: normal; font-style: normal; border-bottom: Black 1pt solid">Shares Beneficially Owned</TD><TD STYLE="font-weight: normal; font-style: normal; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: normal; font-style: normal; border-bottom: Black 1pt solid">Percent of Class</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-weight: normal; font-style: normal; text-align: left; padding-left: 5.4pt">Timothy Damadian</TD><TD STYLE="font-weight: normal; font-style: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: right">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: right">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: normal; font-style: normal; text-align: left; padding-left: 5.4pt">Chairman of the Board, CEO and President</TD><TD STYLE="font-weight: normal; font-style: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: right">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: right">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-weight: normal; font-style: normal; text-align: left; padding-left: 5.4pt">5% + Stockholder</TD><TD STYLE="font-weight: normal; font-style: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: right">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: right">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: normal; font-style: normal; text-align: left; padding-left: 5.4pt; width: 56%">Common Stock</TD><TD STYLE="width: 8%; font-weight: normal; font-style: normal">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; font-weight: normal; font-style: normal; text-align: right">79,032</TD><TD STYLE="width: 1%; font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font-weight: normal; font-style: normal">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; font-weight: normal; font-style: normal; text-align: right">1.24</TD><TD STYLE="width: 1%; font-weight: normal; font-style: normal; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-weight: normal; font-style: normal; text-align: left; padding-left: 5.4pt">Class A Preferred</TD><TD STYLE="font-weight: normal; font-style: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: right">800</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: right">0.26</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: normal; font-style: normal">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: right">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: right">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-weight: normal; font-style: normal; text-align: left; padding-left: 5.4pt">Luciano B. Bonanni,</TD><TD STYLE="font-weight: normal; font-style: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: right">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: right">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: normal; font-style: normal; text-align: left; padding-left: 5.4pt">Executive Vice President</TD><TD STYLE="font-weight: normal; font-style: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: right">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: right">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-weight: normal; font-style: normal; text-align: left; padding-left: 5.4pt">And Chief Operating Officer</TD><TD STYLE="font-weight: normal; font-style: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: right">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: right">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: normal; font-style: normal; text-align: left; padding-left: 5.4pt">Common Stock</TD><TD STYLE="font-weight: normal; font-style: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: right">54,253</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: right">0.85</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-weight: normal; font-style: normal; text-align: left; padding-left: 5.4pt">Class A Preferred</TD><TD STYLE="font-weight: normal; font-style: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: right">1,285</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: right">0.41</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-weight: normal; font-style: normal; padding-left: 5.4pt">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: right">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: right">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: normal; font-style: normal; text-align: left; padding-left: 5.4pt">Claudette Chan</TD><TD STYLE="font-weight: normal; font-style: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: right">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: right">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-weight: normal; font-style: normal; text-align: left; padding-left: 5.4pt">Director and Secretary</TD><TD STYLE="font-weight: normal; font-style: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: right">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: right">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: normal; font-style: normal; text-align: left; padding-left: 5.4pt">Common Stock</TD><TD STYLE="font-weight: normal; font-style: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: right">106</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: right"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">*</FONT></TD><TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-weight: normal; font-style: normal; text-align: left; padding-left: 5.4pt">Class A Preferred</TD><TD STYLE="font-weight: normal; font-style: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: right">32</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: right"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">*</FONT></TD><TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: normal; font-style: normal; padding-left: 5.4pt">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: right">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: right">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-weight: normal; font-style: normal; text-align: left; padding-left: 5.4pt">Ronald G. Lehman</TD><TD STYLE="font-weight: normal; font-style: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: right">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: right">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: normal; font-style: normal; padding-left: 5.4pt">Director</TD><TD STYLE="font-weight: normal; font-style: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: right">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: right">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-weight: normal; font-style: normal; text-align: left; padding-left: 5.4pt">Common Stock</TD><TD STYLE="font-weight: normal; font-style: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: right">4,330</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: right"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">*</FONT></TD><TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: normal; font-style: normal; padding-left: 5.4pt">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: right">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: right">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-weight: normal; font-style: normal; text-align: left; padding-left: 5.4pt">Richard E. Turk</TD><TD STYLE="font-weight: normal; font-style: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: right">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: right">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: normal; font-style: normal; padding-left: 5.4pt">Director</TD><TD STYLE="font-weight: normal; font-style: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: right">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: right">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-weight: normal; font-style: normal; text-align: left; padding-left: 5.4pt">Common Stock</TD><TD STYLE="font-weight: normal; font-style: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: right">0</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: right"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">*</FONT></TD><TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: normal; font-style: normal; padding-left: 5.4pt">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: right">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: right">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-weight: normal; font-style: normal; text-align: left; padding-left: 5.4pt">Jessica Maher</TD><TD STYLE="font-weight: normal; font-style: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: right">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: right">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: normal; font-style: normal; padding-left: 5.4pt">Director</TD><TD STYLE="font-weight: normal; font-style: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: right">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: right">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-weight: normal; font-style: normal; text-align: left; padding-left: 5.4pt">Common Stock</TD><TD STYLE="font-weight: normal; font-style: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: right">0</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: right"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">*</FONT></TD><TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: normal; font-style: normal; padding-left: 5.4pt">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: right">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: right">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-weight: normal; font-style: normal; text-align: left; padding-left: 5.4pt">All Officers and Directors</TD><TD STYLE="font-weight: normal; font-style: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: right">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: right">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: normal; font-style: normal; text-align: left; padding-left: 5.4pt">as a Group (6 persons)</TD><TD STYLE="font-weight: normal; font-style: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: right">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: right">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-weight: normal; font-style: normal; text-align: left; padding-left: 5.4pt">Common Stock</TD><TD STYLE="font-weight: normal; font-style: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: right">101,389</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: right">1.55</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: normal; font-style: normal; text-align: left; padding-left: 5.4pt">Class C Stock</TD><TD STYLE="font-weight: normal; font-style: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: right">0</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: right">0.00</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-weight: normal; font-style: normal; text-align: left; padding-left: 5.4pt">Class A Preferred</TD><TD STYLE="font-weight: normal; font-style: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: right">2,117</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: right">0.68</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: normal; font-style: normal; padding-bottom: 1pt; padding-left: 5.4pt">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: normal; font-style: normal; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: normal; font-style: normal; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: transparent">
    <TD STYLE="font-weight: normal; font-style: normal; text-align: justify; padding-left: 5.4pt">* Less than one percent</TD><TD STYLE="font-weight: normal; font-style: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: right">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal">&nbsp;</TD>
    <TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: right">&nbsp;</TD><TD STYLE="font-weight: normal; font-style: normal; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">(1).
Address provided for each beneficial owner owning more than five percent of the voting securities of FONAR.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0pt; text-align: justify"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">(2).
Timothy Damadian is the trustee under testamentary trusts holding such shares established for the benefit of Timothy Damadian, Jevan
Damadian and Keira Reinmund.<BR STYLE="clear: both"></FONT></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;CERTAIN
RELATIONSHIPS AND RELATED TRANSACTIONS</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">See
Item 13, &ldquo;Certain Relationships and Related Transactions&rdquo; of the Company&rsquo;s Annual Report on Form 10-K for the fiscal
year ended June 30, 2024, which is specifically incorporated by reference herein. A copy of the Form 10-K is included in the Annual Report
to Stockholders which is being sent to the Company&rsquo;s stockholders with this Proxy Statement.)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">The
Company believes that each of the related transactions described therein were on terms at least as favorable to the Company as were available
from non-affiliated parties.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0pt; text-align: justify"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">COMPENSATION
DISCUSSION AND ANALYSIS OF DIRECTORS AND EXECUTIVE OFFICERS</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">The
compensation of the Company&rsquo;s executive officers is based on a combination of salary and bonuses based on performance. Decisions
concerning compensation are made on a case-by-case basis and not pursuant to standardized formulas, programs, policies or criteria, except
for commissions in the case of sales. The Board of Directors does not have a compensation committee and does not believe such a committee
is required, in view of the manner in which compensation matters are handled. Timothy Damadian and Claudette J.V. Chan are executive
officers as well as members of the Board of Directors. Mr. Damadian, who also has voting control of the Company and serves as Chairman
of the Board, and who has served as CEO and President of the Company since February 11, 2016, and Luciano Bonanni the Executive Vice
President and Chief Operating Officer of the Company since June 27, 2016, participate in the determination of executive compensation
for the Company&rsquo;s officers.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">As
noted above, the Company's compensation policy is primarily based upon the practice of pay-for-performance. Section 162(m) of the Internal
Revenue Code imposes a limitation on the deductibility of nonperformance-based compensation in excess of $1 million paid to the Principal
Executive Officer. No officer of the Company received compensation in excess of $1 million in fiscal 2024 or in any previous fiscal year.
The Board currently believes that the Company should be able to continue to manage its executive compensation program for others so as
to preserve the related federal income tax deductions.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">The
Company does not believe that there are any risks arising from its compensation policies and practices for its employees that are likely
to have a material adverse effect on the Company.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">The
Company maintains no pension or deferred compensation plans except for a 401(k) plan.&nbsp;</FONT></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 0pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: center"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">SUMMARY
COMPENSATION TABLE</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">The
following table discloses compensation received for the three years ended June 30, 2022, June 30, 2023 and June 30, 2024 by the Company&rsquo;s
Principal Executive Officer, the Company&rsquo;s Principal Financial Officer and any officer of the Company receiving at least $100,000
for the year.</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 40%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 6%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 11%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; width: 11%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">Cash</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">Stock</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 12%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">Name
    and Principal Position</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">Year</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">Salary</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">Bonus</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">Awards</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">Total</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">Timothy
    R. Damadian</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">2024</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">$0</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">$372,885</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">$0</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">$372,885</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">President,
    Principal</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">2023</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">$0</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">$152,900</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">$0</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">$152,900</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">Executive
    Officer</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">2022</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">$0</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">$305,800</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">$0</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">$305,800</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">Luciano
    Bonanni</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">2024</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">$143,416</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">$350,000</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">$0</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">$493,416</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">Chief
    Operating Officer, </FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">2023</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">$143,416</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">$305,800</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">$0</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">$449,216</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">Executive
    Vice President and </FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">2022</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">$148,572</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">$305,800</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">$0</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">$458,895</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">Acting
    Principal Financial Officer</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></P></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">Raymond
    V. Damadian</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">2024</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">$0</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">$0</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">$0</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">$0</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">deceased
    (August 3, 2022)</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">2023</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">$23,553</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">$305,800</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">$0</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">$329,353</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">Chairman
    of the Board;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">2022</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">$153,095</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">$305,800</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">$0</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">$458,895</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">Treasurer
    and Principal Financial Officer</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">Compensation
Pursuant to Stock Options and SAR Grants</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">No
stock options or stock appreciation rights were granted to the Company&rsquo;s Principal Executive Officer and Principal Financial Officer
during fiscal 2024.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">Option/SAR
Exercises and Year End Values</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">No
options or stock appreciation rights were exercised by the Company&rsquo;s Chief Executive Officer during fiscal 2024. The Company&rsquo;s
Chief Executive Officer did not hold any unexercised stock options or stock appreciation rights at the end of fiscal 2024.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">The
following table shows the compensation paid to the Directors for fiscal 2024:</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 28%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 9%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 7%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 7%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 9%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; width: 9%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">Non-</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 9%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 8%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">Fees
    </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">Non-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">qualified
    </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">earned
    </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">equity</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">deferred
    </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">All</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">paid
    </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">incentive</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">compen-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">other
    </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">in
    </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">Stock
    </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">Option
    </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">plan</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">sation
    </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">compen-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">cash&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">awards
    </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">awards
    </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">compen-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">earnings</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">sation</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">Total</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">Name</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">($)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">($)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">($)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">sation</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">($)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">($)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">($)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">(a)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">(b)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">(c)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">(d)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">(e)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">(f)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">(g)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">(h)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">A.
    Claudette J.V. Chan</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">$20,000
    </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">$0
    </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">$0
    </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">$0
    </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">$0
    </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">$38,880
    </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">$58,880
    </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">B.&nbsp;&nbsp;Ronald
    G. Lehman</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">$20,000
    </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">$0
    </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">$0
    </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">$0
    </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">$0
    </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">$60,000
    </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">$80,000
    </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">C.
    Richard E. Turk</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">$20,000
    </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">$0
    </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">$0
    </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">$0
    </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">$0
    </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">$15,000
    </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">$35,000
    </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">D.
    Jessica Maher</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">$20,000
    </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">$0
    </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">$0
    </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">$0
    </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">$0
    </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">$15,000
    </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">$35,000
    </FONT></TD></TR>
  </TABLE>



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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 0pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">With
the exception of Timothy Damadian, who receives no compensation for serving as a director, each director is entitled to receive a minimum
of $20,000 per annum for his or her services as a director of the Company, including service on any committee of the Board of Directors.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0pt; text-align: justify"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">2.
ADVISORY VOTE ON COMPENSATION OF THE COMPANY&rsquo;S NAMED EXECUTIVE OFFICERS</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">The
following proposal provides the Company&rsquo;s stockholders with an opportunity to vote to approve, on an advisory basis, the compensation
of the Company&rsquo;s named executive officers, as disclosed in this proxy statement. In considering your vote, you may wish to review
with care the &ldquo;Compensation Discussion and Analysis&rdquo; section, which provides details as to the Company&rsquo;s compensation
policies, procedures and decisions, as well as the Summary Compensation Table and other related compensation tables, notes and narrative
disclosures under the executive compensation section of this proxy statement. This vote is not intended to address any specific element
of the Company&rsquo;s executive compensation program, but rather the overall compensation program for the Company&rsquo;s named executive
officers. This vote currently is being taken on an annual basis at the Company&rsquo;s annual meeting.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">In
accordance with Section 14A of the Securities Exchange Act of 1934, we are asking stockholders to approve the following advisory resolution
at the Annual Meeting of Stockholders</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">RESOLVED,
that the stockholders of Fonar Corporation (the &ldquo;Corporation&rdquo;) approve, on an advisory basis, the overall compensation of
the Corporation&rsquo;s named executive officers disclosed in the Compensation Discussion and Analysis, Summary Compensation Table and
related compensation tables, notes and narrative discussion in this Proxy Statement for the Annual Meeting of Stockholders.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">The
Board of Directors recommends a vote FOR this resolution because it believes that the policies and practices described in the Compensation
Discussion and Analysis are effective in achieving the Company&rsquo;s goals of rewarding sustained financial and operating performance
and leadership excellence and aligning the executives&rsquo; long-term interests with those of the stockholders, as well as motivating
the executives to remain with the Company for long and productive careers.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">This
advisory resolution, commonly referred to as a &ldquo;say-on-pay&rdquo; resolution, is non-binding on the Board of Directors. Although
non-binding, the Board will review and consider the voting results when evaluating our executive compensation program.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">3.
RATIFICATION OF SELECTION OF AUDITORS</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">The
Board of Directors selected CohnReznick LLP, as the Company's independent auditors for the fiscal year ending June 30, 2025. The stockholders
will be asked to ratify this action by the Board. Marcum LLP were the Company&rsquo;s auditors for the fiscal years ended June 30, 2022,
June 30, 2023 and June 30, 2024.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">One
or more representatives of CohnReznick LLP, may be present at the Meeting with the opportunity to make a statement if they desire to
do so, and to be available to respond to appropriate questions.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">The
affirmative vote of shares holding a majority of the votes represented at the meeting is required to ratify the selection of auditors
by the Board of Directors. THE BOARD OF DIRECTORS RECOMMENDS A VOTE FOR THE PROPOSAL.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">AUDIT
FEES</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">The
aggregate fees billed by Marcum LLP for the audit of the Company&rsquo;s annual financial statements for the fiscal year ended June 30,
2024 and the reviews of the financial statements included in the Company&rsquo;s Forms 10-Q for the fiscal year ended June 30, 2024 were
$442,000.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">The
aggregate fees billed by Marcum LLP for the audit of the Company&rsquo;s annual financial statements for the fiscal year ended June 30,
2023, and the reviews of the financial statements included in the Company&rsquo;s Forms 10-Q for the fiscal year ended June 30, 2023
were $374,000.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">All
work on the audits in each of the last two fiscal years was performed by full-time permanent employees of Marcum LLP.<BR STYLE="clear: both"></FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">AUDIT-RELATED
FEES</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">No
fees were billed by Marcum LLP for the fiscal years ended June 30, 2024 and June 30, 2023 for services related to the audit or review
of our financial statements that are not included under the caption &ldquo;AUDIT FEES&rdquo;.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">TAX
FEES</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">No
fees were billed by Marcum LLP for tax compliance, tax advice or tax planning in the fiscal years ended June 30, 2024, and June 30, 2023.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">ALL
OTHER FEES</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">No
fees were billed by Marcum LLP for any other services during the fiscal years ended June 30, 2024, and June 30, 2023.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">Since
January 1, 2003, the audit committee has adopted policies and procedures for pre-approving all non-audit work performed by its auditors.
Specifically, the committee must pre-approve the use of the auditors for all such services. The audit committee has pre-approved all
non-audit work since that time and in making its determination has considered whether the provision of such services was compatible with
the independence of the auditors. Marcum LLP has not provided any services in addition to audit services in fiscal 2024 and 2023.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">Our
audit committee believes that the provision by Marcum LLP of services in addition to audit services in previous years were compatible
with maintaining their independence.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">PROPOSALS
OF STOCKHOLDERS</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">Proposals
of stockholders intended to be presented at next year&rsquo;s annual meeting of stockholders must be received by the Company no later
than January 16, 2026, to be included in the Company's proxy statement and form of proxy related to that meeting.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">SOLICITATION
OF PROXIES</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">The
proxy accompanying this proxy statement is solicited by the Board of Directors of the Company. Proxies may be solicited by officers,
directors, and regular supervisory and executive employees of the Company, none of whom will receive any additional compensation for
their services. Such solicitations may be made personally, or by mail, e-mail, facsimile, telephone, telegraph, or messenger. The Company
will pay persons holding shares of stock in their names or in the names of nominees, but not owning such shares beneficially, such as
brokerage houses, banks, and other fiduciaries, for the expense of forwarding solicitation materials to their principals. All of the
costs of solicitation of proxies will be paid by the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">VOTING
TABULATION</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">The
election of the Company's directors requires a plurality of the votes represented in person or by proxy at the meeting. The ratification
of proposals and the selection of auditors requires the affirmative vote of a majority of the votes represented in person or by proxy
at the meeting. Votes cast by proxy or in person at the meeting will be tabulated by the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">A
stockholder who abstains from voting on any or all proposals will be included in the number of shareholders present at the meeting for
the purpose of determining the presence of a quorum. Abstentions will not be counted either in favor of or against the election of the
nominees or other proposals. Under the rules of the Financial Industry Regulatory Authority, brokers holding stock for the accounts of
their clients who have not been given specific voting instructions as to a matter by their clients in certain cases may vote their clients'
proxies in their own discretion. Where a proposal requires a majority of the votes present for its passage, an abstention or broker non-vote
will have the same effect as a negative vote.&nbsp;<BR STYLE="clear: both"></FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">OTHER
MATTERS</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">The
Board of Directors does not intend to bring any other business before the meeting, and so far as is known to the Board, no matters are
to be brought before the meeting except as specified in the notice of the meeting. However, as to any other business which may properly
come before the meeting, it is intended that proxies, in the form enclosed, will be voted in respect thereof in accordance with the judgment
of the persons voting such proxies, where the authorization to do so has been granted.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">DATED:
Melville, New York, April 7, 2025</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">A
COPY OF THE COMPANY'S FORM 10-K REPORT FOR FISCAL YEAR 2023 CONTAINING INFORMATION ON OPERATIONS, FILED WITH THE SECURITIES AND EXCHANGE
COMMISSION, IS AVAILABLE UPON REQUEST. PLEASE WRITE TO:</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: center"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">INVESTOR
RELATIONS DEPARTMENT</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: center"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">FONAR
CORPORATION</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: center"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">110
MARCUS DRIVE</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: center"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">MELVILLE,
NEW YORK 11747&nbsp;</FONT></P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: center"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;Proxy
- Annual Meeting of Stockholders</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: center"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">May
19, 2025, 10:00 AM</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: center"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">THIS
PROXY IS SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">The
undersigned, a stockholder of FONAR Corporation (the &quot;Company&quot;), hereby revoking any proxy heretofore given, does hereby appoint
Timothy R. Damadian, Luciano Bonanni, and Daniel Culver, and each of them, proxies with full power of substitution, for and in the name
of the undersigned to attend the Annual Meeting of the Stockholders of the Company to be held at the Hilton Long Island Huntington Hotel,
598 Broadhollow Road, Melville, New York on May 19, 2025, at 10:00 a.m., local time, and at any adjournment(s) thereof, and there to
vote upon all matters specified in the notice of said meeting, as set forth herein, and upon such other business as may properly and
lawfully come before the meeting, all shares of stock of the Company which the undersigned would be entitled to vote if personally present
at said meeting.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">THIS
PROXY WHEN PROPERLY EXECUTED WILL BE VOTED IN THE MANNER DIRECTED HEREIN BY THE UNDERSIGNED STOCKHOLDER. IF NO DIRECTION IS GIVEN, SUCH
SHARES WILL BE VOTED FOR PROPOSALS 1, 2. AND 3.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">The
Board of Directors Recommends you vote FOR the following:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">No.
1. Election of Directors</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 16%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 19%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">FOR
    ALL</FONT></TD>
    <TD STYLE="width: 13%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 13%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">WITHOLD
    ALL</FONT></TD>
    <TD STYLE="width: 13%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 13%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">FOR
    ALL EXCEPT</FONT></TD>
    <TD STYLE="width: 13%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">INSTRUCTION:
To withhold authority to vote for any individual nominee(s), mark &quot;FOR ALL EXCEPT&quot; and circle or cross out the name(s) of those
nominee(s).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">01
&ndash; Timothy R. Damadian, 02 &ndash; Claudette J. V. Chan, 03 &ndash; Ronald G. Lehman,</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">04
&ndash; Richard E. Turk, 05 &ndash; Jessica Maher</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">The
Board of Directors recommends you vote for proposals 2, 3, and 4:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">No.
2. To approve, by non-binding vote, executive compensation.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 16%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 19%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">FOR</FONT></TD>
    <TD STYLE="width: 13%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 13%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">AGAINST</FONT></TD>
    <TD STYLE="width: 13%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 13%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">ABSTAIN</FONT></TD>
    <TD STYLE="width: 13%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt"></P>

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">No.
3. To ratify the selection of CohnReznick LLP as the Company's independent auditors for the fiscal year ending June 30, 2025.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 16%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 19%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">FOR</FONT></TD>
    <TD STYLE="width: 13%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 13%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">AGAINST</FONT></TD>
    <TD STYLE="width: 13%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 13%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">ABSTAIN</FONT></TD>
    <TD STYLE="width: 13%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt"></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">No.
4. Such other business as may properly come before the meeting or any adjournment.<BR></FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 16%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 19%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">FOR</FONT></TD>
    <TD STYLE="width: 13%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 13%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">AGAINST</FONT></TD>
    <TD STYLE="width: 13%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 13%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">ABSTAIN</FONT></TD>
    <TD STYLE="width: 13%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt"></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">__________________________________
_______________________</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">Signature
Date</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">__________________________________
_______________________</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">Signature
(Joint owners) Date</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">Please
sign exactly as your name(s) appear(s) hereon or on your stock certificate(s). When signing as an attorney, executor, proxy, administrator,
or other fiduciary, please give full title as such. Joint owners should each sign personally. All holders must sign. If a corporation
or partnership, please sign in full corporate or partnership name by officer.&nbsp;</FONT></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 14pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: center"><IMG SRC="fonar_logo.jpg" ALT="" STYLE="height: 30px; width: 200px"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt; font-style: normal; font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 14pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: center"><FONT STYLE="font: normal 11pt Arial, Helvetica, Sans-Serif">ANNUAL
REPORT</FONT></P>

<P STYLE="font: 14pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt; font-style: normal; font-weight: normal">&nbsp;2024</FONT></P>

<P STYLE="font: 14pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt; font-style: normal; font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 14pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt; font-style: normal; font-variant: normal; font-weight: normal">FONAR
CHAIRMAN&rsquo;S LETTER TO SHAREHOLDERS</FONT></P>

<P STYLE="font: 14pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt; font-style: normal; font-variant: normal; font-weight: normal">MAY
2025</FONT></P>

<P STYLE="font: 14pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt; font-style: normal; font-variant: normal; font-weight: normal">Dear
Shareholders:</FONT></P>

<P STYLE="font: 12pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt; font-style: normal; font-variant: normal; font-weight: normal">Every
MRI picture ever made, every MRI exam ever conducted, and every life ever helped or even saved by the treatment of maladies based on
diagnostic information derived from an MRI exam are the fruits of the seminal discovery made by my father, Raymond V. Damadian, M.D.
To those of you who may not know why, allow me the pleasure to explain.</FONT></P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt; font-style: normal; font-variant: normal; font-weight: normal">Fifty-six
years ago (1969), while a professor at SUNY Downstate Medical Center in the Bronx, New York, Dr. Damadian was <FONT STYLE="color: #333333">introduced
to a physical phenomenon known as Nuclear Magnetic Resonance (NMR). NMR spectrometers, which had been used by chemists for years, are
able to detect signals from the contents of a test tube for the purpose of analyzing chemical composition. Captivated by this tool, Professor
Damadian envisioned a machine that could noninvasively and harmlessly (unlike X-rays) look inside the human body, not just inside a test
tube. On September 17, 1969, he wrote to the </FONT>Health Research Council of the City of New York requesting funds to pursue a Nuclear
Magnetic Resonance (NMR) body scanner to detect malignant tumors. <FONT STYLE="color: #333333">Unfortunately, and to his surprise, the
idea was met with resistance and even ridicule from the scientific community. One prominent scientist at the time dismissed it as &ldquo;visionary
nonsense.&rdquo; Though disappointed and dismayed by their reaction, Dr. Damadian was determined to transform his idea into reality.</FONT></FONT></P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; background-color: white; color: #333333"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt; font-style: normal; font-variant: normal; font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; background-color: white; color: #333333"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt; font-style: normal; font-variant: normal; font-weight: normal">In
the following year (1970), Dr. Damadian made the remarkable discovery that the relaxation times of NMR signals from normal and cancerous
tissues of the same type were markedly different, as were the signals from different types of tissues. These pronounced differences overcame
X-ray&rsquo;s (including CT&rsquo;s) long-standing (over a 100 years) inability to visualize soft tissue, which was critical for the
assessment and treatment of life-sustaining organs (e.g., brain, heart, liver, kidney, spleen, pancreas, etc.). Every MRI image ever
made rests upon Dr. Damadian&rsquo;s seminal discovery.</FONT></P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; background-color: white; color: #333333"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt; font-style: normal; font-variant: normal; font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; background-color: white; color: #333333"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt; font-style: normal; font-variant: normal; font-weight: normal">In
1974, Dr. Damadian was granted a patent for the machine that he envisioned: U.S. Patent #3,789,832, the world&rsquo;s first MRI patent.
In 1977, he built it, the world&rsquo;s first human-size MRI machine (Indomitable), and, in 1978, launched FONAR, the world&rsquo;s first
MRI Company. A new industry was born.</FONT></P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; background-color: white; color: #333333"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt; font-style: normal; font-variant: normal; font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt; font-style: normal; font-variant: normal; font-weight: normal">Today,
MRI is recognized as one the most powerful diagnostic tools in contemporary clinical medicine. 100-150 million MRI scans are performed
worldwide each year. Currently, there are roughly 13,000 MRI scanners in the United States performing 40 million scans annually. In 2023,
the <FONT STYLE="color: #001D35; background-color: white">global MRI market was valued at $6.64 billion.*</FONT></FONT></P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt; font-style: normal; font-variant: normal; font-weight: normal">While
FONAR is now a very successful company, the path from its inception in 1978 to the present was not easy. Soon after FONAR introduced
the world&rsquo;s first commercial MRI in 1980, well-heeled medical equipment manufacturers, including Johnson &amp; Johnson, General
Electric, Philips, Hitachi and Siemens began making their own MRIs. By 1983, FONAR had 13 competitors. Over its first 20 years the company
installed over 400 MRIs. But it was a David-versus-Goliath struggle that included battles in court rooms protecting itself against patent
infringement, and in the marketplace battling for a share of the market that it, ironically, created.</FONT></P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0"></P>

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<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt; font-style: normal; font-variant: normal; font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt; font-style: normal; font-variant: normal; font-weight: normal">Over
those first 20 years, FONAR worked with hundreds of customers, most of them independent MRI business owners. We became well acquainted
with their day-to-day operations, their sales and marketing strategies, and the interests and needs of their referring physicians. We
had, inadvertently, learned how to manage MRI centers. The MRI sales market was erratic and we needed a supplemental, steady source of
revenue. So in 1997, FONAR created its diagnostic management subsidiary, Health Management Company of America (HMCA), to provide MRI
users with a full range of non-medical services. By 2009, HMCA was managing nine MRI facilities, six in New York and three in Florida.</FONT></P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt; font-style: normal; font-variant: normal; font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt; font-style: normal; font-variant: normal; font-weight: normal">In
2010, HMCA assembled a new and very experienced management team under whose leadership HMCA has grown steadily - from managing six MRI
scanners in 2009 to currently managing 43 MRIs; 25 in New York and 18 in Florida. Annual scan volume grew from 29,000 in 2009 to 209,346
in Fiscal 2024, and FONAR Total Revenues-Net grew from $31.8 million in Fiscal 2010 to $102.9 million in Fiscal 2024.</FONT></P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt; font-style: normal; font-variant: normal; font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt; font-style: normal; font-variant: normal; font-weight: normal">HMCA
grows the businesses by (1) aggressively marketing the advantages of the STAND-UP&reg; (UPRIGHT&reg;) MRI: the &ldquo;Non-Claustrophobic
MRI,&rdquo; its unique ability to scan patients in weight-bearing positions (sitting, standing, and bending) as well as the ability to
scan the cervical and lumbar spines in flexion and extension. Every HMCA-managed scanning facility is equipped with a FONAR STAND-UP&reg;
(UPRIGHT&reg;) MRI; (2) employing proven marketing strategies; (3) acquiring or establishing de novo sites that can enhance or expand
HMCA&rsquo;s existing networks; (4) adding higher-field-strength MRIs to sites in order to accommodate referring physicians who demand
the benefits of high-field technology; (5) adding Artificial Intelligence (AI) software to dramatically improve image quality and reduce
scan times; and (6) providing outstanding service to patients and their physicians.</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-indent: 2in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt; font-style: normal; font-variant: normal; font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt/107% Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt; font-style: normal; font-variant: normal; font-weight: normal">HMCA&rsquo;s
greatest challenge since 2010 was the COVID-19 pandemic, where the scan volume at HMCA-managed sites in the fourth quarter of Fiscal
2020 was 38% lower than that of the previous quarter. Consequently scan volume at HMCA-managed in Fiscal 2020 was 9% lower than that
of Fiscal 2019. This setback was the direct result of a precipitous fall in patient volume at referring doctors&rsquo; offices. It was
a difficult time. We were dealing with employee sicknesses, quarantine requirements, coverage shortages, and reduced business hours.
It took a while, but thanks to a concerted effort by HMCA managers and employees, we have recovered from what has been described as one
of the most formidable crises that our country &ndash; and the world &ndash; has ever faced. Since then, scan volume has increased in
every fiscal year. The only significant lingering effect of the pandemic is the continuing difficulty in recruiting MRI technologists,
a widespread problem in the healthcare industry. It&rsquo;s been a challenge to keep the HMCA-managed sites fully staffed and growing,
but so far we have been successful.</FONT></P>

<P STYLE="font: 14pt/107% Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt; font-style: normal; font-variant: normal; font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 14pt/107% Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt; font-style: normal; font-variant: normal; font-weight: normal">HMCA
UPDATES </FONT></P>

<P STYLE="font: 12pt/107% Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt; font-style: normal; font-variant: normal; font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt/107% Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt; font-style: normal; font-variant: normal; font-weight: normal">Scan
volume at HMCA-managed sites in Fiscal 2024 was 209,346, an 11% increase over that in Fiscal 2023. One third of the increase is attributable
to addition of two new MRI scanning centers &ndash; one installed in Casselberry, Florida at the tail end of Fiscal 2023 and another
in the South Bronx, New York in the first quarter of Fiscal 2024.</FONT></P>

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt; font-style: normal; font-variant: normal; font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt/107% Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt; font-style: normal; font-variant: normal; font-weight: normal">Looking
forward, by the end of Fiscal 2025 (June 30,2025), we will have added high-field MRIs to two existing Stand-Up MRI centers on Long Island
&ndash; one in Melville and the other in Lynbrook.&nbsp;</FONT></P>

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<P STYLE="font: 12pt/107% Calibri, Helvetica, Sans-Serif; margin: 0"></P>

<P STYLE="font: 12pt/107% Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt; font-style: normal; font-variant: normal; font-weight: normal"></FONT></P>

<P STYLE="font: 14pt/107% Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt; font-style: normal; font-variant: normal; font-weight: normal">FONAR
UPDATES</FONT></P>

<P STYLE="font: 12pt/107% Calibri, Helvetica, Sans-Serif; margin: 0; color: #212121"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt; font-style: normal; font-variant: normal; font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; background-color: white; color: #212121"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt; font-style: normal; font-variant: normal; font-weight: normal">SWIFTMR&trade;</FONT></P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; background-color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt; font-style: normal; font-variant: normal; font-weight: normal; color: #212121">FONAR
is now in the second year of its agreement with AIRS Medical, a leading provider of </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt; font-style: normal; font-variant: normal; font-weight: normal; color: #333333">the
Artificial Intelligence (AI)-powered healthcare solutions. FONAR is the exclusive distributor of SwiftMR&trade; to FONAR customers for
use on their FONAR MRIs or on any other MRI scanner they own. The SWIFTMR&trade; product dramatically improves image quality by denoising
and sharpening image data, and allows for significantly reduced scan times. </FONT></P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; background-color: white; color: #333333"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt; font-style: normal; font-variant: normal; font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; background-color: white; color: #333333"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt; font-style: normal; font-variant: normal; font-weight: normal">To
date, every HMCA-managed MRI scanner has been upgraded with SWIFTMR&trade; and a growing number of FONAR users have signed on as well.
The results of our agreement with AIRS have met our expectations and we look forward to continuing success.</FONT></P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; background-color: white; color: #333333"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt; font-style: normal; font-variant: normal; font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt/107% Calibri, Helvetica, Sans-Serif; margin: 0; color: #212121"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt; font-style: normal; font-variant: normal; font-weight: normal">OPUS</FONT></P>

<P STYLE="font: 12pt/107% Calibri, Helvetica, Sans-Serif; margin: 0; color: #212121"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt; font-style: normal; font-variant: normal; font-weight: normal">Capitalizing
on over 40 years of experience in servicing MRI scanners, FONAR recently formed Opus Diagnostic Services, LLC (OPUS) for the purpose
of servicing MRI scanners of all makes, models and field strengths. A highly competent and experienced team has been formed and the marketing
of its services is currently underway. In the course of servicing their customers&rsquo; MRIs, OPUS will naturally be in the position
to introduce them to the SWIFTMR&trade; product. The synergy between OPUS and SWIFTMR&trade; is very promising.</FONT></P>

<P STYLE="font: 12pt/107% Calibri, Helvetica, Sans-Serif; margin: 0; color: #212121"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt; font-style: normal; font-variant: normal; font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt/107% Calibri, Helvetica, Sans-Serif; margin: 0; color: #212121"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt; font-style: normal; font-variant: normal; font-weight: normal">Ongoing
Research </FONT></P>

<P STYLE="font: 12pt/107% Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt; font-style: normal; font-variant: normal; font-weight: normal; color: #212121">As
I reported in the past, up until the time of his passing (August 3, 2022), Dr. Damadian was conducting research on cerebrospinal fluid
(CSF) flow in the neck and brain. </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt; font-style: normal; font-variant: normal; font-weight: normal; color: #333333">I
am pleased to report that FONAR continues to support this program.</FONT></P>

<P STYLE="font: 12pt/107% Calibri, Helvetica, Sans-Serif; margin: 0; color: #212121"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt; font-style: normal; font-variant: normal; font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt/107% Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt; font-style: normal; font-variant: normal; font-weight: normal; color: #212121">The
FONAR UPRIGHT&reg; MRI&rsquo;s unique ability to scan patients in both recumbent and upright positions, makes it possible to see significant
position-dependent differences in the flow of cerebrospinal fluid. CSF flow impairments can be <FONT STYLE="background-color: white">investigated
to access the degree to which such impairments are responsible for a patient&rsquo;s symptoms, and also the degree to which a patient&rsquo;s
surgical or non-surgical CCJ (craniocervical junction) treatment restores normal brain and central nervous system function. </FONT>Dr.
Damadian believed the results of this research could lead to </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt; font-style: normal; font-variant: normal; font-weight: normal; color: #333333">a
better understanding of the role of CSF in normal physiological function, as well as in the pathophysiology of neurodegenerative diseases
such as Multiple Sclerosis.</FONT></P>

