<SEC-DOCUMENT>0001213900-25-080800.txt : 20250826
<SEC-HEADER>0001213900-25-080800.hdr.sgml : 20250826
<ACCEPTANCE-DATETIME>20250826170054
ACCESSION NUMBER:		0001213900-25-080800
CONFORMED SUBMISSION TYPE:	S-3/A
PUBLIC DOCUMENT COUNT:		5
FILED AS OF DATE:		20250826
DATE AS OF CHANGE:		20250826

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			LiveOne, Inc.
		CENTRAL INDEX KEY:			0001491419
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-EATING PLACES [5812]
		ORGANIZATION NAME:           	07 Trade & Services
		EIN:				980657263
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		S-3/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-288779
		FILM NUMBER:		251258470

	BUSINESS ADDRESS:	
		STREET 1:		269 SOUTH BEVERLY DRIVE
		STREET 2:		SUITE 1450
		CITY:			BEVERLY HILLS
		STATE:			CA
		ZIP:			90212
		BUSINESS PHONE:		(310) 601-2505

	MAIL ADDRESS:	
		STREET 1:		269 SOUTH BEVERLY DRIVE
		STREET 2:		SUITE 1450
		CITY:			BEVERLY HILLS
		STATE:			CA
		ZIP:			90212

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	LiveXLive Media, Inc.
		DATE OF NAME CHANGE:	20170808

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	LOTON, CORP
		DATE OF NAME CHANGE:	20100507
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-3/A
<SEQUENCE>1
<FILENAME>ea0254582-s3a1_liveone.htm
<DESCRIPTION>AMENDMENT NO. 1 TO FORM S-3
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> <B>As filed with the Securities and Exchange
Commission on August 26, 2025</B> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"> <B>Registration No. 333-288779</B> </P>

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

<!-- Field: Rule-Page --><DIV STYLE="width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>&nbsp;</B></FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>WASHINGTON, D.C. 20549</B></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> <B>AMENDMENT NO. 1&nbsp;</B> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM S-3</B></P>

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

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

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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

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

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 49%; border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Delaware</B></FONT></TD>
    <TD STYLE="width: 2%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 49%; border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>98-0657263</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(State or other jurisdiction of<BR>
incorporation or organization)</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(I.R.S. Employer<BR>
Identification Number)</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>269 S. Beverly Dr., Suite 1450</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Beverly Hills, CA 90212</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(310) 601-2505</B></P>

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

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Chairman and Chief Executive Officer</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>269 S. Beverly Dr., Suite 1450</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Beverly Hills, CA 9021</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(310) 601-2505</B></P>

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

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>641 Lexington Ave., 14<SUP>th</SUP> Floor</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>New York, NY 10022</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Telephone: (212) 335-0466</B></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Approximate date of commencement of proposed sale
to the public:&nbsp;<B>From time to time after the effective date of this Registration Statement.</B></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If the only securities being registered on this
form are being offered pursuant to dividend or interest reinvestment plans, please check the following box. &#9744;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If any of the securities being registered on this
form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, other than securities offered
only in connection with dividend or interest reinvestment plans, check the following box.&nbsp;&#9746;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If this form is filed to register additional securities
for an offering pursuant to Rule 462(b) under the Securities Act, please check the following box and list the Securities Act registration
statement number of the earlier effective registration statement for the same offering.&nbsp;&#9744;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If this form is a post-effective amendment to
a registration statement filed pursuant to General Instruction I.D. filed to register additional securities or additional classes of securities
pursuant to Rule 413(b) under the Securities Act, check the following box.&nbsp;&#9744;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Indicate by check mark whether the registrant
is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company.
See the definitions of &ldquo;large accelerated filer,&rdquo; &ldquo;accelerated filer,&rdquo; &ldquo;smaller reporting company&rdquo;
and &ldquo;emerging growth company&rdquo; in Rule 12b-2 of the Securities Exchange Act of 1934.</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Large accelerated filer&nbsp;&#9744;</FONT></TD>
    <TD STYLE="width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accelerated filer&nbsp;&#9744;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-accelerated filer&nbsp;&#9746;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Smaller reporting company&nbsp;&#9746;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Emerging Growth Company&nbsp;&#9744;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If an emerging growth company, indicate by check
mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting
standards provided pursuant to Section 7(a)(2)(B) of Securities Act.&nbsp;&#9744;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>&nbsp;</B></FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Red"><B>The information in
this prospectus is not complete and may be changed. A registration statement relating to these securities has been filed with the U.S.
Securities and Exchange Commission. These securities may not be sold until the registration statement is effective. This prospectus is
not an offer to sell these securities and does not solicit an offer to buy these securities in any state or other jurisdiction where
the offer or sale is not permitted.</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"> <FONT STYLE="color: Red"><B>PRELIMINARY
PROSPECTUS, SUBJECT TO COMPLETION, DATED AUGUST 26, 2025</B></FONT> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><IMG SRC="image_001.jpg" ALT="">&nbsp;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>7,988,095 Shares of Common
Stock</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This prospectus relates to
the offer and resale from time to time of up to 7,988,095 shares (the &ldquo;Shares&rdquo;) of common stock, $0.001 par value per share
(the &ldquo;common stock&rdquo;), of LiveOne, Inc., a Delaware corporation (the &ldquo;Company,&rdquo; &ldquo;we,&rdquo; &ldquo;us&rdquo;
or &ldquo;our&rdquo;), that may be offered for resale or otherwise disposed of by the selling stockholders identified in this prospectus
(together with any of such stockholders&rsquo; transferees, pledgees, donees or successors) (the &ldquo;Selling Stockholders&rdquo;),
issuable upon conversion of our 11.75% Original Issue Discount Senior Secured Convertible Debentures (the &ldquo;Debentures&rdquo;) that
we issued to the Selling Stockholders. The Debentures are convertible into shares of our common stock at the holder&rsquo;s option at
a conversion price of $2.10 per share, subject to certain customary adjustments such as stock splits, stock dividends and stock combinations.
The Debentures were issued to the Selling Stockholders in a private placement pursuant to the Securities Purchase Agreement entered into
by us with the Selling Stockholders on May 19, 2025 (the &ldquo;Purchase Agreement&rdquo;). See &ldquo;Background of the Offering&rdquo;
beginning on page 37 for a description of the terms and conditions of the Purchase Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Selling Stockholders
may sell all or a portion of the Shares from time to time, in amounts, at prices and on terms determined at the time of sale. The Shares
may be sold by any means described in the section of this prospectus entitled &ldquo;Plan of Distribution&rdquo; beginning on page 45.
The Selling Stockholders may also sell the Shares under Rule 144 under the Securities Act of 1933, as amended, if available, rather than
under this prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are not offering for sale
or selling any securities under this prospectus, and we will not receive any proceeds from the sale or other disposition of the Shares
by the Selling Stockholders. We will bear all other costs, fees and expenses incurred in effecting the registration of the shares covered
by this prospectus. All selling and other expenses incurred by the Selling Stockholders will be borne by the Selling Stockholders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are registering the offer
and sale of the Shares pursuant to certain registration rights granted to the Selling Stockholders. The registration of the Shares does
not necessarily mean that any Selling Stockholder will offer or sell any of their Shares. The timing and amount of any sale or exercise
is within the sole discretion of the Selling Stockholders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> Our common stock is listed
for trading on The Nasdaq Capital Market, or &ldquo;Nasdaq,&rdquo; under the symbol &ldquo;LVO.&rdquo; On August 25, 2025, the last reported
sale price of our common stock was $0.595. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Investing in our securities
involves significant risks. We strongly recommend that you read carefully the risks we describe in this prospectus and in any accompanying
prospectus supplement, as well as the risk factors that are incorporated by reference into this prospectus from our filings made with
the U.S. Securities and Exchange Commission. See &ldquo;Risk Factors&rdquo; on page 17 of this prospectus.&nbsp;</B></P>

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

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

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

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




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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: center"><B>Page</B></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="width: 90%"><A HREF="#j_001"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ABOUT THIS PROSPECTUS</FONT></A></TD>
    <TD STYLE="width: 10%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ii</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><A HREF="#j_002"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS</FONT></A></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">iii</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#j_003"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PROSPECTUS SUMMARY</FONT></A></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><A HREF="#j_004"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">THE OFFERING</FONT></A></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">16</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#j_005"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">RISK FACTORS</FONT></A></TD>
    <TD STYLE="text-align: center">1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><A HREF="#j_006"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">USE OF PROCEEDS</FONT></A></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">37</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#j_007"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">BACKGROUND OF THE OFFERING</FONT></A></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">37</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><A HREF="#j_008"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SELLING STOCKHOLDERS</FONT></A></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">37</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#j_009"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DESCRIPTION OF SECURITIES WE ARE OFFERING</FONT></A></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">40</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><A HREF="#j_010"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PLAN OF DISTRIBUTION</FONT></A></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">45</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#j_011"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">LEGAL MATTERS</FONT></A></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">46</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><A HREF="#j_012"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">EXPERTS</FONT></A></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">46</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#j_013"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHERE YOU CAN FIND MORE INFORMATION</FONT></A></TD>
    <TD STYLE="text-align: center">47</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><A HREF="#j_014"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">INCORPORATION OF CERTAIN INFORMATION BY REFERENCE</FONT></A></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">48</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">You should rely only on the
information contained in or incorporated by reference in this prospectus. We have not authorized anyone to provide you with different
or additional information. This prospectus does not constitute an offer to sell or the solicitation of an offer to buy any securities
other than the securities described in this prospectus or an offer to sell or the solicitation of an offer to buy such securities in any
circumstances in which such offer or solicitation is unlawful. You should assume that the information appearing in this prospectus is
accurate only as of the date of this prospectus, regardless of the time of delivery of this prospectus or of any sale of common stock.
Our business, financial condition, results of operations and prospects may have changed materially since such date.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="j_001"></A><B>ABOUT THIS PROSPECTUS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">You should read this prospectus
and the information and documents incorporated by reference carefully. Such documents contain important information you should consider
when making your investment decision. See &ldquo;Where You Can Find More Information&rdquo; and &ldquo;Incorporation of Certain Information
by Reference&rdquo; in this prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This prospectus may be supplemented
from time to time to add, to update or change information in this prospectus. Any statement contained in this prospectus will be deemed
to be modified or superseded for purposes of this prospectus to the extent that a statement contained in a prospectus supplement modifies
or supersedes such statement. Any statement so modified will be deemed to constitute a part of this prospectus only as so modified, and
any statement so superseded will be deemed not to constitute a part of this prospectus. You may only rely on the information contained
in this prospectus or that we have referred you to. We have not authorized anyone to provide you with different information. This prospectus
does not constitute an offer to sell or a solicitation of an offer to buy any securities other than the securities offered by this prospectus.
This prospectus and any future prospectus supplement do not constitute an offer to sell or a solicitation of an offer to buy any securities
in any circumstances in which such offer or solicitation is unlawful. Neither the delivery of this prospectus or any prospectus supplement
nor any sale made hereunder shall, under any circumstances, create any implication that there has been no change in our affairs since
the date of this prospectus or such prospectus supplement or that the information contained by reference to this prospectus or any prospectus
supplement is correct as of any time after its date.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This prospectus contains summaries
of certain provisions contained in some of the documents described herein, but reference is made to the actual documents for complete
information. All of the summaries are qualified in their entirety by the actual documents. Copies of some of the documents referred to
herein have been filed, will be filed or will be incorporated by reference as exhibits to the registration statement of which this prospectus
is a part, and you may obtain copies of those documents as described below under &ldquo;Where You Can Find More Information.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">LiveOne, Inc. and its consolidated
subsidiaries are referred to herein as &ldquo;LiveOne,&rdquo; the &ldquo;Company,&rdquo; &ldquo;we,&rdquo; &ldquo;us&rdquo; and &ldquo;our,&rdquo;
unless we state otherwise or the context indicates otherwise.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><A NAME="j_002"></A><B>CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This prospectus supplement
and the documents incorporated by reference herein or therein, contain forward-looking statements within the meaning of Section 27A of
the Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;), and Section 21E of the Securities Exchange Act of 1934, as
amended (the &ldquo;Exchange Act&rdquo;), that are intended to be covered by the &ldquo;safe harbor&rdquo; created by those sections.
Forward-looking statements, which are based on certain assumptions and describe our future plans, strategies and expectations, can generally
be identified by the use of forward-looking terms such as &ldquo;may,&rdquo; &ldquo;will,&rdquo; &ldquo;should,&rdquo; &ldquo;expects,&rdquo;
&ldquo;plans,&rdquo; &ldquo;anticipates,&rdquo; &ldquo;could,&rdquo; &ldquo;intends,&rdquo; &ldquo;target,&rdquo; &ldquo;projects,&rdquo;
&ldquo;contemplates,&rdquo; &ldquo;believes,&rdquo; &ldquo;estimates,&rdquo; &ldquo;predicts,&rdquo; &ldquo;potential&rdquo; or &ldquo;continue&rdquo;
or other comparable terms. All statements other than statements of historical facts included in this prospectus and the documents incorporated
by reference herein or therein regarding our strategies, prospects, financial condition, operations, costs, plans and objectives are forward-looking
statements. These forward-looking statements are subject to known and unknown risks, uncertainties, assumptions and other factors that
could cause our actual results of operations, financial condition, liquidity, performance, prospects, opportunities, achievements or industry
results, as well as those of the markets we serve or intend to serve, to differ materially from those expressed in, or suggested by, these
forward-looking statements. These forward-looking statements are based on assumptions regarding our present and future business strategies
and the environment in which we expect to operate in the future. Important risks and factors that could cause those differences include,
but are not limited to:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>Risks Related to Our Business and Industry</I></B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We rely on our largest OEM customer for a substantial percentage of our revenue. The loss of our largest OEM customer or the significant reduction of business or growth of business from such customer could significantly adversely affect our business, financial condition and results of operations.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We rely on our relationship with our largest OEM customer for a substantial percentage of our potential subscribers who are now eligible to convert to become direct customers of LiveOne. Our inability to convert a significant number of these subscribers could cause a significant reduction of our business and could significantly adversely affect our business, financial condition and results of operations.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We have incurred significant operating and net losses since our inception and anticipate that we will continue to incur significant losses for the foreseeable future.</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We may require additional capital, including to fund our current debt obligations and to fund potential acquisitions and capital expenditures, which may not be available on terms acceptable to us or at all and which depends on many factors beyond our control.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our failure to meet the continued listing requirements of Nasdaq could result in a de-listing of our common stock and penny stock trading.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">There is substantial doubt about our ability to continue as a going concern.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our business is partially dependent on our ability to secure music streaming rights from Content Providers and to stream their live music and music-related video content on our platform, and we may not be able to secure such content on commercially reasonable terms or at all.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We may be unable to fund any significant up-front and/or guaranteed payment cash requirements associated with our live music streaming rights, which could result in the inability to secure and retain such streaming rights and may limit our operating flexibility, which may adversely affect our business, operating results and financial condition.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We face intense competition from competitors, and we may not be able to increase our revenues, which could adversely impact our business, financial condition and results of operations.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Advancements in AI technology may adversely affect our business model and competitive position.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>Risks Related to Our Company</I></B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the fiscal year&nbsp;ended March 31, 2024, our management concluded that our disclosure controls and procedures and our internal control over financial reporting were not effective. If we are unable to establish and maintain effective disclosure controls and internal control over financial reporting, our ability to produce accurate financial statements on a timely basis or prevent fraud could be impaired, and the market price of our securities may be negatively affected.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We heavily depend on relationships with our Content Providers and other Industry Stakeholders and adverse changes in these relationships, could adversely affect our business, financial condition and results of operations.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We rely on key members of management, particularly our Chairman and Chief Executive Officer, Mr. Robert Ellin, and our&nbsp;Chief Financial Officer, Ryan Carhart, and the loss of their services or investor confidence in them could adversely affect our success, development and financial condition.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unfavorable outcomes in legal proceedings may adversely affect our business, financial conditions and results of operations.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our debt agreements contain restrictive and financial covenants that may limit our operating flexibility&nbsp;and&nbsp;our substantial indebtedness may limit cash flow available to invest in the ongoing needs of our business.&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We may not have the ability to repay the amounts then due under&nbsp;our senior Debentures and/or Capchase Loan (each as defined below) at maturity, required redemption payments and/or to the holders of our Series A Preferred Stock, which would have a material adverse effect on our business, operating results and financial condition.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If we do not comply with the provisions of our senior Debentures, the holders of the Debentures may accelerate&nbsp;our&nbsp;obligations to them&nbsp;and require us to repay all outstanding amounts owed thereunder.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our ability to satisfy the conditions to issue the Additional Debentures (as defined above).</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We may incur substantially more debt or take other actions that would intensify the risks related to our indebtedness.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>Risks Related to Our Acquisition Strategy</I></B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We can give no assurances as to when we will consummate any future acquisitions or whether we will consummate any of them at all.&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>Risks Related to Technology and Intellectual
Property</I></B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We rely heavily on technology to stream content and manage other aspects of our operations and on our Content Management System. The failure of any of this technology to operate effectively could adversely affect our business.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>Risks Related to Our PodcastOne Business</I></B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PodcastOne generates a substantial portion of it&nbsp;revenues from its&nbsp;podcast and advertising sales. If PodcastOne fails to maintain or grow podcasting and advertising&nbsp;revenue, our financial results may be adversely affected.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PodcastOne faces and will continue to face competition for listeners and listener listening time.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PodcastOne&rsquo;s business is dependent upon the performance of the podcasts and their talent.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If PodcastOne&nbsp;fails to increase the number of listeners consuming its&nbsp;podcast content, our business, financial condition and results of operations may be adversely affected.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PodcastOne&rsquo;s podcasting revenue and operating results are highly dependent on the overall demand for advertising.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PodcastOne relies on integrations with advertising platforms, demand-side platforms (&ldquo;DSPs&rdquo;), proprietary platforms and ad servers, over which we exercise very little control.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>Risks Related to Our E-commerce Merchandising
and Other E-commerce Business</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our business is affected by seasonality, which could result in fluctuations in our operating results.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We are subject to data security and privacy risks that could negatively affect our results, operations or reputation.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Changes in tax treatment of companies engaged in e-commerce may adversely affect the commercial use of our sites and our financial results.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>Risks Related to the Ownership of Our Common
Stock</I></B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The market price of our common stock may be highly volatile.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We cannot guarantee that our stock repurchase program will be consummated, fully or all, or that it will enhance long-term shareholder value. Stock repurchases could also increase the volatility of the trading price of our stock and could diminish our cash reserves.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our Chairman and Chief Executive Officer and stockholders affiliated with him own a significant percentage of our stock and will be able to exert significant control over matters subject to stockholder approval.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Future sales of a substantial number of shares of our common stock in the public market by certain of our stockholders could cause our stock price to fall.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We do not intend to pay dividends on our common stock so any returns will be limited to the value of our stock.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Provisions in our Certificate of Incorporation (as amended, the &ldquo;Certificate of Incorporation&rdquo;) and Bylaws (as amended, the &ldquo;Bylaws&rdquo;) and provisions under Delaware law could make it more difficult for a third party to acquire us or increase the cost of acquiring us, even if doing so would benefit our stockholders, and may prevent or frustrate attempts by our stockholders to replace or remove our current management.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>Risks Related to This Offering</I></B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">A substantial number of shares of our common stock may be issued pursuant to the terms of the Debentures, which could cause the price of our common stock to decline.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Our failure to meet the continued listing requirements of Nasdaq could result in a de-listing of our common stock and penny stock trading.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">There is substantial doubt about our ability to continue&nbsp;as a going concern.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Dilution from further financings.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The market price of our common stock may be highly volatile, you may not be able to resell your shares at or above the public offering price and you could lose all or part of your investment.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Our Chairman and Chief Executive Officer and stockholders affiliated with him own a significant percentage of our stock and will be able to exert significant control over matters subject to stockholder approval.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The restrictive covenants contained in the Debentures could adversely affect our business plan, liquidity, financial condition, and results of operations.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> <B><I>Risks Related to Our Cryptocurrency Assets
Treasury Strategy and Holdings</I></B> </P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"> &#9679; </TD><TD STYLE="text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif">Our
                                            Crypto Asset Treasury Strategy (as defined below) exposes us to various risks associated with
                                            cryptocurrencies.</FONT> </TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"> &#9679; </TD><TD STYLE="text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif">The
                                            broader digital assets industry is subject to counterparty risks, which could adversely impact
                                            the adoption rate, price, and use of cryptocurrencies.</FONT> </TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"> &#9679; </TD><TD STYLE="text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif">We
                                            may use our cash and cash equivalents to purchase cryptocurrencies, the price of which has
                                            been, and will likely continue to be, highly volatile.</FONT> </TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"> &#9679; </TD><TD STYLE="text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif">Bitcoin,
                                            Ethereum, Solana and other digital assets are novel assets, and are subject to significant
                                            legal, commercial, regulatory and technical uncertainty.</FONT> </TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"> &#9679; </TD><TD STYLE="text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif">Our
                                            historical financial statements do not reflect the potential variability in earnings that
                                            we may experience in the future relating to our bitcoin holdings.</FONT> </TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"> &#9679; </TD><TD STYLE="text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif">We
                                            face risks relating to the custody of our bitcoin and other forms of Crypto (as defined below),
                                            including the loss or destruction of private keys required to access our Crypto and cyberattacks
                                            or other data loss relating to our Crypto holdings.</FONT> </TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"> &#9679; </TD><TD STYLE="text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif">Regulatory
                                            change reclassifying bitcoin or other forms of cryptocurrencies as a security could lead
                                            to our classification as an &ldquo;investment company&rdquo; under the Investment Company
                                            Act of 1940, as amended (the &ldquo;1940 Act&rdquo;), and could adversely affect the market
                                            price of bitcoin or other forms of cryptocurrencies and the market price of our common stock.</FONT> </TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"> &#9679; </TD><TD STYLE="text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif">We
                                            may be subject to regulatory developments related to cryptocurrency assets and cryptocurrency
                                            markets, which could adversely affect our business, financial condition, and results of operations.</FONT> </TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"> &#9679; </TD><TD STYLE="text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif">Our
                                            cryptocurrency assets treasury strategy exposes us to risk of non-performance by counterparties.</FONT> </TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"> &#9679; </TD><TD STYLE="text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif">Holders
                                            of our Debentures and Capchase, our lender, may foreclose on any crypto asset pursuant to
                                            certain restrictive covenants in the applicable debt agreements.</FONT> </TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We may not actually achieve
the plans, intentions or expectations disclosed in our forward-looking statements, and you should not place undue reliance on our forward-looking
statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in the forward-looking
statements we make. We have included important factors in the cautionary statements included in this prospectus, particularly in the &ldquo;Risk
Factors&rdquo; section, as well as the risk factors incorporated by reference in this prospectus, discussed under &ldquo;Item&nbsp;1A-Risk
Factors&rdquo; in our Annual Report on Form&nbsp;10-K for the fiscal year ended March 31, 2025, and under similar headings in our subsequently
filed Quarterly Reports on Form&nbsp;10-Q and Annual Reports on Form 10-K, that could cause actual results or events to differ materially
from the forward-looking statements that we make. Therefore, you should not rely on the occurrence of events described in any of these
forward-looking statements. Our forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions,
joint ventures or investments we may make.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">You should read this prospectus
and the documents that we have filed as exhibits to this prospectus completely and with the understanding that our actual future results
may be materially different from what we expect. We undertake no obligation to publicly update any forward-looking statement, whether
as a result of new information, future developments or otherwise. New factors emerge from time to time, and it is not possible for us
to predict which factors will arise. In addition, we cannot assess the impact of each factor on our business or the extent to which any
factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements.
We qualify all of the information presented in this prospectus, any accompanying prospectus supplement and any document incorporated herein
by reference, and particularly our forward-looking statements, by these cautionary statements.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This prospectus includes statistical
and other industry and market data that we obtained from industry publications and research, surveys and studies conducted by third parties.&nbsp;Industry
publications and third-party research,&nbsp;surveys and studies generally indicate that their information has been obtained from sources
believed to be reliable, although they do not guarantee the accuracy or completeness of such information.</P>

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

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

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<DIV STYLE="padding: 5.4pt; border: Black 1.5pt solid">

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="j_003"></A>PROSPECTUS SUMMARY</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>This summary highlights
certain information about us, this offering and information appearing elsewhere in this prospectus and in the documents we incorporate
by reference. This summary is not complete and does not contain all of the information that you should consider before investing in our
securities. To fully understand this offering and its consequences to you, you should read this entire prospectus carefully, including
the information referred to under the heading &ldquo;Risk Factors&rdquo; in this prospectus beginning on page 17, the financial statements
and other information incorporated by reference in this prospectus when making an investment decision. This is only a summary and may
not contain all the information that is important to you. You should carefully read this prospectus, including the information incorporated
by reference therein, and any other offering materials, together with the additional information described under the heading &ldquo;Where
You Can Find More Information.&rdquo;</I></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> LiveOne, Inc. (the &ldquo;Company,&rdquo;
&ldquo;LiveOne&rdquo;, &ldquo;we,&rdquo; &ldquo;us,&rdquo; or &ldquo;our&rdquo;) is an award-winning, creator-first, music, entertainment
and technology platform focused on delivering premium experiences and content worldwide through memberships and live and virtual events.
We are a pioneer in the acquisition, distribution and monetization of live music events, Internet radio, podcasting/vodcasting and music-related
membership, streaming and video content. Through our comprehensive service offerings and innovative content platform, we provide music
fans the ability to listen, watch, attend, engage and transact. Serving a global audience, our mission is to bring the experience of
live music and entertainment to consumers wherever music and entertainment is watched, listened to, discussed, deliberated or performed
around the world. Our operating model is focused on a flywheel concept of integrated services centered on servicing and monetizing superfans
through multiple revenue streams and product/service offerings. As of June 30, 2025, we operated four core integrated services: (1) one
of the industry&rsquo;s leading online live music streaming platforms (LiveOne), (2) a fully integrated membership and advertising streaming
music service Slacker operating as LiveOne powered by Slacker, (3) a leading podcasting platform operating as PodcastOne, our majority
owned subsidiary (&ldquo;PodcastOne&rdquo;), and (4) a retailer and wholesaler of personalized merchandise and gifts operating as Custom
Personalization Solutions, Inc. (&ldquo;CPS&rdquo;). We enhance the experience by granting audiences access to premium original content,
artist exclusives and industry interviews. Our LiveOne application offers users access to live events, audio streams with access to millions
of songs and hundreds of expert-curated radio platforms and stations, original episodic content, podcasts, vodcasts, video on demand,
real-time livestreams, and social sharing of content. Today, our business is comprised of three operating segments: PodcastOne, Slacker
and our Media Group. Our Audio Group consist of our PodcastOne and Slacker subsidiaries and our Media Group consists of our remaining
subsidiaries (hereon referred to as our &ldquo;Media Operations&rdquo;). </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We generate revenue through
the sale of membership-based services and advertising from our music offerings, from the licensing, advertising and sponsorship of our
live music and podcast content rights and services, from our expanding pay-per-view offerings and from retail sales of merchandise and
gifts.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We provide services through
a dedicated over-the-top application powered by Slacker (&ldquo;LiveOne App&rdquo;) called LiveOne. Our services are delivered through
digital streaming transmissions over the Internet and/or through satellite transmissions and may be accessed on users&rsquo; desk-top,
tablets, mobile devices (iOS, Android), Roku, Apple TV, Amazon Fire, and through over-the-top (&ldquo;OTT&rdquo;), STIRR, and XUMO with
more service platforms in discussions. Our users can also access our music platform from our websites, including www.liveone.com and www.slacker.com.
Our users may also access our podcasts on www.podcastone.com or our PodcastOne app and acquire merchandise and gifts on www.personalizedplanet.com
and www.limogesjewelry.com.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Historically, we acquired
the rights to stream our live and recorded music and broadcasts from a combination of festival owners and promoters, such as Anschutz
Entertainment Group (&ldquo;AEG&rdquo;) and Live Nation Entertainment, Inc. (&ldquo;Live Nation&rdquo;), music labels, including Universal
Music, Warner Music and Sony Music, and through individual music publishers and rights holders. Beginning mid-March 2020, the pandemic
associated with COVID-19 temporarily shut down the production of all on-ground, live music festivals and events. As a result, we pivoted
our production to 100% streaming, and began producing, curating, and broadcasting streaming music festivals, concerts and events across
our platform. In May 2020, we launched our first pay-per-view (&ldquo;PPV&rdquo;) performances across our platform, allowing artists and
fans to access a new digital compliment to live festivals, concerts and events.</P>

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

</DIV>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The majority of our content
acquisition agreements provide us the exclusive rights to produce, license, broadcast and distribute live broadcast streams of these festivals
and events throughout the world and across any digital platform, including cable, Internet, video, audio, video-on-demand (&ldquo;VOD&rdquo;)
and virtual reality (&ldquo;VR&rdquo;). We are working to expand our VOD, PPV, content catalog and content capabilities. Since 2018, we
launched LiveZone, a traveling studio originating from live music events and festivals all over the world. LiveZone combines music news,
commentary, festival updates and artist interviews, and provide context to premiere events by showcasing exotic locales, unique venues,
and artist backstories, adding &ldquo;pre-show&rdquo; and &ldquo;post-show&rdquo; segments to livestreamed artist performances and original
festival-based content. During fiscal years ended March 31, 2023 and 2022, we launched our own franchises including &ldquo;Music Lives,&rdquo;
our multi-artist virtual festival, &ldquo;Music Lives ON,&rdquo; our series of virtual live-streaming performances, &ldquo;Self Made&rdquo;
our music competition platform, &ldquo;The Lockdown Awards&rdquo;, our award show celebrating the best in quarantine content, &ldquo;The
Snubbys&rdquo;, our award show celebrating deserving artists who should have been but were not nominated for applicable awards, &ldquo;The
Breakout Awards,&rdquo; our award show celebrating some of the year&rsquo;s most iconic music, celebrities and pop culture moments and
&ldquo;One Rising&rdquo; an emerging artist program that breaks up and coming talent across the music landscape.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In July 2020, we entered the
podcasting business with the acquisition of PodcastOne and in December 2020, we entered the merchandising business with the acquisition
of CPS. On&nbsp;February 28, 2023,&nbsp;we acquired a majority interest in Splitmind LLC and Drumify LLC.&nbsp;On&nbsp;September 8,&nbsp;2023,&nbsp;PodcastOne
completed a Qualified Event (as defined below) (its spin out from the Company to become a standalone&nbsp;publicly trading company) as
a result of its direct listing on The NASDAQ Capital Market on such date (the &ldquo;Direct Listing&rdquo;). Through the operations of our
DayOne Music Publishing, Drumify and Splitmind subsidiaries, we operate our music publishing and artist and brand development businesses.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On October 1, 2024, we announced
an amended relationship with our largest OEM customer. Effective December 1, 2024, the OEM customer no longer subsidizes our products
to some of its customers, however, we offer all OEM customer vehicles in North America the opportunity to convert to become direct subscribers
of our LiveOne music app. The direct subscription to our LiveOne app allows such users for the first time to access their LiveOne music
and LiveOne&rsquo;s other service offerings directly across all of their devices. Our LiveOne music streaming button/icon, which allows
users to directly connect their subscription to LiveOne, is expected to remain in the OEM customer&rsquo;s music streaming services dashboard
in perpetuity. The OEM customer will continue to pay us monthly for grandfathered vehicles for the term of the OEM license agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>Digital Internet Radio and Music Services</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our digital Internet radio
and music services are available to users online and through automotive and mobile original equipment manufacturers (&ldquo;OEMs&rdquo;)
on a white label basis, which allow certain OEMs to customize the radio and music services with their own logos, branding and systems.
Our users are able to listen to a variety of music, radio personalities, news, sports, comedy and the audio of live music events. Our
revenue structure for our digital Internet radio and music services varies and may be in the form of (i) a free service to the listener
supported by paid advertising, (ii) paid premium membership services, and/or (iii) a fixed fee per user. The fees generated from ad-supported
and membership services are generally subject to revenue sharing arrangements with music right holders and labels, and fees to festivals,
clubs, events, concerts, artists, promoters, venues, music labels and publishers (&ldquo;Content Providers&rdquo;).</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our podcasts are available
to users online alongside our digital Internet radio. Our users are able to listen to a variety of podcasts, from music, radio personalities,
news, entertainment, comedy and sports. PodcastOne has built a distribution network reaching over 1 billion listeners a month across all
of its own properties, LiveOne platforms, Spotify, Apple Podcasts, iHeartRadio, Samsung and over 150 shows exclusively available in Tesla
vehicles. Similar to our digital Internet radio fee structure, we monetize podcasts through (i) paid advertising or (ii) paid premium
membership services. We own one of the largest networks of podcast content in North America, which has over 300 exclusive podcast shows
that produces over 300 episodes per week and has generated over 3.6&nbsp;billion downloads during the year ended March 31, 2025.</P>

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

</DIV>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">PodcastOne and its roster
of top performing hosts are also able to integrate unique visual elements into the podcasts they produce and distribute them via YouTube,
with PodcastOne becoming the first podcast network to utilize Adori, a pioneering interface technology. Adori&rsquo;s unique YouTube integration
technology allows podcast hosts and networks to seamlessly import episodes from RSS feeds, enhance them with visual elements and upload
enriched assets directly to YouTube. Adori&rsquo;s patented technology embeds contextual visuals, multi-format ads, augmented reality
(&ldquo;AR&rdquo;) experiences, buy buttons, polls, and other &ldquo;call to action&rdquo; features in the audio creating a more enhanced
and richer listener experience. In creating visually enhanced podcasts, Adori&rsquo;s YouTube product provides additional monetization
avenues for PodcastOne&rsquo;s slate of original programming, increased discoverability and search engine optimization presence.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition to PodcastOne&rsquo;s
core business, it also built, owns and operates a solution for the growing number of independent podcasters, LaunchpadOne. LaunchpadOne
is a self-publishing podcast platform, created to provide a low or no cost tool for independent podcasters without access to parent podcasting
networks or state of the art equipment to create shows. LaunchpadOne serves as a talent pool for us to find new podcasts and talent.&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In June 2023, we launched
PodcastOne TV, a free ad-supported streaming television (&ldquo;FAST&rdquo;) channel that will stream the video content from PodcastOne&rsquo;s
slate of award-winning podcasts, to be distributed through MuxIP to 60 outlets, using MuxIP&rsquo;s FASTHub for OTT platform. MuxIP will
enable PodcastOne to expand its content to viewers of niche content on Smart TVs and a wide range of devices. MuxIP is a global leader
in powering the rapidly growing TV business model centered on FAST.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On September 8, 2023, PodcastOne
completed its spin out from our Company to become a standalone publicly traded company (the &ldquo;Spin-Out&rdquo;) as a result of PodcastOne&rsquo;s
direct listing on The NASDAQ Capital Market on such date.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Via the operations of CPS,
we own and operate a group of web-oriented businesses specializing in the merchandise personalization industry. CPS develops, manufactures,
and distributes personalized products for wholesale and direct-to-consumer distribution. CPS offers thousands of exclusive personalized
gift items for family, home, seasonal holidays, and special events along with personalized jewelry.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in"><I>Ancillary Products and Services</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We also provide our customers
the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Regulatory Support </I>&ndash;&nbsp;streaming of music is generally subject to copyright protection. Whenever possible, we use our best efforts to clear music copyright licenses, artist streaming preferences and music publishing rights in advance of usage.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Post-Implementation Support </I>&ndash;&nbsp;once our customer&rsquo;s content is activated on the LiveOne App, we provide technical and network support, which includes 24/7 operational assistance and monitoring of our services and performance.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We produce, edit, curate and
stream live music events through (i) broadband transmission over the Internet and/or satellite networks to our users throughout the world,
where permitted (&ldquo;Digital Live Events&rdquo;) both advertisers supported and PPV events, and (ii) physical ticket sales of on-location
music events and festivals at a variety of indoor clubs and outdoor venues and arenas (&ldquo;On-premise Live Events&rdquo;). These services
allow our users to access live music content in person and over the Internet, including the ability to chat and communicate over our platform.
LiveOne provides Digital Live Events for free to our users; however, beginning in May 2020 we launched PPV capabilities and began charging
our users to view certain Digital Live Events. We monetize these live events through third party advertising and sponsorship, including
with brands such as Volkswagen, Hyundai, Facebook, Tik Tok, Porsche, and Pepsi, and selling territorial licensing rights to Tencent in
China and Ocesa in Mexico. Our cost structure varies by music event, and may include set upfront fees/artist guarantees, the amount of
which is often dependent on specific artist. A festival&rsquo;s existing production infrastructure or lack thereof, and, in turn results
in, us having a production/financial commitment to the live stream, and in some cases, we may also share the associated revenue. The fees
generated from any advertising, sponsored content, VOD/PPV and other services are generally subject to the aforementioned revenue sharing
arrangements with certain artists, festival owners and/or music right holders, when applicable.</P>

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

</DIV>

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> Please see section below
captioned &ldquo;Background of the Offering&rdquo;. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> <I>Series A Preferred
Stock Exchange</I> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> On July 15, 2025, we entered
into letter agreements (collectively, the &ldquo;Agreements&rdquo;) with (i) Harvest Small Cap Partners Master, Ltd. (&ldquo;HSCPM&rdquo;),
(ii) Harvest Small Cap Partners, L.P. (&ldquo;HSCP&rdquo; and together with HSCPM, the &ldquo;Harvest Funds&rdquo; or the &ldquo;Selling
Stockholders&rdquo;), and (iii) Trinad Capital Master Fund Ltd., a fund controlled by Mr. Ellin, our Chief Executive Officer, Chairman,
director and principal stockholder (&ldquo;Trinad Capital&rdquo; and collectively with the Harvest Funds, the &ldquo;Holders&rdquo;),
the holders of our Series A Perpetual Convertible Preferred Stock, par value $0.001 per share (the &ldquo;Series A Preferred Stock&rdquo;),
with a stated value of $1,000 per share. Pursuant to the Agreements (i) the Harvest Funds exchanged $4,500,000 worth of its shares of
Series A Preferred Stock into 3,000,000 shares of our common stock, at a price of $1.50 per share (the &ldquo;Shares&rdquo;), and Trinad
Capital exchanged $2,250,000 worth of shares of its Series A Preferred Stock into 1,500,000 shares of common stock at the same price),
and (ii) the Selling Stockholders and Trinad Capital received 3,000,000 (the &ldquo;Warrants&rdquo;) and 1,500,000 three-year warrants
respectively, to purchase common stock exercisable at a price of $0.01 per share. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> The Shares and the Warrants
were issued, and the shares of the Company&rsquo;s common stock underlying the Warrant Shares, to the extent exercised, will be issued,
to the Selling Stockholders as restricted securities in a private placement transaction exempt from the registration requirements of
the Securities Act. </P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> On July 15, 2025, we entered
into an underwriting agreement with Lucid Capital Markets, LLC (the &ldquo;Underwriter&rdquo;) pursuant to which we agreed to issue and
sell to the Underwriter 13,608,334 shares of our common stock at an offering price of $0.75 per share and which includes the grant to
the Underwriter of an option for the issuance and sales of up to 1,775,000 additional shares (the &ldquo;Option&rdquo;) to be sold by
us (the &ldquo;Offering&rdquo;). The aggregate gross proceeds to our Company from the Offering would be approximately $9.5 million (including
the exercise of the Option), after deducting an underwriting discount of 7% of the price to the public, but before deducting expenses
payable by us in connection with the Offering. Pursuant to the underwriting agreement, we also agreed to issue the Underwriter&rsquo;s
common stock purchase warrants to purchase up to 4% of the securities sold in the Offering at an exercise price of $0.9375. The Offering,
including the Option, closed on July 17, 2025. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> <B><I>Bitcoin Treasury
Yield Strategy</I></B> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> We have engaged Arca Investment
Management, LLC (&ldquo;Arca&rdquo;), a Delaware-registered investment adviser, to provide discretionary investment management services
for our digital asset treasury account(s) pursuant to an investment management agreement. Under this arrangement, Arca manages our account
in accordance with agreed investment guidelines, which currently involve a derivatives overlay strategy on a long bitcoin position, seeking
to generate in-kind returns through the sale of call options and other structured option strategies (the &ldquo;Bitcoin Treasury Yield
Strategy&rdquo;). Arca has full investment discretion within the investment guidelines but does not act as custodian of our assets. Our
digital assets are held by Anchorage Digital (&ldquo;Anchorage Digital&rdquo;), a qualified custodian federally regulated by the Office
of the Comptroller of the Currency (&ldquo;OCC&rdquo;), which executes transactions as instructed by Arca and provides account statements
directly to us. Chartered by the OCC, Anchorage Digital follows Federal Financial Institutions Examination Council (&ldquo;FFIEC&rdquo;)
guidelines. We pay Arca a management fee and a performance fee as set forth in our investment management agreement with Arca, and these
fees are paid directly from our account with the custodian. </P>

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

</DIV>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> <B><I>Cryptocurrency Assets
Treasury Strategy</I></B> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> <B>WE ARE NOT REGISTERED
AS AN INVESTMENT COMPANY UNDER THE INVESTMENT COMPANY ACT OF 1940, AS AMENDED, AND OUR STOCKHOLDERS DO NOT HAVE THE PROTECTIONS ASSOCIATED
WITH OWNERSHIP OF SHARES IN A REGISTERED INVESTMENT COMPANY NOR THE PROTECTIONS AFFORDED BY THE COMMODITIES EXCHANGE ACT.</B> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> In July 2025, we adopted
our cryptocurrency treasury reserve strategy (the &ldquo;Crypto Assets Treasury Strategy&rdquo;) and subsequently selected Bitcoin as
our intended initial treasury reserve asset on an ongoing basis, subject to market conditions, applicable lender consents and our anticipated
cash needs, and we may expand our treasury reserve assets to include other cryptocurrencies such as Ethereum, Solana or others (collectively,
&ldquo;Crypto&rdquo;). We plan to acquire and hold Crypto using cash flows from operations that exceed working capital requirements,
and from time to time, subject to market conditions, issuing equity or debt securities or engaging in other capital raising transactions
with the objective of using the proceeds to purchase Crypto. We view our Crypto holdings as long term holdings and expect to continue
to accumulate Crypto. We have not set any specific target for the amount of Crypto we seek to hold, and we will continue to monitor market
conditions in determining whether to engage in additional Crypto purchases. As of July 2025, our board of directors has authorized our
Company to acquire up to $500,000,000 of cryptocurrencies as part of the development and implementation of our Crypto Assets Treasury
Strategy and/or Bitcoin Treasury Yield Strategy. This overall strategy also contemplates that we may periodically sell Crypto for general
corporate purposes or in connection with strategies that generate tax benefits in accordance with applicable law, enter into additional
capital raising transactions, including those that could be collateralized by our Crypto holdings, and consider pursuing strategies to
create income streams or otherwise generate funds using our Crypto holdings. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> This section summarizes
our current Cryptocurrency Assets Treasury Strategy, including our initial Bitcoin holdings and trading execution, custody, storage,
and accounting considerations. We may expand our Crypto Assets Treasury Strategy to other forms of Crypto, such as Ethereum, Solana and
other forms of Crypto. We reserve the right to update and alter our treasury strategy from time to time. We view Crypto as a reliable
store of value and a compelling investment and may expand this to potentially other forms of cryptocurrencies in the future. We believe
that Bitcoin, Ethereum and Solana in particular have unique characteristics as a scarce and finite asset that can serve as a reasonable
inflation hedge and safe haven amid global instability. Bitcoin is often compared to gold, which has been viewed as a dependable store
of value throughout history. Gold&rsquo;s value has appreciated substantially over time. For example, 25 years ago, the price of gold
was approximately $500 per ounce. In 2025, the price of gold has traded higher than $3,500 per ounce. As of July 31, 2025, the total
market capitalization of gold exceeds $22.0 trillion compared to approximately $2.2 trillion for Bitcoin, $452 billion for Ethereum and
$92.8 billion for Solana. In the 24 months preceding the filing date of this prospectus, Bitcoin has traded below $30,000 per Bitcoin
and above $120,000; Ethereum has traded below $2,600 and above $4,800 per Ethereum and Solana has traded below $100 and above $290 per
Solana, each respectively on Coinbase. While highly volatile, the price of Bitcoin, Ethereum, Solana and certain other Crypto has also
appreciated significantly since their respective inception (for example at zero per Bitcoin). We believe that a substantial portion of
Crypto&rsquo;s appreciation is attributable to the view that Crypto is or will become a reliable store of value. Like gold, Bitcoin is
also viewed as a scarce asset; the ultimate supply of Bitcoin is limited to 21 million coins and approximately 94.8% of its supply already
exists. Ethereum has no fixed minimum supply. Solana&rsquo;s supply is uncapped. It grows at an initial inflation rate of 8% per year,
but grows at a decreasing rate by 15% per year until it reaches a long-term inflation rate of 1.5% annually. We believe that Bitcoin&rsquo;s
finite, digital and decentralized nature as well as its architectural resilience make it preferable to gold, which, as noted above, has
a market capitalization nearly 10 times higher than the market capitalization of Bitcoin as of July 31, 2025. Ethereum and Solana are
also often seen as preferable to gold by certain investors and users because they combine monetary value with technological utility,
whereas gold is purely a store of value. Given our belief that Bitcoin, Ethereum and Solana are comparable and possibly better stores
of value than gold, we believe that such Crypto has the potential to approach or exceed the value of gold over time. Given the substantial
gap in value between gold and Bitcoin based on current market capitalization, we believe that Crypto has the potential to generate outsize
returns as it gains increasing acceptance as &ldquo;digital gold.&rdquo; We believe that the growing global acceptance and &ldquo;institutionalization&rdquo;
of Crypto supports our view that Crypto is a reliable store of value. We believe that Crypto&rsquo;s unique attributes discussed above
not only differentiate it from fiat money, but also from other cryptocurrency assets. </P>