<P STYLE="font: 12pt/107% Calibri, Helvetica, Sans-Serif; margin: 0; color: #333333"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt; font-style: normal; font-variant: normal; font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt; font-style: normal; font-variant: normal; font-weight: normal">The
Raymond V. Damadian, M.D. Memorial Museum</FONT></P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt; font-style: normal; font-variant: normal; font-weight: normal">It&rsquo;s
been over a year since the Raymond V. Damadian, M.D. Memorial Museum opened at FONAR headquarters in Melville, New York. Visitors find
it both interesting and informative.</FONT></P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt; font-style: normal; font-variant: normal; font-weight: normal">The
museum includes a re-creation of the making of the world&rsquo;s first MRI image on the world&rsquo;s first MRI scanner, Indomitable,
at the Downstate Medical Center in Brooklyn, New York, on July 2 and 3, 1977.</FONT></P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt; font-style: normal; font-variant: normal; font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt; font-style: normal; font-variant: normal; font-weight: normal">The
re-creation includes an exact replica of Indomitable along with life-size figures of the three inventors: Dr. Raymond V. Damadian and
his two post-graduate students, Lawrence Minkoff and Michael Goldsmith. The walls of the museum are lined with panels of captioned pictures,
documents, and publications covering Dr. Damadian&rsquo;s personal and family history; his discovery that made and continues to make
MRI possible; the building of Indomitable; the making of the first MRI image; the formation and history of FONAR Corporation; and Dr.
Damadian&rsquo;s achievements, honors, awards, victories, disappointments, and his expression of gratitude to God. The museum also includes
an interactive display of photos and video, some of Dr. Damadian&rsquo;s personal items, and many historical artifacts.</FONT></P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0"></P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0"></P>

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<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0"></P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt; font-style: normal; font-variant: normal; font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt; font-style: normal; font-variant: normal; font-weight: normal">It&rsquo;s
both educational and entertaining - a perfect destination for middle- and high-school field trips. If you are interested in making an
appointment to visit the museum, please contact Daniel Culver, Director of Communications, at RVDmuseum@fonar.com.</FONT></P>

<P STYLE="font: 12pt/107% Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt; font-style: normal; font-variant: normal; font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt/107% Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt; font-style: normal; font-variant: normal; font-weight: normal">&nbsp;CONCLUSION</FONT></P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; background-color: white; color: #333333"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt; font-style: normal; font-variant: normal; font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt; font-style: normal; font-variant: normal; font-weight: normal; color: #333333; background-color: white">FONAR
has been in business for nearly 50 years. While its first 20 years were especially challenging, our once-tiny company survived them and
eventually found its footing. As of </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt; font-style: normal; font-variant: normal; font-weight: normal">June
30, 2024, FONAR posted 59 consecutive quarters of positive net income and positive income from operations. The company&rsquo;s management
subsidiary, HMCA, has been and is expected to be a major contributor to FONAR&rsquo;s continuing success.</FONT></P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt; font-style: normal; font-variant: normal; font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; background-color: white; color: #333333"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt; font-style: normal; font-variant: normal; font-weight: normal; background-color: white">It
wasn&rsquo;t too long ago that most people had no idea what an MRI scanner is. Today it&rsquo;s a household word. I hear it referred
to everywhere: TV, movies, doctor offices, in casual conversations, in print, etc. I often think to myself, &ldquo;And you can thank
my father for it, and for FONAR, the FIRST-IN-MRI-company that introduced this amazing invention to the world.&rdquo; </FONT></P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; background-color: white; color: #333333"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt; font-style: normal; font-variant: normal; font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; background-color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt; font-style: normal; font-variant: normal; font-weight: normal; color: #333333; background-color: white">All
of us at FONAR are very proud of our history, proud to be part of fulfilling Dr. Damadian&rsquo;s dream of making a diagnostic machine
to help people. Little did he know in 1969 that his discovery would birth the MRI scanner</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt; font-style: normal; font-variant: normal; font-weight: normal">,
a company to make them, even an entire industry that has helped, even saved, the lives of millions of people all over the world. Though
often faced with overwhelming odds and resistance, Dr. Damadian, tenacious and tireless, lived to see his dream transformed into reality.
We miss him, but we&rsquo;ll never forget him.</FONT></P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; background-color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt; font-style: normal; font-variant: normal; font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; background-color: white; color: #333333"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt; font-style: normal; font-variant: normal; font-weight: normal; background-color: white">I
am grateful to friends, family, investors and employees for the parts they have played in making FONAR a success. I&rsquo;m especially
grateful for FONAR employees who have been with the company for many years, some for over 40 years. Working alongside Dr. Damadian, they
were tireless in their devotion to him and his goals. To this day they remain highly valuable, loyal and hard-working employees. </FONT></P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; background-color: white; color: #333333"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt; font-style: normal; font-variant: normal; font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; background-color: white; color: #333333"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt; font-style: normal; font-variant: normal; font-weight: normal; background-color: white">Thank
you for your support.</FONT></P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; background-color: white; color: #333333"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt; font-style: normal; font-variant: normal; font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt; font-style: normal; font-variant: normal; font-weight: normal">Sincerely,</FONT></P>

<P STYLE="font: 12pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt; font-style: normal; font-variant: normal; font-weight: normal">Timothy
R. Damadian</FONT></P>

<P STYLE="font: 12pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt; font-style: normal; font-variant: normal; font-weight: normal">Chairman
and CEO</FONT></P>

<P STYLE="font: 12pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt; font-style: normal; font-variant: normal; font-weight: normal">FONAR
Corporation</FONT></P>

<P STYLE="font: 12pt/107% Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt; font-style: normal; font-variant: normal; font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt/107% Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt; font-style: normal; font-variant: normal; font-weight: normal">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt/107% Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt; font-style: normal; font-variant: normal; font-weight: normal">*P.
Kragesterman, Medical Imaging Statistics, COLLECTIVE MINDS RADIOLOGY, Nov. 2, 2024</FONT></P>

<P STYLE="font: 10pt/107% Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt; font-style: normal; font-variant: normal; font-weight: normal">&nbsp;</FONT></P>

<P STYLE="margin: 0pt; text-align: center; text-indent: 0pt"></P></DIV>

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<P STYLE="margin: 0pt; text-align: center; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt">SECURITIES
AND EXCHANGE COMMISSION</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><BR>
</FONT><FONT STYLE="font-size: 12pt">&#160; <FONT STYLE="font-family: Times New Roman, Times, Serif">WASHINGTON, D.C. 20549</FONT></FONT></P>

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

<P STYLE="margin: 0pt; text-align: center; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 18pt"><B>FORM
10-K</B></FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Segoe UI Symbol,sans-serif; font-size: 12pt">&#9746;
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>For the fiscal year ended June 30, 2024</B></P>

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Segoe UI Symbol,sans-serif; font-size: 12pt">&#9744;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&#160;TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES AND EXCHANGE ACT OF 1934</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">For the transition period from _____________ to _____________</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Commission File No. 0-10248</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="fonar_logo.jpg" ALT="" STYLE="height: 38px; width: 250px">&#160;</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
<TD STYLE="border-bottom: Black 1pt solid; text-align: center; width: 45%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><FONT STYLE="text-transform: uppercase">delaware</FONT></FONT></TD>
<TD STYLE="padding-bottom: 1pt; text-align: center; width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#160;</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: center; width: 45%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">11-2464137</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(State of incorporation)</FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#160;</FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(IRS Employer Identification Number)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">110 Marcus Drive, Melville, New York</FONT></TD>
<TD STYLE="padding-bottom: 1pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#160;</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">11747</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(Address of principal executive offices)</FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#160;</FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(Zip Code)</FONT></TD></TR>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</P>

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    694-2929</FONT></TD></TR>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Securities Registered pursuant to Section 12(b) of the Act</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; width: 34%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><FONT STYLE="text-decoration: underline">Title of
    Each Class</FONT></FONT></TD>
    <TD STYLE="text-align: center; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#160;</FONT></TD>
    <TD STYLE="text-align: center; width: 30%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><FONT STYLE="text-decoration: underline">Trading Symbol(s)</FONT></FONT></TD>
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    <TD STYLE="text-align: center; width: 34%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><FONT STYLE="text-decoration: underline">Exchange
    Registered</FONT></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Common Stock, $.0001 par
    value</FONT></TD>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Securities
Registered pursuant to Section 12(g) of the Act</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">None</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Indicate
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</FONT><FONT STYLE="font-family: Segoe UI Symbol,sans-serif">&#9746;</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif">.
</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Indicate
by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes </FONT><FONT STYLE="font-family: Segoe UI Symbol,sans-serif">&#9744;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;No
</FONT><FONT STYLE="font-family: Segoe UI Symbol,sans-serif">&#9746;</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif">.<BR>
</FONT></P>

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

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

<!-- Field: Page; Sequence: 20; Options: NewSection -->
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Indicate
by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days. Yes&#160;</FONT><FONT STYLE="font-family: Segoe UI Symbol,sans-serif">&#9746;</FONT>
<FONT STYLE="font-family: Times New Roman, Times, Serif">No </FONT><FONT STYLE="font-family: Segoe UI Symbol,sans-serif">&#9744;</FONT>
<FONT STYLE="font-family: Times New Roman, Times, Serif">.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Indicate
by check mark whether the registrant (1) has submitted electronically and posted on its corporate website, if any, every Interactive Data
File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (Section 232.405 of this chapter) during the preceding
12 months (or for such shorter period that the registrant was required to submit and post such files). Yes&#160;</FONT><FONT STYLE="font-family: Segoe UI Symbol,sans-serif">&#9746;</FONT>
<FONT STYLE="font-family: Times New Roman, Times, Serif">No </FONT><FONT STYLE="font-family: Segoe UI Symbol,sans-serif">&#9744;</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Indicate by check mark whether the registrant is a
large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definitions of &#8220;large
accelerated filer&#8221;, &#8220;accelerated filer and &#8220;smaller reporting company&#8221; in Rule 12b-2 of the Exchange Act. (Check
one):</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
securities are registers pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant
included in the filing reflect the correction of an error to previously issued financial statements. Yes&#160;</FONT><FONT STYLE="font-family: Segoe UI Symbol,sans-serif">&#9744;</FONT>
<FONT STYLE="font-family: Times New Roman, Times, Serif">No </FONT><FONT STYLE="font-family: Segoe UI Symbol,sans-serif">&#9746;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Indicate
by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation
received by any of the registrant&#8217;s executive officers during the relevant recovery period pursuant to &#167;240.10D-1(b). Yes&#160;</FONT><FONT STYLE="font-family: Segoe UI Symbol,sans-serif">&#9744;</FONT>
<FONT STYLE="font-family: Times New Roman, Times, Serif">No </FONT><FONT STYLE="font-family: Segoe UI Symbol,sans-serif">&#9746;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Indicate
by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes&#160;</FONT><FONT STYLE="font-family: Segoe UI Symbol,sans-serif">&#9744;</FONT>
<FONT STYLE="font-family: Times New Roman, Times, Serif">No </FONT><FONT STYLE="font-family: Segoe UI Symbol,sans-serif">&#9746;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&#160;.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The aggregate market value of the shares of Common
Stock held by non-affiliates as of December 29, 2023 based on the closing price of $19.56 per share on such date as reported on the NASDAQ
System, was approximately $121.0 million. The other outstanding classes do not have a readily determinable market value.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of September 18, 2024, 6,328,294 shares of Common
Stock, 146 shares of Class B Common Stock, 382,513 shares of Class C Common Stock and 313,438 shares of Class A Non-voting Preferred Stock
of the registrant were outstanding.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;<FONT STYLE="display: none">No</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NONE<BR></P>

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom; width: 11%">&#160;</TD>
    <TD STYLE="vertical-align: bottom; width: 2%">&#160;</TD>
    <TD STYLE="vertical-align: bottom; width: 10%">&#160;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; width: 67%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">FORM
    10-K ITEMS</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; vertical-align: top; width: 8%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">PAGE</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">PART I</FONT></TD>
    <TD STYLE="vertical-align: bottom">&#160;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Item 1.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&#160;</TD>
    <TD STYLE="vertical-align: bottom"><A HREF="#a_001"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><FONT STYLE="text-decoration: underline">Business</FONT></FONT></A></TD>
    <TD STYLE="vertical-align: bottom">&#160;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">4</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&#160;</TD>
    <TD STYLE="vertical-align: bottom">&#160;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Item 1A.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&#160;</TD>
    <TD STYLE="vertical-align: bottom"><A HREF="#a_002"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Risk Factors</FONT></A></TD>
    <TD STYLE="vertical-align: bottom">&#160;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">24</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&#160;</TD>
    <TD STYLE="vertical-align: bottom">&#160;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Item 1B.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&#160;</TD>
    <TD STYLE="vertical-align: bottom"><A HREF="#a_003"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Unresolved Staff Comments</FONT></A></TD>
    <TD STYLE="vertical-align: bottom">&#160;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">27</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&#160;</TD>
    <TD STYLE="vertical-align: bottom">&#160;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Item 1C.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&#160;</TD>
    <TD STYLE="vertical-align: bottom"><A HREF="#a_004"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><FONT STYLE="text-decoration: underline">Cybersecurity </FONT></FONT></A></TD>
    <TD STYLE="vertical-align: bottom">&#160;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">27</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&#160;</TD>
    <TD STYLE="vertical-align: bottom">&#160;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Item 2.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&#160;</TD>
    <TD STYLE="vertical-align: bottom"><A HREF="#a_005"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Properties</FONT></A></TD>
    <TD STYLE="vertical-align: bottom">&#160;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">28</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&#160;</TD>
    <TD STYLE="vertical-align: bottom">&#160;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Item 3.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&#160;</TD>
    <TD STYLE="vertical-align: bottom"><A HREF="#a_006"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Legal Proceedings</FONT></A></TD>
    <TD STYLE="vertical-align: bottom">&#160;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">28</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&#160;</TD>
    <TD STYLE="vertical-align: bottom">&#160;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Item 4.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&#160;</TD>
    <TD STYLE="vertical-align: bottom"><A HREF="#a_007"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Mine Safety Disclosures</FONT></A></TD>
    <TD STYLE="vertical-align: bottom">&#160;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">28</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">PART II</FONT></TD>
    <TD STYLE="vertical-align: top">&#160;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Item 5.</FONT></TD>
    <TD STYLE="vertical-align: top">&#160;</TD>
    <TD STYLE="vertical-align: top"><A HREF="#a_008"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Market for Registrant&#8217;s Common Equity, Related Stockholder Matters and Issuer Purchases <FONT STYLE="text-decoration: underline">of Equity Securities</FONT></FONT></A></TD>
    <TD STYLE="vertical-align: top">&#160;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">28</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&#160;</TD>
    <TD STYLE="vertical-align: bottom">&#160;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Item 6.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&#160;</TD>
    <TD STYLE="vertical-align: bottom"><A HREF="#a_009"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><FONT STYLE="text-decoration: underline">[Reserved[</FONT></FONT></A></TD>
    <TD STYLE="vertical-align: bottom">&#160;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">30</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&#160;</TD>
    <TD STYLE="vertical-align: top">&#160;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Item 7.</FONT></TD>
    <TD STYLE="vertical-align: top">&#160;</TD>
    <TD STYLE="vertical-align: top"><A HREF="#a_010"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Management&#8217;s Discussion and Analysis of Financial Condition and Results of Operations</FONT></A></TD>
    <TD STYLE="vertical-align: top">&#160;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">30</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&#160;</TD>
    <TD STYLE="vertical-align: bottom">&#160;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Item 7A.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&#160;</TD>
    <TD STYLE="vertical-align: bottom"><A HREF="#a_011"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><FONT STYLE="text-decoration: underline">Quantitative and Qualitative Disclosures About Market Risk.</FONT></FONT></A></TD>
    <TD STYLE="vertical-align: bottom">&#160;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">38</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&#160;</TD>
    <TD STYLE="vertical-align: bottom">&#160;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Item 8.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&#160;</TD>
    <TD STYLE="vertical-align: bottom"><A HREF="#a_012"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Financial Statements <FONT STYLE="text-decoration: underline">and Supplementary Data</FONT></FONT></A></TD>
    <TD STYLE="vertical-align: bottom">&#160;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">38</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&#160;</TD>
    <TD STYLE="vertical-align: top">&#160;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Item 9.</FONT></TD>
    <TD STYLE="vertical-align: top">&#160;</TD>
    <TD STYLE="vertical-align: top"><A HREF="#a_013"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Changes in and Disagreements with Accountants on Accounting and Financial Disclosure</FONT></A></TD>
    <TD STYLE="vertical-align: top">&#160;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">80</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&#160;</TD>
    <TD STYLE="vertical-align: bottom">&#160;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Item 9A.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&#160;</TD>
    <TD STYLE="vertical-align: bottom"><A HREF="#a_014"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Controls and Procedures</FONT></A></TD>
    <TD STYLE="vertical-align: bottom">&#160;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">80</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&#160;</TD>
    <TD STYLE="vertical-align: bottom">&#160;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Item 9B.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&#160;</TD>
    <TD STYLE="vertical-align: bottom"><A HREF="#a_015"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Other Information</FONT></A></TD>
    <TD STYLE="vertical-align: bottom">&#160;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">81</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&#160;</TD>
    <TD STYLE="vertical-align: top">&#160;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Item 9C.</FONT></TD>
    <TD STYLE="vertical-align: top">&#160;</TD>
    <TD STYLE="vertical-align: top"><A HREF="#a_016"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><FONT STYLE="text-decoration: underline">Disclosures Regarding Foreign Jurisdictions that Prevent Inspections</FONT></FONT></A></TD>
    <TD STYLE="vertical-align: top">&#160;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">81</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">PART III</FONT></TD>
    <TD STYLE="vertical-align: bottom">&#160;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Item 10.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&#160;</TD>
    <TD STYLE="vertical-align: bottom"><A HREF="#a_017"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Directors, Executive Officers <FONT STYLE="text-decoration: underline">and Corporate Governance</FONT></FONT></A></TD>
    <TD STYLE="vertical-align: bottom">&#160;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">81</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&#160;</TD>
    <TD STYLE="vertical-align: bottom">&#160;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Item 11.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&#160;</TD>
    <TD STYLE="vertical-align: bottom"><A HREF="#a_018"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Executive Compensation</FONT></A></TD>
    <TD STYLE="vertical-align: bottom">&#160;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">84</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&#160;</TD>
    <TD STYLE="vertical-align: top">&#160;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Item 12.</FONT></TD>
    <TD STYLE="vertical-align: top">&#160;</TD>
    <TD STYLE="vertical-align: top"><A HREF="#a_019"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><FONT STYLE="text-decoration: underline">Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters</FONT></FONT></A></TD>
    <TD STYLE="vertical-align: top">&#160;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">87</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&#160;</TD>
    <TD STYLE="vertical-align: top">&#160;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Item 13.</FONT></TD>
    <TD STYLE="vertical-align: top">&#160;</TD>
    <TD STYLE="vertical-align: top"><A HREF="#a_020"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Certain Relationships and Related Transactions, and Director Independence</FONT></A></TD>
    <TD STYLE="vertical-align: top">&#160;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">89</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&#160;</TD>
    <TD STYLE="vertical-align: bottom">&#160;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Item 14.</FONT></TD>
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    <TD STYLE="vertical-align: bottom">&#160;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">90</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">PART IV</FONT></TD>
    <TD STYLE="vertical-align: bottom">&#160;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Item 15.</FONT></TD>
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    <TD STYLE="vertical-align: bottom"><A HREF="#a_022"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Exhibits <FONT STYLE="text-decoration: underline">and Financial Statement Schedules</FONT></FONT></A></TD>
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  </TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

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

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>&#160;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B><FONT ID="a_001"></FONT>ITEM 1. BUSINESS&#9;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>&#160;</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>&#160;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">FONAR Corporation, sometimes referred to as the &#8220;Company&#8221;
or &#8220;FONAR&#8221;, is a Delaware corporation which was incorporated on July 17, 1978. Our address is 110 Marcus Drive, Melville,
New York 11747 and our telephone number is 631-694-2929. FONAR also maintains a website at www.fonar.com. FONAR provides copies of its
filings with the Securities and Exchange Commission on Forms 10-K, 10-Q and 8-K and amendments to these reports to stockholders on request.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We conduct our business in two segments. Our medical
equipment segment is conducted directly through FONAR. Our physician management and diagnostic services segment is conducted through our
subsidiary Health Management Corporation of America (&#8220;HMCA&#8221;). HMCA provides management services, administrative services,
billing and collection services, credentialing services, contract negotiations, compliance consulting, purchasing, IT services, hiring,
conducting interviews and managing personnel, storage of medical records, office space, equipment, repair, maintenance service, and clerical
and other non-medical personnel to medical providers engaged in diagnostic imaging. In addition to acting as a management company, HMCA
owns and operates six diagnostic imaging facilities in Florida, where the corporate practice of medicine is permitted.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">FONAR is engaged in the business of designing, manufacturing,
selling and servicing magnetic resonance imaging scanners, also referred to as &#8220;MRI&#8221; or &#8220;MR&#8221; scanners, which utilize
MRI technology for the detection and diagnosis of human disease, abnormalities, other medical conditions and injuries. FONAR&#8217;s founders
built the first MRI scanner in 1977 and FONAR introduced the first commercial MRI scanner in 1980. FONAR is also the originator of the
iron-core non-superconductive and permanent magnet MRI technology.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">FONAR&#8217;s iron frame technology made FONAR the
originator of &#8220;open&#8221; MRI scanners. We introduced the first &#8220;open&#8221; MRI in 1980. Since that time we have concentrated
on further application of our &#8220;open&#8221; MRI, introducing most recently the Upright&#174; Multi-Position&#8482;&#8221; MRI scanner
(also referred to as the &#8220;Upright&#174;&#8221; or &#8220;Stand-Up&#174;&#8221; MRI scanner) and the FONAR 360&#8482; MRI scanner.
The FONAR 360&#8482; MRI is not presently being marketed.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">See Note 16 to the Consolidated Financial Statements
for separate financial information regarding our medical equipment and physician and diagnostic management services segments.</P>

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;FONAR CORPORATION AND SUBSIDIARIES</P>

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Certain statements made in this Annual Report on Form
10-K are &#8220;forward-looking statements&#8221;, within the meaning of the Private Securities Litigation Reform Act of 1995, regarding
the plans and objectives of Management for future operations. These statements involve known and unknown risks, uncertainties and other
factors that may cause our actual results, performance or achievements to be materially different from any future results, performance
or achievements expressed or implied by such forward-looking statements. These forward-looking statements are based on current expectations
that involve numerous risks and uncertainties. Our plans and objectives are based, in part, on assumptions involving the expansion of
business. These assumptions involve judgments with respect to future economic, competitive and market conditions and future business decisions,
all of which are difficult or impossible to predict accurately and many of which are beyond our control. Although we believe that our
assumptions underlying the forward-looking statements are reasonable, any of the assumptions could prove inaccurate and, therefore, there
can be no assurance that the forward-looking statements included in this Annual Report will prove to be accurate. In light of the significant
uncertainties inherent in our forward-looking statements, the inclusion of such information should not be regarded as a representation
by us or any other person that our objectives and plans will be achieved. These statements are not guarantees of future performance and
undue reliance should not be placed on them.</P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>&#160;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><I><FONT STYLE="text-decoration: underline">PRODUCTS</FONT></I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><I>&#160;</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">The Upright&#174; MRI scanner is our primary product.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Upright&#174; MRI is a &#8220;whole-body&#8221;
MRI, meaning that it can be used to scan virtually any part of the body. The Upright&#174; MRI differs from conventional MRI scanners in
that it is not limited to scanning patients in the recumbent posture. For example, patients can be scanned while sitting, standing, bending,
or lying down.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The fact that the patient space is unobstructed permits
scanning in a variety of postures that cannot be duplicated in conventional MRI scanners. Most conventional MRI scanners in use today
employ solenoidal super-conducting magnets whose magnetic field orientation is along the axis of the patient&#8217;s body, which must
be placed into the bore of the scanner in either a supine or prone posture. Our experience is that when presented with a choice between
being scanned lying down in a tunnel-like enclosure or seated in an open MRI, most patients will choose the latter.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Upright&#174; MRI is also, by design, a non-claustrophobic
MRI scanner. The Upright&#174; MRI employs a dipole magnet whose magnetic field orientation is transverse to the axis of the patient&#8217;s
body. The gap between the poles of the magnet is the space into which the patient is placed. Because the magnetic field direction is horizontal
and transverse to the body, a patient who is scanned seated or standing has an unobstructed view out of the gap of the magnet. In typical
installations, patients watch television while being scanned, without the aid of special glasses with mirrors.</P>

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

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Upright&#174; MRI facilitates patient scanning
in a variety of postures thanks to a unique, three-axis patient handling system. The motorized patient table, or bed, can be rotated to
any angle between 0 (horizontal) and 84 degrees (nearly vertical). Unlike a conventional recumbent MRI patient table, which can only move
into or out of the scanner&#8217;s bore, the Upright&#174; MRI bed can be translated with two degrees of freedom, in/out and up/down. User-friendly
software allows the scanner operator to move the anatomical region of interest precisely to the center of the magnet using a cursor placed
on a localizer image. Anatomically true image orientation is assured, regardless of the rotation angle of the bed, via computer read-back
of the table&#8217;s position. A seat can be hooked onto the bed in a variety of locations, or removed, as needed. Transpolar VersaRests&#8482;
and other devices can be used to keep the patient comfortable and motionless throughout the scanning process.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><I>IMAGE QUALITY AND FIELD STRENGTH</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><I>&#160;</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Most commercially available MRI scanners range in
magnetic field strength from about 0.2 T (Tesla) to 7.0 T, and open MRI scanners range from about 0.2 T to 1.2 T.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Field strength is an important characteristic of MRI
scanners, but not the only one. Higher field strengths generally provide higher signal-to-noise ratios (SNR) on account of the Boltzmann
distribution, but SNR is not the only determinant of image quality. For example, the spin-lattice relaxation time T<SUB>1</SUB> that characterizes
the nuclear magnetic resonance (NMR) signal increases with field strength, decreasing the difference in T<SUB>1</SUB> values between tissues
that is an essential contributor to contrast in images. For example, grey/white matter contrast in the brain falls off rapidly above about
1.0 T, and some studies have shown that optimal tissue contrast occurs in the mid-field region, down to 0.2 T. Imaging bandwidth, receiver
coil design, pulse sequence design, and scan parameters significantly affect image quality. Indeed, researchers and MRI vendors are pushing
the boundaries of MRI technology in both directions, that is, to very low (1 &#8211; 199 mT) and very high (7.0 T and above) field strengths
for a variety of technical and diagnostic reasons. For instance, one advantage of lower field strengths is that image artifacts arising
from metallic implants such as surgical screws diminish as field strength decreases. This is particularly important for surgeons referring
their postoperative patients for diagnostic imaging studies.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Upright&#174; MRI operates at a mid-field strength
of 0.6 T and enjoys wide acceptance in the radiological community. The scanner is diagnostically versatile and equipped with a broad range
of clinically proven imaging protocols that produce images of exceptional quality, and a fully-featured, robust, and user-friendly software
interface.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>DIAGNOSTIC ADVANTAGES OF POSITIONAL MRI</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>&#160;</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Apart from its attractiveness as an open, non-claustrophobic,
general-purpose MRI, the Upright&#174; MRI can deliver diagnostically relevant information that correlates with patient posture.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For example, a variety of injuries to and pathologies
of the spine, such as spondylolisthesis (&#8220;slipped disc&#8221;), may go undetected in the recumbent posture, but manifest themselves
when the patient is scanned in a normal, weight-bearing (&#8220;physiological&#8221;) position, such as seated, or seated in forward flexion,
extension, or standing.</P>

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

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Upright&#174; MRI has demonstrated its value for
patients suffering from scoliosis, who typically undergo regular x-ray exams over a course of years. A study by the National Cancer Institute
(2000) of 5,466 women with scoliosis reported a 70% increase in breast cancer resulting from 24.7 chest x-rays received on average over
the course of their treatment. Prior to the advent of the Upright&#174; MRI, the x-ray machine was the only imaging modality that could
evaluate the condition because the patient must be imaged standing. FONAR has developed an RF receiver coil and a 3D scanning protocol
that for the first time allows scoliosis patients to obtain diagnostic, multi-slice images of their spines while standing, without the
risks associated with radiation, and with the soft-tissue-contrast benefits of MRI over x-ray.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The utility of upright, weight-bearing MRI is not
limited to the spine. For example, approximately one in a thousand people (some 200,000 to 500,000 in the US) have a congenital condition
known as Chiari malformation, an abnormality of the brain at the junction with the spine at the base of the skull. In people with Chiari
malformation, the lowest lying structures of the brain, the tonsils of the cerebellum, descend into and become entrapped by the foramen
magnum, the circular bony opening at the base of the skull where the spinal cord exits. While most of these individuals are asymptomatic,
many suffer from more severe forms of the syndrome (e.g., type II or Arnold-Chiari syndrome), in which brain stem compression results
in severe neurological symptoms. The Chiari syndrome is also called Cerebellar Tonsillar Ectopia (CTE) because of the displacement (ectopia)
of the cerebellar tonsils. Classic symptoms of Chiari syndrome include the &#8220;drop attack,&#8221; in which the afflicted individual
unexpectedly experiences an explosive rush at the base of the brain that runs down the body to the extremities, causing the patient to
collapse in a temporary neuromuscular paralysis. These symptoms subside when the patient is lying down. Conventional lie-down MRI scanners
cannot make an adequate evaluation of the pathology since this pathology is most visible and the symptoms are most acute when the patient
is scanned in the upright, weight-bearing position (Brain Injury 2010, 24 (7-8) 988-994).</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In the body, the Upright&#174; MRI is being utilized
in a variety of ways, for example to image pelvic organ prolapse in the standing posture, inguinal hernias, defecation in the sitting
posture (utilizing cine MRI), and the prostate in the sitting posture (utilizing a flat, multi-channel receiver coil on top of which the
patient simply sits).</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I><FONT STYLE="text-decoration: underline">PRODUCT MARKETING</FONT></I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>&#160;</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">FONAR&#8217;s principal marketing efforts in the medical
equipment segment have been focused on the Upright&#174; MRI, which we believe is a unique product. We expect to focus on the Upright&#174;
MRI going forward.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The principal markets for the Company&#8217;s scanners
are private diagnostic imaging centers and hospital outpatient imaging facilities.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We use internal personnel and independent manufacturer&#8217;s
representatives for domestic and foreign sales.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">FONAR&#8217;s marketing strategy has been designed
to reach key purchasing decision makers with information concerning the Upright&#174; MRI. This has led to many inquiries and some sales
of the Upright&#174; MRI scanner and is intended to increase FONAR&#8217;s presence in the medical equipment market. FONAR focuses primarily
on four target audiences: neurosurgeons, orthopedic surgeons, radiologists, and general physicians.</P>

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

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our advertising for FONAR and HMCA reinforces the
unique value provided by the FONAR Upright&#174; MRI scanner. We have increased internet awareness of our product by driving patient traffic
to the HMCA scanning centers we manage via the FONAR website as well as through websites for each HMCA location. These websites give prospective
customers of Upright&#174; MRI scanners a view of operating Upright&#174; MRI centers and highlight the benefits of using the Upright&#174;
MRI scanner. A complete list of the sites managed by HMCA can be found at HMCA&#8217;s website, www.hmca.com.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I><FONT STYLE="text-decoration: underline">SERVICE AND UPGRADES FOR MRI SCANNERS</FONT></I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>&#160;</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Income is generated from the installed base in two
principal areas, namely, service and upgrades. Service and maintenance revenues from our external installed base were approximately $7.6
million in fiscal 2024 and $7.5 million in fiscal 2023.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We expect to maintain service revenues at present
levels or better, based on the demonstrated longevity of the Upright&#174; MRI scanner and continued customer satisfaction with the product.
Critical to this longevity and customer satisfaction is the stream of software improvements and hardware upgrades that FONAR has delivered
over the years to keep the scanners competitive with the latest technology in the marketplace. We also anticipate that our installed base
of scanners will generate income from upgrades in future fiscal years.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We have engaged with a third-party software vendor,
AIRS Medical USA, Inc., to distribute their SwiftMR<SUP>TM</SUP> to our installed base of customers. We believe that the SwiftMR<SUP>TM
</SUP>product significantly improves the image quality and efficiency of both the Upright&#174; MRI and the outside manufacturer equipment
that is operated by our installed base. Revenues from the sale of SwiftMR<SUP>TM </SUP>are included in the service and maintenance revenues
described above.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We have also formed a new subsidiary, Opus Diagnostic
Management, LLC, which is focused on providing service for MRI scanners sold by other manufacturers. We hope to control the cost of maintaining
and repairing the outside manufacturer equipment operated by HMCA, and eventually expand into providing maintenance and repair services
to third party operators of outside manufacturer equipment. Revenues from Opus are included in the service and maintenance revenues described
above.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I><FONT STYLE="text-decoration: underline">RESEARCH AND DEVELOPMENT</FONT></I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>&#160;</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During the fiscal year ended June 30, 2024, we incurred
expenditures of $1,735,949, none of which were capitalized, on research and development, as compared to $1,567,749, none of which were
capitalized, during the fiscal year ended June 30, 2023.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Research and development activities have focused principally
on software improvements to the user interface of the MRI scanner. The Windows-based Sympulse&#8482; platform controls all of the functions
of the Upright&#174; scanner except those of the versatile, multi-position patient table. Separate, dedicated, motion-control software
is used to maneuver the Upright&#174; bed, and development of this software is ongoing as well.</P>

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

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">While software improvements to the user interface
are important in their own right, significant value is added to the MRI scanner by the modification of existing protocols for examining
various parts of the body, and the development of new protocols that utilize new underlying capabilities of the pulse sequence software.
Over time, FONAR users have become accustomed to the steady improvement in the recommended clinical protocols that accompany new software
releases. More significantly, in recent years we have seen increasing adoption of FONAR-recommended clinical protocols over those developed
on site. This is a testament to the superior image quality they produce in attractively short scan times.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The development of clinically practical scan protocols
and software depends on close contact between research and development scientists and engineers, and end users. That close contact is
facilitated in part by the relationship with HMCA and the scanning centers. In addition to that collaboration, R&amp;D staff have pursued
a variety of novel and Upright&#174; MRI-specific research projects. It is anticipated that these will ultimately lead to new applications
that are made available to existing customers as upgrade add-ons to their machines. For example, phase-contrast imaging techniques originally
developed for angiography have recently been applied to cerebro-spinal fluid (CSF) flow. Analysis of CSF flow in upright and recumbent
postures may prove to be of significant value in the evaluation of a variety of disorders and lead to a better understanding of human
physiology.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I><FONT STYLE="text-decoration: underline">PATENTS AND LICENSES</FONT></I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: red"><B><I>&#160;</I></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We currently have numerous patents in effect which
relate to the technology and components of our MRI scanners. We believe that these patents, and the know-how we have developed, are material
to our business.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our seminal patent, issued in the name of Dr. Damadian
and licensed to FONAR, was United States patent No. 3,789,832, Apparatus and Method for Detecting Cancer in Tissue, also referred to in
this report as the &#8220;1974 Patent&#8221;. The 1974 Patent was the first MRI patent issued by the United States Patent Office. The
development of our MRI scanners has been based upon the 1974 Patent, and we believe that the 1974 Patent was the first of its kind to
utilize MR to scan the human body and to detect cancer. The 1974 Patent was extended beyond its original 17-year term and expired in February,
1992. A number of FONAR&#8217;s existing patents specifically relate to protecting FONAR&#8217;s position in the Upright MRI market. The
patents further enhance Dr. Damadian&#8217;s pioneer patent that initiated the MRI industry and provided the original invention of MRI
scanning.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We maintain a robust patent portfolio that provides
us, under the aegis of United States patent law, &#8220;the exclusive right to make, use and sell&#8221; many of the scanner features
which FONAR pioneered and which are now incorporated in most MRI scanners sold by the industry. As of June 30, 2024, a total of 241 patents
have been issued to FONAR. In fiscal year 2024, we obtained two new patents. One such patent deals with a method of detecting coronary
and/or pulmonary deficiencies using Upright&#174; MRI technology. Another describes a method for quantification of Cerebro-Spinal Fluid
flor anywhere in the cerebro-spinal anatomy. Perhaps most significantly, shortly after the close of fiscal 2024 we obtained approval for
a patent related to the development of our next generation patient positioning system. We have several other matters pending before the
patent office as of this filing.</P>