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

</DIV>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> We are encouraged by the
growing global acceptance of Crypto and &ldquo;institutionalization&rdquo; of Bitcoin &ndash; reflected by the January 2024 U.S. Securities
and Exchange Commission&rsquo;s (the &ldquo;SEC&rdquo;) approval of 11 bitcoin exchange-traded funds. In May 2024, the SEC approved nine
spot Ethereum ETFs, allowing traders to access ETH through mainstream U.S. exchanges. In addition, there are about 72 Additional Crypto-Related
ETFs that are currently under review. These funds have reported billions of dollars of net inflows, with investments from a large number
of institutions, including global banks, pensions, endowments and registered investment advisors. It is currently estimated that more
than 10% of all bitcoins are now held by institutions. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> On July 18, 2025, President
Trump signed into law the Guiding and Establishing National Innovation for U.S. Stablecoins Act, otherwise known as the GENIUS Act. The
purpose of the GENIUS Act is to establish a comprehensive regulatory framework for stablecoins in the United States. However, the GENIUS
Act also makes several important changes to the U.S. Bankruptcy Code which gives stablecoin holders significant power and leverage over
bankruptcies filed by stablecoin operators but also threatens those bankruptcies with administrative insolvency. Although it does not
directly affect Bitcoin, Ethereum or Solana, the GENIUS Act&rsquo;s approach could serve as a blueprint for future digital asset legislation,
potentially paving the way for laws that more directly address non-stablecoin cryptocurrencies, including bitcoin. </P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> As of now, we have selected
bitcoin as our intended initial treasury reserve asset on an ongoing basis, subject to market conditions, applicable lender consents
and our anticipated cash needs, but we may expand our treasury reserve assets to include Ethereum, Solana and/or other forms of Crypto.
As of the date of this prospectus, we have purchased a total of approximately 16.6636 bitcoins at an aggregate purchase price of approximately
$2 million for an average purchase price of approximately $$120,022.07 per bitcoin, inclusive of fees and expenses. As of the date of
this prospectus, we have not sold any bitcoin nor do we own any other forms of Crypto. </P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> Bitcoin accounting guidance
has been evolving. According to the American Institute of Certified Public Accountants &ldquo;Accounting for and auditing of Digital
Assets practice aid,&rdquo; bitcoin would satisfy the definition of an indefinite-lived intangible asset and would be accounted for under
ASC 350, Intangibles &mdash; Goodwill and Other issued by the Financial Accounting Standards Board (&ldquo;FASB&rdquo;). Under these
guidelines, bitcoin holdings would be accounted for initially at cost and subject to impairment losses if their fair value fell below
carrying value. In December 2023, the FASB issued Accounting Standards Update No. 2023-08, Accounting for and Disclosure of Crypto Assets
(ASU 2023-08), which revised bitcoin accounting treatment. Under this new guidance, the valuation of bitcoin is to be measured based
on fair value.&nbsp; </P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> We do not currently intend
to hedge our Crypto holdings and have not adopted a hedging strategy with respect to bitcoin. However, we may from time to time engage
in hedging strategies as part of our treasury management operations if deemed appropriate. </P>

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

</DIV>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> <I>Overview of the Crypto
Industry and Market</I> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> Bitcoin and other forms
of Crypto are digital assets that are issued by and transmitted through their respective open-source protocol, collectively maintained
by a peer-to-peer network of decentralized user nodes. These networks host a public transaction ledger, such as a bitcoin blockchain,
on which each respective Crypto holdings and all validated transactions that have ever taken place on such a network are recorded. Balances
of each respective Crypto are stored in individual &ldquo;wallet&rdquo; functions, which associate network public addresses with one
or more &ldquo;private keys&rdquo; that control the transfer of Crypto. Each respective Crypto blockchain can be updated without any
single entity owning or operating the network. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> <I>Creation of New Crypto
and Limits on Supply</I> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> New Bitcoin is created
and allocated by the bitcoin protocol through a &ldquo;mining&rdquo; process that rewards users that validate transactions in the bitcoin
blockchain. Validated transactions are added in &ldquo;blocks&rdquo; approximately every 10 minutes. The mining process serves to validate
transactions and secure the bitcoin network. Mining is a competitive and costly operation that requires a large amount of computational
power to solve complex mathematical algorithms. This expenditure of computing power is known as &ldquo;proof of work.&rdquo; To incentivize
miners to incur the costs of mining bitcoin, the bitcoin protocol rewards miners that successfully validate a block of transactions with
newly generated bitcoin. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> The bitcoin protocol limits
the total number of bitcoin that can be generated over time to 21 million. As part of bitcoin&rsquo;s coin issuance, miners are rewarded
a certain amount of bitcoins whenever a block is produced. When bitcoin first started, 50 bitcoins per block were given as a reward to
miners. After every 210,000 blocks are mined (approximately every four years), the block reward halves and will keep on halving until
the block reward per block becomes 0 (approximately by year 2140). The block reward as of February 14, 2025 is 3.125 coins per block
and will decrease to 1.5625 coins per block post halving. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> Ethereum is a digital
asset native to the Ethereum blockchain, which operates on a proof-of-stake (PoS) consensus protocol. Under this protocol, new Ethereum
is issued as rewards to validators who participate in block validation and transaction confirmation. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> The Ethereum network employs
a transaction fee mechanism pursuant to EIP-1559, which permanently burns a portion of transaction fees. As a result, the net supply
of Ethereum is influenced by both issuance to validators and the amount of Ethereum burned through network activity. While Ethereum does
not have a fixed maximum supply, periods of high network usage may result in net Ethereum burn exceeding new issuance, effectively imposing
a temporary deflationary effect on total supply. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> We cannot predict the
future level of Ethereum issuance or net supply, which may impact the market value of Ethereum. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> Solana is a digital asset
native to the Solana blockchain, which operates on a hybrid proof-of-history (PoH) and proof-of-stake (PoS) consensus protocol. New Solana
is issued as rewards to validators who participate in block validation and network security. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> The Solana protocol also
burns a portion of transaction fees, reducing net supply. While Solana does not have a fixed maximum supply, the protocol is designed
with a decreasing annual inflation schedule, gradually lowering the rate of new Solana issuance over time. Consequently, net supply growth
is expected to diminish, and periods of high network usage may further limit effective supply expansion. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> We cannot predict future
Solana issuance, transaction fee burn, or net supply, each of which may affect the market value of Solana. </P>

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

</DIV>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> <I>Modifications to Crypto
Protocol</I> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> Crypto, which includes
Bitcoin, Ethereum or Solana as an example, uses an open-source network that has no central authority, so no one person can unilaterally
make changes to the software that runs the network. However, there is a core group of developers that maintain the code for each respective
protocol as well as various Crypto end-user software, and they can propose changes to the source code and release periodic updates and
other changes. Unlike most software that has a central entity that can push updates to users, bitcoin and other forms of Crypto are a
peer-to-peer network in which individual network participants, called miners or nodes, decide whether to upgrade the software and accept
the new changes. As a practical matter, a modification becomes part of the protocol only if the proposed changes are accepted by participants
collectively having the most processing power, known as hash rate, on the network. If a certain percentage of the nodes reject the changes,
then a &ldquo;fork&rdquo; takes place and participants can choose the version of the software they want to run. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> <I>Forked or Airdropped
Asset Policy</I> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> We intend to recognize
forked and airdropped assets consistent with our custodians. We may not immediately or ever have the ability to withdraw a forked or
airdropped Crypto by virtue of the Crypto that we hold with our custodians. Future forks may occur at any time. A fork can lead to a
disruption of networks and our information technology systems, cybersecurity attacks, replay attacks, or security weaknesses, any of
which can further lead to temporary or even permanent loss of our and our assets. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> <I>Forms of Attack Against
the Crypto Network and Wallets</I> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> Blockchain technology
has many built-in security features that make it difficult for hackers and other malicious actors to corrupt the protocol or blockchain.
However, as with any computer network, any Crypto network may be subject to certain attacks. Some forms of attack include unauthorized
access to wallets that hold Crypto and direct attacks on the network, like &ldquo;51% attacks&rdquo; or &ldquo;denial-of-service attacks&rdquo;
on the bitcoin protocol for example. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> Crypto is designed to
be controllable only by the possessor of both the unique public key and private key(s) relating to the local or online digital wallet
in which the Crypto is held. Private keys used to access each respective Crypto balances are not&nbsp;widely distributed and are typically
held on hardware (which can be physically controlled by the holder or by a third party such as a custodian) or via software programs
on third-party servers. One form of obtaining unauthorized access to a wallet occurs following a phishing attack where the attacker deceives
the victim and manipulates them into sharing their private keys for their digital wallet or other sensitive information. Other similar
attacks may also result in the loss of private keys and the inability to access, and effective loss of, the corresponding Crypto. See
below section captioned &ldquo;Risk Factors &mdash; Risks Related to Our Cryptocurrency Assets Treasury Strategy and Holdings &mdash;
We face risks relating to the custody of our bitcoin and other forms of Crypto, including the loss or destruction of private keys required
to access our Crypto and cyberattacks or other data loss relating to our Crypto holdings.&rdquo; </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> A &ldquo;51% attack&rdquo;
may occur when a group of miners attain more than 50% of the network&rsquo;s mining power, thereby enabling them to control the bitcoin
network and protocol and manipulate the blockchain. A &ldquo;denial-of-service attack&rdquo; occurs when legitimate users are unable
to access information systems, devices, or other network resources due to the actions of a malicious actor flooding the network with
traffic until the network is unable to respond or crashes. The bitcoin network has been, and can be in the future, subject to denial-of-service
attacks, which can result in temporary delays in block creation and in the transfer of bitcoin. See below section captioned &ldquo;Risk
Factors &mdash; Risks Related to Our Cryptocurrency Assets Treasury Strategy and Holdings &mdash; Bitcoin, Ethereum, Solana and other
digital assets are novel assets, and are subject to significant legal, commercial, regulatory and technical uncertainty.&rdquo; </P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> The primary Crypto industry
participants are miners, investors and traders, digital asset exchanges and service providers, including custodians, brokers, payment
processors, wallet providers and financial institutions. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> <I>Miners</I>. Miners
range from Crypto enthusiasts to professional mining operations that design and build dedicated mining machines and data centers, including
mining pools, which are groups of miners that act cohesively and combine their processing power to mine bitcoin blocks. See &ldquo;Creation
of New Bitcoin and Limits on Supply&rdquo; above. </P>

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

</DIV>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> <I>Investors and Traders</I>.
Crypto investors and traders include individuals and institutional investors who, directly or indirectly, purchase, hold, and sell Crypto
or Crypto-based derivatives. On January 10, 2024, the SEC issued an order approving several applications for the listing and trading
of shares of spot bitcoin ETPs on U.S. national securities exchanges. While the SEC had previously approved exchange-traded funds where
the underlying assets were bitcoin futures contracts, this order represents the first time the SEC has approved the listing and trading
of ETPs that acquire, hold and sell bitcoin directly. ETPs can be bought and sold on a stock exchange like traditional stocks and provide
investors with another means of gaining economic exposure to bitcoin through traditional brokerage accounts. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> <I>Digital Asset Exchanges.&nbsp;</I>Digital
asset exchanges provide trading venues for purchases and sales of Crypto in exchange for fiat or other digital assets. Crypto can be
exchanged for fiat currencies, such as the U.S. dollar, at rates of exchange determined by market forces on Crypto trading platforms,
which are not regulated in the same manner as traditional securities exchanges. In addition to these platforms, over-the-counter markets
and derivatives markets for Crypto also exist. The value of Crypto within the market is determined, in part, by the supply of and demand
for each respective Cryptocurrency in the global Crypto market, market expectations for the adoption of bitcoin and other forms of Crypto
as a store of value, the number of merchants that accept Crypto as a form of payment, and the volume of peer-to-peer transactions, among
other factors. For a discussion of risks associated with digital asset exchanges, see &ldquo;Risk Factors&mdash;Risks Related to Our
Cryptocurrency Assets Treasury Strategy and Holdings&mdash;Due to the currently unregulated nature and lack of transparency surrounding
the operations of many Crypto trading venues, Crypto trading venues may experience greater fraud, security failures or regulatory or
operational problems than trading venues for more established asset classes, which may result in a loss of confidence in Crypto trading
venues and adversely affect the value of our bitcoin.&rdquo; </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> <I>Service providers</I>.
Service providers offer a multitude of services to other participants in the Crypto industry, including custodial and trade execution
services, commercial and retail payment processing, loans secured by Crypto collateral, and financial advisory services. If adoption
of the Crypto network continues to materially increase, we anticipate that service providers may expand the currently available range
of services and that additional parties will enter the service sector for the Crypto network. </P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> As of the date of this
prospectus, bitcoin was the largest digital asset by market capitalization. However, there are numerous alternative digital assets such
as Ethereum or Solana and many entities are researching and investing resources into private or permissioned blockchain platforms or
digital assets that do not use proof-of-work mining like the bitcoin network. For example, in late 2022, the Ethereum network transitioned
to a &ldquo;proof-of-stake&rdquo; mechanism for validating transactions that requires significantly less computing power than proof-of-work
mining. Other alternative digital assets that compete with bitcoin in certain ways include &ldquo;stablecoins,&rdquo; which are designed
to maintain a peg to a reference price because of their issuers&rsquo; promise to hold high-quality liquid assets (such as U.S. dollar
deposits and short-term U.S. treasury securities) equal to the total value of stablecoins in circulation. Stablecoins have grown rapidly
as an alternative to bitcoin and other digital assets as a medium of exchange and store of value, particularly on digital asset trading
platforms. As of the date of this prospectus, two of the seven largest digital assets by market capitalization are bitcoin and Ethereum. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> Additionally, central
banks in some countries have started to introduce digital forms of legal tender. For example, China&rsquo;s central bank digital currency
(&ldquo;CBDC&rdquo;) project was made available to consumers in January 2022, and governments including the United States and the European
Union have been discussing the potential creation of new CBDCs. For a discussion of risks relating to the emergence of other digital
assets, see below section captioned &ldquo;Risk Factors &mdash; Risks Related to Our Cryptocurrency Assets Treasury Strategy and Holdings
&mdash; The emergence or growth of other digital assets, including those with significant private or public sector backing, could have
a negative impact on the price of bitcoin and adversely affect our financial condition and results of operations.&rdquo; </P>

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</DIV>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> We have engaged Arca,
a Delaware-registered investment adviser, to provide discretionary investment management services for our digital asset treasury account(s)
pursuant to an investment management agreement with Arca. Under this arrangement, Arca manages our account in accordance with agreed
investment guidelines, which currently involve a derivatives overlay strategy on a long bitcoin position, seeking to generate in-kind
returns through the sale of call options and other structured option strategies. Arca has full investment discretion within the investment
guidelines but does not act as custodian of our assets. We pay Arca a management fee and a performance fee as set forth in the investment
management agreement, and these fees are paid directly from our account with Anchorage Digital. We have also engaged Anchorage Digital,
a qualified custodian federally regulated by the Office of the Comptroller of the Currency (OCC), which executes transactions as instructed
by Arca and provides account statements directly to us. Chartered by the OCC, Anchorage Digital follows FFIEC guidelines. In addition,
we have engaged Anchorage Digital&rsquo;s affiliate pursuant to which we can purchase bitcoin and other cryptocurrency directly, which
will be held with Anchorage Digital. We pay Anchorage Digital and its affiliate customary custodian fees as set forth in the applicable
custody and Crypto purchase agreements, and these fees are paid directly from our account with Anchorage Digital. </P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> We hold our initial bitcoin
holdings with Anchorage Digital, a regulated custodian that has a duty to safeguard our private keys, which are not commingled with its
other clients. Anchorage Digital will receive bitcoin, or in the future, other forms of Crypto that they serve as a custodian for, for
storage in our Account by generating Private Keys and their Public Key pairs, with Anchorage retaining custody of such Private Keys.
Upon receipt, Anchorage Digital will custody the Digital Assets in our Company&rsquo;s name in an Account established for the benefit
of the Company and no other person. The Private Keys controlling the Digital Assets belonging to our Company may be accessed by Robert
Ellin, our Chairman and Chief Executive Officer, Ryan Carhart, our Chief Financial Officer, and/or Tenia Muhammad, our Operations Manager,
and shall be securely held by Anchorage Digital in offline cold storage at all times. Anchorage Digital shall be deemed to have received
a Digital Asset after the Digital Asset&rsquo;s receipt has been confirmed on the relevant blockchain, except for Digital Assets deemed
to be spam or gas by Anchorage Digital and our Company. Digital Assets in our Account shall (i) be segregated at a unique blockchain
address or addresses on the relevant Blockchain (e.g., in the case of bitcoin, the blockchain associated with the Bitcoin network) from
the assets held by Anchorage Digital as principal and the assets of other customers of Anchorage Digital and any other person, (ii) not
be treated as general assets of Anchorage, and Anchorage shall have no right, title or interest in such Digital Assets, (iii) Anchorage
Digital serves as a fiduciary and custodian on our behalf, and the Digital Assets in our Account are considered fiduciary assets that
remain our property at all times. Digital Assets shall be held in our Account in accordance with the terms of this Agreement and shall
not be commingled with other customers&rsquo;, Anchorage Digital&rsquo;s, or any other person&rsquo;s Digital Assets. Our Company&rsquo;s
Account(s) and all Digital Assets in the our Account shall be held by Anchorage Digital at all times. Anchorage Digital may also serve
as liquidity providers. As we further execute on our strategy, we intend to include additional custodians.&nbsp; </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> &nbsp; </P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> <I>&ldquo;Hot&rdquo; Backup:
Multiple-Layer Resiliency for Efficient Incident Response</I>. Multiple data centers across different geographic regions ensure continuity
by enabling access to various power grids, reducing the risk of disruption from localized disasters. If databases go down in one region,
they will immediately take over in alternative cloud regions. If service quality degrades, auto-scaling and auto-healing engages to ensure
efficient service of client operations. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> <I>&ldquo;Cold&rdquo;
Backup: Multiple HSMs</I>. In the event of HSM failure, Anchorage Digital can service requests with other active HSMs and provide additional
HSMs. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> We carefully select our
custodians after undertaking a due diligence process pursuant to which we evaluate, among other things, the quality of their security
protocols, including the multifactor and other authentication procedures designed to safekeep our bitcoin that they may employ, as well
as other security, regulatory, audit and governance standards. Our custodians are required to hold our bitcoin in trust for our benefit
in segregated accounts which are not commingled with their assets or the assets of their affiliates or other clients. Should we enter
into custodial agreements with additional custodians, such agreements may not prohibit such custodians from commingling our bitcoin with
the digital assets of others. Our custodial agreement with Anchorage Digital provides that Anchorage Digital will store our bitcoin in
offline, or &ldquo;cold&rdquo; storage, and &ldquo;hot&rdquo; wallets for backup, should an disruption incident occur or until it receives
an instruction from us to effectuate a transfer of our Bitcoin into cold storage. Cold storage is designed to mitigate risks that a system
may be susceptible to when connected to the internet, including the risks associated with unauthorized network access and cyberattacks.&nbsp; </P>

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</DIV>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> Our custodians have access
to the private key information associated with our bitcoin, or private keys, and they deploy security measures to secure our bitcoin
holdings such as advanced encryption technologies, multi-factor identification, and a policy of storing our private keys in redundant,
secure and geographically dispersed facilities. We never store, view or directly access our private keys. The operational procedures
of our custodians are reviewed periodically by third-party advisors. All movement of our bitcoin by our custodians is coordinated, monitored
and audited. Our custodians&rsquo; procedures to prove control over the digital assets they hold in custody are also examined by their
auditors. Additionally, we periodically verify our bitcoin holdings by reconciling our custodial service ledgers to the public blockchain.
Our custodial agreements are terminable by us at any time, for any or no reason, upon advance notice given to the custodian.&nbsp; </P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> In May 2025, we and PodcastOne,
our majority owned subsidiary, entered into a Securities Purchase Agreement (the &ldquo;SPA&rdquo;) with the Selling Stockholders, pursuant
to which we sold to the Selling Stockholders our Original Issue Discount Senior Secured Convertible Debentures in an aggregate principal
amount of $16,775,000 for an aggregate cash purchase price of $15,250,000. The debentures contain certain restrictive covenants, including
the requirement for us to maintain a minimum cash amount at all times, and are secured by substantially all of our and our subsidiaries&rsquo;
assets, including any Crypto purchased by us pursuant to our Crypto Treasury Reserve Strategy and/or Bitcoin Treasury Yield Strategy.
In addition, in August 2023, we entered into a loan agreement with Capchase pursuant to which we borrowed $1.7 million to further develop
and acquire certain podcasts acquired by PodcastOne and for general working capital. Such Capchase loan is subordinated to such debentures
and is also secured by substantially all of our assets, including any Crypto purchased by us pursuant to our Crypto Treasury Reserve
Strategy and/or Bitcoin Treasury Yield Strategy. If we do not comply with the provisions of the debentures and/or Capchase loan financing
agreements,&nbsp;the holders of the Debentures&nbsp;and/or Capchase may terminate their obligations to us, accelerate our&nbsp;debt and/or
require us to repay all outstanding amounts owed thereunder, and will each have the right to foreclose on any crypto assets held by us,
including with our custodians and/or Arca. Additionally, any credit and security agreement that we may enter into in the future will
likely contain similar covenants and will therefore be secured by substantially all of our and our subsidiaries&rsquo; assets, including
any Crypto purchased by us pursuant to our Crypto Treasury Reserve Strategy and/or Bitcoin Treasury Yield Strategy. See &ldquo;Item 1A.
Risk Factors&rdquo; in our Annual Report on Form 10-K for the fiscal year ended March 31, 2025, and under similar headings in our subsequently
filed Quarterly Reports on Form 10-Q. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> <B><I>Risk Mitigation
Practices Related to Our Liquidity and Custodial Arrangements&nbsp;</I></B> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> We believe that our primary
counterparty risk with respect to our Crypto holdings is performance obligations under our sole custody arrangements. We may, in the
future, custody our Crypto with multiple custodians to diversify our potential risk exposure to any one custodian. Our custodial services
contracts do not restrict our ability to reallocate our Crypto among our custodians or require us to hold a minimum amount of bitcoin
with any particular custodian. Our Crypto holdings may be concentrated with a single custodian from time to time, particularly as we
negotiate new arrangements or move our assets among our various service providers.&nbsp; </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> As regulated entities,
our Crypto service providers have policies, procedures and controls designed to comply with the Bank Secrecy Act, as amended by the USA
PATRIOT Act, the implementing regulations of the U.S. Treasury Department&rsquo;s FinCEN, the Executive Orders and economic sanctions
regulations administered by the U.S. Treasury Department&rsquo;s Office of Foreign Assets Control, or OFAC, as well as state Anti-Money
Laundering (&ldquo;AML laws&rdquo;). Pursuant to these policies, procedures and controls, our Crypto service providers use information
systems developed in-house and by third-party vendors to conduct know your customer, identification verification, background checks and
other due diligence on counterparties and customers, and on the affiliates, related persons and authorized representatives of their customers,
and to screen these parties against published sanctions lists. These checks may, where appropriate, assess financial strength, reputation,
trading capabilities and other risks that may be associated with a given customer or counterparty. Our Crypto service providers perform
these checks and screenings during initial onboarding or in advance of a transaction, as applicable, and periodically thereafter, particularly
when the sanctions lists that they monitor are updated. Our Crypto service providers also utilize systems that monitor and screen blockchain
transactions and digital wallet addresses in their efforts to detect and report suspicious or unlawful activity.&nbsp; </P>

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

</DIV>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> Our due diligence process
when selecting our Crypto service providers involves giving consideration to their reputation and security level, confirming their internal
compliance with applicable laws and regulations and ensuring their undertakings of contractual obligations on compliance. With respect
to our custodian(s), we also conduct due diligence reviews during the custodial relationship to monitor the safekeeping of our Crypto.
As part of our process, we obtain and review our custodians&rsquo; services organization controls reports if available. We are also contractually
entitled to review our custodians&rsquo; relevant internal controls through a variety of methods. We have in the past conducted, and
expect to conduct in the future, supplemental due diligence when we believe it is warranted by market circumstances or otherwise. For
example, we obtained supporting documentation to verify certain factual information, including documentation and analysis regarding financial
solvency, exposure to troubled exchanges, regulatory compliance, security protocols and our ownership of our Crypto.&nbsp; </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> To the extent we are able
to negotiate with our Crypto service providers based on our commercial relationship with them, we aim to negotiate specific contractual
terms and conditions with our custodians that we believe will help establish, under existing law, that our property interest in the Crypto
held by our custodians is not subject to the claims of the custodian&rsquo;s creditors in the event the custodian enters bankruptcy,
receivership or similar insolvency proceedings. Our current custodians, and intended future custodians, are U.S.-based and are subject
to U.S. regulatory regimes intended to protect customers in the event that a custodian enters bankruptcy, receivership or similar insolvency
proceedings. Our custodians are required to comply with the Bank Secrecy Act, as amended by the USA PATRIOT Act, the implementing regulations
of the U.S. Treasury Department&rsquo;s FinCEN, the Executive Orders and economic sanctions regulations administered by the OFAC, as
well as state AML laws. However, applicable insolvency law is not fully developed with respect to the holding of digital assets in custodial
accounts. If our custodially-held Crypto were nevertheless considered to be the property of our custodians&rsquo; estates in the event
that any such custodians were to enter bankruptcy, receivership or similar insolvency proceedings, we could be treated as a general unsecured
creditor of such custodians, inhibiting our ability to exercise ownership rights with respect to such Crypto and this may ultimately
result in the loss of the value related to some or all of such Crypto. Even if we are able to prevent our Crypto from being considered
the property of a custodian&rsquo;s bankruptcy estate as part of an insolvency proceeding, it is possible that we would still be delayed
or may otherwise experience difficulty in accessing our Crypto held by the affected custodian during the pendency of the insolvency proceedings.
There can be no assurance that our property interest in the Crypto held by our custodians will not be subject to the claims of the custodian&rsquo;s
creditors in the event the custodian enters bankruptcy, receivership or similar insolvency proceedings. Additionally, the Crypto we hold
with our custodians and transact with our trade execution partners does not enjoy the same protections as are available to cash or securities
deposited with or transacted by institutions subject to regulation by the Federal Deposit Insurance Corporation or the Securities Investor
Protection Corporation.&nbsp; </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> Regardless of efforts
we have made to securely store and safeguard assets, there can be no assurance that our crypto assets will not be subject to loss or
other misappropriation. Although our custodians carry insurance policies with policy limits up to $100 million to cover losses for commercial
crimes such as asset theft and other covered losses, such policy limits would be shared among all of their affected customers and subject
to various limitations and exclusions (such as if a loss arises due to our failure to protect our login credentials and devices). As
such, the insurance that covers losses of our Crypto holdings may cover only a small fraction of the value of the entirety of our Crypto
holdings, and there can be no guarantee that our custodians will maintain such insurance policies or that such policies will cover any
or all of our losses with respect to our Crypto. For a discussion of risks relating to the custody of our Crypto, see &ldquo;Risk Factors&mdash;Risks
Related to Our Cryptocurrency Asset Treasury Strategy and Holdings &mdash; Our Crypto Assets Treasury Strategy exposes us to various
risks associated with Crypto,&rdquo; and &ldquo;&mdash;Our Crypto treasury strategy exposes us to risk of non-performance by counterparties.&rdquo; </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> <B><I>Potential Advantages
and Disadvantages of Holding Crypto</I></B> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> We believe that Crypto
is an attractive asset because it can serve as a store of value, supported by a robust and public open-source architecture, that is untethered
to sovereign monetary policy. We also believe that, due to its limited supply, bitcoin offers the potential to serve as a hedge against
inflation in the long-term and, if its adoption increases, the opportunity for appreciation in value. </P>

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

</DIV>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> Crypto exists entirely
in electronic form, as virtually irreversible public transaction ledger entries on the blockchain, and transactions in Crypto are recorded
and authenticated not by a central repository, but by a decentralized peer-to-peer network. This decentralization mitigates the risks
of certain threats common to centralized computer networks, such as denial-of-service attacks, and reduces the dependency of the Crypto
network on any single system. For example, with respect to Bitcoin, the decentralization of user nodes and miners also mitigates the
risk of a 51% attack, which would be very costly and difficult to execute with respect to bitcoin because the Bitcoin network is open
source and widely distributed, and transactions on the blockchain require significant computing power to be validated. However, while
the Crypto network as a whole is decentralized, the private keys used to access Crypto balances are not widely distributed and are susceptible
to phishing and other attacks designed to obtain sensitive information or gain access to password-protected systems. Loss of such private
keys can result in an inability to access, and effective loss of, the corresponding Crypto. Consequently, Crypto holdings are susceptible
to all of the risks inherent in holding any electronic data, such as power failure, data corruption, security breach, communication failure
and user error, among others. These risks, in turn, make Crypto substantially more susceptible to theft, destruction, or loss of value
from hackers, corruption, viruses and other technology-specific factors as compared to conventional fiat currency or other conventional
financial assets. See &ldquo;Risk Factors &mdash; Risks Related to Our Cryptocurrency Assets Treasury Strategy and Holdings &mdash; If
we or our third-party service providers experience a security breach or cyberattack and unauthorized parties obtain access to our Bitcoin
or other forms of Crypto, or if our private keys are lost or destroyed, or other similar circumstances or events occur, we may lose some
or all of our Bitcoin or other Crypto and our financial condition and results of operations could be materially adversely affected.&rdquo; </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> In addition, generally
a Crypto network relies on open-source developers to maintain and improve the such networks&rsquo; protocol. Accordingly, Crypto may
be subject to protocol design changes, governance disputes such as &ldquo;forked&rdquo; protocols, competing protocols, and other open
source-specific risks that do not affect conventional proprietary software. Unless and until a forked asset is deemed by our custodians
to be an eligible asset, we may not immediately or ever have the ability to withdraw a forked asset. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> We believe that in the
context of the economic uncertainty precipitated by escalating geopolitical tensions and central banks having adopted inflationary measures
at various times in recent history, as well as the breakdown of trust in and between political institutions and political parties in
the United States and globally, Crypto represents an attractive store of value, and that opportunity for appreciation in the value of
Crypto exists in the event that such factors lead to more widespread adoption of the use and acceptance of Crypto and the adoption of
various forms of Crypto as a treasury reserve alternative by institutions. </P>

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


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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On August 2, 2017, our name
changed from &ldquo;Loton, Corp&rdquo; to &ldquo;LiveXLive Media, Inc.&rdquo;, and we reincorporated from the State of Nevada to the State
of Delaware, pursuant to the reincorporation merger of Loton, Corp (&ldquo;Loton&rdquo;), a Nevada corporation, with and into LiveXLive
Media, Inc., a Delaware corporation and Loton&rsquo;s wholly owned subsidiary, effected on the same date. As a result of such reincorporation
merger, Loton ceased to exist as a separate entity, with LiveXLive Media, Inc. being the surviving entity. On October 6, 2021, our name
changed from &ldquo;LiveXLive, Media Inc.&rdquo; to &ldquo;LiveOne, Inc.&rdquo; Our principal executive offices are located at 269 S.
Beverly Drive, Suite #1450, Beverly Hills, 90212. Our main corporate website address is&nbsp;www.liveone.com.&nbsp;We make available on
or through our website our periodic reports that we file with the SEC. This information is available on our website free of charge as
soon as reasonably practicable after we electronically file the information with or furnish it to the SEC. The contents of our website
are not incorporated by reference into this document and shall not be deemed &ldquo;filed&rdquo; under the Exchange Act.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our main corporate website
address is www.liveone.com. Copies of our Quarterly Reports on Form 10-Q, Annual Reports on Form 10-K, Current Reports on Form 8-K and
our other reports and documents filed with or furnished to the SEC, and any amendments to the foregoing, will be provided without charge
to any shareholder submitting a written request to the Secretary at our principal executive offices or by calling (310) 601-2505. All
of our SEC filings are also available on our website at http://ir.liveone.com/ir-home as soon as reasonably practicable after having been
electronically filed or furnished to the SEC. All of our SEC filings are also available at the SEC&rsquo;s website at www.sec.gov.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We provide notifications of
news or announcements regarding our financial performance, including SEC filings, investor events, and press and earnings releases on
the investor relations section of our corporate website. Investors can receive notifications of new press releases and SEC filings by
signing up for email alerts on our website. Further corporate governance information, including our board committee charters and code
of ethics, is also available on our website at http://ir.liveone.com/ir-home. The information included on our website or social media
accounts, or any of the websites of entities that we are affiliated with, is not incorporated by reference into this Annual Report or
in any other report or document we file with the SEC, and any references to our website or social media accounts are intended to be inactive
textual references only.&nbsp;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> On May 19, 2025 (the &ldquo;Effective
Date&rdquo;), we, and PodcastOne entered into a Securities Purchase Agreement (the &ldquo;Purchase Agreement&rdquo;) with the Selling
Stockholders pursuant to which (i) we sold to the Selling Stockholders our Original Issue Discount Senior Secured Convertible Debentures
(the &ldquo;Debentures&rdquo;) in an aggregate principal amount of $16,775,000 for an aggregate cash purchase price of $15.25 million,
and (ii) if certain conditions are satisfied as set forth in the Purchase Agreement, including at least one of the Conditions (as defined
below), we may sell, at our option to the Selling Stockholders our additional Original Issue Discount Senior Secured Convertible Debentures
in an aggregate principal amount of $11,000,000 on substantially the same terms as the Debentures, in a private placement transaction.
The Debentures are convertible into shares of our common stock, $0.001 par value per share (the &ldquo;common stock&rdquo;), at the holder&rsquo;s
option at a conversion price of $2.10 per share, subject to certain customary adjustments such as stock splits, stock dividends and stock
combinations. We may sell to the Selling Stockholders the Additional Debentures (as defined in the Purchase Agreement) if within 15 months
of the Effective Date either of the following conditions have been satisfied during such 15-month period (the &ldquo;Conditions&rdquo;):
(x) the VWAP (as defined in the Purchase Agreement) of the common stock has been equal to or greater than $4.20 per share (subject to
certain customary adjustments such as stock splits, stock dividends and stock combinations) for 30 consecutive trading days, or (y) Free
Cash Flow (as defined in the Purchase Agreement) has been equal to or greater to $3,000,000 for three consecutive fiscal quarters, and
has increased in each of the foregoing quarters from the immediately preceding fiscal quarter. </P>

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

</DIV>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Debentures mature on May
19, 2028 and accrue interest at 11.75% per year. Commencing with the calendar month of August 2025 (subject to the following sentence),
the holders of the Debentures will have the right, at their option, to require us to redeem an aggregate of up to $100,000 of the outstanding
principal amount of the Debentures per month. For the month of August 2025, the holders may not submit a redemption notice for such a
redemption prior to August 18, 2025. Commencing from November 18, 2025, May 18, 2026 and May 18, 2027, the holders of the Debentures will
have the right, at their option, to require us to redeem an aggregate of up to $150,000, $250,000 and $300,000, respectively, of the outstanding
principal amount of the Debentures per month. We will be required to promptly, but in any event no more than two trading days after a
holder of the Debentures delivers a redemption notice to us, pay the applicable redemption amount in cash.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Subject to the satisfaction
of certain conditions, including applicable prior notice to the holders of the Debentures, at any time after May 19, 2026, we may elect
to prepay all, but not less than all, of the then outstanding Debentures for a prepayment amount equal to the outstanding principal balance
of then outstanding Debentures plus all accrued and unpaid interest thereon, together with a prepayment premium equal to the following
(the &ldquo;Prepayment Premium&rdquo;): (a) if the Debentures are prepaid after May 19, 2026, but on or prior to May 19, 2027, 5% of the
entire outstanding principal balance of the outstanding Debentures (or the applicable portion thereof required to be prepaid by us); and
(c) if the Debentures are prepaid on or after May 19, 2027, but prior to the maturity date of the Debentures, 4% of the entire outstanding
principal balance of then outstanding Debentures (or the applicable portion thereof required to be prepaid by us). Subject to the satisfaction
of certain conditions, we shall be required to prepay the entire outstanding principal amount of all of then outstanding Debentures in
connection with a Change of Control Transaction (as defined in the Debentures) for a prepayment amount equal to the outstanding principal
balance of then outstanding Debentures, plus all accrued and unpaid interest thereon, plus the applicable Prepayment Premium based on
when such Change of Control Transaction occurs within the period set forth above applicable to such Prepayment Premium; provided, that
(x) if a Change of Control Transaction occurs on or prior to May 19, 2026, plus 10% of the entire outstanding principal balance of then
outstanding Debentures; (y) if the Specified Carve-Out Transaction (as defined in the Debentures) is consummated, we shall be required
to prepay the Debentures, in an aggregate amount equal to the lower of the outstanding principal balance of then outstanding Debentures
and $7,500,000, in each case, plus the applicable Prepayment Premium, and (z) if a Permitted Disposition (as defined in the Debentures)
pursuant to clause (g) of the definition thereof is consummated, we shall be required to prepay the Debentures in an aggregate amount
equal to the lower of the outstanding principal balance of then outstanding Debentures and 50% of the first $1,000,000 of net proceeds
resulting from such Permitted Disposition up to $1,000,000 and 25% of such net proceeds in excess of $1,000,000, in each case, plus the
applicable Prepayment Premium.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our obligations under the Debentures can be accelerated upon the occurrence
of certain customary events of default. In the event of default and acceleration of our obligations, we would be required to pay the applicable
prepayment amount described above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> Our obligations under
the Debentures have been guaranteed under a Subsidiary Guarantee, dated as of the Closing Date (the &ldquo;Subsidiary Guarantee&rdquo;),
by certain of our wholly owned subsidiaries, including PodcastOne, Slacker, Inc. and LiveXLive, Corp. (collectively, the &ldquo;Guarantors&rdquo;).
Our obligations under the Debentures and the Guarantors&rsquo; obligations under the Subsidiary Guarantee are secured under a Security
Agreement (the &ldquo;Security Agreement&rdquo;) entered into on the Effective Date among our Company, the Guarantors, certain Purchasers
and JGB Collateral, LLC (the &ldquo;Agent&rdquo;) as agent for the Purchasers (the &ldquo;Security Agreement&rdquo;), by a lien on all
of our and the Guarantors&rsquo; assets, subject to certain exceptions. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> On August 5, 2025, we
amended certain defined terms contained in the Debentures to provide that we and/or our subsidiaries shall be permitted to purchase bitcoin,
Solana or Ethereum up to an amount as agreed to by the parties from time to time in one or more transactions in accordance with the investment
guidelines adopted by our Company from time to time and reasonably acceptable to the Selling Stockholders (the &ldquo;Guidelines&rdquo;),
and that we may retain one or more investment managers to engage in our bitcoin yield strategy or other active management of any purchased
permitted cryptocurrency in accordance with the Guidelines, in each case to further enable us to pursue our cryptocurrency assets treasury
strategy. The terms of the Debentures and other transactions documents entered into in connection therewith remain unchanged. Pursuant
to the Security Agreement entered into by the parties in connection with the issuance of the Debentures, the Selling Stockholders have
a security interest in any purchased cryptocurrency. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We agreed to file a registration
statement on Form S-3 (or such other form that we are then eligible for) (the &ldquo;Registration Statement&rdquo;) to register the resale
of the shares of our common stock underlying the Initial Debentures within 60 days of the Effective Date (and within 30 days of the sale,
if any, of the Additional Debentures) and to obtain effectiveness of the Registration Statement within 150 days following the Effective
Date (and within 90 days of the sale, if any, of the Additional Debentures).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> Accordingly, we are registering
for resale the sale and offer of the shares of our common stock underlying the Initial Debentures to comply with such obligations to
the Selling Stockholders. </P>

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

</DIV>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="j_004"></A>THE OFFERING</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are registering for resale
by the Selling Stockholders up to 7,988,095 shares of our common stock issuable upon the conversion of the Debentures (referred to in
this prospectus as the &ldquo;Shares&rdquo;) as described below.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 45%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Securities being offered by the
    Selling Stockholders:</I></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 54%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7,988,095 shares
    of our common stock, $0.001 par value per share</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Common stock outstanding prior to offering:</I></FONT> </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">115,413,332 shares<SUP>(1)</SUP></FONT> </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Common stock outstanding after the offering:</I></FONT> </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">123,401,427 shares<SUP>(1)(2)</SUP></FONT> </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Terms of the offering:</I></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each Selling Stockholder
    will determine when and how it will sell the Securities offered in this prospectus, as described in &ldquo;Plan of Distribution.&rdquo;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Use of proceeds:</I></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">All the shares sold under
    this prospectus will be sold or otherwise disposed of for the account of the Selling Stockholders, or their pledgees, assignees or
    successors-in-interest. We will not receive any of the proceeds from the sale or other disposition of the Shares by the Selling Stockholders.
    See &ldquo;Use of Proceeds&rdquo; beginning on page 37 of this prospectus.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Market for Common Stock:</I></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our common stock is listed
    on The Nasdaq Capital Market under the symbol &ldquo;LVO.&rdquo; </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Risk Factors</I></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investing in our securities
    involves a high degree of risk. You should carefully consider all the information included or incorporated by reference in this prospectus
    prior to investing in our common stock. In particular, we urge you to carefully read the &ldquo;Risk Factors&rdquo; section beginning
    on page 17 of this prospectus and in the documents incorporated by reference in this prospectus.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in; font-size: 10pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT> </TD>
    <TD STYLE="text-align: justify; font-size: 10pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    number of shares of common stock outstanding after this offering is based on 115,413,332 shares of our common stock issued and outstanding
    as of August 22, 2025, and excludes:</FONT> </TD></TR>
  </TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR>
    <TD STYLE="width: 0.5in"> &nbsp; </TD>
    <TD STYLE="vertical-align: top; width: 0.25in"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT> </TD>
    <TD STYLE="vertical-align: top; text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">17,600,000
    shares of our common stock pursuant to our 2016 Equity Incentive Plan (as amended, the &ldquo;2016 Plan&rdquo;), that are reserved
    for future issuance to our employees, directors and consultants, of which 2,631,830 shares of our common stock are underlying outstanding
    awards under the 2016 Plan as of August 22, 2025;</FONT> </TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD> &nbsp; </TD>
    <TD STYLE="vertical-align: top"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT> </TD>
    <TD STYLE="vertical-align: top; text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Approximately
    3,755,274 shares of our common stock issuable in the event of conversion of our Series A Preferred Stock issued and outstanding (including
    accrued dividends) as of August 22, 2025; and</FONT> </TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD> &nbsp; </TD>
    <TD STYLE="vertical-align: top"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT> </TD>
    <TD STYLE="vertical-align: top; text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6,335,399
    shares of our common stock issuable upon the exercise of our outstanding warrants as of August 22, 2025.</FONT> </TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unless otherwise indicated, all information in this prospectus assumes no exercise of any outstanding options or warrants to purchase our common stock and no vesting of RSUs.</FONT></TD></TR>
  </TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This amount reflects up to 7,988,095 Shares issuable upon the conversion of the Debentures.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