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

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I><FONT STYLE="text-decoration: underline">PRODUCT COMPETITION</FONT></I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>&#160;</I></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>&#160;</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">FONAR faces competition for MRI product sales from
companies such as Siemens, General Electric, Hitachi, Philips, Canon, and United Imaging. Each of these is primarily focused on the high-field
(1.0 T and above) marketplace, though some have produced open MRI scanners for imaging in the recumbent posture. None of these firms has
so far introduced an open, upright MRI.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In recent years, other companies have introduced MRI
scanners aimed at the upright, weight-bearing MRI market. Their success in the US has so far been limited. We believe that the higher
field strength and larger dimensions of the FONAR Upright&#174; MRI magnet, together with the greater variety of patient positioning possibilities
afforded by the FONAR Upright&#174; MRI bed, give us a competitive advantage over the products introduced by these companies.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Most of our competitors have marketing and financial
resources more substantial than those available to us. They have in the past, and may in the future, heavily discount the sales price
of their scanners.</P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>&#160;</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">FONAR&#8217;s MRI scanners also compete with other
diagnostic imaging systems, all of which are based upon the ability of some form of energetic wave to penetrate human tissue and be detected
by either photographic film or electronic devices for presentation on a display monitor. Three different kinds of energy waves &#8211;
x-ray, gamma, and sound &#8211; are used in medical imaging techniques that compete with MRI, the first two of which involve exposing
the patient to potentially harmful radiation. These other imaging modalities compete with MRI products on the basis of cost, space requirements,
and specific clinical applications.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">X-rays are the most common energy source used in imaging
the body and are employed in three imaging modalities: conventional x-ray systems, computerized tomography (CT), and digital radiography.
None of these enjoy the exquisite soft-tissue contrast of MRI, but they do offer high resolution imaging in certain applications and high
speed of image acquisition.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Nuclear medicine systems, which are based upon the
detection of photons (gamma radiation) generated by radioactive pharmaceuticals introduced into the body, are used to provide information
concerning soft tissue and internal body organs and particularly to examine organ function over time.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Ultrasound systems emit, detect, and process high
frequency sound waves reflected from organ boundaries and tissue interfaces to generate images of soft tissue and internal body organs.
Although the images are substantially less detailed than those obtainable with x-rays or MRI, ultrasound is generally considered harmless
and therefore has found applications in imaging the pregnant uterus and the breast, to name two.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">X-ray (including CT), nuclear medicine, and ultrasound
compete with the MRI scanners by offering significantly lower price and space requirements. However, history has shown that the superior
tissue contrast characteristics of MRI have secured its place as the diagnostic imaging modality of choice for a wide variety of pathologies.</P>

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

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I><FONT STYLE="text-decoration: underline">GOVERNMENT REGULATION</FONT></I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>&#160;</I></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>&#160;</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Food and Drug Administration in accordance with
Title 21 of the Code of Federal Regulations regulates the manufacturing and marketing of FONAR&#8217;s MRI scanners. The regulations can
be classified as either pre-market or post-market. The pre-market requirements include obtaining marketing clearance, proper device labeling,
establishment registration and device listing. Once the products are on the market, FONAR must comply with post-market surveillance controls.
These requirements include the Quality Systems Regulation, or &#8220;QSR&#8221;, also known as Current Good Manufacturing Practices or
CGMPs, and Medical Device Reporting, also referred to as MDR regulations. The QSR is a quality assurance requirement that covers the design,
packaging, labeling and manufacturing of a medical device. The MDR regulation is an adverse event-reporting program.</P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>&#160;</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Under the Medical Device Amendments of 1976 to the
Federal Food, Drug and Cosmetic Act, all medical devices are classified by the FDA into one of three classes. A Class I device is subject
only to general controls, such as labeling requirements and manufacturing practices; a Class II device must comply with certain performance
standards established by the FDA; and a Class III device must obtain pre-market approval from the FDA prior to commercial marketing. FONAR&#8217;s
products are Class II devices. Class II devices are subject to &#8220;General Controls&#8221;; General Controls include:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt">1.</TD><TD STYLE="text-align: justify">Establishment registration of companies which are required to register under 21 CFR Part 807.20, such
as manufacturers, distributors, re-packagers and re-labelers.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 18pt; text-align: justify; text-indent: -18pt">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt">2.</TD><TD STYLE="text-align: justify">Medical device listing with FDA of devices to be marketed.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 18pt; text-align: justify; text-indent: -18pt">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt">3.</TD><TD STYLE="text-align: justify">Manufacturing devices in accordance with the Current Good Manufacturing Practices Quality System Regulation
in 21 CFR Part 820.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 18pt; text-align: justify; text-indent: -18pt">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt">4.</TD><TD STYLE="text-align: justify">Labeling devices in accordance with labeling regulations in 21 CFR Part 801 or 809.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 18pt; text-align: justify; text-indent: -18pt">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt">5.</TD><TD STYLE="text-align: justify">Submission of a Premarket Notification, pursuant to 510(k), before marketing a device.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 18pt; text-align: justify; text-indent: -18pt">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In addition to complying with general controls, Class
II devices are also subject to special controls. Special controls may include special labeling requirements, guidance documents, mandatory
performance standards and post-market surveillance.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On October 3, 2000 FONAR received FDA clearance for
the Upright&#174; MRI under the name &#8220;Indomitable&#8221;.</P>

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

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

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

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

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>&#160;</I></P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Each person who wants to market Class I, II and some
III devices intended for human use in the U.S. must submit a 510(k) to FDA at least 90 days before marketing unless the device is exempt
from 510(k) requirements. A 510(k) is a pre-marketing submission made to FDA to demonstrate that the device to be marketed is as safe
and effective, that is, substantially equivalent, SE, to a legally marketed device that is not subject to pre-market approval, PMA. Applicants
must compare their 510(k) device to one or more similar devices currently on the U.S. market and make and support their substantial equivalency
claims.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The FDA is committed to a 90-day clearance after submission
of a 510(k), provided the 510(k) is complete and there is no need to submit additional information or data.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The 510(k) is essentially a brief statement and description
of the product. As FONAR&#8217;s scanner products are Class II products, there are no pre-market data requirements.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">An investigational device exemption, also referred
to as IDE, allows the investigational device to be used in a clinical study pending FDA clearance in order to collect safety and effectiveness
data required to support the Premarket Approval, also referred to as PMA, application or a Premarket Notification pursuant to 510(k),
submission to the FDA. Clinical studies are most often conducted to support a PMA.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For the most part, however, we have not found it necessary
to utilize IDE&#8217;s. The standard 90 day clearance for our new MRI scanner products classified as Class II products makes the IDE unnecessary,
particularly in view of the time and effort involved in compiling the information necessary to support an IDE.</P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>&#160;</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Quality Management System is applicable to the
design, manufacture, administration of installation and servicing of magnetic resonance imaging scanner systems. The FDA has authority
to conduct detailed inspections of manufacturing plants, to establish Good Manufacturing Practices which must be followed in the manufacture
of medical devices, to require periodic reporting of product defects and to prohibit the exportation of medical devices that do not comply
with the law.</P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>&#160;</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Manufacturers must report all MDR reportable events
to the FDA. Each manufacturer must review and evaluate all complaints to determine whether the complaint represents an event which is
required to be reported to FDA. Section 820.3(b) of the Quality Systems regulation defines a complaint as, &#8220;any written, electronic
or oral communication that alleges deficiencies related to the identity, quality, durability, reliability, safety, effectiveness, or performance
of a device after it is released for distribution.&#8221;</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">A report is required when a manufacturer becomes aware
of information that reasonably suggests that one of their marketed devices has or may have caused or contributed to a death, serious injury,
or has malfunctioned and that the device or a similar device marketed by the manufacturer would be likely to cause or contribute to a
death or serious injury if the malfunction were to recur.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Malfunctions are not reportable if they are not likely
to result in a death, serious injury or other significant adverse event experience.</P>

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

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">A malfunction which is or can be corrected during
routine service or device maintenance still must be reported if the recurrence of the malfunction is likely to cause or contribute to
a death or serious injury if it were to recur.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We have established and maintained written procedures
for implementation of the MDR regulation. These procedures include internal systems that:</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">provide for timely and effective identification,
communication and evaluation of adverse events;</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">provide a standardized review process and procedures
for determining whether or not an event is reportable; and</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">provide procedures to insure the timely transmission
of complete reports.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">These procedures also include documentation and record
keeping requirements for information that was evaluated to determine if an event was reportable;</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">all medical device reports and information submitted
to the FDA;</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">any information that was evaluated during preparation
of annual certification reports; and</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">systems that ensure access to information that facilitates
timely follow up and inspection by the FDA.</P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>&#160;</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">FDA may take the following actions to enforce the
MDR regulation:</P>

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Recalls are regulatory actions that remove a hazardous,
potentially hazardous, or a misbranded product from the marketplace. Recalls are also used to convey additional information to the user
concerning the safe use of the product. Either FDA or the manufacturer can initiate recalls.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">There are three classifications, i.e., I, II, or III,
assigned by the Food and Drug Administration to a particular product recall to indicate the relative degree of health hazard presented
by the product being recalled.</P>

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Is a situation in which there is a reasonable probability
that the use of, or exposure to, a violative product will cause serious adverse health consequences or death.</P>

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

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

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

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Is a situation in which use of, or exposure to, a
violative product may cause temporary or medically reversible adverse health consequences or where the probability of serious adverse
health consequences is remote.&#8195;</P>

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Is a situation in which use of, or exposure to, a
violative product is not likely to cause adverse health consequences.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">FONAR has initiated six voluntary recalls which occurred
between 1987 and 2016. Five of the recalls were Class II and one was Class III. The recalls involved making minor corrections to the product
in the field. Frequently, corrections which are made at the site of the device are called field corrections as opposed to recalls.</P>

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The FDA, after an appropriate hearing, may impose
civil money penalties for violations of the FD&amp;C Act that relate to medical devices. In determining the amount of a civil penalty,
FDA will take into account the nature, circumstances, extent, and gravity of the violations, the violator&#8217;s ability to pay, the
effect on the violator&#8217;s ability to continue to do business, and any history of prior violations.</P>

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">FDA issues written communications to a firm, indicating
that the firm may incur more severe sanctions if the violations described in the letter are not corrected. Warning letters are issued
to cause prompt correction of violations that pose a hazard to health or that involve economic deception. The FDA generally issues the
letters before pursuing more severe sanctions.</P>

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">A seizure is a civil court action against a specific
quantity of goods which enables the FDA to remove these goods from commercial channels. After seizure, no one may tamper with the goods
except by permission of the court. The court usually gives the owner or claimant of the seized merchandise approximately 30 days to decide
a course of action. If they take no action, the court will recommend disposal of the goods. If the owner decides to contest the government&#8217;s
charges, the court will schedule the case for trial. A third option allows the owner of the goods to request permission of the court to
bring the goods into compliance with the law. The owner of the goods is required to provide a bond or, security deposit, to assure that
they will perform the orders of the court, and the owner must pay for FDA supervision of any activities by the company to bring the goods
into compliance.</P>

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">A citation is a formal warning to a firm of intent
to prosecute the firm if violations of the FD&amp;C Act are not corrected. It provides the firm an opportunity to convince FDA not to
prosecute.</P>

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

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

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

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">An injunction is a civil action filed by FDA against
an individual or company. Usually, FDA files an injunction to stop a company from continuing to manufacture, package or distribute products
that are in violation of the law.</P>

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Prosecution is a criminal action filed by FDA against
a company or individual charging violation of the law for past practices.</P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>&#160;</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We obtain approvals as necessary in connection with
the sales of our products in foreign countries. In some cases, FDA approval has been sufficient for foreign sales as well. Our standard
practice has been to require either the distributor or the customer to obtain any such foreign approvals or licenses which may be required.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Legally marketed devices that comply with the requirements
of the Food Drug &amp; Cosmetic Act require a Certificate to Foreign Government issued by the FDA for export. Other devices that do not
meet the requirements of the FD&amp;C Act but comply with the laws of a foreign government require a Certificate of Exportability issued
by the FDA. All products which we sell have FDA clearance and would fall into the first category.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Foreign governments have differing requirements concerning
the import of medical devices into their respective jurisdictions. The European Union&#8217;s new medical device regulation, EU 2017/745
went into effect on May 25, 2021, and contains significant changes from the prior European regulatory scheme. We have applied to the Notified
Body, TUV-SUD, to perform a Conformity Assessment of our technical documentation and our Quality Management System.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Other countries require that their own testing laboratories
perform an evaluation of our devices. This requires that we must bring the foreign agency&#8217;s personnel to the USA to perform the
evaluation at our expense before exporting.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Some countries, including many in Latin America and
Africa, have very few regulatory requirements, beyond FDA clearance.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">To date, FONAR has been able to comply with all foreign
regulatory requirements applicable to its export sales.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I><FONT STYLE="text-decoration: underline">PHYSICIAN AND DIAGNOSTIC SERVICES MANAGEMENT
BUSINESS</FONT></I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>&#160;</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Health Diagnostics Management, LLC (HDM) is owned
by Health Management Corporation of America (70.8%) and investors (29.2%). Health Management Corporation of America is owned 100% by FONAR
Corporation.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">HDM operates under the assumed name &#8220;Health
Management Company of America&#8221; (&#8220;HMCA&#8221;).</P>

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

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The combined business (HDM and Health Management Corporation
of America) will be referred to as &#8220;HMCA&#8221; for all periods before and after July 1, 2015, unless otherwise indicated.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">HMCA provides comprehensive non-medical management
services to diagnostic imaging facilities. These services include administrative services, billing and collection services, credentialing
services, contract negotiations, compliance consulting, purchasing IT services, hiring, conducting interviews, training, supervision and
management of non-medical personnel, storage of medical records, office space, equipment, repair maintenance services, accounting, assistance
with legal and regulatory matters, and the development and implementation of practice growth and marketing strategies.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of June 30, 2024, HMCA managed a total of 42 MRI
scanners of which twenty-five (25) scanners are located in New York and seventeen (17) scanners are located in Florida. For the 2024 fiscal
year, the revenues HMCA recognized from the MRI facilities has increased to $94.6 million from $90.4 million in fiscal 2023. Six of the
facilities in Florida are owned by HMCA subsidiaries, where the corporate practice of medicine is permitted.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We believe the utilization of FONAR Upright&#174; MRI
scanning systems, which are produced under the protection of our patents, accounts for the historically robust patient volume at the scanning
facilities. During fiscal 2024, a new stand-alone facility was opened in the Bronx, New York. During fiscal 2023, two scanners were installed
in Casselberry, Florida. During fiscal year 2025, we intend to install two additional high field magnets in Naples, Florida and Lynbrook,
New York, to supplement the existing FONAR Upright&#174; MRI scanning systems at those facilities.</P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>&#160;</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">HMCA&#8217;s growth strategy focuses on upgrading
and expanding the existing facilities it manages and expanding the number of facilities it either owns or manages for its clients, including
new sites. In connection with improving the performance of the facilities, we have added high field MRI scanners, extremity scanners and
x-ray machines to the Upright&#174; MRI scanners at certain of the sites where such additional diagnostic imaging modalities are expected
to produce the greatest return.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>PHYSICIAN AND DIAGNOSTIC MANAGEMENT SERVICES</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>&#160;</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">HMCA&#8217;s services to the facilities it manages
encompass substantially all of their business operations. Each facility is controlled, however, not by HMCA, but by the physician owner,
or in the case of the six Florida sites owned by HMCA subsidiaries, by the medical director. All medical services are performed by physicians
and other medical personnel under the physician-owner&#8217;s supervision. HMCA is the management company and performs services of a non-medical
nature. These services include:</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">1. Offices and Equipment. HMCA identifies, negotiates
leases for and/or provides office space and equipment to its clients. This includes technologically sophisticated medical equipment. HMCA
also provides improvements to leaseholds, assistance in site selection and advice on improving, updating, expanding and adapting to new
technology.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">2. Personnel. HMCA staffs all the non-medical positions
of its clients with its own employees, eliminating the client&#8217;s need to interview, train and manage non-medical employees. HMCA
processes the necessary tax, insurance and other documentation relating to employees.</P>

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

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">3. Administrative. HMCA assists in the scheduling
of patient appointments, purchasing of office and medical supplies and equipment and handling of reporting, accounting, processing and
filing systems. It prepares and files the physician portions of complex applications to enable its clients to participate in managed care
programs and to qualify for insurance reimbursement. HMCA assists the clients to implement programs and procedures to ensure full and
timely regulatory compliance and appropriate cost reimbursement under no-fault insurance and Workers&#8217; Compensation guidelines, as
well as compliance with other applicable governmental requirements and regulations, including HIPAA and other privacy requirements.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;4. Billing and Collections. HMCA is responsible
for the billing and collection of revenues from third-party payors including those governed by No-Fault and Workers&#8217; Compensation
statutes.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">5. Cost Saving Programs. Based on available volume
discounts, HMCA seeks to assist in obtaining favorable pricing for office and medical supplies, equipment, contrast agents, and other
inventory for its clients.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">6. Diagnostic Imaging and Ancillary Services. HMCA
can offer access to diagnostic imaging equipment through diagnostic imaging facilities it manages. The Company is expanding the ancillary
services offered in its network to include x-rays, and other MRI equipment such as high-field (1.5 or 3.0 Tesla magnet strength) MRI scanners
and extremity MRI scanners.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">7. Marketing Strategies. HMCA is responsible for developing
and proposing marketing plans for its clients.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">8. Expansion Plans. HMCA assists the clients in developing
expansion plans including the opening of new or replacement facilities where appropriate.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">HMCA&#8217;s objective is to free physicians from
as many non-medical duties as is practicable, allowing physicians to spend less time on business and administrative matters and more time
practicing medicine.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The exceptions to this general model of operation
are six of the facilities located in Florida. These Florida facilities are owned by limited liability companies which, as our subsidiaries,
conduct their operations directly and bill and collect their fees from the patients and third-party payors.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The facilities enter into contracts with third-party
payors, including managed care companies. None of HMCA&#8217;s clients, however, participate in any capitated plans or other risk sharing
arrangements. Capitated plans are those HMO programs where the provider is paid a flat monthly fee per patient.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The management fees payable by the facilities to
HMCA are flat monthly fees. In fiscal 2024, the aggregate amount of active management fees was $4,960,733 per month. In fiscal 2023,
the aggregate amount of active management fees was $4,860,732 per month.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Fees under the management agreements are subject to
adjustment by mutual agreement on an annual basis.</P>

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

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Timothy Damadian currently owns three HMCA-managed
MRI facilities in Florida. The facilities were owned by Dr. Damadian until his passing in August of 2022. The fees for these three sites
are flat monthly fees which are subject to adjustment by mutual agreement on an annual basis. In fiscal 2024 and fiscal 2023, the aggregate
monthly amount of management fees payable to HMCA by these sites was $995,825.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The six Florida facilities owned by HMCA
subsidiaries directly bill their patients or the patients&#8217; insurance carriers. Patient fees net of contractual allowances and
discounts were $33,815,796 in fiscal 2024 as compared to $29,793,993 in fiscal 2023.</P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>&#160;</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">HMCA&#8217;s marketing strategy is to expand the business
and improve the facilities which it manages. HMCA is seeking to increase the number of locations of those facilities where market conditions
are promising and to promote growth of our clients&#8217; and Florida subsidiaries&#8217; patient volume and revenue.</P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>&#160;</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Diagnostic imaging facilities managed by HMCA provide
diagnostic imaging services to patients referred by physicians. The facilities are operated in a manner which eliminates the admission
and other administrative inconveniences of in-hospital diagnostic imaging services. Imaging services are performed in an outpatient setting
by trained medical technologists under the direction of physicians. Following diagnostic procedures, the images are reviewed by the interpreting
physicians who prepare reports of these tests and their findings. The vast majority of reports for the New York facilities are transcribed
by HMCA personnel and the remainder are outsourced to professional transcription services. Reports for the Florida facilities are outsourced
to professional transcription services.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">HMCA develops marketing programs and educational programs
in an effort to establish and maintain referring physician relationships for our clients and Florida subsidiaries.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Managed care providers are an important factor in
the diagnostic imaging industry. To further its position, HMCA is seeking to expand the imaging modalities offered at its managed and
owned diagnostic imaging facilities. Four facilities in New York and eight facilities in Florida have two or more MRI scanners. One facility
in New York and two in Florida also perform X-rays.</P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>&#160;</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">HMCA&#8217;s clients receive reimbursements for their
services through Medicare, Medicaid, managed care, private commercial insurance, third-party administrators, Workers&#8217; Compensation,
No-Fault and other insurance.</P>

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

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

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

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Medicare program provides reimbursement for hospitalization,
physician, diagnostic and certain other services to eligible persons 65 years of age and over and certain other individuals. Providers
are paid by the federal government in accordance with regulations promulgated by the Department of Health and Human Services, HSS, and
generally accept the payment with nominal deductible and co-insurance amounts required to be paid by the service recipient, as payment
in full. Hospital inpatient services are reimbursed under a prospective payment system. Hospitals receive a specific prospective payment
for inpatient treatment services based upon the diagnosis of the patient.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Under Medicare&#8217;s prospective payment system
for hospital outpatient services, or OPPS, a hospital is paid for outpatient services on a rate per service basis that varies according
to the ambulatory payment classification group, or APC, to which the service is assigned rather than on a hospital&#8217;s costs. Each
year the Centers for Medicare and Medicaid Services, or CMS, publishes new APC rates that are determined in accordance with the promulgated
methodology.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Services provided in non-hospital based freestanding
facilities are paid under the Medicare Physician Fee Schedule, or MPFS. All of HMCA&#8217;s clients are presently in this category. The
MPFS is updated on an annual basis and sometimes modified more frequently.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We have experienced reimbursement reductions for radiology
services provided to Medicare beneficiaries. In calendar year 2024, changes to the MPFS included a reduction in the conversion factor.
For our fiscal year ended June 30, 2024, Medicare revenues represented approximately 2.7% of the revenues for HMCA&#8217;s clients and
subsidiaries as compared to 2.9% for the fiscal year ended June 30, 2023.</P>

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Medicaid program is a jointly-funded federal and
state program providing coverage for low-income persons. In addition to federally-mandated basic services, the services offered and reimbursement
methods vary from state to state. In many states, Medicaid reimbursement is patterned after the Medicare program; however, an increasing
number of states have established or are establishing payment methodologies intended to provide healthcare services to Medicaid patients
through managed care arrangements. In fiscal 2024, approximately 0.06% of the revenues of HMCA&#8217;s clients were attributable to Medicaid,
as compared to 0.05% in fiscal 2023.</P>

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Health Maintenance Organizations, or HMO&#8217;s,
Preferred Provider Organizations, or PPOs, and other managed care organizations attempt to control the cost of healthcare services by
a variety of measures, including imposing lower payment rates, preauthorization requirements, limiting services and mandating less costly
treatment alternatives. Managed care contracting is competitive and reimbursement schedules in many cases can be at or below Medicare
reimbursement levels. Some managed care organizations have reduced or otherwise limited, and other managed care organizations may reduce
or otherwise limit, reimbursement in response to reductions in government reimbursement. These reductions could have an adverse impact
on our financial condition and results of operations. These reductions have been, and any future reductions may be, similar to the reimbursement
reductions previously proposed.</P>

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

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

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>&#160;</I></P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: left"><I><FONT STYLE="text-decoration: underline">HMCA COMPETITION</FONT></I></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The physician and diagnostic management services field
is highly competitive. A number of large hospitals have acquired medical practices and this trend may continue. HMCA expects that more
competition will develop. Many competitors have greater financial and other resources than HMCA.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">With respect to the diagnostic imaging facilities
managed by HMCA, the outpatient diagnostic imaging industry is highly competitive. Competition focuses primarily on attracting physician
referrals at the local market level and increasing referrals through relationships with managed care organizations, as well as emphasizing
to potential referral sources the advantages of Upright&#174; MRI scanning. HMCA believes that principal competitors for the diagnostic
imaging centers are hospitals and independent or management company-owned imaging centers. Competitive factors include quality and timeliness
of test results, ability to develop and maintain relationships with managed care organizations and referring physicians, type and quality
of equipment, facility location, convenience of scheduling and availability of patient appointment times. HMCA believes that it will be
able to effectively meet the competition in the outpatient diagnostic imaging industry with the FONAR Upright&#174; MRI scanners and strategically
placed high field MRI scanners at its facilities.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I><FONT STYLE="text-decoration: underline">GOVERNMENT REGULATION APPLICABLE TO HMCA</FONT></I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>&#160;</I></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>&#160;</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The healthcare industry is highly regulated and changes
in laws and regulations can be significant. Changes in the law or new interpretation of existing laws can have a material effect on our
permissible activities, the relative costs associated with doing business and the amount of reimbursement by government and other third-party
payors.</P>

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The federal False Claims Act and, in particular, the
False Claims Act&#8217;s &#8220;qui tam&#8221; or &#8220;whistleblower&#8221; provisions allow a private individual to bring actions in
the name of the government alleging that a defendant has made false claims for payment from federal funds. After the individual has initiated
the lawsuit the government must decide whether to intervene in the lawsuit and to become the primary prosecutor. If the government declines
to join the lawsuit, the individual may choose to pursue the case alone, although the government must be kept apprised of the progress
of the lawsuit, and may intervene later. Whether or not the federal government intervenes in the case, it will receive the majority of
any recovery.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">When an entity is determined to have violated the
federal False Claims Act, it must pay three times the actual damages sustained by the government, plus mandatory civil penalties for each
separate false claim and the government&#8217;s attorneys&#8217; fees. Liability arises when an entity knowingly submits, or causes someone
else to submit, a false claim for reimbursement to the federal government. The False Claims Act defines the term &#8220;knowingly&#8221;
broadly, though simple negligence will not give rise to liability under the False Claims Act. Examples of the other actions which may
lead to liability under the False Claims Act are set forth below:</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">Failure to comply with the many technical
billing requirements applicable to our Medicare and Medicaid business;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">&#160;</P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">Failure to comply with the prohibition against
billing for services ordered or supervised by a physician who is excluded from any federal healthcare program, or the prohibition against
employing or contracting with any person or entity excluded from any federal healthcare program;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">Failure to comply with the Medicare physician
supervision requirements for the services we provide, or the Medicare documentation requirements concerning physician supervision.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fraud Enforcement and Recovery Act of 2009 expanded
the scope of the False Claims Act by, among other things, broadening protections for whistleblowers and creating liability for knowingly
retaining a government overpayment, acting in deliberate ignorance of a government overpayment or acting in reckless disregard of a government
overpayment. The healthcare reform bills in the form of the Patient Protection and Affordable Care Act, as amended by the Health Care
and Education Reconciliation Act of 2010 (collectively, &#8220;PPACA&#8221;) expanded on changes made by the 2009 Fraud Enforcement and
Recovery Act with regard to such &#8220;reverse false claims.&#8221; Under PPACA, the knowing failure to report and return an overpayment
within 60 days of identifying the overpayment or by the date a corresponding cost report is due, whichever is later, constitutes a violation
of the False Claims Act. HMCA and its clients have never been sued under the False Claims Act and believe they are in compliance with
the law.</P>

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Under the federal Self-Referral Law, also referred
to as the &#8220;Stark Law&#8221;, which is applicable to Medicare and Medicaid patients, and the self-referral laws of various States,
certain health practitioners, including physicians, chiropractors and podiatrists, are prohibited from referring their patients for the
provision of designated health services, including diagnostic imaging and physical therapy services, to any entity with which they or
their immediate family members have a financial relationship, unless the referral fits within one of the specific exceptions in the statutes
or regulations. The federal government has taken the position that a violation of the federal Stark Law is also a violation of the Federal
False Claims Act. Statutory exceptions under the Stark Law include, among others, direct physician services, in-office ancillary services
rendered within a group practice, space and equipment rental and services rendered to enrollees of certain prepaid health plans. Some
of these exceptions are also available under the State self-referral laws. HMCA believes that it and its clients are in compliance with
these laws.</P>

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We are subject to federal and state laws which govern
financial and other arrangements between healthcare providers. These include the federal anti-kickback statute which, among other things,
prohibits the knowing and willful solicitation, offer, payment or receipt of any remuneration, direct or indirect, in cash or in kind,
in return for or to induce the referral of patients for items or services covered by Medicare, Medicaid and certain other governmental
health programs. Under PPACA, knowledge of the anti-kickback statute or the specific intent to violate the law is not required. Violation
of the anti-kickback statute may result in civil or criminal penalties and exclusion from the Medicare, Medicaid and other federal healthcare
programs, and according to PPACA, now provides a basis for liability under the False Claims Act. In addition, it is possible that private
parties may file &#8220;qui tam&#8221; actions based on claims resulting from relationships that violate the anti-kickback statute, seeking
significant financial rewards. Many states have enacted similar statutes, which are not limited to items and services paid for under Medicare
or a federally funded healthcare program. Neither HMCA nor its clients engage in this practice.</P>

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

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In fiscal 2024, approximately 2.7% of the revenues
of HMCA&#8217;s clients were attributable to Medicare and 0.06% were attributable to Medicaid. In fiscal 2023, approximately 2.9% of the
revenues of HMCA&#8217;s clients were attributable to Medicare and 0.05% were attributable to Medicaid.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Health Insurance Portability and Accountability Act</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Congress enacted the Health Insurance Portability
and Accountability Act of 1996, or HIPAA, in part, to combat healthcare fraud and to protect the privacy and security of patients&#8217;
individually identifiable healthcare information. HIPAA, among other things, amends existing crimes and criminal penalties for Medicare
fraud and enacts new federal healthcare fraud crimes, including actions affecting non-governmental healthcare benefit programs by means
of false or fraudulent representations in connection with the delivery of healthcare services is subject to a fine or imprisonment, or
potentially both. In addition, HIPAA authorizes the imposition of civil money penalties against entities that employ or enter into contracts
with excluded Medicare or Medicaid program participants if such entities provide services to federal health program beneficiaries. A finding
of liability under HIPAA could have a material adverse effect on our business, financial condition and results of operations.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Further, HIPAA requires healthcare providers and their
business associates to maintain the privacy and security of individually identifiable protected health information (&#8220;PHI&#8221;).
HIPAA imposes federal standards for electronic transactions, for the security of electronic health information and for protecting the
privacy of PHI. The Health Information Technology for Economic and Clinical Health Act of 2009 (&#8220;HITECH&#8221;), signed into law
on February 17, 2009, dramatically expanded, among other things, (1) the scope of HIPAA to now apply directly to &#8220;business associates,&#8221;
or independent contractors who receive or obtain PHI in connection with providing a service to a covered entity, (2) substantive security
and privacy obligations, including new federal security breach notification requirements to affected individuals, DHHS and prominent media
outlets, of certain breaches of unsecured PHI, (3) restrictions on marketing communications and a prohibition on covered entities or business
associates from receiving remuneration in exchange for PHI, and (4) the civil and criminal penalties that may be imposed for HIPAA violations,
increasing the annual cap in penalties from $25,000 to $1.5 million per occurrence. In 2013 additional legal requirements were adopted
to provide further protection for PHI.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In addition, many states have enacted comparable privacy
and security statues or regulations that, in some cases, are most stringent than HIPAA requirements. In those cases it may be necessary
to modify our operations and procedures to comply with the more stringent state laws, which may entail significant and costly changes
for us. We believe that we are in compliance with such state laws and regulations. However, if we fail to comply with applicable state
laws and regulations, we could be subject to sanctions.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We believe that we are in compliance with the current
HIPAA requirements, as amended by HITECH, together with other legislation and regulations, and comparable state laws, but we anticipate
that we may encounter certain costs associated with future compliance. Moreover, we cannot guarantee that enforcement agencies or courts
will not make interpretations of the HIPAA standards that are inconsistent with ours, or the interpretations of our contracted radiology
practices or their affiliated physicians. A finding of liability under the HIPAA standards may result in significant criminal and civil
penalties. Noncompliance also may result in exclusion from participation in government programs, including Medicare and Medicaid. These
actions could have a material adverse effect on our business, financial condition, and results of operations.</P>

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

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Civil Money Penalty Law and Other Federal Statutes</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Civil Money Penalty, or CMP, law covers a variety
of practices. It provides a means of administrative enforcement of the anti-kickback statute, and prohibits false claims, claims for medically
unnecessary services, violations of Medicare participating provider or assignment agreements and other practices. The statute gives the
Office of Inspector General of the HHS the power to seek substantial civil fines, exclusion and other sanctions against providers or others
who violate the CMP prohibitions.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In addition, in 1996, Congress created a new federal
crime: healthcare fraud and false statements relating to healthcare matters. The healthcare fraud statute prohibits knowingly and willfully
executing a scheme to defraud any healthcare benefit program, including private payors. A violation of this statute is a felony and may
result in fines, imprisonment or exclusion from government sponsored programs such as the Medicare and Medicaid programs.</P>

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Some states require hospitals and certain other healthcare
facilities and providers to obtain a certificate of need, or CON, or similar regulatory approval prior to establishing certain healthcare
operations or services, incurring certain capital projects and/or the acquisition of major medical equipment including MRI and PET/CT
systems. We are not operating in any such states.</P>

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In addition to the federal self-referral law and federal
Anti-kickback statute, many States, including those in which HMCA and its clients operate, have their own versions of self-referral and
anti-kickback laws. These laws are not limited in their applicability, as are the federal laws, to specific programs. HMCA believes that
it and its clients are in compliance with these laws.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Various States prohibit business corporations from
practicing medicine. Various States, including New York, also prohibit the sharing of professional fees or fee splitting. Consequently,
in New York HMCA leases space and equipment to clients and provides clients with a range of non-medical administrative and managerial
services for agreed upon fees. Under Florida law a business entity can bill patients and third-party payors directly if that entity is
properly licensed through AHCA. All of the nine facilities in Florida are licensed healthcare clinics through AHCA.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">HMCA&#8217;s clients and subsidiaries generate revenue
from patients covered by no-fault insurance and workers&#8217; compensation programs. For the fiscal year ended June 30, 2024 approximately
58.0% of our clients&#8217; receipts were from patients covered by no-fault insurance and approximately 8.8% of our client&#8217;s receipts
were from patients covered by workers&#8217; compensation programs. For the fiscal year ended June 30, 2023, approximately 58.4% of HMCA&#8217;s
clients&#8217; receipts were from patients covered by no-fault insurance and approximately 8.6% of HMCA&#8217;s clients&#8217; receipts
were from patients covered by workers&#8217; compensation programs. The foregoing numbers do not include payments from third-party administrators.
In the event that changes in these laws alter the fee structures or methods of providing service, or impose additional or different requirements,
HMCA could be required to modify its business practices and services in ways that could be more costly to HMCA or in ways that decrease
the revenues which HMCA receives from its clients.</P>