</DIV>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><A NAME="j_005"></A><B>RISK FACTORS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> <I>Investing in our securities
involves a high degree of risk. Before you make a decision to invest in our securities, you should consider carefully the risks described
below, together with other information in this prospectus and the information incorporated by reference herein, including any risk factors
contained in our Annual Report on Form 10-K, filed with the SEC on July 15, 2025, our Quarterly Report on Form 10-Q, filed with the SEC
on August 14, 2025, and in our other reports filed with the SEC and in future reports that we will file periodically or any amendments
or updates thereto. If any of the following events actually occur, our business, operating results, prospects or financial condition
could be materially and adversely affected. This could cause the trading price of our common stock to decline and you may lose part or
all of your investment. The risks described below are not the only ones that we face. Additional risks not presently known to us or that
we currently deem immaterial may also significantly impair our business operations and could result in a complete loss of your investment.</I> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> <B>Risks Related to our Common Stock </B> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> <B><I>A substantial number
of shares of our common stock may be issued pursuant to the terms of the Series A Preferred Stock and/or Debentures. Conversion of our
Series A Preferred Stock and/or Debentures will dilute the ownership interest of our existing stockholders or may otherwise depress the
price of our common stock.</I></B> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"> As
of August 22, 2025, the shares of our Series A Preferred Stock are convertible into approximately 3.76&nbsp;million shares of our common
stock at a conversion price of $2.10 per share, and our outstanding Debentures are convertible into approximately 7.99 million shares
of our common stock at a conversion price of $2.10 per share. The Series A Preferred Stock and/or Debentures likely will be converted
only at times when it is economically beneficial for the holders to do so. The conversion of some or all of the shares of our Series
A Preferred Stock and/or Debentures into shares of our common stock will dilute the ownership interests of our existing stockholders.
In addition, any sales in the public market of the shares of our common stock issuable upon such conversion and/or any anticipated conversion
of the Series A Preferred Stock and/or Debentures into shares of our common stock could adversely affect prevailing market prices of
our common stock. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"> <B><I>Future
sales and issuances of our common stock or rights to purchase common stock, including pursuant to our equity incentive plan and any acquisition
or financing agreement, could result in additional dilution of the percentage ownership of our stockholders and could cause our stock
price to fall.</I></B> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"> We
expect that significant additional capital will be needed in the future to continue our planned operations. To the extent we raise additional
capital by issuing equity and/or convertible securities, our stockholders may experience substantial dilution. We may sell or otherwise
issue our common stock, convertible securities or other equity securities in one or more transactions at prices and in a manner we determine
from time to time. If we sell or issue our common stock, convertible securities or other equity securities in more than one transaction,
investors may be materially diluted by subsequent issuances. These issuances may also result in material dilution to our existing stockholders,
and new investors could gain rights superior to our existing stockholders. We may pay for future acquisitions with additional issuances
of shares of our common stock as well, which would result in further dilution for existing stockholders. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"> Pursuant
to our 2016 Equity Incentive Plan (as amended, the &ldquo;2016 Plan&rdquo;), there are 17,600,000 shares of our common stock reserved
for future issuance to our employees, directors and consultants. If our board of directors elects to issue additional shares of our common
stock, stock options, restricted stock units and/or other equity-based awards under the 2016 Plan, as amended, our stockholders may experience
additional dilution, which could cause our stock price to fall.&nbsp; </P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> <B><I>The market price
of our common stock may be highly volatile.</I></B> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> The trading price of our
common stock may be volatile. Our stock price could be subject to wide fluctuations in response to a variety of factors, including the
following: </P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in"> &nbsp; </TD>
    <TD STYLE="width: 0.25in"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT> </TD>
    <TD STYLE="text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">actual or anticipated
    fluctuations in our revenue and other operating results;</FONT> </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD> &nbsp; </TD>
    <TD> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT> </TD>
    <TD STYLE="text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">actions of securities
    analysts who initiate or maintain coverage of us, changes in financial estimates by any securities analysts who follow our company,
    or our failure to meet these estimates or the expectations of investors;</FONT> </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD> &nbsp; </TD>
    <TD> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT> </TD>
    <TD STYLE="text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">issuance of our equity
    or debt securities, or disclosure or announcements relating thereto;</FONT> </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD> &nbsp; </TD>
    <TD> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT> </TD>
    <TD STYLE="text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the lack of a meaningful,
    consistent and liquid trading market for our common stock;</FONT> </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD> &nbsp; </TD>
    <TD> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT> </TD>
    <TD STYLE="text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">additional shares of
    our common stock being sold into the market by us or our stockholders or the anticipation of such sales;</FONT> </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD> &nbsp; </TD>
    <TD> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT> </TD>
    <TD STYLE="text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our convertible debt
    securities being converted into equity or the anticipation of such conversion;</FONT> </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD> &nbsp; </TD>
    <TD> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT> </TD>
    <TD STYLE="text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">announcements by us
    or our competitors of significant events or features, technical innovations, acquisitions, strategic partnerships, joint ventures
    or capital commitments;</FONT> </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD> &nbsp; </TD>
    <TD> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT> </TD>
    <TD STYLE="text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">changes in operating
    performance and stock market valuations of companies in our industry;</FONT> </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD> &nbsp; </TD>
    <TD> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT> </TD>
    <TD STYLE="text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">price and volume fluctuations
    in the overall stock market, including as a result of trends in the economy as a whole;</FONT> </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD> &nbsp; </TD>
    <TD> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT> </TD>
    <TD STYLE="text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">expiration of the lock-up
    period, as more fully discussed below;</FONT> </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD> &nbsp; </TD>
    <TD> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT> </TD>
    <TD STYLE="text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">lawsuits threatened
    or filed against us;</FONT> </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD> &nbsp; </TD>
    <TD> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT> </TD>
    <TD STYLE="text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">regulatory developments
    in the United States and foreign countries; and</FONT> </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD> &nbsp; </TD>
    <TD> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT> </TD>
    <TD STYLE="text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">other events or factors,
    including those resulting from the impact of war or incidents of terrorism, other epidemics, or responses to these events.&nbsp;</FONT> </TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> In addition, the stock
market in general has experienced extreme price and volume fluctuations that have often been unrelated or disproportionate to the operating
performance of these companies. Broad market and industry factors may negatively affect the market price of our common stock, regardless
of our actual operating performance. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> <B><I>We cannot guarantee
that our stock repurchase program will be consummated fully or that it will enhance long-term shareholder value. Stock repurchases could
also increase the volatility of the trading price of our stock and could diminish our cash reserves.</I></B> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> We have announced that
our senior management and/or board of directors has authorized the repurchase up to approximately $12 million worth of shares of our
outstanding common stock from time to time, subject to any applicable approvals and consents, which LiveOne fully expects to obtain.
The timing, price, and quantity of purchases under the program will be at the discretion of our management and will depend upon a variety
of factors including share price, general and business market conditions, compliance with applicable laws and regulations, corporate
and regulatory requirements, and alternative uses of capital. The program may be expanded, suspended, or discontinued by our board of
directors at any time. Although our board of directors has authorized this stock repurchase program, there is no guarantee as to the
exact number of shares, if any, that will be repurchased by us, and we may discontinue purchases at any time that management determines
additional purchases are not warranted. We cannot guarantee that the program will be consummated, fully or all, or that it will enhance
long-term stockholder value. The program could affect the trading price of our common stock and increase volatility, and any announcement
of a termination of this program may result in a decrease in the trading price of our common stock. In addition, this program could diminish
our cash reserves. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> <B><I>Our Chairman and
Chief Executive Officer and stockholders affiliated with him own a significant percentage of our stock and will be able to exert significant
control over matters subject to stockholder approval.</I></B> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> Mr. Ellin, our Chief Executive
Officer and Chairman, and his affiliates beneficially owned approximately 19.2% of shares of our common stock issued and outstanding
as of August 22, 2025&nbsp;(not including Mr. Ellin&rsquo;s options which have an exercise price substantially above the market price
of our common stock as of the date of this Annual Report). Therefore, Mr. Ellin and stockholders affiliated with him may have the ability
to influence us through their ownership positions. Mr. Ellin and these stockholders may be able to determine or significantly influence
all matters requiring stockholder approval. For example, Mr. Ellin and these stockholders, acting together, may be able to control or
significantly influence elections of directors, amendments of our organizational documents, or approval of any merger, sale of assets,
or other major corporate transaction. This may prevent or discourage unsolicited acquisition proposals or offers for our common stock
that you may believe are in your best interest as one of our stockholders. </P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> <B><I>FINRA sales practice
requirements may limit a stockholder&rsquo;s ability to buy and sell our stock.</I></B> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> The Financial Industry
Regulatory Authority (&ldquo;FINRA&rdquo;), has adopted rules requiring that, in recommending an investment to a customer, a broker-dealer
must have reasonable grounds for believing that the investment is suitable for that customer. Prior to recommending speculative or low-priced
securities to their non-institutional customers, broker-dealers must make reasonable efforts to obtain information about the customer&rsquo;s
financial status, tax status, investment objectives and other information. Under interpretations of these rules, FINRA has indicated
its belief that there is a high probability that speculative or low-priced securities will not be suitable for at least some customers.
If these FINRA requirements are applicable to us or our securities, they may make it more difficult for broker-dealers to recommend that
at least some of their customers buy our common stock, which may limit the ability of our stockholders to buy and sell our common stock
and could have an adverse effect on the market for and price of our common stock. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"> <B><I>If
securities or industry analysts do not publish research or publish inaccurate or unfavorable research about our business, our share price
and trading volume could decline.</I></B> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"> The
trading market for our shares of common stock will be influenced by the research and reports that securities or industry analysts publish
about us. Securities and industry analysts currently provide publish limited research focused on our Company. If the current securities
or industry analysts do not provide extensive coverage or commence coverage of our Company, the price and trading volume of our shares
of common stock could be negatively impacted. If other securities or industry analysts initiate coverage and one or more of the analysts
who cover us downgrade our shares of common stock or publish inaccurate or unfavorable research about our Company, the price of our shares
of common stock would likely decline. Furthermore, if one or more of these analysts cease coverage of our Company or fail to publish
reports on us regularly, demand for our shares of common stock could decrease, which might cause the price of our shares of common stock
and trading volume to decline. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"> <B><I>As
a smaller reporting company, we are subject to scaled disclosure requirements that may make it more challenging for investors to analyze
our results of operations and financial prospects</I></B> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> Because the market value
of our common stock held by non-affiliates was less than $250 million as of the last business day of our fiscal quarter ended September
30, 2024, we continue to be a &ldquo;smaller reporting company&rdquo; as defined by the SEC&rsquo;s revised rules. As a &ldquo;smaller
reporting company,&rdquo; we (i) are able to provide simplified executive compensation disclosures in our filings, (ii) are exempt from
the provisions of Section 404(b) of the Sarbanes-Oxley Act requiring that independent registered public accounting firms provide an attestation
report on the effectiveness of internal control over financial reporting, and (iii) have certain other decreased disclosure obligations
in our filings with the SEC, including being required to provide only two years of audited financial statements in our annual reports.
Consequently, it may be more challenging for investors to analyze our results of operations and financial prospects.&nbsp;We will remain
a smaller reporting company if we have either (i) a public float of less than $250 million held by non-affiliates as of the last business
day of the second quarter of our then current fiscal year or (ii) annual revenues of less than $100 million during such recently completed
fiscal year with less than $700 million in public float as of the last business day of the second quarter of such fiscal year. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> <B><I>If securities or
industry analysts publish inaccurate or unfavorable research about our business, our stock price could decline.</I></B> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> The trading market for
our common stock will depend in part on the research and reports that securities or industry analysts publish about us or our business.
If one or more of the analysts who cover us downgrade our common stock or publish inaccurate or unfavorable research about our business,
our common stock price would likely decline. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> <B><I>Our ability to use
our net operating loss carryforwards and certain other tax attributes may be limited.</I></B> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> Section 382 and 383 (&ldquo;Section
382 and 383&rdquo;) of the Internal Revenue Code of 1986, as amended (the &ldquo;Code&rdquo;), contains rules that limit the ability
of a company that undergoes an ownership change to utilize its net operating losses (&ldquo;NOLs&rdquo;) and tax credits existing as
of the date of such ownership change. Under the rules, such an ownership change is generally any change in ownership of more than 50%
of a company&rsquo;s stock within a rolling three-year period. The rules generally operate by focusing on changes in ownership among
stockholders considered by the rules as owning, directly or indirectly, 5% or more of the stock of a company and any change in ownership
arising from new issuances of stock by the company. As a result of these Section 382 and 383 limitations, any ownership changes as defined
by Section 382 and 383 may limit the amount of NOL carryforwards that could be utilized annually to offset future taxable income. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> <B><I>We do not intend
to pay dividends on our common stock so any returns will be limited to the value of our stock.</I></B> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> We have never declared
or paid any cash dividend on our common stock. We currently anticipate that we will retain future earnings for the development, operation
and expansion of our business and do not anticipate declaring or paying any cash dividends for the foreseeable future. Additionally,
any credit and security agreement that we may enter into in the future will likely contain covenants that will restrict our ability to
pay dividends. Any return to stockholders will therefore be limited to the appreciation of their stock. </P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> <B><I>The restrictive
covenants contained in the Debentures could adversely affect our business plan, liquidity, financial condition, and results of operations.</I></B> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> The Debentures contain
restrictive covenants, including maintenance of minimum free cash covenant. These covenants could have important consequences on our
business. In particular, they could: </P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px"> &nbsp; </TD>
    <TD STYLE="width: 24px"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT> </TD>
    <TD STYLE="text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">limit our flexibility
    in planning for, or reacting to, changes in our businesses and the industries in which we operate;</FONT> </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD> &nbsp; </TD>
    <TD> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT> </TD>
    <TD STYLE="text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">increase our vulnerability
    to general adverse economic and industry conditions;</FONT> </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD> &nbsp; </TD>
    <TD> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT> </TD>
    <TD STYLE="text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">require us to dedicate
    a substantial portion of our cash flow from operations to maintain on deposit in one or more accounts of our bank accounts an aggregate
    required amount equal to the Cash Minimum (as defined in the Debentures), unless otherwise permitted by the written consent of the
    holders of the Debentures; and</FONT> </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD> &nbsp; </TD>
    <TD> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT> </TD>
    <TD STYLE="text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">potentially place us
    at a competitive disadvantage compared to our competitors that have lower fixed costs.</FONT> </TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> In addition, we are required
to redeem the Debentures monthly in cash and may not do so in shares of our common stock. The debt service requirements of our other
outstanding indebtedness, as well as any other indebtedness or preferred stock we incur or issue in the future, and the restrictive covenants
contained in the governing documents for such indebtedness or preferred stock, could intensify these risks. As a result of us being required
to redeem the Debentures in cash, we may seek to refinance the remaining balance, by either refinancing with the holders of the Debentures,
by raising sufficient funds through a sale of equity or debt securities or by obtaining a credit facility. No assurances can be given
that we will be successful in making the required payments under the Debentures, or in refinancing our obligations on favorable terms,
or at all. Should we determine to refinance, it could be dilutive to stockholders. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> <B><I>Provisions in our
Certificate of Incorporation and Bylaws and provisions under Delaware law could make it more difficult for a third party to acquire us
or increase the cost of acquiring us, even if doing so would benefit our stockholders, and may prevent or frustrate attempts by our stockholders
to replace or remove our current management.</I></B> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> Some provisions of our
charter documents may have anti-takeover effects that could discourage an acquisition of us by others, even if an acquisition would be
beneficial to our stockholders, and may prevent attempts by our stockholders to replace or remove our current management. These provisions
include: authorizing the issuance of &ldquo;blank check&rdquo; preferred stock, the terms of which may be established and shares of which
may be issued without stockholder approval; and establishing advance notice requirements for nominations for election to the board of
directors or for proposing matters that can be acted upon at stockholder meetings. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> These provisions may frustrate
or prevent any attempts by our stockholders to replace or remove our current management by making it more difficult for stockholders
to replace members of our board of directors, which is responsible for appointing the members of our management. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> In addition, we are subject
to the provisions of Section 203 of the Delaware General Corporation Law (&ldquo;Section 203&rdquo;) regulating corporate takeovers.
In general, Section 203 prohibits publicly held Delaware corporation from engaging in a business combination with an interested stockholder
(generally, any entity, person or group beneficially owning 15% or more of the outstanding voting stock of the company) for a period
of three years after the date of the transaction in which the person became an interested stockholder, unless: </P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in"> &nbsp; </TD>
    <TD STYLE="width: 0.25in"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT> </TD>
    <TD STYLE="text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">prior to the date of
    the transaction, the board of directors of the corporation approved either the business combination or the transaction which resulted
    in the stockholder becoming an interested stockholder;</FONT> </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD> &nbsp; </TD>
    <TD> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT> </TD>
    <TD STYLE="text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">upon completion of the
    transaction that resulted in the stockholder becoming an interested stockholder, the interested stockholder owned at least 85% of
    the voting stock of the corporation outstanding at the time the transaction commenced, excluding for purposes of determining the
    voting stock outstanding, but not the outstanding voting stock owned by the interested stockholder, (1) shares owned by persons who
    are directors and also officers and (2) shares owned by employee stock plans in which employee participants do not have the right
    to determine confidentially whether shares held subject to the plan will be tendered in a tender or exchange offer; or</FONT> </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD> &nbsp; </TD>
    <TD> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT> </TD>
    <TD STYLE="text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">at or subsequent to
    the date of the transaction, the business combination is approved by the board and authorized at an annual or special meeting of
    stockholders, and not by written consent, by the affirmative vote of at least 66 2/3% of the outstanding voting stock which is not
    owned by the interested stockholder.</FONT> </TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> This provision could have
the effect of delaying or preventing a change of control, whether or not it is desired by or beneficial to our stockholders. </P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><I>A substantial number
of shares of our common stock may be issued pursuant to the terms of the Debentures, which could cause the price of our common stock to
decline.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> The Debentures are immediately
convertible into shares of our common stock at a conversion price of $2.10 per share, for an aggregate of 7,988,095 shares of common
stock, or approximately 6.5% of our issued and outstanding common stock as of August 22, 2025 (without taking into account the limitations
on the conversion of the Debentures as described elsewhere in this prospectus). The Debentures likely will be converted only at times
when it is economically beneficially for the holder to do so. The issuance of shares of our common stock underlying the Debentures will
dilute our other equity holders, which could cause the price of our common stock to decline. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> <B><I>Our failure to meet
the continued listing requirements of Nasdaq could result in a de-listing of our common stock and penny stock trading, and we may need
to seek to effect a reverse stock split of our common stock to avoid delisting.</I></B> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> In March 2025, we received
a notice from the Listing Qualifications Department of the Nasdaq Stock Market (&ldquo;Nasdaq&rdquo;), regarding the fact that the market
price of our common stock was below the $1.00 minimum bid price requirement for continued listing (the &ldquo;Bid Price Rule&rdquo;).
There can be no assurance that we will be able to correct the Bid Price Rule deficiency, or that we will be able to continue to meet
all of the other criteria necessary for Nasdaq to allow us to remain listed. In November 2024, we also received a notification letter
from the Listing Qualifications Department of Nasdaq confirming that we have a cure period until the earlier of (i) October 4, 2025 and
(ii) our next annual meeting of stockholders (which is currently scheduled for September 8, 2025), to fill the vacancy created by the
resignation of the former third member of our Audit Committee, which occurred on October 4, 2024, in order to comply with the audit committee
requirements set forth in Nasdaq Listing Rule 5605. To fill the vacancy created by such resignation, we anticipate that one or more existing
independent members of our board of directors will be appointed to our Audit Committee and/or the Nominating and Corporate Governance
Committee. We are also conducting a search to find a well-qualified candidate to serve on our board of directors and/or such committees
that has the applicable experience and the necessary qualifications, skills and perspective. If we fail to satisfy the applicable continued
listing requirement and continue to be in non-compliance after notice and the applicable grace period ends (which is six months in the
case of the Bid Price Rule, subject to an additional six-month extension), Nasdaq may commence delisting procedures against our Company
(during which we may have additional time of up to six months to appeal and correct our non-compliance). At that time, we may appeal
the relevant delisting determination to a hearings panel pursuant to the procedures set forth in the applicable Nasdaq Listing Rules.
However, there can be no assurance that, if we do appeal the delisting determination by Nasdaq to the panel, that such appeal would be
successful. In order to regain compliance with the Bid Price Rule we may need to seek to effect a reverse stock split of our common stock
prior to September 24, 2025, subject to up to a 180-day extension, if granted to us by Nasdaq. We are seeking shareholder approval at
our 2025 Annual Meeting of stockholders to allow our board of directors to implement a reverse stock split at a ratio to be determined
in the discretion of our board of directors within a range of no less than one-for-three through one-for-ten (without reducing the authorized
number of shares of common stock) (the &ldquo;Reverse Split&rdquo;). There can be no assurance we will be able to obtain stockholder
approval for the Reverse Split. We may be unable to complete a Reverse Split, and even if we do, we may still be unable to meet the minimum
bid price requirement, and we may be unable to meet other applicable Nasdaq listing requirements, including maintaining minimum levels
of shareholders&rsquo; equity or market values of our common stock. We will continue to actively monitor the closing bid price of our
common stock and will evaluate available options to resolve the deficiency and regain compliance with the Bid Price Rule. There can be
no assurance that we will be able to regain compliance with the Bid Price Rule and thereby to maintain the listing of its common stock
on The Nasdaq Capital Market. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If our common stock is ultimately
delisted from Nasdaq, our common stock would likely then trade only in the over-the-counter market and the market liquidity of our common
stock could be adversely affected and their market price could decrease. If our common stock were to trade on the over-the-counter market,
selling our common stock could be more difficult because smaller quantities of shares would likely be bought and sold, transactions could
be delayed, and we could face significant material adverse consequences, including: a limited availability of market quotations for our
securities; reduced liquidity with respect to our securities; a determination that our shares are a &ldquo;penny stock,&rdquo; which will
require brokers trading in our securities to adhere to more stringent rules, possibly resulting in a reduced level of trading activity
in the secondary trading market for our securities; a reduced amount of news and analyst coverage for our Company; and a decreased ability
to issue additional securities or obtain additional financing in the future. These factors could result in lower prices and larger spreads
in the bid and ask prices for our common stock and would substantially impair our ability to raise additional funds and could result in
a loss of institutional investor interest and fewer development opportunities for us.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition to the foregoing,
if our common stock is ultimately delisted from Nasdaq and they trade on the over-the-counter market, the application of the &ldquo;penny
stock&rdquo; rules&nbsp;could adversely affect the market price of our common stock and increase the transaction costs to sell those shares.
The SEC has adopted regulations which generally define a &ldquo;penny stock&rdquo; as an equity security that has a market price of less
than $5.00 per share, subject to specific exemptions. If our common stock is ultimately delisted from Nasdaq and then trade on the over-the-counter
market at a price of less than $5.00 per share, our common stock would be considered a penny stock. The SEC&rsquo;s penny stock rules&nbsp;require
a broker-dealer, before a transaction in a penny stock not otherwise exempt from the rules, to deliver a standardized risk disclosure
document that provides information about penny stocks and the risks in the penny stock market. The broker-dealer must also provide the
customer with current bid and offer quotations for the penny stock, the compensation of the broker-dealer and the salesperson in the transaction,
and monthly account statements showing the market value of each penny stock held in the customer&rsquo;s account. In addition, the penny
stock rules&nbsp;generally require that before a transaction in a penny stock occurs, the broker-dealer must make a special written determination
that the penny stock is a suitable investment for the purchaser and receive the purchaser&rsquo;s agreement to the transaction. If applicable
in the future, these rules&nbsp;may restrict the ability of brokers-dealers to sell our common stock and may affect the ability of investors
to sell their shares, until our common stock no longer is considered a penny stock.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><I>There is substantial
doubt about our ability to continue&nbsp;as a going concern.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our&nbsp;independent registered
public accounting firm has issued an opinion on our audited financial statements incorporated by reference in this prospectus that contains
an explanatory paragraph regarding substantial doubt about our ability to continue as a going concern because we have experienced recurring
losses, negative cash flows from operations, and limited capital resources. These events and conditions indicate that a material uncertainty
exists that may cast significant doubt on our ability to continue as a going concern. The perception that we may not be able to continue
as a going concern may have a material adverse effect on our share price and our ability to raise new capital (whether it is through the
issuance of equity or debt securities or otherwise), enter into critical contractual relations with third parties and otherwise execute
our business objectives. Until we can generate significant profit from operations and positive cash flow from operations, we expect to
satisfy our future cash needs through debt and/or equity financing. We cannot be certain that additional funding will be available to
us on acceptable terms, if at all. Our financial statements do not include any adjustments that may result from the outcome of this uncertainty.
If we are unable to continue as a going concern, we may have to curtail some or all of our ongoing operations and/or liquidate some or
all of our assets, and the values we receive for our assets in liquidation or dissolution could be significantly lower than the values
reflected in our financial statements.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><B><I>Dilution
from further financings.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Future
sales and issuances of our common stock, common stock equivalents and/or rights to purchase common stock, including pursuant to our equity
incentive plans or our at-the-market sales agreement with Roth Capital Partners, LLC, could result in additional dilution of the percentage
ownership of our stockholders and could cause our stock price to fall. Additional capital will be needed in the future to continue our
planned operations. To the extent we raise additional capital by issuing equity securities, our stockholders may experience substantial
dilution. We may sell common stock, convertible securities or other equity securities in one or more transactions at prices and in a manner
we determine from time to time. If we sell common stock, convertible securities or other equity securities in more than one transaction,
investors may be materially diluted by subsequent sales. These sales may also result in material dilution to our existing stockholders,
and new investors could gain rights superior to our existing stockholders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><B><I>Future
sales or issuances of our common stock in the public markets, or the perception of such sales, could depress the trading price of our
common stock.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">The
sale of a substantial number of shares of our outstanding common stock in the public market could occur at any time. These sales, or the
perception in the market that the holders of a large number of shares of common stock intend to sell shares, could reduce the market price
of our common stock. Persons who were our stockholders prior to our initial public offering continue to hold a substantial number of shares
of our common stock that many of them are now able to sell in the public market. Significant portions of these shares are held by a relatively
small number of stockholders. Sales by our stockholders of a substantial number of shares, or the expectation that such sales may occur,
could significantly reduce the market price of our common stock.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"> Pursuant
to the 2016 Plan, there are 17,600,000 shares of our common stock reserved for issuance to our employees, directors and consultants,
of which 2,631,830 shares of our common stock are underlying outstanding awards under the 2016 Plan as of August 22, 2025. If our board
of directors elects to issue stock, stock options and/or other equity-based awards under the 2016 Plan, our stockholders may experience
additional dilution, which could cause our stock price to fall. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><I>The market price of
our common stock may be highly volatile, you may not be able to resell your shares at or above the public offering price and you could
lose all or part of your investment.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The trading price of our common
stock may be volatile. Our stock price could be subject to wide fluctuations in response to a variety of factors, including the following:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">actual or anticipated fluctuations in our revenue and other operating results;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">actions of securities analysts who initiate or maintain coverage of us, changes in financial estimates by any securities analysts who follow our company, or our failure to meet these estimates or the expectations of investors;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">issuance of our equity or debt securities, or disclosure or announcements relating thereto;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the lack of a meaningful, consistent and liquid trading market for our common stock;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">additional shares of our common stock being sold into the market by us or our stockholders or the anticipation of such sales;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our convertible debt securities being converted into equity or the anticipation of such conversion;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">announcements by us or our competitors of significant events or features, technical innovations, acquisitions, strategic partnerships, joint ventures or capital commitments;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">changes in operating performance and stock market valuations of companies in our industry;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">price and volume fluctuations in the overall stock market, including as a result of trends in the economy as a whole;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">lawsuits threatened or filed against us;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">regulatory developments in the United States and foreign countries; and</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">other events or factors, including those resulting from the impact of COVID-19 pandemic, war or incidents of terrorism, or responses to these events.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, the stock market
in general has experienced extreme price and volume fluctuations that have often been unrelated or disproportionate to the operating performance
of these companies. Broad market and industry factors may negatively affect the market price of our common stock, regardless of our actual
operating performance.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><I>Our Chairman and Chief
Executive Officer and stockholders affiliated with him own a significant percentage of our stock and will be able to exert significant
control over matters subject to stockholder approval.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> Mr. Ellin, our Chief Executive
Officer and Chairman, and his affiliates beneficially owned approximately 19.2% of shares of our common stock issued and outstanding
as of August 22, 2025&nbsp;(not including Mr. Ellin&rsquo;s restricted stock units the settlement of which has been deferred and options
which have an exercise price substantially above the market price of our common stock as of such date). Therefore, Mr. Ellin and stockholders
affiliated with him may have the ability to influence us through their ownership positions. Mr. Ellin and these stockholders may be able
to determine or significantly influence all matters requiring stockholder approval. For example, Mr. Ellin and these stockholders, acting
together, may be able to control or significantly influence elections of directors, amendments of our organizational documents, or approval
of any merger, sale of assets, or other major corporate transaction. This may prevent or discourage unsolicited acquisition proposals
or offers for our common stock that you may believe are in your best interest as one of our stockholders. </P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> <B>Risks Related to Our Cryptocurrency Assets Treasury Strategy
and Holdings</B> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> <B><I>Our Crypto Assets
Treasury Strategy exposes us to various risks associated with cryptocurrencies.</I></B> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> Bitcoin and other forms
of Crypto are highly volatile assets.&nbsp;In the 24 months preceding the filing date of this prospectus, Bitcoin has traded below $30,000
per Bitcoin and above $120,000; Ethereum has traded below $2,600 and above $4,800 per Ethereum, and Solana has traded below $100 and
above $290 per Solana, respectively on Coinbase. The trading price of Bitcoin and other Crypto has significantly decreased during prior
periods, and such declines may occur again in the future. Notwithstanding this volatility, we do not currently intend to hedge our Crypto
holdings and have not adopted a hedging strategy with respect to our Crypto. However, we may from time to time engage in hedging strategies
as part of our treasury management operations if deemed appropriate.&nbsp; </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> <I>Crypto does not pay
interest or dividends.&nbsp;</I>Crypto does not pay interest or other returns and we can only generate cash from our Crypto holdings
if we sell our Crypto or implement strategies to create income streams or otherwise generate cash by using our Crypto holdings. Even
if we pursue any such strategies, we may be unable to create income streams or otherwise generate cash from our Crypto holdings, and
any such strategies may subject us to additional risks. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> <I>Our Crypto holdings
may significantly impact our financial results and the market price of our common stock.&nbsp;</I>Our crypto holdings may significantly
affect our financial results and if we continue to increase our overall holdings of crypto in the future, they will have an even greater
impact on our financial results and the market price of our common stock. See &ldquo;&mdash; Our historical financial statements do not
reflect the potential variability in earnings that we may experience in the future relating to our crypto holdings&rdquo; below. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> <I>Our Crypto Assets Treasury
Strategy has not been tested over an extended period of time or under different market conditions.&nbsp;</I>We only recently adopted
our Crypto Assets Treasury Strategy and will need to continually examine the risks and rewards of this new strategy. This new strategy
has not been tested over an extended period of time or under different market conditions. For example, although we believe Bitcoin, due
to its limited supply, has the potential to serve as a hedge against inflation in the long term, the short-term price of bitcoin declined
in recent periods during which the inflation rate increased. Some investors and other market participants may disagree with our bitcoin
treasury strategy or actions we undertake to implement it. If Crypto prices were to decrease or our Crypto Assets Treasury Strategy otherwise
proves unsuccessful, our financial condition, results of operations, and the market price of our common stock could be materially adversely
affected. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> <I>We are subject to counterparty
risks, including in particular risks relating to our custodians.&nbsp;</I>Although we have implemented various measures that are designed
to mitigate our counterparty risks, including by storing substantially all of the Crypto we own in custody accounts at U.S.-based, institutional-grade
custodians and attempting to negotiated contractual arrangements intended to establish that our property interest in custodially-held
bitcoin may not be subject to claims of our custodians&rsquo; creditors, applicable insolvency law is not fully developed with respect
to the holding of digital assets in custodial accounts. If our custodially-held Crypto was nevertheless considered to be the property
of our custodians&rsquo; estates in the event that any such custodians were to enter bankruptcy, receivership or similar insolvency proceedings,
we could be treated as a general unsecured creditor of such custodians, inhibiting our ability to exercise ownership rights with respect
to such Crypto and this may ultimately result in the loss of the value related to some or all of such bitcoin. Even if we are able to
prevent our Crypto from being considered the property of a custodian&rsquo;s bankruptcy estate as part of an insolvency proceeding, it
is possible that we would still be delayed or may otherwise experience difficulty in accessing our bitcoin held by the affected custodian
during the pendency of the insolvency proceedings. Any such outcome could have a material adverse effect on our financial condition and
the market price of our common stock. There can be no assurance that our property interest in the Crypto held by our custodians will
not be subject to the claims of the custodian&rsquo;s creditors in the event the custodian enters bankruptcy, receivership or similar
insolvency proceedings. Additionally, the Crypto we hold with our custodians and transact with our trade execution partners is not guaranteed
by Anchorage Digital Bank National Association and does not enjoy the same protections as are available to cash or securities deposited
with or transacted by institutions subject to regulation by the Federal Deposit Insurance Corporation or the Securities Investor Protection
Corporation.&nbsp; </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> <B><I>The broader digital
assets industry is subject to counterparty risks, which could adversely impact the adoption rate, price, and use of Crypto.&nbsp;</I></B> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> A series of recent high-profile
bankruptcies, closures, liquidations, regulatory enforcement actions and other events relating to companies operating in the digital
asset industry, including the filings for bankruptcy&nbsp;protection by Three Arrows Capital, Celsius Network, Voyager Digital, FTX Trading
and Genesis Global Capital, the closure or liquidation of certain financial institutions that provided lending and other services to
the digital assets industry, including Signature Bank and Silvergate Bank, SEC enforcement actions against Coinbase,&nbsp;Inc. and Binance
Holdings Ltd., the placement of Prime Trust, LLC into receivership following a cease-and-desist order issued by Nevada&rsquo;s Department
of Business and Industry, and the filing and subsequent settlement of a civil fraud lawsuit by the New York Attorney General against
Genesis Global Capital, its parent company Digital Currency Group,&nbsp;Inc., and former partner Gemini Trust Company, have highlighted
the counterparty risks applicable to owning and transacting in digital assets. Although these bankruptcies, closures, liquidations and
other events have not resulted in any loss or misappropriation of our bitcoin, nor have such events adversely impacted our access to
our Crypto, they have, in the short-term, likely negatively impacted the adoption rate and use of Crypto. Additional bankruptcies, closures,
liquidations, regulatory enforcement actions or other events involving participants in the digital assets industry in the future may
further negatively impact the adoption rate, price, and use of Crypto, limit the availability to us of financing collateralized by Crypto,
or create or expose additional counterparty risks.&nbsp; </P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> <I>Changes in our ownership
of Crypto could have accounting, regulatory and other impacts.&nbsp;</I>While we currently own Bitcoin or may own other forms of Crypto
directly, we may investigate other potential approaches to owning Crypto, including indirect ownership (for example, through ownership
interests in a fund that owns bitcoin or other forms of Crypto). If we were to own all or a portion of our Crypto in a different manner,
the accounting treatment for our Crypto, our ability to use our Crypto as collateral for additional borrowings, and the regulatory requirements
to which we are subject, may correspondingly change. For example, the volatile nature of Crypto may force us to liquidate our holdings
to use it as collateral, which could be negatively effected by any disruptions in the Crypto market, and if liquidated, the value of
the collateral would not reflect potential gains in market value of Crypto, all of which could negatively affect our business and implementation
of our Crypto strategy. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> <I>Changes in the accounting
treatment of our Crypto holdings could have significant accounting impacts, including increasing the volatility of our results.&nbsp;</I>In
December&nbsp;2023, the FASB issued ASU 2023-08, which we intend on adopting, and which requires us to measure in-scope crypto assets
(including our Crypto holdings) at fair value in our statement of financial position, and to recognize gains and losses from changes
in the fair value of our bitcoin in net income each reporting period. ASU 2023-08 requires us to provide certain interim and annual disclosures
with respect to our bitcoin holdings. Due in particular to the volatility in the price of bitcoin, we expect the adoption of ASU 2023-08
to have a material impact on our financial results in future periods, increase the volatility of our financial results, and affect the
carrying value of our bitcoin on our balance sheet, and could have adverse tax consequences, which in turn could have a material adverse
effect on our financial results and the market price of our common stock. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> The broader digital assets
industry, including the technology associated with digital assets, the rate of adoption and development of, and use cases for, digital
assets, market perception of digital assets, and the legal, regulatory, and accounting treatment of digital assets are constantly developing
and changing, and there may be additional risks in the future that are not possible to predict. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> <B><I>We may use our cash
and cash equivalents to purchase cryptocurrencies, the price of which has been, and will likely continue to be, highly volatile.</I></B> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> Bitcoin, Ethereum, Solana
and other Crypto are highly volatile assets, and fluctuations in the price of such Crypto are likely to influence our financial results
and the market price of our common stock. Our financial results and the market price of our common stock would be adversely affected,
and our business and financial condition would be negatively impacted, if the price of bitcoin decreased substantially, including as
a result of: </P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"> &#9679; </TD><TD STYLE="text-align: justify"> decreased
                                            user and investor confidence in Crypto, including due to the various factors described herein; </TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"> &#9679; </TD><TD STYLE="text-align: justify"> investment
                                            and trading activities such as (i) trading activities of highly active retail and institutional
                                            users, speculators, miners and investors, or of the U.S. or state governments, (ii) actual
                                            or expected significant dispositions of Crypto by large holders, and (iii) actual or perceived
                                            manipulation of the spot or derivative markets for Crypto or spot Crypto ETPs; </TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"> &#9679; </TD><TD STYLE="text-align: justify"> negative
                                            publicity, media or social media coverage, or sentiment due to events in or relating to,
                                            or perception of, bitcoin or the broader digital assets industry, for example, (i) public
                                            perception that Crypto can be used as a vehicle to circumvent sanctions, including sanctions
                                            imposed on Russia or certain regions related to the ongoing conflict between Russia and Ukraine,
                                            or to fund criminal or terrorist activities, such as the purported use of digital assets
                                            by Hamas to fund its terrorist attack against Israel in October 2023; (ii) expected or pending
                                            civil, criminal, regulatory enforcement or other high profile actions against major participants
                                            in the Crypto ecosystem, including the SEC&rsquo;s enforcement actions against Coinbase,
                                            Inc. and Binance Holdings Ltd.; (iii) additional filings for bankruptcy protection or bankruptcy
                                            proceedings of major digital asset industry participants, such as the bankruptcy proceeding
                                            of FTX Trading and its affiliates; and (iv) the actual or perceived environmental impact
                                            of Crypto and related activities, including environmental concerns raised by private individuals,
                                            governmental and non-governmental organizations, and other actors related to the energy resources
                                            consumed in the bitcoin mining process; </TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"> &#9679; </TD><TD STYLE="text-align: justify"> changes
                                            in consumer preferences and the perceived value or prospects of Crypto; </TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"> &#9679; </TD><TD STYLE="text-align: justify"> competition
                                            from other digital assets that exhibit better speed, security, scalability, or energy efficiency,
                                            that feature other more favored characteristics, that are backed or held in large amounts
                                            by governments, including the U.S. government, or reserves of fiat currencies, or that represent
                                            ownership or security interests in physical assets; </TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"> &#9679; </TD><TD STYLE="text-align: justify"> a
                                            decrease in the price of other digital assets, including stablecoins, or the crash or unavailability
                                            of stablecoins that are used as a medium of exchange for bitcoin purchase and sale transactions,
                                            such as the crash of the stablecoin Terra USD in 2022, to the extent the decrease in the
                                            price of such other digital assets or the unavailability of such stablecoins may cause a
                                            decrease in the price of Crypto or adversely affect investor confidence in digital assets
                                            generally; </TD></TR></TABLE>