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

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

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

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We maintain a program to monitor compliance with federal
and state laws and regulations applicable to the healthcare entities. The compliance program includes the adoption of (i) Standards of
Conduct for our employees and affiliates and (ii) a process that specifies how employees, affiliates and others may report regulatory
or ethical concerns. We believe that our compliance program meets the relevant standards provided by the Office of Inspector General of
the Department of Health and Human Services.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">An important part of our compliance program consists
of conducting periodic audits of various aspects of our operations and that of the contracted radiology practices. We also assist our
clients with educational programs designed to familiarize them with the regulatory requirements and specific elements of our compliance
program.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">HMCA believes that it and its clients are in compliance
with applicable Federal, State and local laws. HMCA does not believe that such laws will have any adverse material effect on its business.</P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>&#160;</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">FONAR and HMCA had approximately 520 employees as
of September 12, 2024. This total number included employees engaged in production, customer support, research and development, information
technology, employees engaged in marketing and sales, billing and collection, legal and compliance matters, as well as transcriptionists,
Florida technologists, field service technicians and individuals in various administrative positions. A significant number of employees
were employed at the MRI facilities managed or owned by HMCA, primarily in administrative positions.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><FONT ID="a_002"></FONT>ITEM 1A. RISK FACTORS</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&#160;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">An investment in our securities is subject to various
risks, the most significant of which are summarized below.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt">1.</TD><TD STYLE="text-align: justify">Reduced Reimbursement Rates. Most of our revenues are derived from our scanning center business conducted
by HMCA. Our scanning center clients and the Florida facilities owned by HMCA are experiencing lower reimbursement rates from Medicare,
other government programs and private insurance companies. To the extent possible, we counter these reductions by increasing scanning
volume and controlling operating expenses. Inflation in the cost of both materials and labor have limited our ability to control our costs,
negatively impacting our ability to maintain profitability in this business segment.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -36pt">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt">2.</TD><TD STYLE="text-align: justify">Inflation and Increasing Interest Rates. Inflation has drastically increased our costs for both materials
and labor. The Federal Reserve has increased interest rates substantially in an attempt to control inflation, which in turn has increased
the cost of capital. Diagnostic imaging facilities require significant amounts of capital to operate, particularly in the context of opening
new diagnostic imaging centers. These increased costs make it more difficult to achieve organic growth and extend the time that a new
center takes to achieve profitability. Continued costs increases, coupled with reduced reimbursement rates, may threaten the profitability
of our current operations and cause the cost of expansion to become prohibitively high.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -36pt"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -36pt"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -36pt">&#160;</P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt">3.</TD><TD STYLE="text-align: justify">Cybersecurity threats. The healthcare industry has increasingly become a target for threat actors. Our
organization relies on information technology systems and computer networks to operate. Our partners, vendors and business associates
are equally reliant on their own computer systems to provide the services that we depend on to perform core functions such as scheduling
and billing. Data incidents in the form of breaches, ransomware attacks, denial-of-service attacks, and a variety of other hazards could
materially disrupt our operations, or the operations of our partners. In addition, the costs to respond to such incidents related to rebuilding
internal systems, restoring data, responding to regulatory investigations and/or litigation could be significant. Our cybersecurity liability
insurance may be inadequate to cover these losses. The cost of maintaining and improving our security technologies to protect ourselves
from these threats is increasing. Risk outside of our control, such as cybersecurity attacks to our partners, vendors and business associates
could threaten our ability to operate in the short term and reduce operating margins.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -36pt">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt">4.</TD><TD STYLE="text-align: justify">Dependence on Referrals. HMCA derives substantially all of its revenue, directly or indirectly, from fees
charged for the diagnostic imaging services performed at the facilities. We depend on referrals of patients from unaffiliated physicians
and other third parties to the facilities we manage or own for the services we perform. If these physicians and other third parties were
to reduce the number of patients they refer or discontinue referring patients, scan volumes could decrease, which would reduce our net
revenue and operating margins.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -36pt">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt">5.</TD><TD STYLE="text-align: justify">Pressure to Control Healthcare Costs. One of the principal objectives of health maintenance organizations
and preferred provider organizations is to control the cost of healthcare services. Healthcare providers participating in managed care
plans may be required to refer diagnostic imaging tests to certain providers depending on the plan in which a covered patient is enrolled.
In addition, managed care contracting has become very competitive. The expansion of health maintenance organizations, preferred provider
organizations and other managed care organizations in New York or Florida could have a negative impact on the utilization and pricing
of services performed at the facilities HMCA manages or owns to the extent these organizations exert control over patients&#8217; access
to diagnostic imaging services, selections of the provider of such services and reimbursement rates for those services.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -36pt">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt">6.</TD><TD STYLE="text-align: justify">Scanning Facility Competition. The market for diagnostic imaging services is highly competitive. The facilities
we manage or own compete for patients on the basis of reputation, location and the quality of diagnostic imaging services. Groups of radiologists,
established hospitals, clinics and other independent organizations that own and operate imaging equipment are the principal competitors.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -36pt"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -36pt"></P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt">7.</TD><TD STYLE="text-align: justify">Eligibility Changes to Insurance Programs. Due to potential decreased availability of healthcare through
private employers, the number of patients who are uninsured or participate in governmental programs may increase. Healthcare reform legislation
will increase the participation of individuals in the Medicaid program in states that elect to participate in the expanded Medicaid coverage.
A shift in payor mix from managed care and other private payors to government payors or an increase in the number of uninsured patients
may result in a reduction in the rates of reimbursement or an increase in uncollectible receivables or uncompensated care, with a corresponding
decrease in net revenue. Policies now being offered under various insurance plans are expected to reduce demand for MRI scans as they
become less affordable. Changes in the eligibility requirements for governmental programs such as the Medicaid program and state decisions
on whether to participate in the expansion of such programs also could increase the number of patients who participate in such programs
and the number of uninsured patients. Even for those patients who remain in private insurance plans, changes to those plans could increase
patient financial responsibility, resulting in a greater risk of uncollectible receivables. These factors and events could have a material
adverse effect on our business, financial condition, and results of operations.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -36pt">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt">8.</TD><TD STYLE="text-align: justify">Federal and state privacy and information security laws. We must comply with numerous federal and state
laws and regulations governing the collection, dissemination, access, use, security and privacy of PHI, including HIPAA and its implementing
privacy and security regulations, as amended by the federal HITECH Act. If we fail to comply with applicable privacy and security laws,
regulations and standards, properly maintain the integrity of our data, protect our proprietary rights to our systems, or defend against
cybersecurity attacks, our business, reputation, results of operations, financial position and cash flows could be materially and adversely
affected.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -36pt">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt">9.</TD><TD STYLE="text-align: justify">Current and future changes in Florida Insurance Law. On March 24, 2023, Florida Governor Ron DeSantis
signed into law House Bill 837. Dubbed the Tort Reform Act. The bill makes sweeping changes to Florida&#8217;s negligence laws. These
changes will negatively impact our Florida diagnostic imaging facilities (both those we own and those we manage) with more unpaid bills,
and lower reimbursement rates. The full extent of those reductions are unclear at this time. Florida legislators continue to propose significant
changes to the current structure of Florida&#8217;s auto insurance industry, which may impact our future operations in Florida.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -36pt">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt">10.</TD><TD STYLE="text-align: justify">Demand for MRI Scanners. The reduced margins have a negative effect on our sales of MRI scanners. With
lower revenue projections, prospective customers demand lower prices for scanners. Although the reduced reimbursements may not affect
foreign demand, a lower number of sales in the aggregate could reduce economies of scale and consequently, profit margins.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -36pt">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt">11.</TD><TD STYLE="text-align: justify">Manufacturing Competition. Many if not most of our competing scanner manufacturers have significantly
greater financial resources, production capacity, and other resources than we do. Such competitors would include General Electric, Siemens,
Hitachi and Phillips. Although FONAR is the only company which can manufacture and sell the unique Stand-Up&#174; (Upright&#174;) MRI scanner,
potential customers must be convinced that the purchase of a FONAR scanner is their best choice. We believe that with time, that objective
will be reached, particularly with customers scanning patients having neck, back, knee and various orthopedic issues who would benefit
from being scanned in weight-bearing positions.</TD></TR></TABLE>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt">12.</TD><TD STYLE="text-align: justify">Other changes in Domestic and Worldwide Economic Conditions. We are subject to risk arising from adverse
changes in general domestic and global economic conditions, including recession or economic slowdown and disruption of credit markets.
Turbulence and uncertainty in the United States and international markets and economies may adversely affect our liquidity, financial
condition, revenues, profitability and business operations generally.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -36pt">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B><FONT ID="a_003"></FONT>ITEM 1B. UNRESOLVED STAFF COMMENTS</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>&#160;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">None.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B><FONT ID="a_004"></FONT>ITEM 1C. CYBERSECURITY </B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>&#160;</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our Cybersecurity Risk Management Strategy includes
a myriad of tools and resources that are designed to ensure the integrity of our information systems. We place a particular emphasis on
protecting the privacy of our patient data pursuant to the HIPAA Security Rule. Our cybersecurity risk management process is integrated
with our larger risk management system and is considered a core function of our overall risk management strategy.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our strategy is based around the identification, mitigation,
avoidance and response to material cybersecurity risks. We employ physical and electronic safeguards to control access to our systems.
We employ additional electronic safeguards to control/limit access to the data contained in those systems. We review and re-assess these
processes on a rolling basis with the assistance of both internal staff and outside vendors, including assessors, consultants, auditors,
and other third parties. Some steps we take include the use of standard security protocols such as password maintenance, multi-factor
identification, and penetration testing. We take other steps as may be situationally appropriate for the specific risk presented.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We require all of our employees to receive cybersecurity
training as part of their initial onboarding process, and employees are required to complete additional training throughout the year.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We evaluate all of our vendors and third-party partners
for material cybersecurity risks and take steps to mitigate risk through insurance and contractual risk transfer provisions when appropriate.
Our Information Technology department works collaboratively with our third party vendors to coordinate a mutually beneficial approach
to cybersecurity in the specific context in which risk is presented. These collaborations sometimes take place on a rolling basis, and
sometimes take place on a semi-annual or annual basis.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">At the present time, risks from cybersecurity threats have not materially
affected the Company. However, cybersecurity threats have the potential to significantly impair our operations and the operations of the
various third parties upon whom we rely.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&#160;</P>

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The audit committee of our Board of Directors provides
oversight of cybersecurity risks. It receives regular reports from management, including our General Counsel, on various cybersecurity
matters during each board meeting. Such reports include information on current cybersecurity risks facing the organization, cybersecurity
incidents involving our partners and/or other participants in our industry, and routine updates on the status of our internal cybersecurity
risk management plan.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our General Counsel oversees and manages our cybersecurity
program. Our General Counsel acts as the coordinator of our cybersecurity team, which includes representatives from our Information Technology
department and Compliance department. In addition, he regularly interacts with various department heads from both our New York and Florida
regions regarding the prevention, detection, mitigation and remediation of cybersecurity risks. Our General Counsel has an educational
background in computer science and has relevant work experience in cybersecurity insurance and risk management, in addition to his relevant
legal experience.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B><FONT ID="a_005"></FONT>ITEM 2. PROPERTIES</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>&#160;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">FONAR and HMCA currently lease approximately 78,000
square feet of office and plant space at its principal offices in Melville, New York. The term of the lease runs through November, 2033.
Management believes that the premises will be adequate for its current needs. HMCA also maintains office space for the Facilities owned
by its subsidiaries in Florida and for its clients at the clients&#8217; sites in New York and Florida under leases having various terms.
HMCA owns the building for the client&#8217;s premises in Tallahassee, Florida. The Company received approval from the Suffolk County
Industrial Development Agency on February 29, 2016 of a 50% property tax abatement, valued at $440,000, over a 10 year period commencing
January, 2017.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B><FONT ID="a_006"></FONT>ITEM 3. LEGAL PROCEEDINGS.</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>&#160;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">There are no material legal proceedings threatened or pending against the
Company.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B><FONT ID="a_007"></FONT>ITEM 4. MINE SAFETY DISCLOSURES.</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>&#160;</B><BR>
Not Applicable</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>&#160;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B><FONT ID="a_008"></FONT>ITEM 5. MARKET FOR REGISTRANT&#8217;S COMMON EQUITY AND RELATED STOCKHOLDER
MATTERS</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>&#160;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our Common Stock is traded on NASDAQ Capital Markets
under the symbol FONR.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On September 12, 2024, we had approximately 978 stockholders
of record of our Common Stock, 12 stockholders of record of our Class B Common Stock, 3 stockholders of record of our Class C Common Stock
and 1,008 stockholders of record of our Class A Non-voting Preferred Stock<FONT STYLE="color: red">.</FONT></P>

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

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

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: red">&#160;</P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">At the present time, the only class of our securities
for which there is a market is the Common Stock.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We currently have a policy of retaining earnings to
finance the development and expansion of our business. We expect to continue this policy for the foreseeable future.</P>

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">The following graph compares
the Company&#8217;s cumulative total stockholder return on its Common Stock against industry and broad-market indexes which have been
compiled by the Nasdaq Global Index Group. The periods commence on June 28, 2020 for five years and end on June 30, 2024.. The graph assumes
$100 is invested in FONAR Common Stock (NASDAQ: FONR), the Nasdaq Composite Total Return (Nasdaq Composite), Nasdaq Health Care Management
Services (Nasdaq Health), and Nasdaq Medical Equipment (Nasdaq Equipment). The comparisons in the graph below are based on historical
data and are not intended to forecast the possible future performance of the common stock.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
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    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; text-align: center">June 30, 2021</TD><TD STYLE="padding-bottom: 1pt">&#160;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; text-align: center">June 30, 2022</TD><TD STYLE="padding-bottom: 1pt">&#160;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; text-align: center">June 30, 2023</TD><TD STYLE="padding-bottom: 1pt">&#160;</TD>
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  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0pt 0pt 0pt 11pt; width: 35%; text-align: left; text-indent: -11pt">FONR Common Stock</TD><TD STYLE="width: 2%">&#160;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">100</TD><TD STYLE="width: 1%; text-align: left">&#160;</TD><TD STYLE="width: 2%">&#160;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">83</TD><TD STYLE="width: 1%; text-align: left">&#160;</TD><TD STYLE="width: 2%">&#160;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">71</TD><TD STYLE="width: 1%; text-align: left">&#160;</TD><TD STYLE="width: 2%">&#160;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">80</TD><TD STYLE="width: 1%; text-align: left">&#160;</TD><TD STYLE="width: 2%">&#160;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">75</TD><TD STYLE="width: 1%; text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding: 0pt 0pt 0pt 11pt; text-align: left; text-indent: -11pt">Nasdaq Composite</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">100</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">145</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">111</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">140</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">182</TD><TD STYLE="text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0pt 0pt 0pt 11pt; text-align: left; text-indent: -11pt">Health Care Management Services</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">100</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">139</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">169</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">162</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">177</TD><TD STYLE="text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding: 0pt 0pt 0pt 11pt; text-align: left; text-indent: -11pt">Medical Equipment</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">100</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">145</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">121</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">137</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">143</TD><TD STYLE="text-align: left">&#160;</TD></TR>
  </TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&#160;<IMG SRC="fonar-performance_graph.jpg" ALT="" STYLE="height: 289px; width: 670px"></P>

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

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

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><FONT STYLE="background-color: white">In
September 2022, our Board of Directors authorized a program to repurchase up to $9 million of our common stock. Under this program, we
may purchase stock in the open market or through privately negotiated transactions in accordance with applicable securities laws, including
pursuant to pre-arranged stock trading plans. The timing and actual amount of the stock repurchases will depend on several factors including
price, capital availability, regulatory requirements, and other market conditions. We are not obligated to repurchase a specific number
of shares under this program and it may be modified, suspended or discontinued at any time. </FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">The following table summarizes
the number of shares repurchased during the three months ended June 30, 2024:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="text-align: center">Fiscal Month</TD><TD>&#160;</TD>
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    <TD COLSPAN="3" STYLE="text-align: center">Average Price Paid per Share</TD><TD>&#160;</TD>
    <TD COLSPAN="3" STYLE="text-align: center">Total Number of Shares Purchased as Part of Publicly Announced Programs</TD><TD>&#160;</TD>
    <TD COLSPAN="3" STYLE="text-align: center">Maximum Dollar Value that May Still Be Purchased Under the Program (In Thousands)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 1%; text-align: left">&#160;</TD><TD STYLE="padding: 0pt 0pt 0pt 11pt; width: 30%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">April 1, 2024 &#8211; April 30, 2024</FONT></TD><TD STYLE="width: 1%; text-align: left">&#160;</TD><TD STYLE="width: 3%">&#160;</TD>
    <TD STYLE="width: 1%; text-align: left">&#160;</TD><TD STYLE="width: 12%; text-align: right">0</TD><TD STYLE="width: 1%; text-align: left">&#160;</TD><TD STYLE="width: 3%">&#160;</TD>
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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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    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">40,698</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
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  </TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B><FONT ID="a_009"></FONT>ITEM 6. [Reserved]</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>&#160;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Not applicable.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B><FONT ID="a_010"></FONT>ITEM 7. MANAGEMENT&#8217;S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATION.</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>&#160;</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><I>&#160;</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">FONAR was formed in 1978 to engage in the business
of designing, manufacturing and selling MRI scanners. HMCA, a subsidiary of FONAR, provides management services to diagnostic imaging
facilities.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">FONAR&#8217;s principal MRI product is its Upright&#174;
MRI (also called Stand-Up&#174; MRI) scanner. The Upright&#174; MRI allows patients to be scanned for the first time under weight-bearing
conditions. The Stand-Up&#174; MRI is the only MRI capable of producing images in the weight-bearing state.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">At 0.6 Tesla field strength, the Upright&#174; MRI
is among the highest field open MRI scanners in the industry, offering non-claustrophobic MRI together with high-field image quality.
FONAR&#8217;s open MRI scanners were the first high field strength open MRI scanners in the industry.</P>

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

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">HMCA generates revenues from providing comprehensive
management services, including development, administration, accounting, billing and collection services, together with office space, medical
equipment, supplies and non-medical personnel to its clients. Revenues are in the form of fees which are earned under contracts with HMCA&#8217;s
clients except for its six Florida subsidiaries which engage in the practice of medicine, and bill and collect fees from patients, insurers
and other third-party payors directly.</P>

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

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our discussion and analysis of financial condition
and results of operations are based on our consolidated financial statements that were prepared in accordance with U.S. generally accepted
accounting principles, or GAAP. Management makes estimates and assumptions when preparing financial statements. These estimates and assumptions
affect various matters, including:</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our reported amounts of assets and liabilities in
our consolidated balance sheets at the dates of the financial statements;</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our disclosure of contingent assets and liabilities
at the dates of the financial statements; and</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our reported amounts of net revenue and expenses in
our consolidated statements of operations during the reporting periods</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">These estimates involve judgments with respect to
numerous factors that are difficult to predict and are beyond management&#8217;s control. As a result, actual amounts could differ materially
from these estimates.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We believe our critical accounting estimates in the
following areas affect our more significant judgments and estimates used in the preparation of our consolidated financial statements.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt">Revenue Recognition and Receivable
Allowances</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company&#8217;s receivables from the related and
non-related professional corporations, as well as those receivables due under fee-for-service contracts at the Florida subsidiaries, are
largely dependent on collection of fees from various third-party payers. As described in greater detail in Note 2, we recognize revenue
in accordance with ASC 606, as the services are provided.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#160;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Medical
receivables are due under fee-for-service contracts with third-party payors, such as hospitals, government sponsored healthcare programs,
patients legal counsel and directly from patients. The carrying amount of the medical receivable is reduced by contractual allowances
and discounts based on the historical experience with each payor class on a per location basis.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#160;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Management
fee receivable is related to the management fees outstanding from the related and no-related professional corporations (&#8220;PCs&#8221;)
under management agreements. The Company establishes a current expected credit loss (&#8220;CECL&#8221;) to address the risk that a portion
of the contractually obligated management fees receivable from the PCs may not be paid. The PCs may be limited in their ability to pay
the full management fees receivable if they do not collect sufficient expected fees from third-party payers and patients. The Company&#8217;s
management fees are collateralized, individually and collectively, by the assets of the PCs. The CECL is determined based upon the difference
between the management fee receivable and the current amount of outstanding fees estimated to be collected by the PCs. The Company&#8217;s
considerations into the estimate of the PCs fee collection included historical loss rates to pools of receivables with similar risks
and characteristics, current and forward looking economic conditions, and the financial condition of each PC.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#160;</FONT></P>

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

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#160;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">FONAR
CORPORATION AND SUBSIDIARIES</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#160;</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">We
recognize revenue and related costs of revenue from sales contracts for our MRI scanners and major upgrades, under the percentage-of-completion
method. Under this method, we recognize revenue and related costs of revenue, as each sub-assembly is completed. Amounts received in
advance of our commencement of production are recorded as customer advances.</FONT></P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#160;&#160;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Income
Taxes and Related Tax Asset Valuation Allowances</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#160;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">We
qualitatively and quantitatively evaluate the realizability (including both positive and negative evidence) of the net deferred tax assets
and assess the valuation allowance periodically. Our evaluation considers the financial condition of the Company and both the business
conditions and regulatory environment of the industry. If future taxable income or other factors are not consistent with our expectations,
an adjustment to our allowance for net deferred tax assets may be required. For net deferred tax assets we consider estimates of future
taxable income, including tax planning strategies, in determining whether our net deferred tax assets are more likely than not to be
realized. Our ability to project future taxable income may be significantly affected by our ability to determine the impact of regulatory
changes which could adversely affect our future profits. As a result, the benefits of our net operating loss carry forwards could expire
before they are utilized.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#160;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">At
June 30, 2023, the net deferred tax asset was valued at $10,041,960<FONT STYLE="color: red">. </FONT>At June 30, 2024, the net deferred
tax asset was valued at $7,223,255.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: red"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#160;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt">Long-Lived and Intangible Assets</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We depreciate our long-lived assets over their estimated
economic useful lives, with the exception of leasehold improvements. With respect to leasehold improvements, we use the shorter of the
assets useful lives or the lease term of the facility for which these assets are associated.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We amortize our intangible assets, including patents,
and capitalized software development costs, over the shorter of the contractual/legal life or the estimated economic life. Our amortization
life for patents and capitalized software development costs is 15 to 17 years and 5 years, respectively.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Goodwill is recorded as a result of business combinations.
Management evaluates goodwill, at a minimum, on an annual basis and whenever events and changes in circumstances suggest that the carrying
amount may not be recoverable. Impairment of goodwill is tested by comparing the reporting unit&#8217;s carrying amount, including goodwill,
to the fair value of the reporting unit. The fair value of a reporting unit is estimated using a combination of the income or discounted
cash flows approach and the market approach, which uses comparable market data. If the carrying amount of the reporting unit exceeds its
fair value, goodwill is considered impaired and a second step is performed to measure the amount of impairment loss, if any. Based on
our test for goodwill impairment, we noted no impairment related to goodwill. However, if estimates or the related assumptions change
in the future, we may be required to record impairment charges to reduce the carrying amount of goodwill.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We periodically assess the recoverability of long-lived
assets, including property and equipment, intangibles and management agreements, when there are indications of potential impairment, based
on estimates of undiscounted future cash flows. The amount of impairment is calculated by comparing anticipated discounted future cash
flows with the carrying value of the related asset. In performing this analysis, management considers such factors as current results,
trends, and future prospects, in addition to other economic factors.</P>

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

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

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>&#160;</I></P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: left"><I>RESULTS OF OPERATIONS. FISCAL 2024 COMPARED TO
FISCAL 2023</I></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In fiscal 2024, we recognized net income of $14.1
million on revenues of $102.9 million, as compared to net income of $12.1 million on revenues of $98.6 million for fiscal 2023. This represents
an increase in revenues of 4.3%. Total costs and expenses increased by 3.0%. Our consolidated operating results increased by 11.8% to
an operating income of $16.5 million for fiscal 2024 as compared to operating income of $14.8 million for fiscal 2023.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>Discussion of Operating Results of Medical Equipment
Segment</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>&#160;</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Fiscal 2024 Compared to Fiscal 2023</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: red">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Revenues attributable to our medical equipment segment
remained constant at $8.3 million in fiscal 2024 and in fiscal 2023, with product sales revenues increasing by 0.8% from $732,000 in fiscal
2023 to $738,000 in fiscal 2024. Service revenue increased by 0.8% from $7.5 million in fiscal 2023 to $7.6 million in fiscal 2024.</P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Lower reimbursement rates have reduced the demand
for our MRI products, resulting in lower sales volumes. As a result of fewer sales, service revenues have decreased since as older scanners
are taken out of service, there are fewer new scanners available to sign service contracts.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The operating loss for the medical equipment segment
increased from an operating loss of $5.9 million in fiscal 2023 to an operating loss of $7.0 million in fiscal 2024. The losses are attributable
most significantly to the fact that costs increased by a greater amount than revenues.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The increase in costs was the result of several factors.
We made a significant investment into developing the capacity to service MRI equipment manufactured by third manufacturers through our
Opus Diagnostic Services, LLC subsidiary. We made additional investments into sales and marketing of image enhancement software SwiftMR<SUP>TM</SUP>
pursuant to our distribution agreement with AIRS Medical USA, Inc. We hope these ventures will develop into a viable source of new revenue
in the future. We also discontinued the prosecution of two patents that ultimately did not issue, after substantial investment into their
pursuit.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Research and development expenses increased to $1.7
million in fiscal 2024 from $1.6 million in fiscal 2023. Our expenses for fiscal 2024 represented continued research and development of
various upgrades for the Upright&#174; MRI scanner.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><I>Discussion of Operating Results of Physician and Diagnostic Services
Management Segment</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><I>&#160;</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Fiscal 2024 Compared to Fiscal 2023</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Revenues attributable to the Company&#8217;s
physician and diagnostic services management segment, HMCA, increased to $94.6 million in fiscal 2024 as compared to $90.4 million
in fiscal 2023. The increase in revenues was due to an increase of $4.0 million of patient fees (net of contractual allowances and
discounts) from patient and third-party payers recognized by six of the facilities in Florida. Management
and other fees increased by $0.1 million.</P>

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

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Cost of revenues as a percentage of the related revenues
for our physician and diagnostic services management segment increased from $49.0 million or 54.1% of related revenues for the year ended
June 30, 2023 to $53.0 million, or 56.0% of related revenues for the year ended June 30, 2024.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Operating results of this segment increased from operating
income of $20.7 million in fiscal 2023 to operating income of $23.5 million in fiscal 2024. The increase is due mainly to increased patient
fee revenue due to higher scan volumes. We believe that our efforts to expand and improve the operation of our physician and diagnostic
services management segment are directly responsible for the profitability of this segment and our company as a whole.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For the fiscal year ended June 30, 2024, 11.6% of
total revenues were derived from contracts with facilities that are currently owned by Timothy Damadian, the Chief Executive Officer of
FONAR, and were previously owned and operated by Dr. Raymond V. Damadian until his passing. 12.1% of total revenues were derived from
these contracts for the 2023 fiscal year. The agreements with these MRI facilities are for one-year terms which renew automatically on
an annual basis, unless terminated. The fees for these sites, which are located in Florida, are flat monthly fees.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>Discussion of Certain Consolidated Results of Operations</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>&#160;</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Fiscal 2024 Compared to Fiscal 2023</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Interest and investment income increased in 2024 compared
to 2023. We recognized interest income of $2.1 million in 2024 as compared to $1.2 million in fiscal 2023, representing an increase of
74.0%. This is due to the increase in the prime interest rate and the Company placing cash in interest bearing accounts and purchasing
short term treasury bills.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Interest expense of $76,997 was recognized in fiscal
2024, as compared to interest expense of $50,131 in fiscal 2023.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The 29.2% non-controlling interest allocations of
$3,530,000 and $2,751,000 for fiscal 2024 and fiscal 2023, respectively, have been calculated by Income from operations, and adding depreciation
and amortization net of miscellaneous losses and other income from the Physician and Diagnostic Service Management segment (See Note 16).</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">While revenue increased by 4.3% selling, general and
administrative expenses decreased by 8.6% to $26.9 million in fiscal 2024 from $29.4 million in fiscal 2023. This difference in selling,
general and administrative expenses was due to less reserves on management fees and other receivables due to increased scan volume as
compared to fiscal 2023.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Revenue from service and repair fees increased from
$7.5 million in fiscal 2023 to $7.6 million in fiscal 2024.</P>

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

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Continuing our tradition as the originator of MRI,
we remain committed to maintaining our position as the leading innovator of the industry through investing in research and development.
In fiscal 2024 we continued our investment in the development of various upgrades for the UPRIGHT&#174; MRI, with an investment of $1,735,949
in research and development, none of which was capitalized, as compared to $1,567,749, none of which was capitalized, in fiscal 2023.
The research and development expenditures were approximately 20.8% of revenues attributable to our medical equipment segment and 1.7%
of total revenues in 2024, and 18.9% of medical equipment segment revenues and 1.5% of total revenues in fiscal 2023. This represented
a 10.7% increase in research and development expenditures in fiscal 2024 as compared to fiscal 2023.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For the physician and diagnostic services management
segment, HMCA, revenues increased to $94.6 million in fiscal 2024 as compared to $90.4 million in fiscal 2023. This is primarily attributable
to an increase in patient scans resulting from our marketing efforts.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For the fiscal year 2024 the Company recorded an
income tax expense of $5.2 million compared with an income tax expense of $3.6 million for 2023. The income tax benefits are
attributable to the expected tax benefits associated with the projected realization and utilization of our net state operating
losses in future periods. The Company has recorded a deferred tax asset of $7.2 million as of June 30, 2024, primarily relating to
the tax benefits from the net state operating loss carry forwards, allowance for credit losses and tax credits available
to offset future taxable income. The utilization of these tax benefits is dependent on the Company generating future taxable income
and other factors. A partial valuation allowance will be maintained until evidence exists to support that it is no longer needed,
(principally related to research and development credits and unrealizable state operating losses). Although the Company is expecting
to generate taxable income in future periods, we cannot accurately measure the full impact of the adoption of healthcare
regulations, including the impact of continuing changes in MRI scanning reimbursement rates, which could materially impact
operations. A partial valuation allowance will be maintained until evidence exists to support that it is no longer needed. As of
June 30, 2024, the valuation allowance was $193,000.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We have been taking steps to improve HMCA revenues
by our marketing efforts, which focus on the unique capability of our Upright&#174; MRI scanners to scan patients in different positions.
We have also been increasing the number of health insurance plans in which our clients participate. Operationally, we have invested in
technology that we believe will reduce scan times and improve operational efficiency in the centers that we manage.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our management fees are dependent on collection by
our clients of fees from reimbursements from Medicare, Medicaid, private insurance, no fault and workers&#8217; compensation carriers,
self&#8211;pay and other third-party payers. The health care industry is experiencing the effects of the federal and state governments&#8217;
trend toward cost containment, as governments and other third-party payers seek to impose lower reimbursement and utilization rates and
negotiate reduced payment schedules with providers. The cost-containment measures, consolidated with the increasing influence of managed-care
payers and competition for patients, have resulted in reduced rates of reimbursement for services provided by our clients from time to
time. Our future revenues and results of operations may be adversely impacted by future reductions in reimbursement rates.</P>

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

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Certain third-party payers have proposed and implemented
changes in the methods and rates of reimbursement that have had the effect of substantially decreasing reimbursement for diagnostic imaging
services that HMCA&#8217;s clients provide. To the extent reimbursement from third-party payers is reduced, it will likely have an adverse
impact on the rates they pay us, as they would need to reduce the management fees they pay HMCA to offset such decreased reimbursement
rates. Furthermore, many commercial health care insurance arrangements are changing, so that individuals bear greater financial responsibility
through high deductible plans, co-insurance and higher co-payments, which may result in patients delaying or foregoing medical procedures.
More frequently, however, patients are scanned and we experience difficulty in collecting deductibles and co-payments. We expect recent
changes to the Florida insurance laws to result in less patients being reimbursed through no-fault auto insurance, resulting in both lower
reimbursement rates and a higher rate of uncollectible billings. Further, we believe that the passage of New York Public Health Law Article
49A will have a significant negative impact on our collection rates. We expect that any further changes to the rates or methods of reimbursement
for services, which reduce the reimbursement per scan of our clients may partially offset the increases in scan volume we are working
to achieve for our clients, and indirectly will result in a decline in our revenues.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In addition, the use of radiology benefit managers,
or RBM&#8217;s has increased in recent years. It is common practice for health insurance carriers to contract with RBMs to manage utilization
of diagnostic imaging procedures for their insureds. In many cases, this leads to lower utilization of imaging procedures based on a determination
of medical necessity. The efficacy of RBMs is still a highly controversial topic. We cannot predict whether the use of RBMs will negatively
impact our business, but it is possible that our financial position and results of operations could be negatively affected.</P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>&#160;</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Cash, and cash equivalents increased by 9.9% from
$51.3 million at June 30, 2023 to $56.3 million at June 30, 2024.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Cash provided by operating activities for fiscal
2024 approximated $14.1 million. Cash provided by operating activities was attributable to the net income of $14.1 million,
depreciation and amortization of $4.6 million, provision for credit losses of $1.9 million, deferred income tax expense benefit of
$2.8 million which was offset by the increase in accounts, and medical and management fee receivables of $11.7 million.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Cash used in investing activities for fiscal 2024
approximated $851,000. The cash used in investing activities was attributable to purchases of property and equipment of $790,000, purchase
of short term investments of $103,000, costs of patents of $33,000, offset by proceeds from sale of equipment of $75,000.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Cash used in financing activities for fiscal 2024
approximated $8.2 million. The principal uses of cash used in financing activities included the repayment of borrowings and capital lease
obligations of $45,000, purchase of treasury stock of $2.5 million and distributions to non-controlling interests of $5.6 million.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Total liabilities increased by 15.5% during fiscal
2024, from approximately $49.8 million at June 30, 2023 to approximately $57.5 million at June 30, 2024.</P>

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

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">At June 30, 2024, we had working capital of approximately
$122.5 million as compared to working capital of $110.00 million at June 30, 2023, and stockholders&#8217; equity of $156.8 million at
June 30, 2024 as compared to stockholders&#8217; equity of $150.8 million at June 30, 2023. For the year ended June 30, 2024, we realized
a net income of $14.1 million.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our principal sources of liquidity are derived from
revenues.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our business plan includes a program for manufacturing
and selling our Upright&#174; MRI scanners. In addition, we are enhancing our revenue by participating in the physician and diagnostic
services management business through our subsidiary, HMCA. As of June 30, 2024, HMCA manages a total of 42 MRI scanners of which 25 MRI
scanners are located in New York and 17 are located in Florida. We have also intensified our marketing activities through the hiring of
additional marketers for HMCA&#8217;s clients.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our business plan also calls for a continuing emphasis
on providing our customers with enhanced equipment service and maintenance capabilities and delivering state-of-the-art, innovative and
high quality equipment upgrades at competitive prices. Fees for on-going service and maintenance from our installed base of scanners were
$7.5 million for the year ended June 30, 2023 and $7.6 million for the year ended June 30, 2024.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In order to promote profitability and to reduce demands
on our cash and other liquid reserves, we maintain an aggressive program of cost containment. Previously, these measures included consolidating
HMCA&#8217;s office space with FONAR&#8217;s office space and reducing the size of our workforce, compensation and benefits. We continue
to attempt to contain expenses across the board, despite significant increases in the cost of labor and materials as the result of inflation.
The cost control efforts are intended to enable us to withstand periods of low volumes of MRI scanner sales, by keeping expenditures at
levels which can be supported by service revenues and HMCA revenues. To this end, we have formed a subsidiary, Opus Diagnostic Management,
LLC, to provide in-house repair and maintenance of third party manufactured MRI equipment that we operate. We hope this entity will contain
and eventually reduce the maintenance and repair costs of our equipment fleet, and eventually expand into providing service to outside
entities.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Current economic credit conditions have contributed
to a slower than optimal business environment. As a result our business may suffer, should the credit markets not improve in the near
future. The direct impact of these conditions is not fully known.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Revenues from HMCA have been the principal reason
for our profitability, and we have so far been able to maintain and increase such revenues by increasing the number of scans being performed
by the sites we manage and those we own, notwithstanding reductions in reimbursement rates from third-party payers. The likelihood and
effect of any subsequent reimbursement reductions is not fully known.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Capital expenditures for fiscal 2024 approximated $926,000. Capitalized
patent costs were approximately $33,000. Purchases of property and equipment were approximately $790,000. Purchase of short term
investments was $103,000.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">FONAR has committed to making any material capital
expenditures in the 2025 fiscal year by installing an additional scanner in two of its current locations. One is being installed in Florida
and is expected to be completed by October 2024 and the other is being installed in New York and is expected to be completed in the third
quarter of fiscal 2025.</P>

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

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company believes that its business plan has been
responsible for the past five consecutive fiscal years of profitability (fiscal 2024, fiscal 2023, fiscal 2022, fiscal 2021 and fiscal
2020) and that its capital resources will be adequate to support operations at current levels through September 30, 2025.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On September 13, 2022, the Company adopted a stock
repurchase plan. On September 26, 2022, the Board of Directors has approved up to $9 million to be repurchased under the plan which will
be purchased on the open market at prevailing prices. During fiscal 2024, we repurchased 156,206 shares for $2.5 million.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During January 2024 the Company renewed their revolving
credit agreement. The terms include borrowing limits of up to $10,000,000 and the agreement was extended to November 14, 2024. The interest
rate on unpaid principal remains at 4% along with certain financial covenants still applicable.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><FONT ID="a_011"></FONT>ITEM 7A. QUALITATIVE AND QUANTITATIVE DISCLOSURES
ABOUT MARKET RISK</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&#160;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company does not have any investments in marketable
securities, foreign currencies, mutual funds, certificates of deposit or other fixed rate instruments. All of our funds are in cash accounts
or money market accounts which are liquid.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">All of our revenue, expense and capital purchasing
activities are transacted in United States dollars.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">See Note 10 to the consolidated Financial Statements for information on
long-term debt.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B><FONT ID="a_012"></FONT>ITEM 8. &#8211; FINANCIAL STATEMENTS AND FOOTNOTES</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>&#160;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">INDEX TO CONSOLIDATED FINANCIAL STATEMENTS</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0pt; text-indent: 0pt">&#160;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">PAGE.</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 0pt; vertical-align: bottom; width: 90%; text-indent: 0pt"><A HREF="#b_001"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">REPORT
    OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM (PCAOB ID 688)</FONT></A></TD>
    <TD STYLE="padding: 0pt; width: 10%; text-align: center; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">39</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 0pt; vertical-align: bottom; text-indent: 0pt">&#160;</TD>
    <TD STYLE="padding: 0pt; text-indent: 0pt">&#160;</TD></TR>
  <TR>
    <TD STYLE="padding: 0pt; vertical-align: bottom; text-indent: 0pt"><A HREF="#b_002"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">CONSOLIDATED BALANCE SHEETS</FONT></A></TD>
    <TD STYLE="padding: 0pt; text-align: center; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">42</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 0pt; vertical-align: bottom; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">As of June 30, 2024
    and 2023</FONT></TD>
    <TD STYLE="padding: 0pt; text-indent: 0pt">&#160;</TD></TR>
  <TR>
    <TD STYLE="padding: 0pt; vertical-align: bottom; text-indent: 0pt">&#160;</TD>
    <TD STYLE="padding: 0pt; text-indent: 0pt">&#160;</TD></TR>
  <TR>
    <TD STYLE="padding: 0pt; vertical-align: bottom; text-indent: 0pt"><A HREF="#b_003"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">CONSOLIDATED STATEMENTS OF INCOME</FONT></A></TD>
    <TD STYLE="padding: 0pt; text-align: center; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">45</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 0pt; vertical-align: bottom; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">For the Years Ended
    June 30, 2024 and 2023</FONT></TD>
    <TD STYLE="padding: 0pt; text-indent: 0pt">&#160;</TD></TR>
  <TR>
    <TD STYLE="padding: 0pt; vertical-align: bottom; text-indent: 0pt">&#160;</TD>
    <TD STYLE="padding: 0pt; text-indent: 0pt">&#160;</TD></TR>
  <TR>
    <TD STYLE="padding: 0pt; vertical-align: bottom; text-indent: 0pt"><A HREF="#b_004"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">CONSOLIDATED STATEMENTS OF STOCKHOLDERS&#8217; EQUITY</FONT></A></TD>
    <TD STYLE="padding: 0pt; text-align: center; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">47</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 0pt; vertical-align: bottom; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">For the Years Ended
    June 30, 2024 and 2023</FONT></TD>
    <TD STYLE="padding: 0pt; text-indent: 0pt">&#160;</TD></TR>
  <TR>
    <TD STYLE="padding: 0pt; vertical-align: bottom; text-indent: 0pt">&#160;</TD>
    <TD STYLE="padding: 0pt; text-indent: 0pt">&#160;</TD></TR>
  <TR>
    <TD STYLE="padding: 0pt; vertical-align: bottom; text-indent: 0pt"><A HREF="#b_005"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">CONSOLIDATED STATEMENTS OF CASH FLOWS</FONT></A></TD>
    <TD STYLE="padding: 0pt; text-align: center; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">49</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 0pt; vertical-align: bottom; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">For the Years Ended
    June 30, 2024 and 2023</FONT></TD>
    <TD STYLE="padding: 0pt; text-indent: 0pt">&#160;</TD></TR>
  <TR>
    <TD STYLE="padding: 0pt; vertical-align: bottom; text-indent: 0pt">&#160;</TD>
    <TD STYLE="padding: 0pt; text-indent: 0pt">&#160;</TD></TR>
  <TR>
    <TD STYLE="padding: 0pt; vertical-align: bottom; text-indent: 0pt"><A HREF="#b_006"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</FONT></A></TD>
    <TD STYLE="padding: 0pt; text-align: center; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">51</FONT></TD></TR>
  </TABLE>



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

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

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"><B><FONT ID="b_001"></FONT>REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>&#160;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>&#160;</B></P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">To the Shareholders and Board of Directors of</P>

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&#160;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We have audited the accompanying consolidated balance
sheets of FONAR Corporation and Subsidiaries (the &#8220;Company&#8221;) as of June 30, 2024 and 2023, the related consolidated statements
of income, stockholders&#8217; equity and cash flows for each of the two years in the period ended June 30, 2024, and the related notes
(collectively referred to as the &#8220;financial statements&#8221;). In our opinion, the financial statements present fairly, in all
material respects, the financial position of the Company as of June 30, 2024 and 2023, and the results of its operations and its cash
flows for each of the two years in the period ended June 30, 2024, in conformity with accounting principles generally accepted in the
United States of America.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>&#160;</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">These financial statements are the responsibility
of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audit. We
are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (&#34;PCAOB&#34;) 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.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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 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's internal control
over financial reporting. Accordingly, we express no such opinion.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our audits included performing procedures to assess
the risks of material misstatement of the 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 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 financial statements. We believe that our audits provide a reasonable basis for our opinion.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

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

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"><B>REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM (Continued)</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"><B>&#160;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-top: 0; margin-bottom: 0"><B>Medical Receivable&#8211; Refer to Note 2 to the financial statements&#160;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>&#160;</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><I><FONT STYLE="text-decoration: underline">Critical Audit Matter Description </FONT></I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; color: #1F497D"><I>&#160;</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Medical receivables are due under fee-for-service
contracts from third-party payors, such as hospitals, government sponsored healthcare programs, patients legal counsel, and directly from
patients. Medical receivables are recorded at net realizable value based on the estimated amounts the Company expects to receive from
patients and third-party payers. The medical receivable is reduced by estimated contractual adjustments based on historical experience
with each payor class at each location. &#160;The principal consideration for our determination that performing procedures of the medical
receivable is a critical audit matter is due to the nature and extent of audit effort required to perform procedures over management&#8217;s
estimates of the contractual allowances.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I><FONT STYLE="text-decoration: underline">How the Critical Audit Matter Was Addressed
in the Audit</FONT></I></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our audit procedures related to the net realizable
value of medical receivables included the following:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">-</TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">We obtained an understanding, evaluated the design
and implementation, of certain controls that address the risks of material misstatement relating to the measurement of patient fee revenue
and medical receivables. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">-</TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">We tested information technology general controls
around the Company&#8217;s billing system and associated database. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">-</TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">We evaluated and tested management&#8217;s methodology
and related assumptions in the determination of amounts estimated to be collected from patients and third-party payors.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">-</TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">We tested the underlying data related to the
recognition of patient level charges and the subsequent activities, including cash collections and non-cash adjustments. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">-</TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">We tested the estimated contractual adjustments
set forth by the third-party payers. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">-</TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">We tested the mathematical accuracy of the estimates
applied to the medical receivables. </FONT></TD></TR></TABLE>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>&#160;</I></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I><FONT STYLE="text-decoration: underline">Management Fees Receivable &#160;&#8211;
Refer to Note 2 to the financial statements. </FONT></I></B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Management fees receivable is related to management
fees outstanding from the related and non-related professional corporations (&#8220;PCs&#8221;) under management agreements. The Company
has established a current expected credit loss (&#8220;CECL&#8221;) to address the risk that a portion of the contractually obligated
management fees receivable from the PCs may not be paid. The PCs may be limited in their ability to pay the full management fee receivable
if they do not collect sufficient expected fees from third-party payers and patients. The Company&#8217;s management fees are collateralized,
individually and collectively, by the assets of the PCs. &#160;The CECL is determined based on the difference between the management fee
receivable and the current amount of outstanding fees estimated to be collected by the PCs. The Company&#8217;s considerations into the
estimate of the PCs&#8217; fee collection include historical loss rates to pools of receivables with similar risks characteristics, current
and forward-looking economic conditions, and the financial condition of each PC. The principal consideration for our determination that
the management fees receivable is a critical audit matter is due to the nature and extent of audit effort required to perform procedures
over the Company&#8217;s CECL estimate.</P>

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


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -18pt"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -18pt"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -18pt">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"><B>REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM (Continued)</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>&#160;</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><I><FONT STYLE="text-decoration: underline">How the Critical Audit Matter Was Addressed in the Audit</FONT></I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our audit procedures related to the CECL estimate
of management fees receivable included the following:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">We obtained an understanding, and evaluated the design and implementation
of, certain controls that address the risk of material misstatement related to the measurement of the CECL estimate.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">We verified that all management fees for the year agreed with the executed
management fee contracts with each PC.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">We tested information technology general controls surrounding the billing
system utilized by the PCs.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">-</TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">We evaluated and tested management&#8217;s methodology
and related assumptions in the determination of the PC&#8217;s amounts estimated to be collected from patients and third-party payors.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">We obtained and verified the terms of the cross-collateralization agreements.
</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">We tested the mathematical accuracy of the calculations used to determine
the CECL estimate.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&#160;</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">/s/ Marcum <FONT STYLE="font-variant: small-caps">llp</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-variant: small-caps">&#160;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Marcum <FONT STYLE="font-variant: small-caps"> llp</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="display: none">688</FONT><FONT STYLE="font-variant: small-caps">&#160;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We have served as the Company&#8217;s auditor since 1990, such date takes
into account the merger of Tabb, Conigliaro, McGann, P.C. (&#8220;Tabb&#8221;) into another firm in approximately 2001 and the former
partners of Tabb joining Marcum LLP in 2002.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>&#160;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">New York, NY<BR>
September 27, 2024</P>

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

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

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT ID="b_002"></FONT>CONSOLIDATED BALANCE SHEETS</P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding: 0pt 0pt 0pt 20pt; text-align: center">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: center">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: center">&#160;</TD><TD STYLE="text-align: left">&#160;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0pt 0pt 0pt 11pt; text-align: center; text-indent: -11pt">&#160;</TD><TD STYLE="padding-bottom: 1pt">&#160;</TD>
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  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0pt 0pt 0pt 11pt; text-align: center; text-indent: -11pt">&#160;</TD><TD STYLE="padding-bottom: 1pt">&#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">&#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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  <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">32,799</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">4,035,336</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="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)">
    <TD STYLE="padding: 0pt 0pt 0pt 11pt; text-indent: -11pt">&#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></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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  <TR STYLE="vertical-align: bottom; background-color: White">
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    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">10,041,960</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 STYLE="text-align: right">22,146,373</TD><TD STYLE="text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">See accompanying notes to consolidated financial statements.</P>

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

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

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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    <TD STYLE="padding: 0pt 0pt 0pt 11pt; text-align: center; text-indent: -11pt">&#160;</TD><TD STYLE="padding-bottom: 1pt">&#160;</TD>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">See accompanying notes to consolidated financial statements.</P>

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

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

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">FONAR CORPORATION AND SUBSIDIARIES&#160;</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">STOCKHOLDERS&#8217; EQUITY</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">See accompanying notes to consolidated financial statements.</P>

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

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

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT ID="b_003"></FONT>CONSOLIDATED STATEMENTS OF INCOME</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(3,632,071</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
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    <TD STYLE="padding: 0pt 0pt 0pt 11pt; text-align: left; text-indent: -11pt">Net Income &#8211; Attributable to FONAR</TD><TD STYLE="padding-bottom: 2.5pt">&#160;</TD>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&#160;See accompanying notes to consolidated financial statements.&#160;<BR></P>

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

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">CONSOLIDATED STATEMENTS OF INCOME (Continued)</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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    <TD STYLE="padding: 0pt 0pt 0pt 11pt; text-align: center; text-indent: -11pt">&#160;</TD><TD STYLE="padding-bottom: 1pt">&#160;</TD>
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    <TD STYLE="padding: 0pt 0pt 0pt 11pt; text-align: center; text-indent: -11pt">&#160;</TD><TD STYLE="padding-bottom: 1pt">&#160;</TD>
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  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">See accompanying notes to consolidated financial statements.</P>

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">FONAR CORPORATION AND SUBSIDIARIES&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT ID="b_004"></FONT>CONSOLIDATED STATEMENTS OF STOCKHOLDERS&#8217; EQUITY</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">FOR THE YEARS ENDED JUNE 30, 2024 AND 2023</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom; background-color: White">
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<TR STYLE="vertical-align: bottom">
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  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0pt 0pt 0pt 11pt; text-indent: -11pt">&#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="padding: 0pt 0pt 0pt 11pt; text-align: left; text-indent: -11pt">Distributions to noncontrolling interests</TD><TD STYLE="padding-bottom: 1pt">&#160;</TD>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom; background-color: White">
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    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: center">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: center">&#160;</TD><TD STYLE="text-align: left">&#160;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0pt 0pt 0pt 11pt; text-align: center; text-indent: -11pt">&#160;</TD><TD STYLE="padding-bottom: 1pt">&#160;</TD>
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  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <TD STYLE="padding: 0pt 0pt 0pt 11pt; text-indent: -11pt">Purchase of treasury shares</TD><TD>&#160;</TD>
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    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#8212;</TD><TD STYLE="text-align: left">&#160;</TD></TR>
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    <TD STYLE="padding: 0pt 0pt 0pt 11pt; text-indent: -11pt">Cancellation of shares</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">(1,919,017</TD><TD STYLE="text-align: left">)</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#8212;</TD><TD STYLE="text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0pt 0pt 0pt 11pt; text-align: left; text-indent: -11pt">Distributions to noncontrolling interests</TD><TD>&#160;</TD>
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    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#8212;</TD><TD STYLE="text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding: 0pt 0pt 0pt 11pt; text-indent: -11pt">&#160;</TD><TD STYLE="padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&#160;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&#160;</TD><TD STYLE="padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&#160;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&#160;</TD></TR>
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    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(24,190,981</TD><TD STYLE="text-align: left">)</TD></TR>
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    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">10,567,396</TD><TD STYLE="text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0pt 0pt 0pt 11pt; text-indent: -11pt">Purchase of treasury shares</TD><TD>&#160;</TD>
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    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">(2,005,008</TD><TD STYLE="text-align: left">)</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#8212;</TD><TD STYLE="text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0pt 0pt 0pt 11pt; text-align: left; text-indent: -11pt">Distributions to noncontrolling interests</TD><TD STYLE="padding-bottom: 1pt">&#160;</TD>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">See accompanying notes to consolidated financial statements.<BR></P>

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

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">FONAR CORPORATION AND SUBSIDIARIES&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">CONSOLIDATED STATEMENTS OF STOCKHOLDERS&#8217; EQUITY</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">FOR THE YEARS ENDED JUNE 30, 2024 AND 2023</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding: 0pt 0pt 0pt 11pt; text-align: left; text-indent: -11pt">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: center">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: center">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: center">&#160;</TD><TD STYLE="text-align: left">&#160;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0pt 0pt 0pt 11pt; text-align: center; text-indent: -11pt">&#160;</TD><TD STYLE="padding-bottom: 1pt">&#160;</TD>
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    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 11%; text-align: right">(4,053,833</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 5%">&#160;</TD>
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    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">2,750,740</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">12,126,516</TD><TD STYLE="text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0pt 0pt 0pt 11pt; text-indent: -11pt">&#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>
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    <TD STYLE="padding: 0pt 0pt 0pt 11pt; text-indent: -11pt">Purchase of treasury shares</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">(1,759,457</TD><TD STYLE="text-align: left">)</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#8212;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">(1,759,457</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0pt 0pt 0pt 11pt; text-indent: -11pt">Cancellation of shares</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">1,919,027</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#8212;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#8212;</TD><TD STYLE="text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding: 0pt 0pt 0pt 11pt; text-align: left; text-indent: -11pt">Distributions to noncontrolling interests</TD><TD STYLE="padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&#8212;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&#160;</TD><TD STYLE="padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(5,776,200</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(5,776,200</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0pt 0pt 0pt 11pt; text-indent: -11pt">Balance, June 30, 2023</TD><TD>&#160;</TD>
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    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(7,079,293</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">3,530,021</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="text-align: left">&#160;</TD><TD STYLE="text-align: right">(2,505,832</TD><TD STYLE="text-align: left">)</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#8212;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">(2,505,832</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding: 0pt 0pt 0pt 11pt; text-indent: -11pt">Cancellation of shares</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">2,005,020</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#8212;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#8212;</TD><TD STYLE="text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0pt 0pt 0pt 11pt; text-align: left; text-indent: -11pt">Distributions to noncontrolling interests</TD><TD STYLE="padding-bottom: 1pt">&#160;</TD>
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    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(5,630,336</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(5,630,336</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
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    <TD STYLE="padding: 0pt 0pt 0pt 11pt; text-indent: -11pt">Balance, June 30, 2024</TD><TD STYLE="padding-bottom: 2.5pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(1,016,632</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 2.5pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(9,179,608</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 2.5pt">&#160;</TD>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">See accompanying notes to consolidated financial statements.</P>

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

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

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT ID="b_005"></FONT>CONSOLIDATED STATEMENTS OF CASH FLOWS</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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<TR STYLE="vertical-align: bottom">
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    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">(145,775</TD><TD STYLE="text-align: left">)</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">(209,845</TD><TD STYLE="text-align: left">)</TD></TR>
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    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">(438,911</TD><TD STYLE="text-align: left">)</TD></TR>
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    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">(158,906</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">(4,541,352</TD><TD STYLE="text-align: left">)</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">(3,862,814</TD><TD STYLE="text-align: left">)</TD></TR>
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    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">(217,569</TD><TD STYLE="text-align: left">)</TD><TD>&#160;</TD>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&#160;See accompanying notes to consolidated financial statements.</P>

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

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

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)</P>

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

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    <TD STYLE="padding: 0pt 0pt 0pt 11pt; text-align: center; text-indent: -11pt">&#160;</TD><TD STYLE="padding-bottom: 1pt">&#160;</TD>
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    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">(1,759,457</TD><TD STYLE="text-align: left">)</TD></TR>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">See accompanying notes to consolidated financial statements.</P>

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

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

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT ID="b_006"></FONT>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">JUNE 30, 2024 and 2023</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>NOTE 1 - DESCRIPTION OF BUSINESS AND LIQUIDITY AND CAPITAL RESOURCES</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>&#160;</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">FONAR Corporation (the &#8220;Company&#8221; or &#8220;FONAR&#8221;)
is a Delaware corporation, which was incorporated on July 17, 1978. FONAR is engaged in the research, development, production and marketing
of medical scanning equipment, which uses principles of Magnetic Resonance Imaging (&#8220;MRI&#8221;) for the detection and diagnosis
of human diseases. In addition to deriving revenues from the direct sale of MRI equipment, revenue is also generated from our installed-base
of customers through our service and upgrade programs.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">FONAR, through its wholly-owned subsidiary Health
Management Corporation of America (&#8220;HMCA&#8221;) provides comprehensive management services to diagnostic imaging facilities. The
services provided by the Company include development, administration, leasing of office space, facilities and medical equipment, provision
of supplies, staffing and supervision of non-medical personnel, legal services, accounting, billing and collection and the development
and implementation of practice growth and marketing strategies.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On July 1, 2015, the Company restructured the corporate
organization of the management of diagnostic imaging centers segment of our business. The reorganization was structured to more completely
integrate the operations of Health Management Corporation of America and HDM. Imperial contributed all of its assets (which were utilized
in the business of Health Management Corporation of America) to HDM and received a 24.2% interest in HDM. Health Management Corporation
of America retained a direct ownership interest of 45.8% in HDM, and the original investors in HDM retained a 30.0% ownership interest
in the newly expanded HDM. During the year ended June 30, 2022, the Company purchased noncontrolling interests for $546,000 giving the
Company a direct ownership interest of 70.8% and the investors&#8217; a 29.2% ownership interest. The entire management of diagnostic
imaging centers business segment is now being conducted by HDM.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>&#160;</B></P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The consolidated financial statements include the
accounts of FONAR Corporation, its majority and wholly-owned subsidiaries and partnerships. The operating activities of subsidiaries are
included in the accompanying consolidated statements from the date of acquisition. All significant intercompany accounts and transactions
have been eliminated in consolidation.</P>

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">FONAR CORPORATION AND SUBSIDIARIES&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">JUNE 30, 2024 and 2023</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>&#160;</B></P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The preparation of the consolidated financial statements
in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions
that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities in the consolidated financial
statements and accompanying notes. The most significant estimates relate to receivable allowances, income taxes and related tax asset
valuation allowances, contingencies, and revenue recognition. In addition, healthcare industry reforms and reimbursement practices will
continue to impact the Company&#8217;s operations and the determination of contractual and other allowance estimates. Actual results could
differ from those estimates.</P>

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Inventories consist of purchased parts, components
and supplies, as well as work-in-process, and are stated at the lower of cost or net realizable value.</P>

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Property and equipment procured in the normal course
of business is stated at cost less accumulated depreciation. Property and equipment purchased in connection with an acquisition is stated
at its estimated fair value, generally based on an appraisal. Property and equipment is being depreciated for financial accounting purposes
using the straight-line method over their estimated useful lives. Leasehold improvements are being amortized over the shorter of the useful
life or the remaining lease term. Upon retirement or other disposition of these assets, the cost and related accumulated depreciation
of these assets are removed from the accounts and the resulting gains or losses are reflected in the results of operations. Expenses for
maintenance and repairs are charged to operations. Renewals and betterments are capitalized. Maintenance and repair expenses totaled approximately
$2,948,000 and $2,801,000 for the years ended June 30, 2024 and 2023 respectively. The estimated useful lives in years are generally as
follows:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
<TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; padding: 0pt; text-align: left; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><FONT STYLE="display: none"></FONT></FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
<TD STYLE="border-bottom: Black 1pt solid; padding: 0pt; vertical-align: bottom; text-align: justify; text-indent: 30pt">&#160;Estimated Useful Life in Years for
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<TD STYLE="padding: 0pt; vertical-align: bottom; text-align: right; text-indent: 0pt">&#160;</TD>
<TD STYLE="padding: 0pt; line-height: 115%; text-indent: 0pt">&#160;</TD></TR>
<TR STYLE="background-color: White">
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<TD STYLE="padding: 0pt; vertical-align: bottom; width: 12%; text-align: right; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">5&#8211;13</FONT></TD>
<TD STYLE="padding: 0pt; width: 1%; line-height: 115%; text-indent: 0pt">&#160;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
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<TD STYLE="padding: 0pt; line-height: 115%; text-indent: 0pt">&#160;</TD></TR>
<TR STYLE="background-color: White">
<TD STYLE="padding: 0pt; vertical-align: bottom; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Machinery and equipment</FONT></TD>
<TD STYLE="padding: 0pt; vertical-align: bottom; text-align: right; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">2-7</FONT></TD>
<TD STYLE="padding: 0pt; line-height: 115%; text-indent: 0pt">&#160;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
<TD STYLE="padding: 0pt; vertical-align: bottom; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Furniture and fixtures</FONT></TD>
<TD STYLE="padding: 0pt; vertical-align: bottom; text-align: right; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">3-9</FONT></TD>
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<TR STYLE="background-color: White">
<TD STYLE="padding: 0pt; vertical-align: bottom; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Leasehold improvements</FONT></TD>
<TD STYLE="padding: 0pt; vertical-align: bottom; text-align: right; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">5&#8211;10</FONT></TD>
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<TR STYLE="background-color: rgb(204,238,255)">
<TD STYLE="padding: 0pt; vertical-align: bottom; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Building</FONT></TD>
<TD STYLE="padding: 0pt; vertical-align: bottom; text-align: right; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">28</FONT></TD>
<TD STYLE="padding: 0pt; line-height: 115%; text-indent: 0pt">&#160;</TD></TR>
</TABLE>


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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">JUNE 30, 2024 and 2023</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&#160;</B></P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company periodically assesses the recoverability
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that the carrying value of long-lived assets may not be recoverable. If indicators are present, the Company performs a recoverability
test by comparing the sum of the estimated undiscounted future cash flows attributable to the asset group in question to its carrying
amount. An impairment loss is recognized if it is determined that the long-lived asset group is not recoverable and is calculated by comparing
the discounted future cash flows with the carrying value of the related asset group. In performing this analysis, management considers
such factors as current results, trends, and future prospects, in addition to other economic factors.</P>

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">1) Patents and Copyrights</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Patent and copyrights are professional costs incurred
to acquire certain patent and copyrights. Amortization is calculated on the straight-line basis over 15 years.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">2) Non-Competition Agreements</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The non-competition agreements are agreements entered
into with past principal owners of entities that the Company had acquired. The non-competition agreements are being amortized on the straight-line
basis over the length of the agreement (7 years).</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">3) Customer Relationships</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Customer relationships represents customer lists acquired
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Goodwill represents the cost of a business acquisition
in excess of the fair value of the net assets acquired. Goodwill is not amortized and is reviewed for impairment annually, or more frequently
if facts and circumstances indicate that it is more likely than not that the fair value of the reporting unit is less than its carrying
amount including goodwill. If it is more likely than not that the fair value of a reporting unit is less than its carrying amount, the
Company performs a quantitative test to identify and measure the amount of goodwill impairment loss. The Company compares the fair value
of the reporting unit with its carrying amount. If the carrying amount exceeds fair value, goodwill of the reporting unit is considered
impaired, and that excess is recognized as a goodwill impairment loss.</P>

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">FONAR CORPORATION AND SUBSIDIARIES&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">JUNE 30, 2024 and 2023</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>&#160;</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Revenue on sales contracts for scanners, included
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method in accordance with FASB ASC 606, &#8220;Revenue Recognition &#8211; Construction-Type and Production-Type Contracts&#8221;. The
Company manufactures its scanners under specific contracts that provide for progress payments. Production and installation take approximately
three to six months.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Revenue on scanner service contracts is recognized
on the straight-line method over the related contract period, usually one year. As of June 30, 2023, the Company had unearned revenue
on service contracts of $3,832,184 of which all was recognized as revenue in the fiscal year ending June 30, 2024.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Revenue from product sales (upgrades and supplies)
is recognized upon shipment.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Revenue under management contracts is recognized
based upon contractual agreements for management services rendered by the Company primarily under various long-term agreements with
various medical providers (the &#8220;PCs&#8221;). As of June 30, 2024, the Company has 22
management agreements of which 3
were with PC&#8217;s owned by Timothy Damadian, Chairman of the Board, President, Chief Executive Officer and Treasurer (formerly
owned by Raymond V. Damadian, M.D., Chairman of the Board of FONAR until his unexpected death in August 2022)(&#8220;the Related
medical practices&#8221;) and 19
are with PC&#8217;s, which are all located in the state of New York (&#8220;the New York PC&#8217;s&#8221;), owned by two unrelated
radiologists. The contractual fees for services rendered to the PCs consists of fixed monthly fees per diagnostic imaging facility
ranging from approximately $84,000
to $447,000.
All fees are re-negotiable at the anniversary of the agreements and each year thereafter. The Company records a credit loss expense for
estimated uncollectible fees, which is reflected in other operating expenses on the Consolidated Statement of Operations.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company currently recognizes revenue in accordance
with the recognition accounting standard issued by the Financial Accounting Standards Board (&#8220;FASB&#8221;) and codified in the ASC
as topic 606 (&#8220;ASC 606&#8221;). The revenue recognition standard in ASC 606 outlines a single comprehensive model for recognizing
revenue as performance obligations, defined in a contract with a customer as goods or services transferred to the customer in exchange
for consideration, are satisfied. The standard also requires expanded disclosures regarding the Company&#8217;s revenue recognition policies
and significant judgments employed in the determination of revenue.</P>

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">FONAR CORPORATION AND SUBSIDIARIES&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">JUNE 30, 2024 and 2023</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(CONTINUED)</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&#160;</B></P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company&#8217;s revenues generally relate to net
patient fees&#160;received from various payers and patients themselves under contracts in which our performance obligations are to provide
diagnostic services to the patients. Revenues are recorded during the period our obligations to provide diagnostic services are satisfied.
Our performance obligations for diagnostic services are generally satisfied over a period of less than one day. The contractual relationships
with patients, in most cases, also involve a third-party payer (Medicare, Medicaid, managed care health plans and commercial insurance
companies, including plans offered through the health insurance exchanges) and the transaction prices for the services provided are dependent
upon the terms provided by (Medicare and Medicaid) or negotiated with (managed care health plans and commercial insurance companies) the
third-party payers. The payment arrangements with third-party payers for the services we provide to the related patients typically specify
payments at amounts less than our standard charges and generally provide for payments based upon predetermined rates per diagnostic services
or discounted fee-for-service rates. Management continually reviews the contractual estimation process to consider and incorporate updates
to laws and regulations and the frequent changes in managed care contractual terms resulting from contract renegotiations and renewals.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company&#8217;s patient fee revenues, net of contractual
allowances and discounts for the years ended June 30, 2024 and 2023 are summarized in the following table.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0pt 0pt 0pt 11pt; text-align: left; text-indent: -11pt">&#160;</TD><TD STYLE="padding-bottom: 1pt">&#160;</TD>
    <TD COLSPAN="7" STYLE="border-bottom: Black 1pt solid; text-align: center">For the Years Ended June 30</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0pt 0pt 0pt 11pt; text-align: left; text-indent: -11pt">&#160;</TD><TD STYLE="padding-bottom: 1pt">&#160;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; text-align: center">2024</TD><TD STYLE="padding-bottom: 1pt">&#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="text-align: left">&#160;</TD><TD STYLE="text-align: right">1,063,846</TD><TD STYLE="text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0pt 0pt 0pt 11pt; text-align: left; text-indent: -11pt">Workers&#8217; Compensation/Personal Injury</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">20,673,483</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">18,670,019</TD><TD STYLE="text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding: 0pt 0pt 0pt 11pt; text-align: left; text-indent: -11pt">Other</TD><TD STYLE="padding-bottom: 1pt">&#160;</TD>
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    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">5,935,482</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0pt 0pt 0pt 11pt; text-align: left; text-indent: -11pt">Net Patient Fee Revenue</TD><TD STYLE="padding-bottom: 2.5pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">33,815,796</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&#160;</TD><TD STYLE="padding-bottom: 2.5pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">29,793,993</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&#160;</TD></TR>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Medical Receivable and Management and Other Fees Receivable</P>

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Medical receivables are due under fee-for-service
contracts from third-party payors, such as hospitals, government sponsored healthcare programs, patient&rsquo;s legal counsel and directly
from patients. Substantially all the revenue relates to patients residing in Florida. Medical receivables are recorded at net realizable
value based on the estimated amounts the Company expects to receive from patients and third-party payers. The medical receivable is reduced
by an allowance for contractual adjustments based on the historical experience with each payor class at each location. The medical fee
receivable as of July 1, 2022 was $20,108,989.</P>

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">FONAR CORPORATION AND SUBSIDIARIES&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">JUNE 30, 2024 and 2023</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(CONTINUED)</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&#160;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT>Management and Other Fees Receivable</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Management fees receivable is related to management
fees outstanding from the related and non related PCs under management agreements. The Company has established a current expected credit
loss (&#8220;CECL&#8221;) to address the risk that a portion of the contractually obligated management fees receivable from the PCs may
not be paid. The PC&#8217;s may be limited in their ability to pay the full management fee receivable if they do not collect sufficient
expected fees from third-party payers and patients. The Company&#8217;s management fees are collateralized, individually and collectively,
by the assets of the PCs. The CECL is determined based on the difference between the management fee receivable and the current amount
of outstanding fees estimated to be collected by the PCs.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company&#8217;s considerations into the estimate
of the PC&#8217;s fee collection is based on a combination of factors. As each management agreement specifies the Company&#8217;s ultimate
collateral for unpaid management fees are the patient fee receivables owned by each PC, the Company considers the historical loss rates
to pools of receivables with similar risks characteristics, aging of the patient fee receivables, and the financial condition of each
PC. In addition, the Company subjectively adjusts its estimated expected credit losses for current and forward-looking economic conditions
which would include trends seen within the industry and newly enacted regulation. The Company also incorporates qualitative factors, such
as changes in the nature and volume of receivables, regulatory changes, and other relevant factors. Specifically, insurance carriers covering
automobile no-fault and workers compensation claims incur longer payment cycles and rigorous informational requirements and certain other
disallowed claims. Approximately 67% of the PCs&#8217; 2024 and 2023 net revenues were derived from no-fault and personal injury protection
claims.</P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; background-color: white">The Company combines
an objective and subjective loss-rate methodology to estimate expected credit losses based on the collateral owned by each PC. This involves
objectively using historical loss rates to pools of receivables with similar risk characteristics (i.e., various insurance payors) and
then subjectively adjusting for current and forward-looking economic conditions which would include trends seen within the industry and
newly enacted regulation. The Company also incorporates qualitative factors, such as changes in the nature and volume of the receivables,
regulatory changes, and other relevant factors.</P>

<P STYLE="font: 11pt/107% Times New Roman, Times, Serif; margin: 0; text-align: justify">The provision for credit losses for the year
ended June 30, 2024 was $1,882,061. This can be attributable to an increase in scan volume at all the PC&#8217;s and due to the nature
of the payor classes, where there is a longer expected payment term. Additionally, newly proposed legislation around credit reporting
on individual medical debts increasing the likelihood of non-payment of individual patient accounts. The management fee receivable for
unrelated and related parties as of July 1, 2022 was $33,419,219
and $8,602,561,
respectively.</P>

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




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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Credit risk with respect to the Company&#8217;s
accounts receivable related to product sales and service and repair fees is limited due to the customer advances received prior to the
commencement of work performed and the billing of amounts to customers as sub-assemblies are completed. Service and repair fees are billed
on a monthly or quarterly basis and the Company does not continue providing these services if accounts receivable become past due. The
Company controls credit risk with respect to accounts receivable from service and repair fees through its credit evaluation process,
credit limits, monitoring procedures and reasonably short collection terms. The Company performs ongoing credit authorizations before
a product sales contract is entered into or service and repair fees are provided.&#160;The account receivable balance for scanner service
contracts as of July 1, 2022 was $4,335,956.</P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">JUNE 30, 2024 and 2023</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(CONTINUED)</B></P>

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Research and development costs are charged to expense
as incurred. The costs of equipment that are acquired or constructed for research and development activities, and have alternative future
uses (either in research and development, marketing or production), are classified as property and equipment and depreciated over their
estimated useful lives.</P>

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Advertising costs are expensed as incurred. Advertising
expense approximated $731,000 and $570,000
and for the years ended June 30, 2024 and 2023, respectively.<B>&#160;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&#160;</B></P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Deferred tax assets and liabilities are determined
based on the difference between the financial statement carrying amounts and tax basis of assets and liabilities using enacted tax rates
in effect in the years in which the differences are expected to reverse.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The ultimate realization of deferred tax assets is
dependent on the generation of future taxable income during the periods in which temporary differences become deductible or when such
net operating losses can be utilized. The Company considers projected future taxable income, the regulatory environment of the industry,
and tax planning strategies in making this assessment. At present, the Company believes that it is more likely than not that the benefits
from certain deferred tax asset carryforwards, will not all be fully realized. In recognition of this inherent risk, a valuation allowance
was established for the partial value of the deferred tax asset, which principally related to certain state net operating losses. A valuation
allowance will be maintained until sufficient positive evidence exists to support the reversal of the remainder of the valuation.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In accordance with ASC 740, &#8220;Accounting for
Income Taxes&#8221;, prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement
of tax positions taken or expected to be taken in a corporate tax return. For those benefits to be recognized, a tax position must be
more-likely-than-not to be sustained upon examination by taxing authorities. Differences between tax positions taken or expected to be
taken in a tax return and the benefit recognized and measured pursuant to the interpretation are referred to as unrecognized benefits.
A liability is recognized (or amount of net operating loss carryforward or amount of tax refundable is reduced) for an unrecognized tax
benefit because it represents an enterprise&#8217;s potential future obligation to the taxing authority for a tax position that was not
recognized as a result of applying the provisions of ASC 740. The Company believes there are no uncertain tax positions in prior year&#8217;s
tax filings and therefore it has not recorded a liability for unrecognized tax benefits.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In accordance with ASC 740, interest costs related
to unrecognized tax benefits are required to be calculated (if applicable) and would be classified as &#8220;Interest expense, net. Penalties
if incurred would be recognized as a component of &#8220;Selling, general and administrative&#8221; expenses. Penalties for the years
ended June 30, 2024 and June 30, 2023 were $20,444 and $31,122, respectively.</P>