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

<P STYLE="margin-top: 0; margin-bottom: 0"> </P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"> &#9679; </TD><TD STYLE="text-align: justify"> the
                                            identification of Satoshi Nakamoto, the pseudonymous person or persons who developed bitcoin,
                                            or the transfer of substantial amounts of bitcoin from bitcoin wallets attributed to Mr.
                                            Nakamoto or other &ldquo;whales&rdquo; that hold significant amounts of bitcoin; </TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"> &#9679; </TD><TD STYLE="text-align: justify"> disruptions,
                                            failures, unavailability, or interruptions in service of trading venues for bitcoin, such
                                            as, for example, the announcement by the digital asset exchange FTX Trading that it would
                                            freeze withdrawals and transfers from its accounts and subsequent filing for bankruptcy protection
                                            and the recent SEC enforcement action brought against Binance Holdings Ltd., which initially
                                            sought to freeze all of its assets during the pendency of the enforcement action; </TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"> &#9679; </TD><TD STYLE="text-align: justify"> the
                                            filing for bankruptcy protection by, liquidation of, or market concerns about the financial
                                            viability of digital asset custodians, trading venues, lending platforms, investment funds,
                                            or other digital asset industry participants, such as the filing for bankruptcy protection
                                            by digital asset trading venues FTX Trading and BlockFi and digital asset lending platforms
                                            Celsius Network and Voyager Digital Holdings in 2022, the ordered liquidation of the digital
                                            asset investment fund Three Arrows Capital in 2022, the announced liquidation of Silvergate
                                            Bank in 2023, the government-mandated closure and sale of Signature Bank in 2023, the placement
                                            of Prime Trust, LLC into receivership following a cease-and-desist order issued by the Nevada
                                            Department of Business and Industry in 2023, and the exit of Binance Holdings Ltd. from the
                                            U.S. market as part of its settlement with the Department of Justice and other federal regulatory
                                            agencies; </TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"> &#9679; </TD><TD STYLE="text-align: justify"> regulatory,
                                            legislative, enforcement and judicial actions that adversely affect the price, ownership,
                                            transferability, trading volumes, legality or public perception of bitcoin, or that adversely
                                            affect the operations of or otherwise prevent digital asset custodians, trading venues, lending
                                            platforms or other digital assets industry participants from operating in a manner that allows
                                            them to continue to deliver services to the digital assets industry; </TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"> &#9679; </TD><TD STYLE="text-align: justify"> further
                                            reductions in mining rewards of bitcoin, including block reward halving events, which are
                                            events that occur after a specific period of time that reduce the block reward earned by
                                            &ldquo;miners&rdquo; who validate bitcoin transactions, or increases in the costs associated
                                            with bitcoin mining, including increases in electricity costs and hardware and software used
                                            in mining, that may cause a decline in support for the bitcoin network; </TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"> &#9679; </TD><TD STYLE="text-align: justify"> transaction
                                            congestion and fees associated with processing transactions on the Bitcoin, Ethereum, Solana
                                            or other networks; </TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"> &#9679; </TD><TD STYLE="text-align: justify"> macroeconomic
                                            changes, such as changes in the level of interest rates and inflation, fiscal and monetary
                                            policies of governments, trade restrictions, and fiat currency devaluations; </TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"> &#9679; </TD><TD STYLE="text-align: justify"> developments
                                            in mathematics or technology, including in digital computing, algebraic geometry and quantum
                                            computing, that could result in the cryptography used by the bitcoin blockchain becoming
                                            insecure or ineffective; and </TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"> &#9679; </TD><TD STYLE="text-align: justify"> changes
                                            in national and international economic and political conditions, including, without limitation,
                                            the adverse impact attributable to the economic and political instability caused by the current
                                            conflict between Russia and Ukraine and the economic sanctions adopted in response to the
                                            conflict, and the potential broadening of the Israel-Hamas war to other countries in the
                                            Middle East, as well as expectations regarding changes to the regulatory environment, including
                                            for the U.S. digital asset industry. </TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> <B><I>Bitcoin, Ethereum,
Solana and other digital assets are novel assets, and are subject to significant legal, commercial, regulatory and technical uncertainty.</I></B> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> Bitcoin, Ethereum, Solana
and other digital assets are relatively novel and are subject to significant uncertainty, which could adversely impact their price. The
application of state and federal securities laws and other laws and regulations to digital assets is unclear in certain respects, and
it is possible that regulators in the United States or foreign countries may interpret or apply existing laws and regulations in a manner
that adversely affects the price of bitcoin. </P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> The U.S. federal government,
states, regulatory agencies, and foreign countries may also enact new laws and regulations, or pursue regulatory, legislative, enforcement
or judicial actions, that could materially impact the price of bitcoin or the ability of individuals or institutions such as us to own
or transfer bitcoin. For example, the U.S. executive branch and SEC, among others in the United States and abroad, have been active in
recent years, and laws including the European Union&rsquo;s Markets in Crypto Assets Regulation and the U.K.&rsquo;s Financial Services
and Markets Act 2023 became law. It is not possible to predict whether, or when, any of these developments will lead to Congress granting
additional authorities to the SEC or other regulators, or whether, or when, any other federal, state or foreign legislative bodies will
take any similar actions. It is also not possible to predict the nature of any such additional authorities, how additional legislation
or regulatory oversight might impact the ability of digital asset markets to function or the willingness of financial and other institutions
to continue to provide services to the digital assets industry, nor how any new regulations or changes to existing regulations might
impact the value of digital assets generally and bitcoin specifically. The consequences of increased or different regulation of digital
assets and digital asset activities could adversely affect the market price of bitcoin and in turn adversely affect the market price
of our common stock. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> Moreover, the risks of
engaging in a Crypto Assets Treasury Strategy are relatively novel and have created, and could continue to create, complications due
to the lack of experience that third parties have with companies engaging in such a strategy, such as increased costs of director and
officer liability insurance or the potential inability to obtain such coverage on acceptable terms in the future.&nbsp; </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> The growth of the digital
assets industry in general, and the use and acceptance of Bitcoin in particular, may also impact the price of Crypto and is subject to
a high degree of uncertainty. The pace of worldwide growth in the adoption and use of Crypto may depend, for instance, on public familiarity
with digital assets, ease of buying, accessing or gaining exposure to Crypto, institutional demand for bitcoin as an investment asset,
the participation of traditional financial institutions in the digital assets industry, consumer demand for Crypto as a means of payment,
and the availability and popularity of alternatives to Bitcoin, Ethereum and Solana. Even if growth in Crypto adoption occurs in the
near or medium-term, there is no assurance that Crypto usage will continue to grow over the long-term. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> Because Crypto has no
physical existence beyond the record of transactions on the appliable blockchain, a variety of technical factors related to the applicable
blockchain could also impact the price of such Crypto. For example, malicious attacks by miners, inadequate mining fees to incentivize
validating of bitcoin transactions, hard &ldquo;forks&rdquo; of the applicable Crypto blockchain into multiple blockchains, and advances
in digital computing, algebraic geometry, and quantum computing could undercut the integrity of such blockchain and negatively affect
the price of such Crypto. The liquidity of Crypto may also be reduced and damage to the public perception of Crypto may occur, if financial
institutions were to deny or limit banking services to businesses that hold Crypto, provide Crypto -related services or accept Crypto
as payment, which could also decrease the price of Crypto. Similarly, the open-source nature of the Bitcoin, Ethereum and Solana blockchains
means the contributors and developers of such blockchains are generally not directly compensated for their contributions in maintaining
and developing the blockchains, and any failure to properly monitor and upgrade such blockchains could adversely affect such blockchains
and negatively affect the price of such Crypto. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> Recent actions by U.S.
banking regulators have reduced the ability of Crypto-related services providers to gain access to banking services and liquidity of
Crypto may also be impacted to the extent that changes in applicable laws and regulatory requirements negatively impact the ability of
exchanges and trading venues to provide services for bitcoin and other digital assets. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> In addition, while the
current administration has expressed support regarding the development and use of digital assets as the industry has anticipated, the
specific regulatory frameworks are still to be developed. Expectations around U.S. digital asset policy, including potential sentiments
that the U.S. government is not moving quickly enough or not meeting policy expectations, may adversely affect the price of Crypto. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> <B><I>Our historical financial
statements do not reflect the potential variability in earnings that we may experience in the future relating to our bitcoin holdings.</I></B> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> Our historical financial
statements do not reflect the potential variability in earnings that we may experience in the future from holding or selling significant
amounts of Crypto. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> The price of bitcoin and
other forms of Crypto has historically been subject to dramatic price fluctuations and is highly volatile. We determine the fair value
of our bitcoin based on quoted (unadjusted) prices on the Coinbase exchange, and upon our adoption of ASU 2023-08, we would be required
to measure our bitcoin holdings at fair value in our statement of financial position, and to recognize gains and losses from changes
in the fair value of our bitcoin in net income each reporting period, which may create significant volatility in our reported earnings
and decrease the carrying value of our digital assets, which in turn could have a material adverse effect on the market price of our
common stock. Conversely, any sale of Crypto at prices above our carrying value for such assets creates a gain for financial reporting
purposes even if we would otherwise incur an economic or tax loss with respect to such transaction, which also may result in significant
volatility in our reported earnings. </P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> Due in particular to the
volatility in the price of Crypto, we expect our early adoption of ASU 2023-08 to increase the volatility of our financial results and
it could significantly affect the carrying value of our bitcoin or other forms of Crypto on our balance sheet. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> Because we intend to increase
our overall holdings of bitcoin and/or purchase additional Crypto in future periods, we expect that the proportion of our total assets
represented by our Crypto holdings will increase in the future. As a result, for all future periods, volatility in our earnings may be
significantly more than what we experienced in prior periods. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> <B><I>Our crypto assets treasury strategy subjects
us to enhanced regulatory oversight.</I></B> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> As noted elsewhere in
these Risk Factors, several spot bitcoin ETPs have received approval from the SEC to list their shares on a U.S. national securities
exchange with continuous share creation and redemption at NAV. Even though we are not, and do not function in the manner of, a spot bitcoin
ETP, it is possible that we nevertheless could face regulatory scrutiny from the SEC or other federal or state agencies due to our bitcoin
holdings. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> In addition, there has
been increasing focus on the extent to which digital assets can be used to launder the proceeds of illegal activities, fund criminal
or terrorist activities, or circumvent sanctions regimes, including those sanctions imposed in response to the ongoing conflict between
Russia and Ukraine. While we have implemented and maintain policies and procedures reasonably designed to promote compliance with applicable
anti-money laundering and sanctions laws and regulations and take care to only acquire our Crypto through entities subject to anti-money
laundering regulation and related compliance rules&nbsp;in the United States, if we are found to have purchased any of our Crypto from
bad actors that have used Crypto to launder money or persons subject to sanctions, we may be subject to regulatory proceedings and any
further transactions or dealings in Crypto by us may be restricted or prohibited. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> We may consider issuing
debt or other financial instruments that may be collateralized by our Crypto holdings. We may also consider pursuing strategies to create
income streams or otherwise generate funds using our Crypto holdings. These types of bitcoin-related transactions are the subject of
enhanced regulatory oversight. These and any other bitcoin-related transactions we may enter into, beyond simply acquiring and holding
Crypto, may subject us to additional regulatory compliance requirements and scrutiny, including under federal and state money services
regulations, money transmitter licensing requirements and various commodity and securities laws and regulations. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> Additional laws, guidance
and policies may be issued by domestic and foreign regulators following the filing for Chapter 11 bankruptcy protection by FTX Trading,
one of the world&rsquo;s largest cryptocurrency exchanges, in November&nbsp;2022. U.S. and foreign regulators have also increased enforcement
activity thereafter, and regulatory requirements continue to evolve in response to FTX Trading&rsquo;s collapse as well as changes in
government policies regarding cryptocurrencies. Changes in the regulatory environment, including changing interpretations and the implementation
of new or varying regulatory requirements by the government or any new legislation affecting Crypto, as well as enforcement actions involving
or impacting our trading venues, counterparties and custodians, may impose significant costs or significantly limit our ability to hold
and transact in Crypto. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> In addition, private actors
that are wary of Crypto or the regulatory concerns associated with Crypto may in the future take further actions that may have an adverse
effect on our business or the market price of our common stock. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> <B><I>Due to the currently
unregulated nature and lack of transparency surrounding the operations of many Crypto trading venues, Crypto trading venues may experience
greater fraud, security failures or regulatory or operational problems than trading venues for more established asset classes, which
may result in a loss of confidence in Crypto trading venues and adversely affect the value of our Crypto.</I></B> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> Crypto trading venues
are relatively new and, in many cases, currently unregulated. Even if regulated, such venues may not be complying with such regulations.
Furthermore, there are many Crypto trading venues that do not provide the public with significant information regarding their ownership
structure, management teams, corporate practices and regulatory compliance. As a result, the marketplace may lose confidence in Crypto
trading venues, including prominent exchanges that handle a significant volume of Crypto trading and/or are subject to regulatory oversight,
in the event one or more Crypto trading venues cease or pause for a prolonged period the trading of bitcoin or other digital assets,
or experience fraud, significant volumes of withdrawal, security failures or operational problems. </P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> In 2019 there were reports
claiming that 80-95% of bitcoin trading volume on trading venues was false or non-economic in nature, with specific focus on currently
unregulated exchanges located outside of the United States. The SEC also alleged as part of its June&nbsp;2023, complaint that Binance
Holdings Ltd. committed strategic and targeted &ldquo;wash trading&rdquo; through its affiliates to artificially inflate the volume of
certain digital assets traded on its exchange. Such reports and allegations may indicate that the bitcoin market is significantly smaller
than expected and that the United States makes up a significantly larger percentage of the bitcoin market than is commonly understood.
Any actual or perceived false trading in the bitcoin or other Crypto markets, and any other fraudulent or manipulative acts and practices,
could adversely affect the value of our Crypto. Negative perception, a lack of stability in the broader Crypto markets and the closure,
temporary shutdown or operational disruption of Crypto trading venues, lending institutions, institutional investors, institutional miners,
custodians, or other major participants in the Crypto ecosystem, due to fraud, business failure, cybersecurity events, government-mandated
regulation, bankruptcy, or for any other reason, may result in a decline in confidence in bitcoin and the broader digital assets ecosystem
and greater volatility in the price of Crypto. For example, in 2022, each of Celsius Network, Voyager Digital, Three Arrows Capital,
FTX Trading, and BlockFi filed for&nbsp;bankruptcy, following which the market prices of bitcoin and other digital assets significantly
declined. In addition, in June&nbsp;2023, the SEC announced enforcement actions against Coinbase,&nbsp;Inc., and Binance Holdings Ltd.,
two providers of large trading venues for digital assets, which similarly was followed by a decrease in the market price of bitcoin and
other digital assets. These were followed in November&nbsp;2023, by an SEC enforcement action against Kraken, another large trading venue
for digital assets. As the price of our common stock is affected by the value of our bitcoin and/or Crypto holdings, the failure of a
major participant in the Crypto ecosystem could have a material adverse effect on the market price of our common stock. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> <B><I>The concentration
of our bitcoin holdings enhances the risks inherent in our Crypto Assets Treasury Strategy.</I></B> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> As of the date of this
prospectus, we held an aggregate 16.6636 bitcoins, which we acquired for $2 million, inclusive of fees and expenses, and we intend to
increase our overall holdings of bitcoin and/or purchase additional Crypto in the future. The concentration of our bitcoin holdings limits
the risk mitigation that we could take advantage of by purchasing a more diversified portfolio of treasury assets, and the absence of
diversification enhances the risks inherent in our bitcoin acquisition strategy. Any future significant declines in the price of bitcoin
would have a more pronounced impact on our financial condition than if we used our cash to purchase a more diverse portfolio of assets. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> <B><I>The emergence or
growth of other digital assets, including those with significant private or public sector backing, could have a negative impact on the
price of bitcoin and adversely affect our financial condition and results of operations.</I></B> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> As a result of our Crypto
Assets Treasury Strategy, the majority of our cash is now concentrated in our bitcoin holdings. Accordingly, the emergence or growth
of digital assets other than bitcoin may have a material adverse effect on our financial condition. While bitcoin is the largest digital
asset by market capitalization as of the date of this prospectus, there are numerous alternative digital assets and many entities, including
the U.S. government, consortiums and financial institutions, are researching and investing resources into private or permissioned blockchain
platforms or digital assets that do not use proof-of-work mining like the bitcoin network. For example, in late 2022, the Ethereum network
transitioned to a &ldquo;proof-of-stake&rdquo; mechanism for validating transactions that requires significantly less computing power
than proof-of-work mining. The Ethereum network has completed another major upgrade since then and may undertake additional upgrades
in the future. If the mechanisms for validating transactions in Ethereum and other alternative digital assets are perceived as superior
to proof-of-work mining, those digital assets could gain market share relative to bitcoin. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> Other alternative digital
assets that compete with bitcoin in certain ways include &ldquo;stablecoins,&rdquo; which are designed to maintain a constant price because
of, for instance, their issuers&rsquo; promise to hold high-quality liquid assets (such as U.S. dollar deposits and short-term U.S. treasury
securities) equal to the total value of stablecoins in circulation. Stablecoins have grown rapidly as an alternative to bitcoin and other
digital assets as a medium of exchange and store of value, particularly on digital asset trading platforms. As of the date of this prospectus,
two of the ten largest digital assets by market capitalization are U.S. dollar-backed stablecoins. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> Additionally, central
banks in some countries have started to introduce digital forms of legal tender. For example, China&rsquo;s CBDC project was made available
to consumers in January&nbsp;2022, and governments including the European Union and Israel have been discussing the potential creation
of new CBDCs. Whether or not they incorporate blockchain or similar technology, CBDCs, as legal tender in the issuing jurisdiction, could
also compete with, or replace, bitcoin and other digital assets as a medium of exchange or store of value. As a result, the emergence
or growth of these or other digital assets could cause the market price of bitcoin to decrease, which could have a material adverse effect
on our financial condition, and operating results. </P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> <B><I>Our Crypto holdings are less liquid than
our existing cash and cash equivalents and may not be able to serve as a source of liquidity for us to the same extent as cash and cash
equivalents.</I></B> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> Historically, the Crypto
markets have been characterized by significant volatility in price, limited liquidity and trading volumes compared to sovereign currencies
markets, relative anonymity, a developing regulatory landscape, potential susceptibility to market abuse and manipulation, compliance
and internal control failures at exchanges, and&nbsp;various other risks inherent in its entirely electronic, virtual form and decentralized
network. During times of market instability, we may not be able to sell our bitcoin or Crypto at favorable prices or at all. For example,
a number of bitcoin trading venues temporarily halted deposits and withdrawals in 2022. As a result, our bitcoin or other Crypto holdings
may not be able to serve as a source of liquidity for us to the same extent as cash and cash equivalents. Further, Crypto we hold with
our custodians and transact with our trade execution partners does not enjoy the same protections as are available to cash or securities
deposited with or transacted by institutions subject to regulation by the Federal Deposit Insurance Corporation or the Securities Investor
Protection Corporation. Additionally, we may be unable to enter into term loans or other capital raising transactions collateralized
by our Crypto or otherwise generate funds using our Crypto holdings, including in particular during times of market instability or when
the price of Crypto has declined significantly. If we are unable to sell our Crypto, enter into additional capital raising transactions
using Crypto as collateral, or otherwise generate funds using our Crypto holdings, or if we are forced to sell our Crypto at a significant
loss, in order to meet our working capital requirements, our business and financial condition could be negatively impacted. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> <B><I>If we or our third-party
service providers experience a security breach or cyberattack and unauthorized parties obtain access to our bitcoin or other forms of
Crypto, or if our private keys are lost or destroyed, or other similar circumstances or events occur, we may lose some or all of our
bitcoin or other Crypto and our financial condition and results of operations could be materially adversely affected.</I></B> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> All of the bitcoin we
own is held in custody accounts at Anchorage Digital, regulated by the Office of the Comptroller of the Currency. Security breaches and
cyberattacks are of particular concern with respect to our bitcoin and other forms of Crypto we intend on holding in the future. Bitcoin
and other blockchain-based cryptocurrencies and the entities that provide services to participants in the bitcoin ecosystem have been,
and may in the future be, subject to security breaches, cyberattacks, or other malicious activities. For example, in October&nbsp;2021
it was reported that hackers exploited a flaw in the account recovery process and stole from the accounts of at least 6,000 customers
of the Coinbase exchange, although the flaw was subsequently fixed and Coinbase reimbursed affected customers. Similarly, in November&nbsp;2022,
hackers exploited weaknesses in the security architecture of the FTX Trading digital asset exchange and reportedly stole over $400 million
in digital assets from customers. A successful security breach or cyberattack could result in: </P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"> &#9679; </TD><TD STYLE="text-align: justify"> a
                                            partial or total loss of our bitcoin or Crypto in a manner that may not be covered by insurance
                                            or the liability provisions of the custody agreements with the custodians who hold our bitcoin
                                            or Crypto; </TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"> &#9679; </TD><TD STYLE="text-align: justify"> harm
                                            to our reputation and brand; </TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"> &#9679; </TD><TD STYLE="text-align: justify"> improper
                                            disclosure of data and violations of applicable data privacy and other laws; or </TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"> &#9679; </TD><TD STYLE="text-align: justify"> significant
                                            regulatory scrutiny, investigations, fines, penalties, and other legal, regulatory, contractual
                                            and financial exposure. </TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> Further, any actual or
perceived data security breach or cybersecurity attack directed at other companies with digital assets or companies that operate digital
asset networks, regardless of whether we are directly impacted, could lead to a general loss of confidence in the broader bitcoin blockchain
ecosystem or in the use of the Crypto network to conduct financial transactions, which could negatively impact us. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> Attacks upon systems across
a variety of industries, including industries related to Crypto, are increasing in frequency, persistence, and sophistication, and, in
many cases, are being conducted by sophisticated, well-funded and organized groups and individuals, including state actors. The techniques
used to obtain unauthorized, improper or illegal access to systems and information (including personal data and digital assets), disable
or degrade services, or sabotage systems are constantly evolving, may be difficult to detect quickly, and often are not recognized or
detected until after they have been launched against a target. These attacks may occur on our systems or those of our third-party service
providers or partners. We may experience breaches of our security measures due to human error, malfeasance, insider threats, system errors
or vulnerabilities or other irregularities. In particular, we expect that unauthorized parties will attempt to gain access to our systems
and facilities, as well as those of our partners and third-party service providers, through various means, such as hacking, social engineering,
phishing and fraud. Threats can come from a variety of sources, including criminal hackers, hacktivists, state-sponsored intrusions,
industrial espionage, and insiders. In addition, certain types of attacks could harm us even if our systems are left undisturbed. For
example, certain threats are designed to remain dormant or undetectable, sometimes for extended periods of time, or until launched against
a target&nbsp;and we may not be able to implement adequate preventative measures. Further, there has been an increase in such activities
due to the increase in work-from-home arrangements. The risk of cyberattacks could also be increased by cyberwarfare in connection with
the ongoing Russia-Ukraine and Israel-Hamas conflicts, or other future conflicts, including potential proliferation of malware into systems
unrelated to such conflicts. Any future breach of our operations or those of others in the bitcoin industry, including third-party services
on which we rely, could materially and adversely affect our financial condition and results of operations. </P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> <B><I>We face risks relating
to the custody of our bitcoin and other forms of Crypto, including the loss or destruction of private keys required to access our Crypto
and cyberattacks or other data loss relating to our Crypto holdings.</I></B> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> We currently hold our
bitcoin with Anchorage Digital, a regulated custodian that has a duty to safeguard our private keys, which may include holdings of other
forms of Crypto in the future. Our keys are generated and processed on hardware security modules (HSMs), strengthened with custom logic.
Transactions are only processed upon joint approval by our Company and Anchorage Digital. There is no manual access to keys, as asset
keys are generated and managed inside our HSMs for their entire lifetimes and never leave the HSM unencrypted. Our custodial services
contracts do not restrict our ability to reallocate our bitcoin among our custodians, and our bitcoin holdings may be concentrated with
a single custodian from time to time. In light of the significant amount of bitcoin we hold and other forms of Crypto when we anticipate
holding, we continually seek to engage additional custodians to achieve a greater degree of diversification in the custody of our Crypto
as the extent of potential risk of loss is dependent, in part, on the degree of diversification. If there is a decrease in the availability
of digital asset custodians that we believe can safely custody our Crypto, for example, due to regulatory developments or enforcement
actions that cause custodians to discontinue or limit their services in the United States, we may need to enter into agreements that
are less favorable than our current agreements or take other measures to custody our bitcoin or other forms of Crypto, and our ability
to seek a greater degree of diversification in the use of custodial services would be materially adversely affected. In addition, holding
our bitcoin or other forms of Crypto with regulated custodians could affect the availability of receiving digital assets that may result
from &ldquo;forks&rdquo; of the bitcoin blockchain if our custodians are unable to support or otherwise provide us with such digital
assets, thereby reducing the amount of digital assets we may hold as a result. While our custodians carry insurance policies to cover
losses for commercial crimes, cyber and cold storage, the policy limits vary per provider and would be shared among all of their customers,
and subject to various limitations and exclusions (such as if a loss arises due to our failure to protect our login credentials and devices).
The insurance that covers losses of our Crypto holdings may cover only a small fraction of the value of the entirety of our Crypto holdings,
and there can be no guarantee that such insurance will be maintained as part of the custodial services we have or that such coverage
will cover losses with respect to our Crypto. Moreover, our use of custodians exposes us to the risk that the bitcoin our custodians
hold on our behalf could be subject to insolvency proceedings and we could be treated as a general unsecured creditor of the custodian,
inhibiting our ability to exercise ownership rights with respect to such bitcoin. Any loss associated with such insolvency proceedings
is unlikely to be covered by any insurance coverage we maintain related to our Crypto. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> Bitcoin and other forms
of Crypto is controllable only by the possessor of both the unique public key and private key(s)&nbsp;relating to the local or online
digital wallet in which the Crypto is held. While the Crypto blockchain ledger requires a public key relating to a digital wallet to
be published when used in a transaction, private keys must be safeguarded and kept private in order to prevent a third party from accessing
the bitcoin held in such wallet. To the extent the private key(s)&nbsp;for a digital wallet are lost, destroyed, or otherwise compromised
and no backup of the private key(s)&nbsp;is accessible, neither we nor our custodians will be able to access the Crypto held in the related