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">FONAR CORPORATION AND SUBSIDIARIES&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">JUNE 30, 2024 and 2023</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>&#160;</B></P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Cash advances and progress payments received on sales
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Basic earnings per share (&#8220;EPS&#8221;) is computed
by dividing net income available to common stockholders by the weighted average number of shares of common stock outstanding during the
period. In accordance with ASC topic 260-10, &#8220;Participating Securities and the Two-Class Method&#8221;, the Company used the Two-Class
method for calculating basic earnings per share and applied the if converted method in calculating diluted earnings per share for the
years ended June 30, 2024 and 2023.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Diluted EPS reflects the potential dilution from the
exercise or conversion of all dilutive securities into common stock based on the average market price of common shares outstanding during
the period. For the years ended June 30, 2024 and 2023, diluted EPS for common shareholders includes 127,504 shares upon conversion of
Class C Common.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0pt 0pt 0pt 11pt; text-align: left; text-indent: -11pt">&#160;</TD><TD STYLE="padding-bottom: 1pt">&#160;</TD>
    <TD COLSPAN="11" STYLE="border-bottom: Black 1pt solid; text-align: center">June 30, 2024</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0pt 0pt 0pt 11pt; text-align: left; text-indent: -11pt">Basic</TD><TD STYLE="padding-bottom: 1pt">&#160;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; text-align: center">Total</TD><TD STYLE="padding-bottom: 1pt">&#160;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; text-align: center">Common Stock</TD><TD STYLE="padding-bottom: 1pt">&#160;</TD>
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  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0pt 0pt 0pt 11pt; text-decoration: underline; text-align: left; text-indent: -11pt">Numerator:</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>
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    <TD STYLE="border-bottom: Black 2.5pt double; width: 1%; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; width: 11%; text-align: right">10,567,396</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; text-align: left">&#160;</TD><TD STYLE="width: 5%; padding-bottom: 2.5pt">&#160;</TD>
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  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0pt 0pt 0pt 11pt; text-align: left; text-indent: -11pt">Denominator:</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: 0pt 0pt 0pt 11pt; text-align: left; text-indent: -11pt">Weighted average shares outstanding</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">6,350,862</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">6,350,862</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&#160;</TD><TD STYLE="padding-bottom: 2.5pt">&#160;</TD>
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  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0pt 0pt 0pt 11pt; text-align: left; text-indent: -11pt">Basic income per common share</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">1.66</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">1.56</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&#160;</TD><TD STYLE="padding-bottom: 2.5pt">&#160;</TD>
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  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding: 0pt 0pt 0pt 11pt; text-decoration: underline; text-align: left; text-indent: -11pt">Diluted</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: rgb(204,238,255)">
    <TD STYLE="padding: 0pt 0pt 0pt 11pt; text-decoration: underline; text-align: left; text-indent: -11pt">Denominator:</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: 0pt 0pt 0pt 11pt; text-align: left; text-indent: -11pt">Weighted average shares outstanding</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">6,350,862</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">382,513</TD><TD STYLE="text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0pt 0pt 0pt 11pt; text-align: left; text-indent: -11pt">Class C Common Stock</TD><TD STYLE="padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&#160;</TD><TD STYLE="padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">127,504</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&#160;</TD><TD STYLE="padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&#8212;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding: 0pt 0pt 0pt 11pt; text-align: left; text-indent: -11pt">Total Denominator for diluted earnings per share</TD><TD STYLE="padding-bottom: 2.5pt">&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</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">6,478,366</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">382,513</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="padding: 0pt 0pt 0pt 11pt; text-align: left; text-indent: -11pt">Diluted income per common share</TD><TD STYLE="padding-bottom: 2.5pt">&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="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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  </TABLE>


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

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

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">JUNE 30, 2024 and 2023</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>&#160;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Earnings Per Share (Continued)</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0pt 0pt 0pt 11pt; text-align: left; text-indent: -11pt">&#160;</TD><TD STYLE="padding-bottom: 1pt">&#160;</TD>
    <TD COLSPAN="11" STYLE="border-bottom: Black 1pt solid; text-align: center">June 30, 2023</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0pt 0pt 0pt 11pt; text-align: left; text-indent: -11pt">Basic</TD><TD STYLE="padding-bottom: 1pt">&#160;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; text-align: center">Total</TD><TD STYLE="padding-bottom: 1pt">&#160;</TD>
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  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0pt 0pt 0pt 11pt; text-decoration: underline; text-align: left; text-indent: -11pt">Numerator:</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">
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  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0pt 0pt 0pt 11pt; text-decoration: underline; text-align: left; text-indent: -11pt">Denominator:</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: 0pt 0pt 0pt 11pt; text-align: left; text-indent: -11pt">Weighted average shares outstanding</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">6,539,376</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">6,539,376</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">382,513</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="padding: 0pt 0pt 0pt 11pt; text-align: left; text-indent: -11pt">Basic income per common share</TD><TD STYLE="padding-bottom: 2.5pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">1.43</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&#160;</TD><TD STYLE="padding-bottom: 2.5pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">1.35</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&#160;</TD><TD STYLE="padding-bottom: 2.5pt">&#160;</TD>
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  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding: 0pt 0pt 0pt 11pt; text-decoration: underline; text-align: left; text-indent: -11pt">Diluted</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: rgb(204,238,255)">
    <TD STYLE="padding: 0pt 0pt 0pt 11pt; text-decoration: underline; text-align: left; text-indent: -11pt">Denominator:</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: 0pt 0pt 0pt 11pt; text-align: left; text-indent: -11pt">Weighted average shares outstanding</TD><TD>&#160;</TD>
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    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">6,539,376</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">382,513</TD><TD STYLE="text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0pt 0pt 0pt 11pt; text-align: left; text-indent: -11pt">Class C Common Stock</TD><TD STYLE="padding-bottom: 1pt">&#160;</TD>
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    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&#8212;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
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    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">6,666,880</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">382,513</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="padding: 0pt 0pt 0pt 11pt; text-align: left; text-indent: -11pt">Diluted income per common share</TD><TD STYLE="padding-bottom: 2.5pt">&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</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">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">1.32</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&#160;</TD><TD STYLE="padding-bottom: 2.5pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">0.38</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&#160;</TD></TR>
  </TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Cash and cash equivalents includes cash on hand, cash
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Short-term investments include certificates of deposit
with original maturities of greater than 90 days. Interest is recorded as earned.</P>

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Cash: The Company maintains its cash and cash equivalents
with various financial institutions, which exceed federally insured limits throughout the year. At June 30, 2024, the Company had cash
on deposit of approximately $53,883,000 in excess of federally insured limits of $250,000.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Related Parties: Net revenues from related parties
accounted for approximately 12% of the consolidated net revenues for the years ended June 30, 2024 and 2023. Net management fee receivables
from the related party medical practices accounted for approximately 12% and 13% of the consolidated accounts receivable as of June 30,
2024 and 2023, respectively.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">See Note 3 regarding the Company&#8217;s concentrations
in the healthcare industry.</P>

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;FONAR CORPORATION AND SUBSIDIARIES&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">JUNE 30, 2024 and 2023</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>NOTE 2 &#8211; SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES (CONTINUED)</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&#160;</B></P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company measures fair value in accordance with
ASC 820-10, &#8220;Fair Value Measurements and Disclosures&#8221;. ASC 820-10 clarifies that fair value is an exit price, representing
the amount that would be received by selling an asset or paid to transfer a liability in an orderly transaction between market participants.
As such, fair value is a market-based measurement that should be determined based on assumptions.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The standard establishes a three-tier fair value hierarchy,
which prioritizes the inputs used in measuring and revaluing fair value. These tiers include, Level 1, defined as observable inputs such
as quoted prices in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or
indirectly observable; and Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity
to develop its own assumptions.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following methods and assumptions were used to
estimate the fair value of each class of financial instruments for which it is practicable to estimate that value:</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Cash and cash equivalents: The carrying amount approximates
fair value because of the short-term maturity of those instruments.</P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Short-term investments: The carrying amount approximates
fair value because of the short-term maturity of those instruments. Such amounts include Certificates of Deposits with original maturities
greater than 90 days. These securities are classified as Level 1.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Receivable and accounts payable: The carrying amounts
approximate fair value because of the short maturity of those instruments.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Notes receivable: The carrying amount approximates
fair value because the discounted present value of the cash flow generated by the parties approximates the carrying value of the amounts
due to the Company.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Long-term debt and notes payable: The carrying amounts
of debt and notes payable approximate fair value due to the length of the maturities, the interest rates being tied to market indices
and/or due to the interest rates not being significantly different from the current market rates available to the Company.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">All of the Company&#8217;s financial instruments are
held for purposes other than trading.</P>

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">FONAR CORPORATION AND SUBSIDIARIES&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">JUNE 30, 2024 and 2023</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(CONTINUED)</B></P>

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&#160;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In December 2023, The Financial Accounting Standards
Board (&#8220;FASB&#8221;) issued ASU 2023-09, &#8220;Income Taxes (740) &#8220;Improvements to Income Tax Disclosures&#8221;, which requires
the annual financial statements to include consistent categories and great disaggregation of information in the rate reconciliation and
income taxes paid disaggregated by jurisdiction. ASU 2023-09 is effective for the Company&#8217;s annual reporting beginning after December
15, 2024, with early adoption permitted, and should be applied on a prospective basis, with a retrospective option. The Company is currently
evaluating the effect that the adoption of ASU 2023-09 will have on our disclosures.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In November 2023, FASB issued ASU 2023-07, &#8220;Segment
Reporting (Topic 280)&#8221;, which is intended to improve reportable segment disclosure requirements through enhanced disclosures about
significant segment expenses. The amendments require disclosure of significant segment expenses regularly provided to the chief operating
decision maker (CODM) as well as other segment items, extended certain annual disclosures to interim periods, clarify the applicability
to single reportable segment entities, permit more than one measure of profit or loss to be reported under certain conditions, and require
disclosure of the title and position of the CODM. The effective date for public entities is for fiscal years beginning after December
15, 2023 and interim periods with fiscal years beginning after December 15, 2024. The Company is expected to adopt the new disclosures
as required and are currently evaluating the impact on the related disclosures.</P>

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company adopted ASU 2016-13, &#8220;Financial
Instruments &#8211; Credit Losses&#8221; (Topic 326) &#8220;Measurement of Credit Losses on Financial Instruments&#8221;, on July 1, 2023,
as amended which replaces the incurred loss methodology with an expected loss methodology that is referred to as the current expected
credit loss (CECL) methodology, The measurement of expected credit losses under the CECL methodology is applicable to financial assets
measured at amortized cost, including loan receivables and held-to-maturity debt securities. It also applies to off-balance sheet credit
exposures not accounted for as insurance (loan commitments, standby letters of credit, financial guarantees, and other similar instruments)
and net investments in leases recognized by a lessor in accordance with Topic 842 on leases. The Company used a modified retrospective
approach, which required a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting in which the standard
was effective. The adoption did not have a material effect on the Company&#8217;s consolidated financial statements.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">FASB, the Emerging Issues Task Force and the SEC have
issued certain other accounting standards, updates, and regulations as of June 30, 2024 that will become effective in subsequent periods;
however, management does not believe that any of those updates would have significantly affected the Company&#8217;s financial accounting
measures or disclosures had they been in effect during 2024 or 2023, and it does not believe that any of those standards will have a significant
impact on the Company&#8217;s consolidated financial statements at the time they become effective.</P>

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">FONAR CORPORATION AND SUBSIDIARIES&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">JUNE 30, 2024 and 2023</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&#160;NOTE 3 &#8211; ACCOUNTS RECEIVABLE, MEDICAL
RECEIVABLE AND MANAGEMENT AND OTHER FEES RECEIVABLE</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&#160;</B></P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Long term accounts receivable balances at June 30,
2024 and June 30, 2023 amounted to $829,473 and $710,085, respectively. The Company will generate revenue from long-term, non-cancellable
contracts to provide service and repair services. Future revenue to be recognized over the following four years at June 30, 2024 is as
follows:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0pt 0pt 0pt 11pt; width: 76%; text-align: left; text-indent: -11pt">2026</TD><TD STYLE="width: 10%">&#160;</TD>
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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">369,429</TD><TD STYLE="text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0pt 0pt 0pt 11pt; text-align: left; text-indent: -11pt">2028</TD><TD>&#160;</TD>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;The following represents a summary of allowance
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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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">777,354</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding: 0pt 0pt 0pt 11pt; text-align: left; text-indent: -11pt">&#160;</TD>
<TD>&#160;</TD>
<TD COLSPAN="3" STYLE="text-align: center">Balance</TD>
<TD>&#160;</TD>
<TD COLSPAN="3" STYLE="text-align: center">&#160;</TD>
<TD>&#160;</TD>
<TD COLSPAN="3" STYLE="text-align: center">&#160;</TD>
<TD>&#160;</TD>
<TD COLSPAN="3" STYLE="text-align: center">Balance</TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="border-bottom: Black 1pt solid; padding: 0pt 0pt 0pt 11pt; text-align: left; text-indent: -11pt">Description</TD>
<TD STYLE="padding-bottom: 1pt">&#160;</TD>
<TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; text-align: center">June 30, 2022</TD>
<TD STYLE="padding-bottom: 1pt">&#160;</TD>
<TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; text-align: center">Additions</TD>
<TD STYLE="padding-bottom: 1pt">&#160;</TD>
<TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; text-align: center">Deductions</TD>
<TD STYLE="padding-bottom: 1pt">&#160;</TD>
<TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; text-align: center">June 30, 2023</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="padding: 0pt 0pt 0pt 11pt; width: 40%; text-align: left; text-indent: -11pt">Accounts receivable</TD>
<TD STYLE="width: 3%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">$</TD>
<TD STYLE="width: 10%; text-align: right">204,597</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 3%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">$</TD>
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<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 3%">&#160;</TD>
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<TD STYLE="width: 10%; text-align: right">61,004</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 3%">&#160;</TD>
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<TD STYLE="width: 10%; text-align: right">198,593</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="padding: 0pt 0pt 0pt 11pt; text-align: left; text-indent: -11pt">Management and other fees receivable</TD>
<TD>&#160;</TD>
<TD STYLE="text-align: left">&#160;</TD>
<TD STYLE="text-align: right">16,627,917</TD>
<TD STYLE="text-align: left">&#160;</TD>
<TD>&#160;</TD>
<TD STYLE="text-align: left">&#160;</TD>
<TD STYLE="text-align: right">4,007,382</TD>
<TD STYLE="text-align: left">&#160;</TD>
<TD>&#160;</TD>
<TD STYLE="text-align: left">&#160;</TD>
<TD STYLE="text-align: right">8,026,732</TD>
<TD STYLE="text-align: left">&#160;</TD>
<TD>&#160;</TD>
<TD STYLE="text-align: left">&#160;</TD>
<TD STYLE="text-align: right">12,608,567</TD>
<TD STYLE="text-align: left">&#160;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="padding: 0pt 0pt 0pt 11pt; text-align: left; text-indent: -11pt">Management and other fees receivable - related medical practices</TD>
<TD>&#160;</TD>
<TD STYLE="text-align: left">&#160;</TD>
<TD STYLE="text-align: right">4,686,893</TD>
<TD STYLE="text-align: left">&#160;</TD>
<TD>&#160;</TD>
<TD STYLE="text-align: left">&#160;</TD>
<TD STYLE="text-align: right">1,451,094</TD>
<TD STYLE="text-align: left">&#160;</TD>
<TD>&#160;</TD>
<TD STYLE="text-align: left">&#160;</TD>
<TD STYLE="text-align: right">2,148,295</TD>
<TD STYLE="text-align: left">&#160;</TD>
<TD>&#160;</TD>
<TD STYLE="text-align: left">&#160;</TD>
<TD STYLE="text-align: right">3,989,692</TD>
<TD STYLE="text-align: left">&#160;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="padding: 0pt 0pt 0pt 11pt; text-align: left; text-indent: -11pt">Notes receivable</TD>
<TD>&#160;</TD>
<TD STYLE="text-align: left">&#160;</TD>
<TD STYLE="text-align: right">777,354</TD>
<TD STYLE="text-align: left">&#160;</TD>
<TD>&#160;</TD>
<TD STYLE="text-align: left">&#160;</TD>
<TD STYLE="text-align: right">&#8212;</TD>
<TD STYLE="text-align: left">&#160;</TD>
<TD>&#160;</TD>
<TD STYLE="text-align: left">&#160;</TD>
<TD STYLE="text-align: right">&#8212;</TD>
<TD STYLE="text-align: left">&#160;</TD>
<TD>&#160;</TD>
<TD STYLE="text-align: left">&#160;</TD>
<TD STYLE="text-align: right">777,354</TD>
<TD STYLE="text-align: left">&#160;</TD></TR>
</TABLE>


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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 4px; padding-left: 11pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(1)</FONT></TD>
    <TD STYLE="padding-left: 11pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Included in provision for credit losses.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">JUNE 30, 2024 and 2023</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>NOTE 3 &#8211; ACCOUNTS RECEIVABLE, MEDICAL RECEIVABLE
AND MANAGEMENT AND OTHER FEES RECEIVABLE (CONTINUED)</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&#160;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Net revenues from management and other fees charged
to the related party medical practices accounted for approximately 12% and 12%, of the consolidated net revenues for the years ended June
30, 2024 and 2023, respectively.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Tallahassee Magnetic Resonance Imaging, PA, Stand
Up MRI of Boca Raton, PA and Stand Up MRI &amp; Diagnostic Center, PA (all related party medical practices) entered into a guaranty agreement,
pursuant to which they cross guaranteed all management fees which are payable to the Company, which have arisen under each individual
management agreement.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table sets forth the number of our facilities
for the years ended June 30, 2024 and 2023.</P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0pt 0pt 0pt 11pt; text-align: center; text-indent: -11pt">&#160;</TD><TD STYLE="padding-bottom: 1pt">&#160;</TD>
    <TD COLSPAN="7" STYLE="border-bottom: Black 1pt solid; text-align: center">For the Year Ended June 30,</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0pt 0pt 0pt 11pt; text-align: center; text-indent: -11pt">&#160;</TD><TD STYLE="padding-bottom: 1pt">&#160;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; text-align: center">2024</TD><TD STYLE="padding-bottom: 1pt">&#160;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; text-align: center">2023</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <TD STYLE="width: 1%; text-align: left">&#160;</TD><TD STYLE="width: 12%; text-align: right">27</TD><TD STYLE="width: 1%; text-align: left">&#160;</TD><TD STYLE="width: 8%">&#160;</TD>
    <TD STYLE="width: 1%; text-align: left">&#160;</TD><TD STYLE="width: 12%; text-align: right">27</TD><TD STYLE="width: 1%; text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding: 0pt 0pt 0pt 11pt; text-align: left; text-indent: -11pt">Facilities Added by:</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: 0pt 0pt 0pt 20pt; text-align: left; text-indent: -11pt">Internal development</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">1</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">1</TD><TD STYLE="text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding: 0pt 0pt 0pt 11pt; text-align: left; text-indent: -11pt">Managed Facilities Closed</TD><TD STYLE="padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&#8212;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&#160;</TD><TD STYLE="padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(1</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0pt 0pt 0pt 11pt; text-align: left; text-indent: -11pt">Total Facilities Owned or Managed (at End of Year)</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">28</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">27</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&#160;</TD></TR>
  </TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&#160;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>NOTE 4 &#8211; INVENTORIES</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&#160;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Inventories included in the accompanying consolidated
balance sheets consist of:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0pt 0pt 0pt 11pt; text-align: center; text-indent: -11pt">&#160;</TD><TD STYLE="padding-bottom: 1pt">&#160;</TD>
    <TD COLSPAN="7" STYLE="border-bottom: Black 1pt solid; text-align: center">As of June 30,</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0pt 0pt 0pt 11pt; text-align: center; text-indent: -11pt">&#160;</TD><TD STYLE="padding-bottom: 1pt">&#160;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; text-align: center">2024</TD><TD STYLE="padding-bottom: 1pt">&#160;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; text-align: center">2023</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0pt 0pt 0pt 11pt; width: 56%; text-align: left; text-indent: -11pt">Purchased parts and components</TD><TD STYLE="width: 8%">&#160;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">2,524,201</TD><TD STYLE="width: 1%; text-align: left">&#160;</TD><TD STYLE="width: 8%">&#160;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">2,346,300</TD><TD STYLE="width: 1%; text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding: 0pt 0pt 0pt 11pt; text-align: left; text-indent: -11pt">Work-in-process</TD><TD STYLE="padding-bottom: 1pt">&#160;</TD>
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    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">223,366</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0pt 0pt 0pt 11pt; text-align: left; text-indent: -11pt">Inventories</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">2,715,441</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&#160;</TD><TD STYLE="padding-bottom: 2.5pt">&#160;</TD>
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  </TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&#160;</B></P>

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

<!-- Field: Page; Sequence: 82; Value: 2 -->
    <DIV STYLE="border-bottom: Black 2pt solid; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->63<!-- Field: /Sequence -->&#160;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&#160;</P></DIV>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&#160;</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">JUNE 30, 2024 and 2023</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>NOTE 5 - PROPERTY AND EQUIPMENT</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&#160;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Property and equipment, at cost, less accumulated
depreciation and amortization, at June 30, 2024 and 2023, is comprised of:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0pt 0pt 0pt 11pt; text-align: center; text-indent: -11pt">&#160;</TD><TD STYLE="padding-bottom: 1pt">&#160;</TD>
    <TD COLSPAN="7" STYLE="border-bottom: Black 1pt solid; text-align: center">As of June 30,</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0pt 0pt 0pt 11pt; text-align: center; text-indent: -11pt">&#160;</TD><TD STYLE="padding-bottom: 1pt">&#160;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; text-align: center">2024</TD><TD STYLE="padding-bottom: 1pt">&#160;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; text-align: center">2023</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0pt 0pt 0pt 11pt; width: 56%; text-align: left; text-indent: -11pt">Diagnostic equipment</TD><TD STYLE="width: 8%">&#160;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">33,243,694</TD><TD STYLE="width: 1%; text-align: left">&#160;</TD><TD STYLE="width: 8%">&#160;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">33,144,266</TD><TD STYLE="width: 1%; text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding: 0pt 0pt 0pt 11pt; text-align: left; text-indent: -11pt">Research, development and demonstration equipment</TD><TD>&#160;</TD>
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  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0pt 0pt 0pt 11pt; text-align: left; text-indent: -11pt">Machinery and equipment</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">2,069,055</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: 0pt 0pt 0pt 11pt; text-align: left; text-indent: -11pt">Furniture and fixtures</TD><TD>&#160;</TD>
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  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0pt 0pt 0pt 11pt; text-align: left; text-indent: -11pt">Leasehold improvements</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">16,312,904</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 1pt solid; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">939,614</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&#160;</TD><TD STYLE="padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">939,614</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0pt 0pt 0pt 11pt; text-align: left; text-indent: -11pt">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">62,507,377</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">61,717,416</TD><TD STYLE="text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
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    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">43,798,457</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&#160;</TD><TD STYLE="padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">39,571,043</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0pt 0pt 0pt 11pt; text-align: left; text-indent: -11pt">&#160;</TD><TD STYLE="padding-bottom: 2.5pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">18,708,920</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&#160;</TD><TD STYLE="padding-bottom: 2.5pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">22,146,373</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&#160;</TD></TR>
  </TABLE>


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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Depreciation and amortization of property and equipment
for the years ended June 30, 2024 and 2023 was $4,227,414 and $4,148,544, respectively.</P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>NOTE 6 &#8211; OPERATING &amp; FINANCING LEASES</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&#160;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company accounts for its various operating leases
in accordance with Accounting Standards Codification (&#8216;ASC&#8217;) 842 &#8211; Lease, as updated by ASU 2016-02. At the inception
of a lease, the Company recognizes right-of-use lease assets and related lease liabilities measured at present value of future lease payments
on its balance sheet. Lease expense is recognized on a straight-line basis over the term of the lease. Our most common initial term varies
in length from 2 to 19 years. Including renewal options negotiated with the landlord, we have a total span of 2 to 16 years at the facilities
we lease. The Company reviewed its contracts with vendors and customers, determining that its right-to-use lease assets consisted of only
office space operating leases. In determining the right-to-use lease assets and liabilities, the Company did recognize lease extension
options which the Company feels would be reasonably exercised. Our incremental borrowing rate (&#8220;IBR&#8221;) used to discount the
stream of operating lease payments is closely related to the interest rates available to the Company. A reconciliation of operating and
financing lease payments undiscounted cash flows to lease liabilities recognized as of June 30, 2024 is as follows:</P>

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">FONAR CORPORATION AND SUBSIDIARIES&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">JUNE 30, 2024 and 2023</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>NOTE 6 &#8211; OPERATING &amp; FINANCING LEASES
(CONTINUED)</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&#160;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
<TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; text-align: center">Year Ending June 30,</TD>
<TD STYLE="padding-bottom: 1pt">&#160;</TD>
<TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; text-align: center">Operating Lease Payments</TD>
<TD STYLE="padding-bottom: 1pt">&#160;</TD>
<TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; text-align: center">Financing Lease Payments</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="padding: 0pt 0pt 0pt 11pt; width: 26%; text-align: center">2025</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 8%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">$</TD>
<TD STYLE="width: 26%; text-align: right">5,895,014</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD>
<TD STYLE="width: 8%">&#160;</TD>
<TD STYLE="width: 1%; text-align: left">$</TD>
<TD STYLE="width: 26%; text-align: right">244,343</TD>
<TD STYLE="width: 1%; text-align: left">&#160;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="text-align: left">&#160;</TD>
<TD STYLE="padding: 0pt 0pt 0pt 11pt; text-align: center">2026</TD>
<TD STYLE="text-align: left">&#160;</TD>
<TD>&#160;</TD>
<TD STYLE="text-align: left">&#160;</TD>
<TD STYLE="text-align: right">5,561,968</TD>
<TD STYLE="text-align: left">&#160;</TD>
<TD>&#160;</TD>
<TD STYLE="text-align: left">&#160;</TD>
<TD STYLE="text-align: right">244,343</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">&#160;</TD>
<TD STYLE="padding: 0pt 0pt 0pt 11pt; text-align: center">2027</TD>
<TD STYLE="text-align: left">&#160;</TD>
<TD>&#160;</TD>
<TD STYLE="text-align: left">&#160;</TD>
<TD STYLE="text-align: right">5,226,352</TD>
<TD STYLE="text-align: left">&#160;</TD>
<TD>&#160;</TD>
<TD STYLE="text-align: left">&#160;</TD>
<TD STYLE="text-align: right">162,897</TD>
<TD STYLE="text-align: left">&#160;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="text-align: left">&#160;</TD>
<TD STYLE="padding: 0pt 0pt 0pt 11pt; text-align: center">2028</TD>
<TD STYLE="text-align: left">&#160;</TD>
<TD>&#160;</TD>
<TD STYLE="text-align: left">&#160;</TD>
<TD STYLE="text-align: right">5,194,655</TD>
<TD STYLE="text-align: left">&#160;</TD>
<TD>&#160;</TD>
<TD STYLE="text-align: left">&#160;</TD>
<TD STYLE="text-align: right">&#8212;</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">&#160;</TD>
<TD STYLE="padding: 0pt 0pt 0pt 11pt; text-align: center">2029</TD>
<TD STYLE="text-align: left">&#160;</TD>
<TD>&#160;</TD>
<TD STYLE="text-align: left">&#160;</TD>
<TD STYLE="text-align: right">4,865,285</TD>
<TD STYLE="text-align: left">&#160;</TD>
<TD>&#160;</TD>
<TD STYLE="text-align: left">&#160;</TD>
<TD STYLE="text-align: right">&#8212;</TD>
<TD STYLE="text-align: left">&#160;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="text-align: left">&#160;</TD>
<TD STYLE="padding: 0pt 0pt 0pt 11pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Thereafter</FONT></TD>
<TD STYLE="text-align: left">&#160;</TD>
<TD>&#160;</TD>
<TD STYLE="text-align: left">&#160;</TD>
<TD STYLE="text-align: right">29,295,110</TD>
<TD STYLE="text-align: left">&#160;</TD>
<TD>&#160;</TD>
<TD STYLE="text-align: left">&#160;</TD>
<TD STYLE="text-align: right">&#8212;</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">&#160;</TD>
<TD STYLE="padding: 0pt 0pt 0pt 11pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Present value discount</FONT></TD>
<TD STYLE="padding-bottom: 1pt; text-align: left">&#160;</TD>
<TD STYLE="padding-bottom: 1pt">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: left">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: right">(15,096,964</TD>
<TD STYLE="padding-bottom: 1pt; text-align: left">)</TD>
<TD STYLE="padding-bottom: 1pt">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: left">&#160;</TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: right">(31,074</TD>
<TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="text-align: left">&#160;</TD>
<TD STYLE="padding: 0pt 0pt 0pt 11pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Total lease liability</FONT></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">$</TD>
<TD STYLE="border-bottom: Black 2.5pt double; text-align: right">40,941,420</TD>
<TD STYLE="padding-bottom: 2.5pt; text-align: left">&#160;</TD>
<TD STYLE="padding-bottom: 2.5pt">&#160;</TD>
<TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD>
<TD STYLE="border-bottom: Black 2.5pt double; text-align: right">620,509</TD>
<TD STYLE="padding-bottom: 2.5pt; text-align: left">&#160;</TD></TR>
</TABLE>


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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="text-decoration: underline">Weighted Average Remaining Lease Term</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0pt 0pt 0pt 11pt; width: 70%; text-align: left; text-indent: -11pt">Operating leases - years</TD><TD STYLE="width: 10%">&#160;</TD>
    <TD STYLE="width: 1%; text-align: left">&#160;</TD><TD STYLE="width: 18%; text-align: right">11.0</TD><TD STYLE="width: 1%; text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding: 0pt 0pt 0pt 11pt; text-align: left; text-indent: -11pt">Finance lease - years</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">2.6</TD><TD STYLE="text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0pt 0pt 0pt 11pt; text-align: left; text-indent: -11pt">Weighted Average Discount Rate</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: 0pt 0pt 0pt 11pt; text-align: left; text-indent: -11pt">Operating leases</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">6.4</TD><TD STYLE="text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0pt 0pt 0pt 11pt; text-align: left; text-indent: -11pt">Finance lease</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">3.6</TD><TD STYLE="text-align: left">%</TD></TR>
  </TABLE>


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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="text-decoration: underline">The components of lease expense were as follows:</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0pt 0pt 0pt 11pt; text-align: left; text-indent: -11pt">&#160;</TD><TD STYLE="padding-bottom: 1pt">&#160;</TD>
    <TD COLSPAN="7" STYLE="border-bottom: Black 1pt solid; text-align: center">For Year Ended June 30,</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0pt 0pt 0pt 11pt; text-align: left; text-indent: -11pt">&#160;</TD><TD STYLE="padding-bottom: 1pt">&#160;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; text-align: center">2024</TD><TD STYLE="padding-bottom: 1pt">&#160;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; text-align: center">2023</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0pt 0pt 0pt 11pt; width: 56%; text-align: left; text-indent: -11pt">Operating lease cost</TD><TD STYLE="width: 8%">&#160;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">5,685,008</TD><TD STYLE="width: 1%; text-align: left">&#160;</TD><TD STYLE="width: 8%">&#160;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">5,887,390</TD><TD STYLE="width: 1%; text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding: 0pt 0pt 0pt 11pt; text-align: left; text-indent: -11pt">Finance lease cost:</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: 0pt 0pt 0pt 11pt; text-align: left; text-indent: -11pt">Depreciation of leased equipment</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">198,881</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">198,881</TD><TD STYLE="text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding: 0pt 0pt 0pt 11pt; text-align: left; text-indent: -11pt">Interest on lease liabilities</TD><TD STYLE="padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">26,534</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&#160;</TD><TD STYLE="padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">35,833</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0pt 0pt 0pt 11pt; text-align: left; text-indent: -11pt">Total finance lease cost</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">225,415</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">234,714</TD><TD STYLE="text-align: left">&#160;</TD></TR>
  </TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

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

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">JUNE 30, 2024 and 2023</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>NOTE 6 &#8211; OPERATING &amp; FINANCING LEASES
(CONTINUED)</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&#160;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="text-decoration: underline">Supplemental cash flow information related to leases
was as follows:</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0pt 0pt 0pt 11pt; text-align: left; text-indent: -11pt">&#160;</TD><TD STYLE="padding-bottom: 1pt">&#160;</TD>
    <TD COLSPAN="7" STYLE="border-bottom: Black 1pt solid; text-align: center">For Year Ended June 30,</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0pt 0pt 0pt 11pt; text-align: left; text-indent: -11pt">Cash paid for amounts included in the measurement of lease liabilities:</TD><TD STYLE="padding-bottom: 1pt">&#160;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; text-align: center">2024</TD><TD STYLE="padding-bottom: 1pt">&#160;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; text-align: center">2023</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0pt 0pt 0pt 11pt; width: 56%; text-align: left; text-indent: -11pt">Operating cash flows from operating leases</TD><TD STYLE="width: 8%">&#160;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">6,363,561</TD><TD STYLE="width: 1%; text-align: left">&#160;</TD><TD STYLE="width: 8%">&#160;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">5,577,578</TD><TD STYLE="width: 1%; text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding: 0pt 0pt 0pt 11pt; text-align: left; text-indent: -11pt">Financing cash flows from financing leases</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">244,344</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">244,344</TD><TD STYLE="text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0pt 0pt 0pt 11pt; text-align: left; text-indent: -11pt">Right-of-use and equipment assets obtained in exchange for lease obligations:</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: 0pt 0pt 0pt 11pt; text-align: left; text-indent: -11pt">Operating leases</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">3,715,138</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
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  </TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>NOTE 7 - OTHER INTANGIBLE ASSETS</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&#160;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Other intangible assets, net of accumulated amortization,
at June 30, 2024 and 2023, are comprised of:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0pt 0pt 0pt 11pt; text-align: center; text-indent: -11pt">&#160;</TD><TD STYLE="padding-bottom: 1pt">&#160;</TD>
    <TD COLSPAN="7" STYLE="border-bottom: Black 1pt solid; text-align: center">As of June 30,</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0pt 0pt 0pt 11pt; text-align: center; text-indent: -11pt">&#160;</TD><TD STYLE="padding-bottom: 1pt">&#160;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; text-align: center">2024</TD><TD STYLE="padding-bottom: 1pt">&#160;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; text-align: center">2023</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0pt 0pt 0pt 11pt; width: 56%; text-align: left; text-indent: -11pt">Capitalized software development costs</TD><TD STYLE="width: 8%">&#160;</TD>
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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">5,452,345</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 STYLE="text-align: right">4,150,000</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">4,150,000</TD><TD STYLE="text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
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    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">3,900,000</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&#160;</TD><TD STYLE="padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">3,900,000</TD><TD STYLE="padding-bottom: 1pt; 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)">
    <TD STYLE="padding: 0pt 0pt 0pt 11pt; text-align: left; text-indent: -11pt">&#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">2,870,324</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: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The estimated amortization of other intangible assets
for the five years ending June 30, 2029 and thereafter is as follows:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
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    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; text-align: center">Total</TD><TD STYLE="padding-bottom: 1pt">&#160;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; text-align: center">Patents and Copyrights</TD><TD STYLE="padding-bottom: 1pt">&#160;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; text-align: center">Customer Relationships</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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    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">339,179</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">200,000</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">&#160;</TD><TD STYLE="padding: 0pt 0pt 0pt 11pt; text-align: center">2027</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">326,502</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">126,502</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">200,000</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">320,232</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">120,232</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">200,000</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">&#160;</TD><TD STYLE="padding: 0pt 0pt 0pt 11pt; text-align: center">2029</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">313,052</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">113,052</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">200,000</TD><TD STYLE="text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
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    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,219,477</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&#160;</TD><TD STYLE="padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">505,310</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&#160;</TD><TD STYLE="padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">714,167</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="padding: 0pt 0pt 0pt 11pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Other intangible assets - net</FONT></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">2,870,324</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&#160;</TD><TD STYLE="padding-bottom: 2.5pt">&#160;</TD>
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  </TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: left">&#160;</P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">FONAR CORPORATION AND SUBSIDIARIES&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">JUNE 30, 2024 and 2023</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>NOTE 7 - OTHER INTANGIBLE ASSETS (CONTINUED)</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&#160;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The weighted average amortization period for other
intangible assets is 9.9 years and they have no expected residual value.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Information related to the above intangible assets
for the years ended June 30, 2024 and 2023 is as follows:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0pt 0pt 0pt 11pt; text-align: left; text-indent: -11pt">&#160;</TD><TD STYLE="padding-bottom: 1pt">&#160;</TD>
    <TD COLSPAN="7" STYLE="border-bottom: Black 1pt solid; text-align: center">For the Year-ended June 30,</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0pt 0pt 0pt 11pt; text-align: left; text-indent: -11pt">&#160;</TD><TD STYLE="padding-bottom: 1pt">&#160;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; text-align: center">2024</TD><TD STYLE="padding-bottom: 1pt">&#160;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; text-align: center">2023</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0pt 0pt 0pt 11pt; width: 56%; text-align: left; text-indent: -11pt">Balance &#8211; Beginning of Year</TD><TD STYLE="width: 8%">&#160;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">3,431,865</TD><TD STYLE="width: 1%; text-align: left">&#160;</TD><TD STYLE="width: 8%">&#160;</TD>
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  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding: 0pt 0pt 0pt 11pt; text-align: left; text-indent: -11pt">Amounts capitalized</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">32,885</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">119,571</TD><TD STYLE="text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0pt 0pt 0pt 11pt; text-align: left; text-indent: -11pt">Patents written off</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">(225,419</TD><TD STYLE="text-align: left">)</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#8212;</TD><TD STYLE="text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding: 0pt 0pt 0pt 11pt; text-align: left; text-indent: -11pt">Amortization</TD><TD STYLE="padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(369,007</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(391,591</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0pt 0pt 0pt 11pt; text-align: left; text-indent: -11pt">Balance &#8211; End of Year</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">2,870,324</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">3,431,865</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&#160;</TD></TR>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Amortization of patents and copyrights for the years
ended June 30, 2024 and 2023 amounted to $169,007 and $191,591, respectively.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Amortization of customer relationships for the years
ended June 30, 2024 and 2023 amounted to $200,000 and $200,000, respectively.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>NOTE 8 - CAPITAL STOCK</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&#160;</B></P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Cash dividends payable on the common stock shall,
in all cases, be on a per share basis, one hundred twenty percent (120%) of the cash dividend payable on shares of Class B common stock
and three hundred sixty percent (360%) of the cash dividend payable on a share of Class C common stock.</P>

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Class B common stock is convertible into shares of
common stock on a one-for-one basis. Class B common stock has 10 votes per share. There were 146 of such shares outstanding at June 30,
2024 and 2023.</P>

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">FONAR CORPORATION AND SUBSIDIARIES&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">JUNE 30, 2024 and 2023</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>NOTE 8 - CAPITAL STOCK (CONTINUED)</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&#160;</B></P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Class C common stock has 25 votes per share, as
compared to 10 votes per share for the Class B common stock and one vote per share for the common stock. The Class C common stock was
offered on a three-for-one basis to the holders of the Class B common stock. Although having greater voting power, each share of Class
C common stock has only one-third of the rights of a share of Class B common stock to dividends and distributions. Class C common stock
is convertible into shares of common stock on a three-for-one basis.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Class A Non-Voting Preferred Stock</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On April 3, 1995, the stockholders ratified a proposal
consisting of the creation of a new class of Class A non-voting preferred stock with special dividend rights and the declaration of a
stock dividend on the Company&#8217;s common stock consisting of one share of Class A non-voting preferred stock for every five shares
of common stock. The stock dividend was payable to holders of common stock on October 20, 1995. Class A non-voting preferred stock issued
pursuant to such stock dividend approximates 313,000 shares.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Class A non-voting preferred stock is entitled
to a special dividend equal to 3-1/4% of the first $10 million, 4-1/2% of the next $20 million and 5-1/2% on amounts in excess of $30
million of the amount of any cash awards or settlements received by the Company in connection with the enforcement of five of the Company&#8217;s
patents in its patent lawsuits, less the revised special dividend payable on the common stock with respect to one of the Company&#8217;s
patents.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Class A non-voting preferred stock participates
on an equal per share basis with the common stock in any dividends declared and ranks equally with the common stock on distribution rights,
liquidation rights and other rights and preferences (other than the voting rights).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Stock Bonus Plans</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On April 23, 2010, the Board approved the 2010 Stock
Bonus Plan. The plan entitles the Company to reserve 2,000,000 shares of common stock. On August 10, 2010, the Company filed Form S-8
to register the 2,000,000 shares. As of June 30, 2024, 450,177 shares of common stock of FONAR were available for future grant under this
plan. For the years ended June 30, 2024 and 2023, 0 shares were issued.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">FONAR CORPORATION AND SUBSIDIARIES&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">JUNE 30, 2024 and 2023</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>NOTE 8 - CAPITAL STOCK (CONTINUED)</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&#160;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Treasury Stock</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On September 13, 2022, the Company adopted a stock
repurchase plan. The plan has no expiration date and cannot determine the number of shares which will be repurchased. On September 26,
2022, the Board of Directors has approved up to $9 million to be repurchased under the plan which will be purchased on the publicly traded
open market at prevailing prices.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company utilizes the cost method of accounting
to value the treasury stock when repurchasing stock. Under this method, the shares are valued at the price paid and recorded to treasury
stock. When the treasury stock is cancelled, the par value of the stock is reduced and the additional paid in capital is reduced for the
remaining value based upon the original stock sale. For the year ended June 30, 2024, the Company purchased 156,206 shares at a cost of
$2,505,832 and cancelled 122,588 shares valued at $2,005,020. For the year ended June 30, 2023, the Company purchased 103,148 shares at
a cost of $1,759,457 and cancelled 103,328 shares valued at $1,919,027.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">FONAR CORPORATION AND SUBSIDIARIES&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">JUNE 30, 2024 and 2023</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;<B>NOTE 9 &#8211; CONTROLLING AND NONCONTROLLING
INTERESTS</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&#160;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On February 13, 2013, the Company entered into an
agreement with outside investors to acquire a 50.5% controlling interest in a newly formed limited liability company, Health Diagnostics
Management LLC (HDM). According to the February 13, 2013, LLC operating agreement of HDM there are two classes of members; Class A members
and one Class B member. The Class A members have an ownership interest of 49.5% of HDM. The Class B member (HMCA) has an ownership of
50.5% of HDM. On all matters on which members may vote every member is entitled to cast the percentage of votes equal to their percentage
of ownership interest. Profits and losses on all items of income, gain or loss, deductions or other allocations of the Company will be
allocated among the members in the same proportions as their membership interests in the Company bear to all the Class A and Class B membership
interests of the Company in the aggregate outstanding. All of the depreciation and amortization of the assets of the Company will be allocated
solely to the Class A members, unless and until their interests have been redeemed by the Company in full pursuant to the provisions of
the operating agreement. The Company contributed $20,200,000 to HDM and the group of outside investors contributed $19,800,000 for its
non-controlling membership interest.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On March 5, 2013, HDM purchased from Health Diagnostics,
LLC (&#8220;HD&#8221;) and certain of its subsidiaries, a business managing twelve (12) Stand-Up MRI Centers and two (2) other scanning
centers located in the States of New York and Florida for a total purchase price (including consideration of $1.5 million to outside investors)
aggregating $35.9 million. Concurrently with the acquisition, HDM entered into several consulting and non-competition agreements for a
consideration of $4.1 million. The acquisition was accounted for using the purchase method in accordance with ASC 805, &#8220;Business
Combinations&#8221;. The Company recognized and measured goodwill as of the acquisition date, as the excess of the fair value of the consideration
paid over the fair value of the identified net assets acquired.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On January 8, 2015, the Company purchased 20%
of the Class A members ownership interest at a cost of $4,971,094. The Company has a 60.4% ownership interest in HDM after this transaction.
During the year ended June 30, 2022, the Company purchased noncontrolling interests for $546,000 giving the Company a direct ownership
interest of 70.8% and the investors&#8217; a 29.2% ownership interest.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The amount of each class of HDM members&#8217; equity
as of June 30, 2024 and 2023 is as follows:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0pt 0pt 0pt 11pt; text-align: center; text-indent: -11pt">&#160;</TD><TD STYLE="padding-bottom: 1pt">&#160;</TD>
    <TD COLSPAN="7" STYLE="border-bottom: Black 1pt solid; text-align: center">June 30, 2024</TD><TD STYLE="padding-bottom: 1pt">&#160;</TD>
    <TD COLSPAN="7" STYLE="border-bottom: Black 1pt solid; text-align: center">June 30, 2023</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0pt 0pt 0pt 11pt; text-align: center; text-indent: -11pt">&#160;</TD><TD STYLE="padding-bottom: 1pt">&#160;</TD>
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    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; text-align: center">Class B Member</TD><TD STYLE="padding-bottom: 1pt">&#160;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; text-align: center">Class A Members</TD><TD STYLE="padding-bottom: 1pt">&#160;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; text-align: center">Class B Member</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0pt 0pt 0pt 11pt; width: 40%; text-align: left; text-indent: -11pt">Opening Members&#8217; Equity</TD><TD STYLE="width: 3%">&#160;</TD>
    <TD STYLE="width: 1%; text-align: left">($</TD><TD STYLE="width: 10%; text-align: right">7,079,293</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 3%">&#160;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">54,781,813</TD><TD STYLE="width: 1%; text-align: left">&#160;</TD><TD STYLE="width: 3%">&#160;</TD>
    <TD STYLE="width: 1%; text-align: left">($</TD><TD STYLE="width: 10%; text-align: right">4,053,833</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 3%">&#160;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">50,292,073</TD><TD STYLE="width: 1%; text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding: 0pt 0pt 0pt 11pt; text-indent: -11pt">Share of Net Income</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">3,530,021</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">20,705,681</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">2,750,740</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">18,513,540</TD><TD STYLE="text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0pt 0pt 0pt 11pt; text-align: left; text-indent: -11pt">Buyout of noncontrolling interests</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#8212;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#8212;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#8212;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#8212;</TD><TD STYLE="text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding: 0pt 0pt 0pt 11pt; text-indent: -11pt">Distributions</TD><TD STYLE="padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">($</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">5,630,336</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(13,669,664</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">($</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">5,776,200</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(14,023,800</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0pt 0pt 0pt 11pt; text-indent: -11pt">Ending Members&#8217; Equity</TD><TD STYLE="padding-bottom: 2.5pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">($</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">9,179,608</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 2.5pt">&#160;</TD>
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    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">($</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">7,079,293</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 2.5pt">&#160;</TD>
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  </TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">FONAR CORPORATION AND SUBSIDIARIES</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">JUNE 30, 2024 and 2023</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>NOTE 10 - LONG-TERM DEBT, NOTES PAYABLE AND CAPITAL
LEASES</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&#160;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Long-term debt, notes payable and capital leases consist
of the following:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0pt 0pt 0pt 11pt; text-align: center; text-indent: -11pt">&#160;</TD><TD STYLE="padding-bottom: 1pt">&#160;</TD>
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  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">113,940</TD><TD STYLE="width: 1%; text-align: left">&#160;</TD><TD STYLE="width: 8%">&#160;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">158,842</TD><TD STYLE="width: 1%; text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding: 0pt 0pt 0pt 11pt; text-align: left; text-indent: -11pt">The revolving credit note was extended to November 14, 2024. The Company can borrow up to $10,000,000 and prepay the loan in whole or part in multiples of $100,000 at any time without penalty. The note bears interest at a rate of 8.5% per annum and is payable monthly. The loan is collateralized by substantially all of the Company&#8217;s assets. The loan also contains certain financial covenants that must be met on a periodic basis. The Company still has the ability to draw down on the line.</TD><TD STYLE="padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&#8212;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&#160;</TD><TD STYLE="padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&#8212;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0pt 0pt 0pt 11pt; text-align: left; text-indent: -11pt">&#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 1pt solid; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">43,767</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0pt 0pt 0pt 11pt; text-align: left; text-indent: -11pt">&#160;</TD><TD STYLE="padding-bottom: 2.5pt">&#160;</TD>
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  </TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The maturities of debt over the next three years are
as follows:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>



<P STYLE="margin-top: 0pt; margin-bottom: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">Years Ending June 30,</TD><TD STYLE="padding-bottom: 1pt">&#160;</TD>
    <TD COLSPAN="3" STYLE="text-align: center">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0pt 0pt 0pt 11pt; width: 76%; text-align: left; text-indent: -11pt">2025</TD><TD STYLE="width: 10%">&#160;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">47,002</TD><TD STYLE="width: 1%; text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding: 0pt 0pt 0pt 11pt; text-align: left; text-indent: -11pt">2026</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">50,448</TD><TD STYLE="text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0pt 0pt 0pt 11pt; text-align: left; text-indent: -11pt">2027</TD><TD STYLE="padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">16,490</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
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    Debt Over Five Years and Thereafter</FONT></TD><TD STYLE="padding-bottom: 2.5pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">113,940</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&#160;</TD></TR>
  </TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">FONAR CORPORATION AND SUBSIDIARIES</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">JUNE 30, 2024 and 2023</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>NOTE 11 - INCOME TAXES</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;The Company has recorded a deferred tax
asset of $7,223,255
and a deferred tax liability of $371,560
as of June 30, 2024, primarily relating to its allowance for credit losses of $3,970,000 and tax credits of approximately $1,323,000
available to offset future taxable income through 2043. During fiscal 2024, the Company utilized all Federal loss carryforwards. In
addition the Company has state operating loss carryforwards of approximately $4,516,000
and city operating loss carryforwards of approximately $618,000.
The net operating losses begin to expire in 2026 for state income tax purposes. The Company has also recorded a valuation allowance
against $2,746,000
of the state operating losses since the Company doesn&#8217;t anticipate being able to utilize them.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company files corporate income tax returns in
the United States (federal) and in various state and local jurisdictions. In most instances, the Company is no longer subject to federal,
state and local income tax examinations by tax authorities for years prior to 2020.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Future ownership changes as determined under Section
382 of the Internal Revenue code could further limit the utilization of net operating loss carryforwards. As of June 30, 2024, no such
changes in ownership have occurred.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Inflation Reduction Act (&#8220;IRA&#8221;) was
enacted on August 16, 2022. The IRA includes provisions imposing a 1% excise tax on share repurchases that occur after December 31, 2022
and introduces a 15%&#160;corporate alternative minimum tax (&#8220;CAMT&#8221;) on adjusted financial statement income. The CAMT will
be effective for tax years beginning after December 31, 2022. Currently, the IRA did not have a material impact to the Company&#8217;s
financial statements.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The valuation allowance for deferred tax assets decreased
during the year ended June 30, 2024, by approximately $171,000. The valuation allowance decreased by approximately $78,000 during the
year ended June 30, 2023.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">FONAR CORPORATION AND SUBSIDIARIES&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">JUNE 30, 2024 and 2023</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>NOTE 11 - INCOME TAXES (CONTINUED)</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&#160;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Components of the provision for income taxes are as
follows:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0pt 0pt 0pt 11pt; text-align: left; text-indent: -11pt">&#160;</TD><TD STYLE="padding-bottom: 1pt">&#160;</TD>
    <TD COLSPAN="7" STYLE="border-bottom: Black 1pt solid; text-align: center">Years Ended June 30,</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0pt 0pt 0pt 11pt; text-align: left; text-indent: -11pt">Current:</TD><TD STYLE="padding-bottom: 1pt">&#160;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; text-align: center">2024</TD><TD STYLE="padding-bottom: 1pt">&#160;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; text-align: center">2023</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0pt 0pt 0pt 20pt; width: 56%; text-align: left; text-indent: -11pt">Federal</TD><TD STYLE="width: 8%">&#160;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">429,873</TD><TD STYLE="width: 1%; text-align: left">&#160;</TD><TD STYLE="width: 8%">&#160;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">&#8212;</TD><TD STYLE="width: 1%; text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding: 0pt 0pt 0pt 20pt; text-align: left; text-indent: -11pt">State</TD><TD STYLE="padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,943,588</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&#160;</TD><TD STYLE="padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">652,521</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0pt 0pt 0pt 11pt; text-align: left; text-indent: -11pt">Subtotal</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">2,373,461</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">652,521</TD><TD STYLE="text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding: 0pt 0pt 0pt 11pt; text-align: left; text-indent: -11pt">Deferred:</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: 0pt 0pt 0pt 20pt; text-align: left; text-indent: -11pt">Federal deferred taxes</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">2,585,515</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">2,770,980</TD><TD STYLE="text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding: 0pt 0pt 0pt 20pt; text-align: left; text-indent: -11pt">State deferred taxes</TD><TD STYLE="padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">209,992</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&#160;</TD><TD STYLE="padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">208,570</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0pt 0pt 0pt 11pt; text-align: left; text-indent: -11pt">Subtotal</TD><TD STYLE="padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2,795,507</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&#160;</TD><TD STYLE="padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2,979,550</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding: 0pt 0pt 0pt 11pt; text-align: left; text-indent: -11pt">Provision (Benefit) for Income Taxes - Net</TD><TD STYLE="padding-bottom: 2.5pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">5,168,968</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&#160;</TD><TD STYLE="padding-bottom: 2.5pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">3,632,071</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&#160;</TD></TR>
  </TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">A reconciliation of the federal statutory income tax
rate to the Company&#8217;s effective tax rate as reported is as follows:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0pt 0pt 0pt 11pt; text-align: left; text-indent: -11pt">&#160;</TD><TD STYLE="padding-bottom: 1pt">&#160;</TD>
    <TD COLSPAN="7" STYLE="border-bottom: Black 1pt solid; text-align: center">Years Ended June 30,</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0pt 0pt 0pt 11pt; text-align: left; text-indent: -11pt">&#160;</TD><TD STYLE="padding-bottom: 1pt">&#160;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; text-align: center">2024</TD><TD STYLE="padding-bottom: 1pt">&#160;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; text-align: center">2023</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0pt 0pt 0pt 11pt; width: 56%; text-align: left; text-indent: -11pt">Taxes at federal statutory rate</TD><TD STYLE="width: 8%">&#160;</TD>
    <TD STYLE="width: 1%; text-align: left">&#160;</TD><TD STYLE="width: 12%; text-align: right">21.0</TD><TD STYLE="width: 1%; text-align: left">%</TD><TD STYLE="width: 8%">&#160;</TD>
    <TD STYLE="width: 1%; text-align: left">&#160;</TD><TD STYLE="width: 12%; text-align: right">21.0</TD><TD STYLE="width: 1%; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding: 0pt 0pt 0pt 11pt; text-align: left; text-indent: -11pt">State and local income taxes (benefit), net of federal benefit</TD><TD>&#160;</TD>
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  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0pt 0pt 0pt 11pt; text-align: left; text-indent: -11pt">Non-controlling interest</TD><TD>&#160;</TD>
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  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding: 0pt 0pt 0pt 11pt; text-align: left; text-indent: -11pt">Expiration of tax credits</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 STYLE="padding: 0pt 0pt 0pt 11pt; text-align: left; text-indent: -11pt">Change in the valuation allowance</TD><TD>&#160;</TD>
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  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0pt 0pt 0pt 11pt; text-align: left; text-indent: -11pt">Other</TD><TD STYLE="padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2.0</TD><TD STYLE="padding-bottom: 1pt; text-align: left">%</TD><TD STYLE="padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1.5</TD><TD STYLE="padding-bottom: 1pt; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding: 0pt 0pt 0pt 11pt; text-align: left; text-indent: -11pt">Effective income tax rate</TD><TD STYLE="padding-bottom: 2.5pt">&#160;</TD>
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  </TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

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    <DIV STYLE="border-bottom: Black 2pt solid; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->73<!-- Field: /Sequence -->&#160;</P></DIV>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">FONAR CORPORATION AND SUBSIDIARIES</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">JUNE 30, 2024 and 2023</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>NOTE 11 - INCOME TAXES (CONTINUED)</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&#160;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of June 30, 2024, the Company utilized all Federal
net operating loss (&#8220;NOL&#8221;) carryforwards as compared to NOL&#8217;s of approximately $9,110,000 as of June 30, 2023. The utilization
of certain of the NOLs is limited by separate return limitation year rules pursuant to Section 1502 of the Internal Revenue Code.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company has, for federal income tax purposes,
research and development tax credits and investments tax credits carryforwards aggregating $1,323,000. However, the realization of these
credits may be limited as a result of expiring prior to their utilization. These credits can only be applied after all net operating losses
have been used.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;Significant components of the Company&#8217;s
deferred tax assets and liabilities at June 30, 2024 and 2023 are as follows:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0pt 0pt 0pt 11pt; text-align: center; text-indent: -11pt">&#160;</TD><TD STYLE="padding-bottom: 1pt">&#160;</TD>
    <TD COLSPAN="7" STYLE="border-bottom: Black 1pt solid; text-align: center">June 30,</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0pt 0pt 0pt 11pt; text-align: center; text-indent: -11pt">&#160;</TD><TD STYLE="padding-bottom: 1pt">&#160;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; text-align: center">2024</TD><TD STYLE="padding-bottom: 1pt">&#160;</TD>
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  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0pt 0pt 0pt 11pt; text-align: left; text-indent: -11pt">Deferred tax assets:</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: 0pt 0pt 0pt 11pt; width: 56%; text-align: left; text-indent: -11pt">Allowance for credit losses</TD><TD STYLE="width: 8%">&#160;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">3,969,819</TD><TD STYLE="width: 1%; text-align: left">&#160;</TD><TD STYLE="width: 8%">&#160;</TD>
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  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0pt 0pt 0pt 11pt; text-align: left; text-indent: -11pt">Non-deductible accruals</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">758,700</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">707,400</TD><TD STYLE="text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding: 0pt 0pt 0pt 11pt; text-align: left; text-indent: -11pt">Net operating carryforwards</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">396,092</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">2,768,844</TD><TD STYLE="text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0pt 0pt 0pt 11pt; text-align: left; text-indent: -11pt">Tax credits</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">1,323,018</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">2,981,214</TD><TD STYLE="text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding: 0pt 0pt 0pt 11pt; text-align: left; text-indent: -11pt">Capitalized research and development</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">747,407</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="text-align: left">&#160;</TD><TD STYLE="text-align: right">114,116</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">112,938</TD><TD STYLE="text-align: left">&#160;</TD></TR>
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  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0pt 0pt 0pt 11pt; text-align: left; text-indent: -11pt">Deferred Tax Assets - gross</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">7,416,031</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">10,406,190</TD><TD STYLE="text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
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    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(192,776</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(364,230</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
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    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">7,223,255</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">10,041,960</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">(267,124</TD><TD STYLE="text-align: left">)</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">(151,007</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(104,436</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(243,751</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding: 0pt 0pt 0pt 11pt; text-align: left; text-indent: -11pt">Total deferred tax liabilities</TD><TD STYLE="padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(371,560</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(394,758</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0pt 0pt 0pt 11pt; text-align: left; text-indent: -11pt">Net deferred tax asset</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">6,851,695</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: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">FONAR CORPORATION AND SUBSIDIARIES&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">JUNE 30, 2024 and 2023</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>NOTE 12 - OTHER CURRENT LIABILITIES</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&#160;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Included in other current liabilities are the following:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0pt 0pt 0pt 11pt; text-align: center; text-indent: -11pt">&#160;</TD><TD STYLE="padding-bottom: 1pt">&#160;</TD>
    <TD COLSPAN="7" STYLE="border-bottom: Black 1pt solid; text-align: center">June 30,</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0pt 0pt 0pt 11pt; text-align: center; text-indent: -11pt">&#160;</TD><TD STYLE="padding-bottom: 1pt">&#160;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; text-align: center">2024</TD><TD STYLE="padding-bottom: 1pt">&#160;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; text-align: center">2023</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">4,677,690</TD><TD STYLE="width: 1%; text-align: left">&#160;</TD><TD STYLE="width: 8%">&#160;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">4,413,044</TD><TD STYLE="width: 1%; text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding: 0pt 0pt 0pt 11pt; text-align: left; text-indent: -11pt">Sales tax payable</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">197,317</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">193,041</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 STYLE="text-align: right">1,461,336</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">48,353</TD><TD STYLE="text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding: 0pt 0pt 0pt 11pt; text-align: left; text-indent: -11pt">Legal and other professional fees</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">11,207</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">11,207</TD><TD STYLE="text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0pt 0pt 0pt 11pt; text-align: left; text-indent: -11pt">Accounting fees</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">119,800</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">100,000</TD><TD STYLE="text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding: 0pt 0pt 0pt 11pt; text-align: left; text-indent: -11pt">Self-funded health insurance reserve</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">121,445</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">100,971</TD><TD STYLE="text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0pt 0pt 0pt 11pt; text-align: left; text-indent: -11pt">Accrued interest and penalty</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">3,534</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">3,534</TD><TD STYLE="text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding: 0pt 0pt 0pt 11pt; text-align: left; text-indent: -11pt">Other</TD><TD STYLE="padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,348,710</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&#160;</TD><TD STYLE="padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">573,574</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0pt 0pt 0pt 11pt; text-align: left; text-indent: -11pt">Other current liabilities</TD><TD STYLE="padding-bottom: 2.5pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">7,941,039</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&#160;</TD><TD STYLE="padding-bottom: 2.5pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">5,443,724</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&#160;</TD></TR>
  </TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>NOTE 13 - COMMITMENTS AND CONTINGENCIES</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&#160;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Leases</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company rents its operating facilities and certain
equipment, pursuant to operating lease agreements expiring at various dates through November 2033. The leases for certain facilities contain
escalation clauses relating to increases in real property taxes as well as certain maintenance costs.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Rent expense for operating leases approximated $5,685,000
and $5,887,000, for the years ended June 30, 2024 and 2023, respectively.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company received approval from the Suffolk County
Industrial Development Agency on February 29, 2016 of a 50% property tax abatement, valued at $440,000, over a 10 year period commencing
January 2017.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Employee Benefit Plans</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company has a non-contributory 401(k) Plan (the
&#8220;401(k) Plan&#8221;). The 401(k) Plan covers all non-union employees who are at least 21 years of age with no minimum service requirements.
There were $0 and $36,523 employer contributions to the Plan for the years ended June 30, 2024 and 2023, respectively.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The stockholders of the Company approved the 2000
Employee Stock Purchase Plan (&#8220;ESPP&#8221;) at the Company&#8217;s annual stockholders&#8217; meeting in April 2000. The ESPP provides
for eligible employees to acquire common stock of the Company at a discount, not to exceed 15%. This plan has not been put into effect
as of June 30, 2024.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">FONAR CORPORATION AND SUBSIDIARIES&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">JUNE 30, 2024 and 2023</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>NOTE 13 - COMMITMENTS AND CONTINGENCIES (CONTINUED)</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&#160;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Other Matters</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company is subject to other legal proceedings
and claims arising from the ordinary course of its business, including personal injury, customer contract and employment claims besides
the claim above. In the opinion of management, and with consultation with legal counsel, the aggregate liability, if any, with respect
to such actions, will not have a material adverse effect on the consolidated financial position or results of operations of the Company.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company maintains a self-funded health insurance
program with a stop-loss umbrella policy with a third-party insurer to limit the maximum potential liability for individual claims to
$110,000 per person and for a maximum potential claim liability based on member enrollment. With respect to this program, the Company
considers historical and projected medical utilization data when estimating its health insurance program liability and related expense.
As of June 30, 2024 and 2023, the Company had approximately $121,000 and $101,000, respectively, in reserve for its self-funded health
insurance programs. The reserves are included in &#8220;Other current liabilities&#8221; in the consolidated balance sheets.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company regularly analyzes its reserves for incurred
but not reported claims, and for reported but not paid claims related to its reinsurance and self-funded insurance programs. The Company
believes its reserves are adequate. However, significant judgment is involved in assessing these reserves such as assessing historical
paid claims, average lags between the claims&#8217; incurred date, reported dates and paid dates, and the frequency and severity of claims.
There may be differences between actual settlement amounts and recorded reserves and any resulting adjustments are included in expense
once a probable amount is known. There were no significant adjustments recorded in the years covered by this report.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>NOTE 14 - SUPPLEMENTAL CASH FLOW INFORMATION</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&#160;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During the years ended June 30, 2024 and 2023 the
Company paid $76,997 and $50,132 for interest, respectively.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During the years ended June 30, 2024 and 2023 the
Company paid $507,139 and $1,439,507 for income taxes, respectively.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">FONAR CORPORATION AND SUBSIDIARIES&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">JUNE 30, 2024 and 2023</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>NOTE 15 &#8211; RELATED PARTY TRANSACTIONS</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&#160;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On December 31, 2023, the Company entered into an
agreement with Magnetic Resonance Management, LLC (&#8220;MRM&#8221;) for the sale of a MRI scanner. MRM is owned by the CEO and President
of the Company. The sales price of the equipment was $576,857 which is payable based upon a promissory note dated December 1, 2023. The
note bears interest at a rate of 9% and is payable in full at the maturity of the note in December 2028. The MRI scanner had zero basis,
which resulted in a gain of $576,857. The Company has the option but not the obligation to re-take possession of the scanner in lieu of
payment upon maturity of the note.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Bensonhurst
MRI Limited Partnership (&#8220;Bensonhurst&#8221;), in which the CEO and President of the Company holds an interest, is party to an
agreement with the Company for the service and maintenance of its Upright MRI Scanner for a price of $110,000 per annum. On February
1, 2024, Bensonhurst entered into a second contract with the Company for the service and maintenance of a High-Field MRI Scanner for
a price of $70,000 per annum. Also, during fiscal year ended June 30, 2024, the Company charged Bensonhurst MRI Limited Partnership
$190,362 for reimbursable salaries and marketing expenses.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The CEO and President of the Company was a minority
owner of a billing company, which performs billing and collection services with respect to No-Fault and Workers&#8217; Compensation claims
of the Company&#8217;s clients. The Company terminated this agreement on January 1, 2021. On June 1, 2017, the Company had also entered
into a one year renewable agreement to provide IT services to the billing company for a monthly fee of $23,884. The agreement was terminated
on May 31, 2023.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Radian Healthcare Management, LLC (&#8220;Radian&#8221;),
which is owned by the son-in-law of the CEO and President of the Company provided the Company with personnel recruitment of 32 new employees
at a fee of approximately $200,000 during the fiscal year ended June 30, 2024.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>NOTE 16 - SEGMENT AND RELATED INFORMATION</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&#160;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company provides segment data in accordance with
the provisions of ASC 280, &#8220;Disclosures about Segments of an Enterprise and Related Information&#8221;.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company operates in two industry segments - manufacturing
and the servicing of medical equipment and management of diagnostic imaging centers.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The accounting policies of the segments are the same
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based on income or loss from operations.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Summarized financial information concerning the Company&#8217;s
reportable segments is shown in the following table:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">FONAR CORPORATION AND SUBSIDIARIES&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">JUNE 30, 2024 and 2023</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;<B>NOTE 16 - SEGMENT AND RELATED INFORMATION
(CONTINUED)</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&#160;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

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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: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Export Product Sales</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company&#8217;s areas of operations are principally
in the United States. The Company had export sales of medical equipment amounting to 0.2% and 14.1% of product sales revenues to third
parties for the years ended June 30, 2024 and 2023, respectively.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The foreign product sales, as a percentage of product
sales to unrelated parties, were made to customers in the following countries:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">FONAR CORPORATION AND SUBSIDIARIES&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">JUNE 30, 2024 and 2023</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;<B>NOTE 16 - SEGMENT AND RELATED INFORMATION
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&#160;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Foreign Service and Repair Fees</P>