digital wallet. Furthermore, we cannot provide assurance that our digital wallets, nor the digital wallets of our custodians held on
our behalf, will not be compromised as a result of a cyberattack. The Crypto and blockchain ledger, as well as other digital assets and
blockchain technologies, have been, and may in the future be, subject to security breaches, cyberattacks, or other malicious activities. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> <B><I>We may be subject
to regulatory developments related to cryptocurrency assets and crypto cryptocurrency markets, which could adversely affect our business,
financial condition, and results of operations.</I></B> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> As bitcoin, Ethereum,
Solana and other digital assets are relatively novel and the application of state and federal securities laws and other laws and regulations
to digital assets is unclear in certain respects, it is possible that regulators in the United States or foreign countries may interpret
or apply existing laws and regulations in a manner that adversely affects the price of bitcoin. The U.S. federal government, states,
regulatory agencies, and foreign countries may also enact new laws and regulations, or pursue regulatory, legislative, enforcement or
judicial actions, that could materially impact the price of bitcoin or the ability of individuals or institutions such as us to own or
transfer bitcoin. For examples, see &ldquo;Bitcoin, Ethereum, Solana and other digital assets are novel assets, and are subject to significant
legal, commercial, regulatory and technical uncertainty&rdquo; elsewhere in these Risk Factors. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> If bitcoin, Ethereum,
Solana and/or other cryptocurrency are determined to constitute a security for purposes of the federal securities laws, the additional
regulatory restrictions imposed by such a determination could adversely affect the market price of bitcoin, Ethereum, Solana and/or other
cryptocurrency and in turn adversely affect the market price of our common stock. See &ldquo;Regulatory change reclassifying bitcoin
as a security could lead to our classification as an &ldquo;investment company&rdquo; under the 1940 Act, and could adversely affect
the market price of Crypto and the market price of our common stock&rdquo; elsewhere in these Risk Factors. Moreover, the risks of us
engaging in a cryptocurrency assets treasury strategy have created, and could continue to create, complications due to the lack of experience
that third parties have with companies engaging in such a strategy, such as increased costs of director and officer liability insurance
or the potential inability to obtain such coverage on acceptable terms in the future. </P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> <B><I>Our Crypto Assets
Treasury Strategy exposes us to risk of non-performance by counterparties.</I></B> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> Our Crypto Assets Treasury
Strategy exposes us to the risk of non-performance by counterparties, whether contractual or otherwise. Risk of non-performance includes
inability or refusal of a counterparty to perform because of a deterioration in the counterparty&rsquo;s financial condition and liquidity
or for any other reason. For example, our execution partners, custodians, or other counterparties might fail to perform in accordance
with the terms of our agreements with them, which could result in a loss of bitcoin, a loss of the opportunity to generate funds, or
other losses. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> Our primary counterparty
risk with respect to our bitcoin and other forms of Crypto are custodian performance obligations under the various custody arrangements
we have entered into. A series of recent high-profile bankruptcies, closures, liquidations, regulatory enforcement actions and other
events relating to companies operating in the digital asset industry, the closure&nbsp;or liquidation of certain financial institutions
that provided lending and other services to the digital assets industry, SEC enforcement actions against other providers, or placement
into receivership or civil fraud lawsuit against digital asset industry participants have highlighted the perceived and actual counterparty
risk applicable to digital asset ownership and trading. Although these bankruptcies, closures and liquidations have not adversely impacted
our bitcoin or our intent to hold other forms of Crypto (which was only recently acquired), legal precedent created in these bankruptcy
and other proceedings may increase the risk of future rulings adverse to our interests in the event one or more of our custodians becomes
a debtor in a bankruptcy case or is the subject of other liquidation, insolvency or similar proceedings. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> While our custodians are
subject to regulatory regimes intended to protect customers in the event of a custodial bankruptcy, receivership or similar insolvency
proceeding, no assurance can be provided that our custodially-held Crypto will not become part of the custodian&rsquo;s insolvency estate
if one or more of our custodians enters bankruptcy, receivership or similar insolvency proceedings. Additionally, if we pursue any strategies
to create income streams or otherwise generate funds using our Crypto holdings, we would become subject to additional counterparty risks.
Although no such strategies are contemplated at this time, we will need to carefully evaluate market conditions, including price volatility
as well as service provider terms and market reputations and performance, among others, prior to implementing any such strategy, all
of which could effect our ability to successfully implement and execute on any such future strategy. These risks, along with any significant
non-performance by counterparties, including in particular the custodians with which we custody substantially all of our Crypto, could
have a material adverse effect on our business, prospects, financial condition, and operating results. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> <B><I>Our custodially-held
Crypto may become part of the custodian&rsquo;s insolvency estate if one or more of our custodians enters bankruptcy, receivership or
similar insolvency proceedings.</I></B> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> If our custodially-held
Crypto are considered to be the property of our custodians&rsquo; estates in the event that any such custodians were to enter bankruptcy,
receivership or similar insolvency proceedings, we could be treated as a general unsecured creditor of such custodians, inhibiting our
ability to exercise ownership rights with respect to such Crypto and this may ultimately result in the loss of the value related to some
or all of such Crypto. A series of recent high-profile bankruptcies, closures, liquidations, regulatory enforcement actions and other
events relating to companies operating in the digital asset industry, including the filings for bankruptcy protection by Three Arrows
Capital, Celsius Network, Voyager Digital, FTX Trading and Genesis Global Capital, the closure or liquidation of certain financial institutions
that provided lending and other services to the digital assets industry, including Signature Bank and Silvergate Bank, SEC enforcement
actions against Coinbase,&nbsp;Inc. and Binance Holdings Ltd., the placement of Prime Trust, LLC into receivership following a cease-and-desist
order issued by Nevada&rsquo;s Department of Business and Industry, and the filing and subsequent settlement of a civil fraud lawsuit
by the New York Attorney General against Genesis Global Capital, its parent company Digital Currency Group,&nbsp;Inc., and former partner
Gemini Trust Company, have highlighted the counterparty risks applicable to owning and transacting in digital assets. Although these
bankruptcies, closures, liquidations and other events have not resulted in any loss or misappropriation of our Crypto, nor have such
events adversely impacted our access to our Crypto, they have, in the short-term, likely negatively impacted the adoption rate and use
of Crypto. Additional bankruptcies, closures, liquidations, regulatory enforcement actions or other events involving participants in
the digital assets industry in the future may further negatively impact the adoption rate, price, and use of Crypto, limit the availability
to us of financing collateralized by Crypto, or create or expose additional counterparty risks. Any loss associated with such insolvency
proceedings is unlikely to be covered by any insurance coverage we maintain related to our Crypto. Even if we are able to prevent our
Crypto from being considered the property of a custodian&rsquo;s bankruptcy estate as part of an insolvency proceeding, it is possible
that we would still be delayed or may otherwise experience difficulty in accessing our Crypto held by the affected custodian during the
pendency of the insolvency proceedings. Any such outcome could have a material adverse effect on our financial condition and the market
price of our common stock. </P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> <B><I>Holders of our Debentures
and Capchase, our lender, may foreclose on any crypto assets pursuant to the terms of the applicable debt agreements.</I></B> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> In May 2025, we and PodcastOne,
our majority owned subsidiary, entered into the SPA with the Selling Stockholders, pursuant to which we sold to the Selling Stockholders
the Initial Debentures. The Initial Debentures are secured by substantially all of our and our subsidiaries&rsquo; assets, including
any cryptocurrency purchased by us pursuant to our Crypto Assets Treasury Strategy. In addition, in August 2023, we entered into a loan
agreement with Capchase pursuant to which we borrowed $1.7 million to further develop and acquire certain podcasts acquired by PodcastOne
and for general working capital. Such Capchase loan is subordinated to the Initial Debentures and is also secured by substantially all
of our assets, including any cryptocurrency purchased by us pursuant to our Crypto Assets Treasury Strategy. If we do not comply with
the provisions of the Initial Debentures and/or Capchase loan debt agreements,&nbsp;the holders of the Debentures&nbsp;and/or Capchase
may terminate their obligations to us, accelerate our&nbsp;debt and/or require us to repay all outstanding amounts owed thereunder, and
will each have the right to foreclose on any crypto assets held by us, including with our custodians and/or Arca. Additionally, any credit
and security agreement that we may enter into in the future will likely contain similar covenants and will therefore be secured by substantially
all of our and our subsidiaries&rsquo; assets, including any crypto currency purchased by us pursuant to our Crypto Assets Treasury Strategy.
See &ldquo;Item 1A. Risk Factors&rdquo; in our Annual Report on Form 10-K for the fiscal year ended March 31, 2025, and under similar
headings in our subsequently filed Quarterly Reports on Form 10-Q. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> <B><I>A temporary or permanent
blockchain &ldquo;fork&rdquo; to bitcoin or other crypto assets could adversely affect our business.</I></B> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> Blockchain protocols,
including bitcoin, are open source. Any user can download the software, modify it, and then propose that bitcoin or other blockchain
protocols users and miners adopt the modification. When a modification is introduced and a substantial majority of users and miners consent
to the modification, the change is implemented and the bitcoin or other blockchain protocol networks, as applicable, remain uninterrupted.
However, if less than a substantial majority of users and miners consent to the proposed modification, and the modification is not compatible
with the software prior to its modification, the consequence would be what is known as a &ldquo;fork&rdquo;,&nbsp;<I>i.e.</I>, &ldquo;split&rdquo;
of the impacted blockchain protocol network and respective blockchain, with one prong running the pre-modified software and the other
running the modified software. The effect of such a fork would be the existence of two parallel versions of the bitcoin or other blockchain
protocol network, as applicable, running simultaneously, but with each split network&rsquo;s crypto asset lacking interchangeability.
A &ldquo;hard fork&rdquo; &ndash; where there is disagreement among the users about the rules&nbsp;of the network &ndash; can have a
significant negative impact on value of the crypto asset. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> The bitcoin has been subject
to &ldquo;forks&rdquo; that resulted in the creation of new networks, including bitcoin cash ABC, bitcoin cash SV, bitcoin diamond, bitcoin
gold and others. Some of these forks have caused fragmentation among platforms as to the correct naming convention for forked crypto
assets. Due to the lack of a central registry or rulemaking body, no single entity has the ability to dictate the nomenclature of forked
crypto assets, causing disagreements and a lack of uniformity among platforms on the nomenclature of forked crypto assets, and which
results in further confusion to customers as to the nature of assets they hold on platforms, and which can negatively impact the value
of the crypto assets. In addition, several of these forks were contentious and as a result, participants in certain communities may harbor
ill will towards other communities. As a result, certain community members may take actions that adversely impact the use, adoption,
and price of bitcoin, or any of their forked alternatives. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> Furthermore, hard forks
can lead to new security concerns. For instance, when the Ethereum and Ethereum Classic networks split in July&nbsp;2016, replay attacks,
in which transactions from one network were rebroadcast on the other network to achieve &ldquo;double-spending,&rdquo; plagued platforms
that traded Ethereum through at least October&nbsp;2016, resulting in significant losses to some crypto asset platforms. Similar replay
attacks occurred in connection with the bitcoin cash and bitcoin cash SV network split in November&nbsp;2018. Another possible result
of a hard fork is an inherent decrease in the level of security due to the splitting of some mining power across networks, making it
easier for a malicious actor to exceed 50% of the mining power of that network, thereby making crypto assets that rely on proof-of-work
more susceptible to attack, as has occurred with Ethereum Classic. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> We intend to recognize
forked and airdropped assets consistent with our custodians. We may not immediately or ever have the ability to withdraw a forked or
airdropped bitcoin by virtue of bitcoins that we hold with our custodians. Future forks may occur at any time. A fork can lead to a disruption
of networks and our information technology systems, cybersecurity attacks, replay attacks, or security weaknesses, any of which can further
lead to temporary or even permanent loss of our and our assets. </P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> <B><I>We may not be able
to successfully implement our Crypto Assets Treasury Strategy, and our efforts in this area may not achieve the intended results.</I></B> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> We have recently announced
a new strategic initiative to launch our Crypto Assets Treasury Strategy. As part of this strategy, we have purchased our initial bitcoin
holdings as part of our plan to build a robust cryptocurrency treasury as a core pillar of initiative. While we believe this strategic
move may provide substantial future growth and other opportunities to our Company, this initiative is at an early stage and the cryptocurrency
assets treasury strategy is still nascent, unproven and rapidly evolving. There is no assurance that we will be able to successfully
implement our plans or generate meaningful revenues, profits or capital or assets appreciation from this strategy. The success of our
strategy depends on a number of factors, many of which are outside of our control, including the long-term viability of bitcoin and other
digital assets, their adoption, usage and price appreciation, competition from other companies who have adopted a similar strategy, technological
and regulatory developments, ability to acquire meaning cryptocurrency assets and our ability to acquire the necessary technical and
financial expertise. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> We have also engaged Arca
to provide discretionary investment management services for our digital asset treasury account(s) pursuant to an investment management
agreement. Under this arrangement, Arca manages our account in accordance with agreed investment guidelines, which currently involve
a derivatives overlay strategy on a long bitcoin or ether position, seeking to generate in-kind returns through the sale of call options
and other structured option strategies. Arca has full investment discretion within the investment guidelines but does not act as custodian
of our assets. Our digital assets are held by Anchorage Digital, a qualified custodian, which executes transactions as instructed by
Arca and provides account statements directly to us. We pay Arca a management fee and a performance fee as set forth in the investment
management agreement, and these fees are paid directly from our account with the custodian. This arrangement subjects us to a number
of risks, including those related to the volatility of digital assets and derivatives, the performance of Arca&rsquo;s investment strategy,
the concentration of our holdings in bitcoin or ether, the acts, omissions, financial condition, or operational failures of the custodian
or other counterparties, potential liquidity constraints, and operational and cybersecurity risks. In addition, our ability to continue
executing this strategy may be adversely affected if our agreement with Arca or our custodial relationship with Anchorage Digital is
terminated or otherwise disrupted. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Currently we have limited
experience with the cryptocurrency assets treasury strategy, and there can be no assurance that our strategic initiative will be successful
or that we will be able to achieve our strategic objectives in this area in a timely manner or at all. If we are unable to successfully
execute our strategy or if the digital assets market fails to grow as expected, our business, results of operations or financial condition
could be materially and adversely affected.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> <B><I>Bitcoin, Ethereum,
Solana and other digital assets are novel assets, and are subject to significant legal, commercial, regulatory and technical uncertainty.</I></B> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> Bitcoin, Ethereum, Solana
and other digital assets are relatively novel and are subject to significant uncertainty, which could adversely impact their price. The
application of state and federal securities laws and other laws and regulations to digital assets is unclear in certain respects, and
it is possible that regulators in the United States or foreign countries may interpret or apply existing laws and regulations in a manner
that adversely affects the price of bitcoin, Ethereum or Solana. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> The U.S. federal government,
states, regulatory agencies, and foreign countries may also enact new laws and regulations, or pursue regulatory, legislative, enforcement
or judicial actions, that could materially impact the price of bitcoin, Ethereum, Solana or other forms of Crypto or the ability of individuals
or institutions such as us to own or transfer Crypto. For example, the U.S. executive branch, SEC, the European Union&rsquo;s Markets
in Crypto Assets Regulation, among others have been active in recent years, and in the U.K., the Financial Services and Markets Act 2023,
or FSMA 2023 became law. It is not possible to predict whether, or when, any of these developments will lead to Congress granting additional
authorities to the SEC, Commodity Futures Trading Commission (&ldquo;CFTC&rdquo;), or other regulators, or whether, or when, any other
federal, state or foreign legislative bodies will take any similar actions. It is also not possible to predict the nature of any such
additional authorities, how additional legislation or regulatory oversight might impact the ability of digital asset markets to function
or the willingness of financial and other institutions to continue to provide services to the digital assets industry, nor how any new
regulations or changes to existing regulations might impact the value of digital assets generally and bitcoin specifically. The consequences
of increased regulation of digital assets and digital asset activities could adversely affect the market price of bitcoin, Crypto we
intend to own, and in turn adversely affect the market price of our common stock. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Moreover, the risks of engaging
in a crypto reserve treasury strategy are relatively novel and have created, and could continue to create, complications due to the lack
of experience that third parties have with companies engaging in such a strategy, such as increased costs of director and officer liability
insurance or the potential inability to obtain such coverage on acceptable terms in the future.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> The growth of the digital
assets industry in general, and the use and acceptance of bitcoin in particular, may also impact the price of bitcoin, Ethereum, Solana
or other forms of Crypto and is subject to a high degree of uncertainty. The pace of worldwide growth in the adoption and use of bitcoin
may depend, for instance, on public familiarity with digital assets, ease of buying, accessing or gaining exposure to bitcoin, institutional
demand for bitcoin as an investment asset, the participation of traditional financial institutions in the digital assets industry, consumer
demand for bitcoin as a means of payment, and the availability and popularity of alternatives to bitcoin. Even if growth in bitcoin usage
occurs in the near or medium-term, there is no assurance that bitcoin usage will continue to grow over the long-term. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> Because Crypto has no
physical existence beyond the record of transactions on its respective blockchain, a variety of technical factors related to the blockchain
could also impact the price of Crypto. For example, malicious attacks by miners, inadequate mining fees to incentivize validating of
bitcoin transactions, hard &ldquo;forks&rdquo; of the bitcoin blockchain into multiple blockchains, and advances in digital computing,
algebraic geometry, and quantum computing could undercut the integrity of the blockchain and negatively affect the price of Crypto. The
liquidity of Crypto may also be reduced and damage to the public perception of bitcoin may occur, if financial institutions were to deny
or limit banking services to businesses that hold Crypto, provide Crypto-related services or accept Crypto as payment, which could also
decrease the price of Crypto. Similarly, the open-source nature of the blockchain means the contributors and developers of the blockchain
are generally not directly compensated for their contributions in maintaining and developing the blockchain, and any failure to properly
monitor and upgrade the blockchain could adversely affect the blockchain and negatively affect the price of Crypto. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> The liquidity of Crypto
may also be impacted to the extent that changes in applicable laws and regulatory requirements negatively impact the ability of exchanges
and trading venues to provide services for Crypto and other digital assets. </P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> <B><I>Disruptions in the
crypto asset markets, including the bitcoin market, could materially and adversely affect the value of the digital assets we hold or
intend to hold.</I></B> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> The value of our digital
assets, including bitcoin, is subject to significant volatility due to a variety of factors, many of which are beyond our control. The
crypto asset markets have historically experienced, and may in the future experience, extreme price fluctuations, periods of illiquidity,
adverse rulings by market manipulation, security breaches, fraud, business failures, and significant declines in trading volume. Events
such as the failure of major market participants, the collapse of trading venues or custodians, changes in market structure, hacks or
other cybersecurity incidents, loss of confidence among market participants, regulatory investigations, or the imposition of restrictive
legal or regulatory requirements in the United States or other jurisdictions could disrupt the functioning of the markets for bitcoin
and other crypto assets. Any such disruption could reduce liquidity in such digital assets and result in sudden and significant declines
in market value. Because our strategy involves holding bitcoin or other digital assets directly, as well as entering into derivatives
or other transactions linked to their value, any sustained disruption or deterioration in these markets could have a material adverse
effect on the value of our holdings, the price of our common stock, our results of operations, and our financial condition. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> <B><I>Regulatory change
reclassifying bitcoin or other forms of Crypto as a security could lead to our classification as an &ldquo;investment company&rdquo;
under the 1940 Act, and could adversely affect the market price of bitcoin or other forms of Crypto and the market price of our common
stock.</I></B> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Under Sections 3(a)(1)(A)
and (C) of the 1940 Act, a company generally will be deemed to be an &ldquo;investment company&rdquo; for purposes of the 1940 Act if
(1) it is, or holds itself out as being, engaged primarily, or proposes to engage primarily, in the business of investing, reinvesting
or trading in securities or (2) it engages, or proposes to engage, in the business of investing, reinvesting, owning, holding or trading
in securities and it owns or proposes to acquire investment securities having a value exceeding 40% of the value of its total assets (exclusive
of U.S. government securities and cash items) on an unconsolidated basis. We do not believe that we are an &ldquo;investment company,&rdquo;
as such term is defined in the 1940 Act, and are not registered as an &ldquo;investment company&rdquo; under the 1940 Act as of the date
of this prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">While senior SEC officials
have stated their view that bitcoin is not a &ldquo;security&rdquo; for purposes of the federal securities laws, a contrary determination
by the SEC could lead to our classification as an &ldquo;investment company&rdquo; under the 1940 Act, if the portion of our assets consists
of investments in bitcoin exceeds 40% safe harbor limits prescribed in the 1940 Act, which would subject us to significant additional
regulatory controls that could have a material adverse effect on our business and operations and may also require us to change the manner
in which we conduct our business.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We monitor our assets and
income for compliance under the 1940 Act and seek to conduct our business activities in a manner such that we do not fall within its definitions
of &ldquo;investment company&rdquo; or that we qualify under one of the exemptions or exclusions provided by the 1940 Act and corresponding
SEC regulations. If bitcoin is determined to constitute a security for purposes of the federal securities laws, we would take steps to
reduce the percentage of bitcoin that constitute investment assets under the 1940 Act. These steps may include, among others, selling
bitcoin that we might otherwise hold for the long term and deploying our cash in non-investment assets, and we may be forced to sell our
bitcoin at unattractive prices. We may also seek to acquire additional non-investment assets to maintain compliance with the 1940 Act,
and we may need to incur debt, issue additional equity or enter into other financing arrangements that are not otherwise attractive to
our business. Any of these actions could have a material adverse effect on our results of operations and financial condition. Moreover,
we can make no assurance that we would successfully be able to take the necessary steps to avoid being deemed to be an investment company
in accordance with the safe harbor. If we were unsuccessful, and if bitcoin is determined to constitute a security for purposes of the
federal securities laws, then we would have to register as an investment company, and the additional regulatory restrictions imposed by
1940 Act could adversely affect the market price of bitcoin and in turn adversely affect the market price of our common stock.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="j_006"></A><B>USE OF PROCEEDS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We will not receive any proceeds
from the sale of shares of our common stock by the selling stockholders. We will bear all other costs, fees and expenses incurred in effecting
the registration of the shares covered by this prospectus. All selling and other expenses incurred by the selling stockholders will be
borne by the selling stockholders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">See &ldquo;Selling Stockholders&rdquo; and &ldquo;Plan
of Distribution&rdquo; described below.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="j_007"></A><B>BACKGROUND OF THE OFFERING</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">See &ldquo;Selling Stockholders
&#11834; Material Transactions with the Selling Stockholders&rdquo; described below.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="j_008"></A><B>SELLING STOCKHOLDERS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The shares of our common stock
being offered by the Selling Stockholders are issuable upon conversion of the Debentures. For additional information regarding the issuance
of the Debentures, see &ldquo;&#11834; Material Transactions with the Selling Stockholders&rdquo; descried below. We are registering the
shares of our common stock in order to permit the selling stockholders to offer the shares for resale from time to time.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As used in this prospectus,
the term &ldquo;Selling Stockholders&rdquo; includes the selling stockholders listed in the table below, together with any additional
selling stockholders listed in a subsequent amendment or supplement to this prospectus, and their donees, pledgees, assignees, transferees,
distributees or other successors-in-interest that receive any Securities in any non-sale transfer after the date of this prospectus. None
of the Selling Stockholders or any persons having control over such Selling Stockholders has held any position or office with us or our
affiliates within the last three years or has had a material relationship with us or any of our predecessors or affiliates within the
past three years except as described below.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The table below lists the
Selling Stockholders and other information regarding the beneficial ownership (as determined under Section 13(d) of the Exchange Act and
the rules and regulations thereunder) of the shares of our common stock by each of the Selling Stockholders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> The second column lists
the number of shares of our common stock beneficially owned by each Selling Stockholder ownership before this offering&nbsp;(including
shares of our common stock or any other securities of our Company which the Selling Stockholder has the right to acquire within 60 days,
including upon conversion of any convertible securities), based on its ownership of the Securities, as of August 22, 2025, assuming conversion
of the Debentures held by the Selling Stockholders on that date, without regard to any limitations on conversions. Under the terms of
the Debentures, a selling stockholder may not convert the Debentures to the extent (but only to the extent) such Selling Stockholder
(together with certain related parties) would beneficially own in excess of 4.9% of the shares of our common stock outstanding immediately
after giving effect to such conversion, provided, that a selling stockholder may from time to time increase this limit to 9.9%, provided,
further, that any such increase will not be effective until the 61st day after delivery of a notice to us of such increase. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> The third column lists
the shares of our common stock being offered by this prospectus by the Selling Stockholders and does not take in account any limitations
on conversion of the Debentures set forth therein. As a result of such limitations, the shares of common stock offered by this prospectus
may exceed the number of shares of common stock beneficially owned by the Selling Stockholders as of August 22, 2025. In accordance with
the terms of the Purchase Agreement with the Selling Stockholders, this prospectus generally covers the resale of at least (i) 100% of
the number of the shares of our common stock issued and issuable pursuant to the Debentures as of the trading day immediately preceding
the date the registration statement is initially filed with the SEC, and (ii) the Shares. Because the conversion price of the Debentures
may be adjusted (in the event of any stock split, stock dividend, stock combination, recapitalization or other similar transaction),
the number of shares of our common stock that will actually be issued may be more or less than the number of shares being offered by
this prospectus. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The fourth and fifth columns
list the number of shares of common stock beneficially owned by the Selling Stockholders and their percentage ownership after the offering
shares of common stock (including shares which the Selling Stockholder has the right to acquire within 60 days, including upon conversion
of any convertible securities), assuming the sale of all of the shares offered by the Selling Stockholders pursuant to this prospectus.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> <FONT STYLE="font-size: 10pt">The
amounts and information set forth below are based upon information provided to us by the Selling Stockholders as of August 22, 2025,
except as otherwise noted below. The Selling Stockholders may sell all or some of the shares of common stock they are offering, and may
sell, unless indicated otherwise in the footnotes below, shares of our common stock otherwise than pursuant to this prospectus. The tables
below assume the Selling Stockholders sell all of the shares offered by them in offerings pursuant to this prospectus, and not acquire
any additional shares. We are unable to determine the exact number of shares that will actually be sold or when or if these sales will
occur. See &ldquo;<I>Plan of Distribution</I>.&rdquo;</FONT> </P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; border-bottom: Black 1.5pt solid">Name of Selling Stockholder</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Number of <BR>
Shares <BR> Owned <BR> Prior to <BR> Offering(1)</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Maximum <BR> Number&nbsp;of Shares to <BR> be Sold <BR> Pursuant<BR> to this <BR> Prospectus</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Number of <BR>
Shares <BR> Owned After Offering</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Percentage&nbsp;of <BR> Shares <BR> Beneficially <BR> Owned After <BR> Offering</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 52%; text-align: left">JGB Capital LP</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">96,905</TD><TD STYLE="width: 1%; text-align: left">(2)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">96,905</TD><TD STYLE="width: 1%; text-align: left">(2)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">0</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">JGB Partners LP</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,487,222</TD><TD STYLE="text-align: left">(3)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,487,222</TD><TD STYLE="text-align: left">(3)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">JGB Capital Offshore Ltd.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,261,111</TD><TD STYLE="text-align: left">(4)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,261,111</TD><TD STYLE="text-align: left">(4)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">JGB Orpington, LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">132,457</TD><TD STYLE="text-align: left">(5)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">132,457</TD><TD STYLE="text-align: left">(5)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Chicago Atlantic Adams, LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,010,400</TD><TD STYLE="text-align: left">(6)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,010,400</TD><TD STYLE="text-align: left">(6)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  </TABLE>