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as a percentage of total service and repair fees, were provided principally to the following countries:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;Foreign Service and Repair Fees</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0pt 0pt 0pt 11pt; text-align: center; text-indent: -11pt">&#160;</TD><TD STYLE="padding-bottom: 1pt">&#160;</TD>
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  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0pt 0pt 0pt 11pt; text-align: center; text-indent: -11pt">&#160;</TD><TD STYLE="padding-bottom: 1pt">&#160;</TD>
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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: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;The Company does not have any material assets
outside of the United States.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>NOTE 17 &#8211; SUBSEQUENT EVENTS</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&#160;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company evaluates events that have occurred after
the balance sheet date, but before the consolidated financial statements are issued.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of September 18, 2024, the Company repurchased
19,914 shares at a cost of $340,933 which was authorized under the stock repurchase plan adopted in September 2022.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">FONAR CORPORATION AND SUBSIDIARIES</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><FONT ID="a_013"></FONT>ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS
ON ACCOUNTING AND FINANCIAL DISCLOSURE.</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&#160;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">There have been no disagreements with our independent
registered public accounting firm or other matters requiring disclosure under Regulation S-K, Item 304(b).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><FONT ID="a_014"></FONT>ITEM 9A. CONTROLS AND PROCEDURES</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&#160;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Evaluation of Disclosure Controls and Procedures</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of the end of the period covered by this Annual
Report on Form 10-K, we performed an evaluation under the supervision of and with the participation of management, including our Principal
Executive Officer and our Acting Principal Financial Officer, of the design and effectiveness of our disclosure controls and procedures
(as defined in Rules 13a-15(e) or 15d-15(e) under the Securities Exchange Act of 1934 as amended (the &#8220;Exchange Act&#8221;). Based
upon that evaluation, our Principal Executive Officer and Acting Principal Financial Officer concluded, as of the end of the period covered
by this Annual Report that our disclosure controls and procedures were effective.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Management&#8217;s Report on Internal Control Over
Financial Reporting</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our management is responsible for establishing and
maintaining adequate internal control over financial reporting, as is defined in the Exchange Act. Internal control over financial reporting
is a process designed to provide reasonable assurance regarding the reliability of our financial reporting and the preparation of financial
statements for external reporting purposes in accordance with GAAP.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Because of its inherent limitations, internal control
over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods
are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the
policies or procedures may deteriorate.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our management conducted an evaluation of the effectiveness
of our internal control over financial reporting based on the framework in Internal Control-Integrated Framework issued by the Committee
of Sponsoring Organizations of the Treadway Commission (COSO-2013). Based on this evaluation, our management concluded that our internal
control over financial reporting was effective at June 30, 2024.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Based on the COSO criteria, management concluded that
our internal controls were effective to prevent material misstatements of the Company&#8217;s annual or interim financial statements for
the fiscal year ending June 30, 2024.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Changes in Internal Controls over Financial Reporting</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">There have been no changes in our internal control
over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act) during the most recent fiscal quarter and year ended June
30, 2024 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">FONAR CORPORATION AND SUBSIDIARIES</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT ID="a_015" STYLE="font: normal 11pt Times New Roman, Times, Serif"><B>Item 9B. OTHER INFORMATION</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">Rule
10b5-1 Trading Plan</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">During
the fiscal quarter ended June 30, 2024, none of our directors or executive officers adopted or terminated any contract, instruction or
written plan for the purchase or sale of Company securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c)
or any "non-Rule 10b5-1 trading arrangement".</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT ID="a_016" STYLE="font: normal 11pt Times New Roman, Times, Serif">Item
9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS </FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: normal 11pt Times New Roman, Times, Serif">&#160;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">None.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>PART III</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>&#160;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B><FONT ID="a_017"></FONT>ITEM 10. DIRECTORS AND EXECUTIVE OFFICERS.</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>&#160;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Directors serve from the date of their election until
the next annual meeting of stockholders and until their successors are elected and qualify. During fiscal 2024, each director received
a base fee of $20,000 per annum for his or her service as a director, with greater amounts for additional services on the Board of Directors.
Officers serve at the discretion of the Board of Directors.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">A majority of our board of directors is composed of
independent directors: consisting of, Ronald G. Lehman, Richard E. Turk and Jessica Maher. The outside directors also serve as the members
of the audit committee, which is a standing committee of the board of directors having a charter describing its responsibilities.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We have adopted a code of ethics applicable to, among
other personnel, our principal executive officer, principal financial officer, controllers and persons performing similar functions. The
code is designed to deter wrongdoing and to promote: 1. honest and ethical conduct, including the ethical handling of actual or apparent
conflicts of interest between personal and professional relationships; 2. full, fair, accurate, timely and understandable disclosure in
reports and documents that we file or submit to the Securities and Exchange Commission and in other public communications we make; 3.
compliance with applicable governmental laws, rules and regulations; 4. the prompt internal reporting of violations of the code to an
appropriate person or persons identified in the code and 5. accountability for adherence to the code. We will provide a copy of the code
to any person who requests a copy. A person may request a copy by writing to FONAR Corporation, 110 Marcus Drive, Melville, New York 11747,
to the attention of the Legal Department or Investor Relations.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The officers and directors of the Company are set
forth below:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="width: 22%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Timothy R. Damadian</FONT></TD>
    <TD STYLE="width: 8%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">60</FONT></TD>
    <TD STYLE="width: 70%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Chairman of the Board, President, Chief Executive Officer and Treasurer</FONT></TD></TR>
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    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Luciano B. Bonanni</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">69</FONT></TD>
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    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Claudette J.V. Chan</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">86</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Director</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Ronald J. Lehman</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">48</FONT></TD>
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  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Richard E. Turk</FONT></TD>
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    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Director</FONT></TD></TR>
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    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Jessica Maher</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">27</FONT></TD>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">FONAR CORPORATION AND SUBSIDIARIES</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Timothy Damadian has been the Chairman of the Board
and Treasurer of FONAR since September 7, 2022 and the President and Chief Executive Officer of FONAR since February 11, 2016. From 2010
to 2016 he served as an independent consultant, with a focus on the Company&#8217;s MRI facility management business. Timothy Damadian
began his career at FONAR in 1985, installing MRI scanners and components for FONAR customers. Over the course of the following 16 years,
he held positions of increasing authority, eventually becoming Vice President of Operations. In 1997, Timothy Damadian was appointed President
of the newly formed Health Management Corporation of America (HMCA), a wholly-owned subsidiary of FONAR that was formed to manage medical
and diagnostic imaging offices. In 2001, Timothy Damadian left FONAR to form Integrity Healthcare Management, Inc., a diagnostic imaging
management company that would eventually manage MRI scanning centers in New York and Florida. The company was a success and was sold to
Health Diagnostics, LLC in 2007. Mr. Damadian returned to FONAR as a consultant in 2010. He also serves as a Manager of Health Diagnostics
Management, LLC, which are subsidiaries of HMCA.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Luciano B. Bonanni has served as Chief Operating Officer
(COO) and Executive Vice President (EVP) for FONAR Corporation since June 27, 2016. In September 2022, he was appointed to fill the position
of acting Principal Financial Officer. Prior to his appointment as COO, Mr. Bonanni had served the Company as Vice President since 1989,
during which time he oversaw general operations, research and development, manufacturing, service, sales, finance, accounting and regulatory
compliance. Prior to 1989, Mr. Bonanni held the title of Vice President of Production and Engineering from the time of FONAR&#8217;s initial
public offering in 1981. Mr. Bonanni joined the Company as an electrical engineer in 1978. He holds a Bachelor of Electrical Engineering
degree from Manhattan College.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Claudette J.V. Chan has been a Director of FONAR since
October 1987 and Secretary of FONAR since January 2008. Mrs. Chan was employed from 1992 through 1997 by Raymond V. Damadian, M.D. MR
Scanning Centers Management Company and since 1997 by HMCA, as &#8220;site inspector,&#8221; in which capacity she is responsible for
supervising and implementing standard procedures and policies for MRI scanning centers. From 1989 to 1994 Mrs. Chan was employed by St.
Matthew&#8217;s and St. Timothy&#8217;s Neighborhood Center, Inc., as the director of volunteers in the &#8220;Meals on Wheels&#8221;
program, a program which cares for the elderly. From approximately 1983 to 1989, Mrs. Chan was President of the Claudette Penot Collection,
a retail mail-order business specializing in women&#8217;s apparel and gifts. Mrs. Chan practiced and taught in the field of nursing until
1973, when her son was born. She received a Bachelor of Science degree in nursing from Cornell University in 1960.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Ronald G. Lehman has been a Director of FONAR since
April, 2012, and chair of the audit committee since 2021. .Mr. Lehman is Managing Director and Head of Investment Banking at Bruderman
Advisory Group, LLC where he is responsible for the firm&#8217;s sell-side advisory and capital raising processes. Mr. Lehman is also
a Partner at Sandy Hill Investors, LLC, participating in and overseeing many of the firm&#8217;s investments. He is Chairman of portfolio
company Persante Acquisition Corp., and was a board member at Seviroli Foods, LLC during the firm&#8217;s investment period. From 2000-2008,
Mr. Lehman worked for various Bruderman entities as a buy and sell-side advisor, and as a principal in several private equity transactions.
In 2008, Mr. Lehman joined Health Diagnostics, LLC, one of the country&#8217;s fastest growing diagnostic imaging providers, as Senior
Vice President of Acquisitions, where he managed the company&#8217;s acquisition and corporate finance activities. Mr. Lehman returned
to Bruderman in 2010 to lead the firm&#8217;s investment banking efforts. Lehman is a graduate of Columbia University and worked at Deutsche
Bank from 1998-2000.</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">FONAR CORPORATION AND SUBSIDIARIES</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Richard E. Turk has been a Director of FONAR since
June, 2020. Mr. Turk is the Chief Financial Officer of PRISM Vision Group, a private equity-backed, multi-location, outpatient comprehensive
eye care practice headquartered in New Providence, New Jersey. Mr. Turk joined PRISM in November, 2018 as the Chief Development Officer
and became CFO in March 2021. Mr. Turk has helped PRISM expand from a single-specialty (retina) provider with 17 locations and 21 physicians
to a comprehensive, vertically-integrated, multi-specialty, eye care organization with approximately 190 physicians and more than 90 locations
across New Jersey, Pennsylvania, Delaware, Virginia, Washington, DC, and Maryland. Prior to his tenure at PRISM, Mr. Turk was employed
by Professional Physical Therapy, a private equity-backed outpatient physical and occupational therapy company headquartered in Uniondale,
New York with more than 180 locations across New York, New Jersey, Connecticut, Massachusetts and New Hampshire. During his four years
at Professional Physical Therapy, Mr. Turk sourced, analyzed, and completed 32 acquisitions comprised of 116 clinics, expanding the company&#8217;s
services and adding three states to its geographic footprint. From 2007 to 2014, Mr. Turk was employed by Bruderman Brothers, a broker
dealer involved in investment banking, merchant banking, investment advisory, and consulting for lower middle market companies ($10M-$250M
of enterprise value) in a variety of industries, including healthcare. Mr. Turk was Vice President of Bruderman Brothers from 2011 to
2014. Mr. Turk graduated from Columbia University in 2007.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Jessica Maher has been a Director of FONAR since March
2023. Mrs. Maher is a staff accountant at Ives &amp; Sultan, LLP in Woodbury, New York, where she is responsible for preparing audited
financial statements for various clients, overseeing audit testing areas, audits of 401(k) plans, and personal and company tax returns.
Mrs. Maher holds a Bachelor of Science in Accounting with a minor in Accounting Information Systems, and a Master of Science in Accounting
from Fairfield University in Fairfield, Connecticut. During her early undergraduate years, Mrs. Maher worked for Tritech Healthcare Management
in Melville, New York, where she reviewed patient files, insurance, charts and documents to ensure that the services provided by clients
were being properly billed. In her senior year, Mrs. Maher interned at Northwell Health in Westbury, New York, where she supported the
financial reporting team for two hospitals, reported into accounts receivable software, and analyzed patient billing records to identify
overpayments. Mrs. Maher&#8217;s first position out of college was with PriceWaterhouseCoopers in Melville, New York, where she was assigned
to two private equity clients, was responsible for a variety of the audit areas, and assisted managers in reviewing financial statements,
footnote disclosures, and audit opinions.</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">FONAR CORPORATION AND SUBSIDIARIES</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap; width: 73%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Total Number of Directors</FONT></TD>
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  </TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><FONT ID="a_018"></FONT>ITEM 11. EXECUTIVE COMPENSATION.</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&#160;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">With the exception of the Chief Executive Officer
and the Chairman of the Board of Directors, the compensation of the Company&#8217;s executive officers is based on a combination of salary
and bonuses based on performance. The Chief Executive Officer and the Chairman of the Board have no understandings with the Company with
respect to bonuses, options or other incentives; they are not subject to our general policy later discussed.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;The Board of Directors does not have a compensation
Committee. The Chief Executive Officer and the Chief Operating Officer participate in the determination of compensation for the Company&#8217;s
management and other employees.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Board of Directors has established an audit committee.
The members of the committee are Ronald G. Lehman, Richard E. Turk and Jessica Maher.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our compensation policy includes a combination of
salary, commissions, bonuses, stock bonuses and stock options, designed to incentivize our employees. There is no universal plan applicable
to all of our employees. The fixed and variable components of our employees&#8217; compensation tend to be individualized, based on a
combination of the employees&#8217; performance, responsibilities and position, our assessment of how best to motivate a person in such
a position and the needs and preferences of the particular employees, as negotiated between employees and their supervisors or management.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;There is set forth in the following Summary
Compensation Table the compensation provided by us during fiscal 2024, 2023 and 2022 to our Principal Executive Officer, and our acting
Principal Financial Officer. There is set forth in the following Outstanding Equity Awards Table and Director Compensation Table the required
information.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">FONAR CORPORATION AND SUBSIDIARIES</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt">I.</TD><TD>SUMMARY COMPENSATION TABLE</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: -36pt">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">(Reflects information up to end of Fiscal 2024)</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt 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)">
    <TD STYLE="padding: 0pt 0pt 0pt 11pt; text-align: left; text-indent: -11pt">(a)</TD><TD>&#160;</TD>
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    <TD STYLE="width: 1%; text-align: left">&#160;</TD><TD STYLE="width: 9%; text-align: right">2024</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: rgb(204,238,255)">
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    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
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    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0</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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  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0pt 0pt 0pt 11pt; text-align: left; text-indent: -11pt">Chief Operating Officer,</TD><TD>&#160;</TD>
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  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding: 0pt 0pt 0pt 11pt; text-align: left; text-indent: -11pt">Executive Vice President and</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">2022</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 STYLE="padding: 0pt 0pt 0pt 11pt; text-align: left; text-indent: -11pt">acting Principal Financial Officer</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>
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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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  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding: 0pt 0pt 0pt 11pt; text-align: left; text-indent: -11pt">&#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>
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  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0pt 0pt 0pt 11pt; text-align: left; text-indent: -11pt">Raymond V. Damadian</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">2024</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
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    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0</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: 0pt 0pt 0pt 11pt; text-align: left; text-indent: -11pt">Chairman of the Board,</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">2023</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">23,553</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">305,800</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 STYLE="padding: 0pt 0pt 0pt 11pt; text-align: left; text-indent: -11pt">Treasurer and</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">2022</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">153,095</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">305,800</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
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    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">458,895</TD><TD STYLE="text-align: left">&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding: 0pt 0pt 0pt 11pt; text-align: left; text-indent: -11pt">Principal Financial Officer</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><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>
  </TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 18pt">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.2pt"></TD><TD STYLE="width: 36pt">II.</TD><TD>OUTSTANDING EQUITY AWARDS AT FISCAL YEAR-END</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0pt 0pt 0pt 11pt; text-align: left; text-indent: -11pt">Name</TD><TD>&#160;</TD>
    <TD COLSPAN="3" STYLE="text-align: center">Number Of Securities Underlying Unexercised Options (#) Exercisable</TD><TD>&#160;</TD>
    <TD COLSPAN="3" STYLE="text-align: center">Option Exercise Price ($)</TD><TD>&#160;</TD>
    <TD STYLE="text-align: center">Option Exercise Expiration Date</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0pt 0pt 0pt 11pt; text-align: left; text-indent: -11pt">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(a)</FONT></TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
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    <TD STYLE="text-align: center; padding-left: 5.4pt">(c)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding: 0pt 0pt 0pt 11pt; width: 36%; text-align: left; text-indent: -11pt">Timothy R. Damadian, President and Principal Executive Officer</TD><TD STYLE="width: 5%">&#160;</TD>
    <TD STYLE="width: 1%; text-align: left">&#160;</TD><TD STYLE="width: 15%; text-align: right">0</TD><TD STYLE="width: 1%; text-align: left">&#160;</TD><TD STYLE="width: 5%">&#160;</TD>
    <TD STYLE="width: 1%; text-align: left">&#160;</TD><TD STYLE="width: 15%; text-align: right">0</TD><TD STYLE="width: 1%; text-align: left">&#160;</TD><TD STYLE="width: 5%">&#160;</TD>
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  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0pt 0pt 0pt 11pt; text-align: left; text-indent: -11pt">Luciano Bonanni, Chief Operating Officer, Executive Vice President and acting Principal Financial Officer</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">0</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: 0pt 0pt 0pt 11pt; text-align: left; text-indent: -11pt">Raymond V. Damadian Chairman of the Board, Treasurer and
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 18pt; text-indent: -18pt"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">FONAR CORPORATION AND SUBSIDIARIES</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt">III</TD><TD>DIRECTOR COMPENSATION</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 18pt; text-indent: -18pt">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">The following table shows the compensation paid to the Directors for fiscal
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; text-align: center">(d)</TD><TD STYLE="padding-bottom: 1pt">&#160;</TD>
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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: 11pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><I>EMPLOYEE COMPENSATION PLANS</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><I>&#160;</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">FONAR adopted its 2010 Stock Bonus Plan, on June 28,
2010. This Plan permits FONAR to issue an aggregate of 2,000,000 shares of common stock of FONAR as bonus or compensation. As of June
30, 2024, 450,177 shares were available for issuance.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">FONAR CORPORATION AND SUBSIDIARIES</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B><FONT ID="a_019"></FONT>ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT.</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>&#160;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">The following table sets forth the number and percentage of shares of FONAR&#8217;s
securities held by each director, by each person known by us to own in excess of five percent of FONAR&#8217;s voting securities and by
all officers and directors as a group as of September 20, 2024.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">FONAR CORPORATION AND SUBSIDIARIES</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Continued:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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  <TR STYLE="vertical-align: bottom; background-color: White">
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">* Less than one percent</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

























































<HR STYLE="border-width: 0; color: Gray; background-color: Gray; height: 1px; width: 25%">

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt; text-align: left; text-indent: 0pt">1. Address provided for each beneficial
owner owning more than five percent of the voting securities of FONAR.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">FONAR CORPORATION AND SUBSIDIARIES</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><FONT ID="a_020"></FONT>ITEM 13.&#160;CERTAIN RELATIONSHIPS AND RELATED
TRANSACTIONS AND DIRECTOR INDEPENDENCE.</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&#160;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Pursuant to HMCA&#8217;s management agreements with
its clients, HMCA provides comprehensive non-medical management and administrative services, including billing and collection of accounts,
payroll and accounts payable processing, office facilities, supplies and utilities. Under the management agreements, HMCA also provides
service for the Fonar Upright&#174; MRI scanners through Fonar. In total, as of September 5, 2024, 22 of our clients had management agreements
with HMCA. Six sites in Florida are owned and operated directly by HMCA subsidiaries.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The fees charged under the management agreements are
flat fees charged on a monthly basis. These fees ranged from $84,152 to $446,639 per month in fiscal 2024.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Timothy Damadian, Chairman of the Board, President,
Chief Executive Officer and Treasurer(formerly owned by Dr. Raymond Damadian, the Chairman of the Board and principal stockholder of the
Company until his death in August 2022), owned three of the imaging facilities in Florida managed by HMCA. (See note below) The facilities
owned by Timothy Damadian in Florida pay HMCA flat rate monthly fees ranging from $245,535 to $411,589 per month. These fees are renegotiable
on an annual basis.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During the fiscal years ended June 30, 2024, June
30, 2023 and June 30, 2022, the net revenues received by HMCA from the imaging facilities owned by Timothy Damadian and formerly Dr. Damadian
were approximately $11.9 million, $11.9 million and $11.6 million respectively.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Timothy Damadian, the President and Chief Executive
Officer of Fonar, is one of the former owners of a billing company, which performed billing and collection services for HMCA with respect
to No-Fault and Workers&#8217; Compensation claims of HMCA&#8217;s clients. On June 1, 2017, the Company also entered into a one year
renewable agreement to provide IT services to the billing company for a monthly fee of $23,884. On May 31, 2023, this agreement was terminated.
Timothy Damadian is also a Manager of Health Management Company of America.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Magnetic Resonance Management, LLC, in which Timothy
Damadian, the CEO and President of the Company owns, entered in to an agreement to purchase equipment from the Company. The selling price
of such equipment was $567,857 which is payable based upon a promissory note dated December 1, 2023. The note bears interest at a rate
of 9% and is payable in full at the maturity of the note in December 2028. The equipment had a zero basis which resulted in a gain of
$576,857. The Company has the option but not the obligation to re-take possession in lieu of payment upon maturity of the note.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Bensonhurst MRI Limited Partnership, in which Timothy
Damadian, the CEO and President of the Company holds an interest, is party to two agreements with the Company for the service and maintenance
of its Upright MRI and High-Field Scanners for a price of $110,000 per annum and $70,000 per annum, respectively.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Radian Healthcare Management, LLC which Matt Pluta,
the son-in-law of Timothy Damadian, the CEO and President of the Company owns, provided the Company with personnel recruitment of 32 new
employees at a fee $200,347 during the fiscal year ended June 30, 2024.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Ronald Lehman, a Director of Fonar, holds a .0378%
interest in Health Management Company of America&#8217;s Class A membership interests.<BR></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">FONAR CORPORATION AND SUBSIDIARIES</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Jessica Maher, a Director of Fonar, holds a .015%
interest in Health Management Company of America&#8217;s Class A membership interests.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Claudette J.V. Chan, a Director and the Secretary
of Fonar, owns a .0378% interest in Health Management Company of America&#8217;s Class A Membership interests.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><FONT ID="a_021"></FONT>ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES.</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&#160;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Audit Fees</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The aggregate fees billed by Marcum LLP for the audit
of our annual consolidated financial statements for the fiscal year ended June 30, 2024 and the reviews of the financial statements included
in our Forms 10-Q for the fiscal year ended June 30, 2024 were $442,000.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The aggregate fees billed by Marcum LLP for the audit
of our annual financial statements for the fiscal year ended June 30, 2023 and the reviews of the financial statements included in our
Forms 10-Q for the fiscal year ended June 30, 2023 were $379,000.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Audit Related Fees</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">No fees were billed by Marcum LLP for the fiscal years
ended June 30, 2024 or June 30, 2023 for services related to the Audit or review of our financial statements that are not included under
the caption &#8220;Audit Fees&#8221;.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">No fees were billed by Marcum LLP for the fiscal years
ended June 30, 2024 or June 30, 2023 for designing, operating, supervising or implementing any of our financial information systems or
any hardware or software systems for our financial information.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Tax Fees</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">No fees were billed by Marcum LLP for tax compliance,
tax advice and tax planning in the fiscal year ended June 30, 2024.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">No fees billed by Marcum LLP for tax compliance, tax
advice and tax planning in the fiscal year ended June 30, 2023.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">All Other Fees</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">No fees were billed by Marcum LLP for any other services
during the fiscal years ended June 30, 2024 and June 30, 2023.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">FONAR CORPORATION AND SUBSIDIARIES</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Since January 1, 2003, the audit committee has adopted
policies and procedures for pre-approving all non-audit work performed by the auditors. Specifically, the committee must pre-approve the
use of the auditors for all such services. The audit committee has pre-approved all non-audit work since that time and in making its determination
has considered whether the provision of such services was compatible with the independence of the auditors.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our audit committee believes that the provision by
Marcum LLP of services in addition to audit services in previous years were compatible with maintaining their independence.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>PART IV</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&#160;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><FONT ID="a_022"></FONT>ITEM 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES,
AND REPORTS ON FORM 8-K.</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&#160;</B></P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt">a)</TD><TD STYLE="text-align: justify">FINANCIAL STATEMENTS AND SCHEDULES</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 18pt; text-align: justify; text-indent: -18pt">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following consolidated financial statements are
included in Part II, Item 8.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Report of Independent Registered Public Accounting
Firm</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Consolidated Balance Sheets as at June 30, 2024 and
2023.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: red">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Consolidated Statements of Income for the Years Ended
June 30, 2024 and 2023<FONT STYLE="color: red">.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Consolidated Statements of Stockholders&#8217; Equity
for the Years Ended June 30, 2024 and 2023.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Consolidated Statements of Cash Flows for the Years
Ended June 30, 2024 and 2023 .</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Notes to Consolidated Financial Statements.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Information required by schedules called for under
Regulation S-X is either not applicable or is included in the consolidated financial statements or notes to the consolidated financial
statements.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt">b)</TD><TD STYLE="text-align: justify">REPORTS
ON FORM 8-K</TD></TR></TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">1. </FONT></TD>
<TD STYLE="text-align: justify; width: 95%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/355019/000035501923000048/fonar_8-k.htm" STYLE="-sec-extract: exhibit">Registrant's Report on Form 8-K: Item 2.02, Results of Operations and Financial Condition for the Fiscal Year ended June 30, 2023, reported September 28, 2023. Commission File No. 0-10248.</A></FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD COLSPAN="2" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#160;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">2. </FONT></TD>
<TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/355019/000035501924000030/fonar_8-k.htm" STYLE="-sec-extract: exhibit">Registrant&#8217;s Report on Form 8-K: Item 5.07, Submission of Matters to a Vote of Security Holders, at the annual meeting of stockholders, reported on May 20, 2024. Commission File No. 0-10248.</A></FONT></TD></TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 9pt; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 9pt; text-align: justify; background-color: white">3. Registrant&rsquo;s
Report on Form 8-K: Item 5.07, Submission of Matters to a Vote of Security Holders, at the annual meeting of stockholders, reported on
May 22, 2023. Commission File No. 0-10248.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">FONAR CORPORATION AND SUBSIDIARIES</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</P>

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<TD STYLE="width: 0%"></TD><TD STYLE="width: 18pt">c)</TD><TD STYLE="text-align: justify">EXHIBITS</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 14.4pt; text-align: justify; text-indent: -14.4pt">&#160;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
<TD STYLE="padding: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">3.1 </FONT></TD>
<TD STYLE="padding: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Certificate of Incorporation, as amended, of the Registrant incorporated by reference to Exhibit 3.1 to the Registrant&#8217;s registration statement on Form S-1,Commission File No. 33-13365.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#160;</FONT></TD>
<TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding: 0pt; text-align: justify; text-indent: 0pt">&#160;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">3.2 </FONT></TD>
<TD STYLE="padding: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><A HREF="http://www.sec.gov/Archives/edgar/data/355019/0000355019-95-000015.txt">Article Fourth of the Certificate of Incorporation, as amended, of the Registrant incorporated by reference to Exhibit 4.1 to the Registrant&#8217;s registration statement on Form S-8, Commission File No. 33- 62099.</A></FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#160;</FONT></TD>
<TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding: 0pt; text-align: justify; text-indent: 0pt">&#160;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">3.3</FONT></TD>
<TD STYLE="padding: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><A HREF="http://www.sec.gov/Archives/edgar/data/355019/000035501901500018/ex0403.txt">Section A of Article Fourth of the Certificate of Incorporation, as amended, of the Registrant incorporated by reference to Exhibit 4.3 to the Registrant&#8217;s registration statement on Form S-3, Commission File No. 333-63782.</A></FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#160;</FONT></TD>
<TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding: 0pt; text-align: justify; text-indent: 0pt">&#160;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">3.4 </FONT></TD>
<TD STYLE="padding: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><A HREF="http://www.sec.gov/Archives/edgar/data/355019/000035501903000019/x033.txt">Section A of Article Fourth of the Certificate of Incorporation, as amended, of the Registrant incorporated by reference to Exhibit 3.3 of the Registrant&#8217;s Annual Report on Form 10-K for the fiscal year ended June 30, 2003, Commission File No. 0-10248.</A></FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#160;</FONT></TD>
<TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding: 0pt; text-align: justify; text-indent: 0pt">&#160;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">3.5 </FONT></TD>
<TD STYLE="padding: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">By-Laws, as amended, of the Registrant incorporated by reference to Exhibit 3.2 to the Registrant&#8217;s registration statement on Form S-1, Commission File No. 33-13365.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#160;</FONT></TD>
<TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding: 0pt; text-align: justify; text-indent: 0pt">&#160;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">4.1 </FONT></TD>
<TD STYLE="padding: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Specimen Common Stock Certificate incorporated by reference to Exhibit 4.1 to the Registrant&#8217;s registration statement on Form S-1, Commission File No. 33-13365.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#160;</FONT></TD>
<TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding: 0pt; text-align: justify; text-indent: 0pt">&#160;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">4.2 </FONT></TD>
<TD STYLE="padding: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Specimen Class B Common Stock Certificate incorporated by reference to Exhibit 4.2 to the Registrant&#8217;s registration statement on Form S-1, Commission File No. 33-13365.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#160;</FONT></TD>
<TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding: 0pt; text-align: justify; text-indent: 0pt">&#160;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">10.1 </FONT></TD>
<TD STYLE="padding: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">License Agreement between the Registrant and Raymond V. Damadian incorporated by reference to Exhibit 10 (e) to Form 10-K for the fiscal year ended June 30, 1983, Commission File No. 0-10248.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#160;</FONT></TD>
<TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding: 0pt; text-align: justify; text-indent: 0pt">&#160;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">10.2</FONT></TD>
<TD STYLE="padding: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><A HREF="http://www.sec.gov/Archives/edgar/data/355019/0000355019-97-000036.txt">Stock Purchase Agreement, dated July 31, 1997, by and between U.S. Health Management Corporation, Raymond V. Damadian, M.D. MR Scanning Centers Management Company and Raymond V. Damadian, incorporated by reference to Exhibit 2.1 to the Registrant&#8217;s Form 8-K, July 31, 1997, commission File No: 0-10248.</A></FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#160;</FONT></TD>
<TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding: 0pt; text-align: justify; text-indent: 0pt">&#160;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">10.3 </FONT></TD>
<TD STYLE="padding: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><A HREF="http://www.sec.gov/Archives/edgar/data/355019/0000355019-97-000029.txt">Merger Agreement and Supplemental Agreement dated June 17, 1997 and Letter of Amendment dated June 27, 1997 by and among U.S. Health Management Corporation and Affordable Diagnostics Inc. et al., incorporated by reference to Exhibit 2.1 to the Registrant&#8217;s 8-K, June 30, 1997, Commission File No: 0-10248.</A></FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#160;</FONT></TD>
<TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding: 0pt; text-align: justify; text-indent: 0pt">&#160;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">10.4</FONT></TD>
<TD STYLE="padding: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><A HREF="http://www.sec.gov/Archives/edgar/data/355019/0000355019-98-000004.txt">Stock Purchase Agreement dated March 20, 1998 by and among Health Management Corporation of America, FONAR Corporation, Giovanni Marciano, Glenn Muraca et al., incorporated by reference to Exhibit 2.1 to the Registrant&#8217;s 8-K, March 20, 1998, Commission File No: 0-10248.</A></FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#160;</FONT></TD>
<TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding: 0pt; text-align: justify; text-indent: 0pt">&#160;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding: 0pt; text-align: justify; text-indent: 0pt; width: 8%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">10.5</FONT></TD>
<TD STYLE="padding: 0pt; text-align: justify; text-indent: 0pt; width: 92%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><A HREF="http://www.sec.gov/Archives/edgar/data/355019/0000355019-98-000013.txt">Stock Purchase Agreement dated August 20, 1998 by and among Health Management Corporation of America, FONAR Corporation, Stuart Blumberg and Steven Jonas, incorporated by reference to Exhibit 2 to the Registrant&#8217;s 8-K, September 3, 1998, Commission File No. 0-10248.</A></FONT></TD></TR>
</TABLE>




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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: blue"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">FONAR CORPORATION AND SUBSIDIARIES</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">&#160;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">10.6</FONT></TD>
<TD STYLE="text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/355019/000035501902000016/x99.txt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">2002 Incentive Stock Option Plan incorporated by reference to Exhibit 99.1 to the Registrant</FONT><FONT STYLE="font-size: 11pt">&#8217;<FONT STYLE="font-family: Times New Roman, Times, Serif">s</FONT></FONT> <FONT STYLE="font-size: 11pt">registration statement on Form S-8, Commission File No.: 333-96557.</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-size: 11pt">&#160;</FONT></TD>
<TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-size: 11pt">&#160;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">10.7</FONT></TD>
<TD STYLE="text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/355019/000035501905000018/x2-50801.txt"><FONT STYLE="font-size: 11pt">Asset Purchase Agreement dated July 28, 2005 among Health Plus Management Services, L.L.C.,</FONT> <FONT STYLE="font-size: 11pt">Health Management Corporation of America, Dynamic Healthcare Management, Inc. and FONAR</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Corporation, incorporated by reference to Exhibit 2 to the Registrant</FONT><FONT STYLE="font-size: 11pt">&#8217;<FONT STYLE="font-family: Times New Roman, Times, Serif">s Form 8-K, August 2, 2005,</FONT></FONT> <FONT STYLE="font-size: 11pt">Commission File No. 0-10248.</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-size: 11pt">&#160;</FONT></TD>
<TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-size: 11pt">&#160;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">10.8</FONT></TD>
<TD STYLE="text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/355019/000035501908000021/x10.txt"><FONT STYLE="font-size: 11pt">Partnership Interest Purchase Agreement dated September 29, 2008 by and between Diagnostic</FONT> <FONT STYLE="font-size: 11pt">Management, LLC and Raymond V. Damadian, M.D. MR Scanning Centers Management Company,</FONT> <FONT STYLE="font-size: 11pt">incorporated by reference to Exhibit 10.35 to Form 10-K for the fiscal year ended June 30, 2008.</FONT> <FONT STYLE="font-size: 11pt">Commission File No. 0-10248.</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-size: 11pt">&#160;</FONT></TD>
<TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-size: 11pt">&#160;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">10.9</FONT></TD>
<TD STYLE="text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/355019/000035501910000014/x99.txt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">2010 Stock Bonus Plan, incorporated by reference to Exhibit 99.1 to the Registrant</FONT><FONT STYLE="font-size: 11pt">&#8217;<FONT STYLE="font-family: Times New Roman, Times, Serif">s registration</FONT></FONT> <FONT STYLE="font-size: 11pt">statement on Form S-8, Commission File No. 333-168771.</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-size: 11pt">&#160;</FONT></TD>
<TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-size: 11pt">&#160;</FONT></TD></TR>
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<TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">10.10</FONT></TD>
<TD STYLE="text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/355019/000035501911000020/fonar10x.txt"><FONT STYLE="font-size: 11pt">Operating Agreement for Imperial Management Services, LLC, incorporated by reference to</FONT> <FONT STYLE="font-size: 11pt">Exhibit 10.37 to Form 10-K for the fiscal year ended June 30, 2011. Commission File No. 0-10248.</FONT></A></TD></TR>
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<TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-size: 11pt">&#160;</FONT></TD>
<TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-size: 11pt">&#160;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">10.11</FONT></TD>
<TD STYLE="text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/355019/000035501913000029/fonar_exhibit10-38.htm"><FONT STYLE="font-size: 11pt">Operating Agreement for Health Diagnostics Management, LLC, incorporated by reference to</FONT> <FONT STYLE="font-size: 11pt">Exhibit 10.38 to Form 10-K for the fiscal year ended June 30, 2013. Commission File No. 0-10248.</FONT></A></TD></TR>
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<TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-size: 11pt">&#160;</FONT></TD>
<TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-size: 11pt">&#160;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">10.12</FONT></TD>
<TD STYLE="text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/355019/000035501913000029/fonar_exhibit10-38.htm"><FONT STYLE="font-size: 11pt">Modification to Operating Agreement for Health Diagnostics Management, LLC., See Exhibits.</FONT> <FONT STYLE="font-size: 11pt">incorporated by reference to Exhibit 10.38 to Form 10-K for the fiscal year ended June 30, 2013.</FONT> <FONT STYLE="font-size: 11pt">Commission File No. 0-10248.</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-size: 11pt">&#160;</FONT></TD>
<TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-size: 11pt">&#160;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">10.13</FONT></TD>
<TD STYLE="text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/355019/000035501913000007/fonar_exhibit-10.htm"><FONT STYLE="font-size: 11pt">Purchase Agreement dated March 5, 2013 among Health Diagnostics Management, LLC, Health</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Diagnostics, LLC and others. Incorporated by reference to Exhibit 10.1 to the Registrant</FONT><FONT STYLE="font-size: 11pt">&#8217;<FONT STYLE="font-family: Times New Roman, Times, Serif">s Form 8-K filed</FONT></FONT> <FONT STYLE="font-size: 11pt">March 11, 2013. Commission File No. 0-10248.</FONT></A></TD></TR>
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<TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-size: 11pt">&#160;</FONT></TD>
<TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-size: 11pt">&#160;</FONT></TD></TR>
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<TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">14.1</FONT></TD>
<TD STYLE="text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/355019/000035501904000028/x141.txt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Code of Ethics, incorporated by reference to Exhibit 14.1 of Registrant</FONT><FONT STYLE="font-size: 11pt">&#8217;<FONT STYLE="font-family: Times New Roman, Times, Serif">s Form 10-K for the fiscal</FONT></FONT> <FONT STYLE="font-size: 11pt">year ended June 30, 2004, Commission File No.: 0-10248.</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-size: 11pt">&#160;</FONT></TD>
<TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-size: 11pt">&#160;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">21.1 </FONT></TD>
<TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><A HREF="https://www.sec.gov/Archives/edgar/data/355019/000035501924000038/fonar_exhibit-21.htm" STYLE="-sec-extract: exhibit">Subsidiaries of the Registrant. See Exhibits.</A></FONT></TD></TR>
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<TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-size: 11pt">&#160;</FONT></TD>
<TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-size: 11pt">&#160;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">23.1 </FONT></TD>
<TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><A HREF="https://www.sec.gov/Archives/edgar/data/355019/000035501924000038/fonar_exhibit-23.htm" STYLE="-sec-extract: exhibit">Consent of Marcum LLP Independent Registered Public Accounting Firm. See Exhibits.</A></FONT></TD></TR>
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<TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-size: 11pt">&#160;</FONT></TD>
<TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-size: 11pt">&#160;</FONT></TD></TR>
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<TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">31.1</FONT></TD>
<TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><A HREF="https://www.sec.gov/Archives/edgar/data/355019/000035501924000038/fonar_exhibit-31.htm" STYLE="-sec-extract: exhibit">Section 302 Certification. See Exhibits.</A></FONT></TD></TR>
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<TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-size: 11pt">&#160;</FONT></TD>
<TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-size: 11pt">&#160;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">32.1</FONT></TD>
<TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><A HREF="https://www.sec.gov/Archives/edgar/data/355019/000035501924000038/fonar_exhibit-32.htm" STYLE="-sec-extract: exhibit">Section 906 Certification. See Exhibits.</A></FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-size: 11pt">&#160;</FONT></TD>
<TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-size: 11pt">&#160;</FONT></TD></TR>
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<TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: justify; width: 8%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">97.1 </FONT></TD>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">FONAR CORPORATION AND SUBSIDIARIES</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">SIGNATURES.</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Pursuant to the requirements of Section 13 or 15 (d)
of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto
duly authorized.</P>

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<TR STYLE="vertical-align: bottom">
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<TR>
<TD STYLE="padding: 0pt; white-space: nowrap; vertical-align: bottom; width: 50%; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Dated: September 28, 2024</FONT></TD>
<TD STYLE="padding: 0pt; white-space: nowrap; vertical-align: bottom; width: 5%; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">By:</FONT></TD>
<TD STYLE="padding: 0pt; white-space: nowrap; vertical-align: bottom; width: 45%; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">/s/Timothy Damadian</FONT></TD></TR>
<TR>
<TD STYLE="padding: 0pt; white-space: nowrap; vertical-align: bottom; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#160;</FONT></TD>
<TD STYLE="padding: 0pt; white-space: nowrap; vertical-align: bottom; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#160;</FONT></TD>
<TD STYLE="padding: 0pt; white-space: nowrap; vertical-align: bottom; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Timothy Damadian, </FONT></TD></TR>
<TR>
<TD STYLE="padding: 0pt; white-space: nowrap; vertical-align: bottom; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#160;</FONT></TD>
<TD STYLE="padding: 0pt; white-space: nowrap; vertical-align: bottom; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#160;</FONT></TD>
<TD STYLE="padding: 0pt; white-space: nowrap; vertical-align: bottom; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Chairman of the Board of Directors </FONT></TD></TR>
<TR>
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<TD STYLE="padding: 0pt; white-space: nowrap; vertical-align: bottom; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#160;</FONT></TD>
<TD STYLE="padding: 0pt; white-space: nowrap; vertical-align: bottom; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Chief Executive Officer</FONT></TD></TR>
<TR>
<TD STYLE="padding: 0pt; white-space: nowrap; vertical-align: bottom; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#160;</FONT></TD>
<TD STYLE="padding: 0pt; white-space: nowrap; vertical-align: bottom; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#160;</FONT></TD>
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<TD STYLE="padding: 0pt; white-space: nowrap; vertical-align: bottom; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#160;</FONT></TD>
<TD STYLE="padding: 0pt; white-space: nowrap; vertical-align: bottom; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#160;</FONT></TD>
<TD STYLE="padding: 0pt; white-space: nowrap; vertical-align: bottom; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#160;</FONT></TD></TR>
<TR>
<TD STYLE="padding: 0pt; white-space: nowrap; vertical-align: bottom; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#160;</FONT></TD>
<TD STYLE="padding: 0pt; white-space: nowrap; vertical-align: bottom; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">By</FONT></TD>
<TD STYLE="padding: 0pt; white-space: nowrap; vertical-align: bottom; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">/s/Luciano B. Bonanni</FONT></TD></TR>
<TR>
<TD STYLE="padding: 0pt; white-space: nowrap; vertical-align: bottom; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#160;</FONT></TD>
<TD STYLE="padding: 0pt; white-space: nowrap; vertical-align: bottom; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#160;</FONT></TD>
<TD STYLE="padding: 0pt; white-space: nowrap; vertical-align: bottom; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Luciano B. Bonanni</FONT></TD></TR>
<TR>
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<TD STYLE="padding: 0pt; white-space: nowrap; vertical-align: bottom; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#160;</FONT></TD>
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<TD STYLE="padding: 0pt; white-space: nowrap; vertical-align: bottom; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#160;</FONT></TD>
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<TD STYLE="padding: 0pt; white-space: nowrap; vertical-align: bottom; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#160;</FONT></TD>
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    <TD STYLE="white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#160;</FONT></TD>
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    <TD STYLE="line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#160;</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#160;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#160;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#160;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#160;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#160;</FONT></TD>
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694-2929</FONT></P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