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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Represents less than 1%.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT> </TD>
    <TD STYLE="text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Beneficial ownership
    includes shares of our common stock as to which a person or group has sole or shared voting power or dispositive power. Subject to
    the blocker described below, shares of our common stock registered hereunder are convertible within 60 days of August 22, 2025, are
    deemed outstanding for purposes of computing the number of shares beneficially owned and percentage ownership of the person holding
    such convertible securities, but are not deemed outstanding for computing the percentage of any other person.</FONT> </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Represents 96,905 shares of our common stock issuable to such Selling
Stockholder upon conversion of the Debentures issued to such Selling Stockholder being registered for resale hereby.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Represents 2,487,222 shares of our common stock issuable to such Selling
Stockholder upon conversion of the Debentures issued to such Selling Stockholder being registered for resale hereby.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Represents 2,261,111 shares of our common stock issuable to such Selling
Stockholder upon conversion of the Debentures issued to such Selling Stockholder being registered for resale hereby.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Represents 132,457 shares of our common stock issuable to such Selling
Stockholder upon conversion of the Debentures issued to such Selling Stockholder being registered for resale hereby.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(6)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Represents 3,010,400 shares of our common stock issuable to such Selling
Stockholder upon conversion of the Debentures issued to such Selling Stockholder being registered for resale hereby.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>Material Transactions with the Selling
Stockholders</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> On May 19, 2025 (the &ldquo;Effective
Date&rdquo;), we, and PodcastOne, our majority owned subsidiary, entered into a Securities Purchase Agreement (the &ldquo;Purchase Agreement&rdquo;)
with the Selling Stockholders pursuant to which (i) we sold to the Selling Stockholders our Original Issue Discount Senior Secured Convertible
Debentures (the &ldquo;Debentures&rdquo;) in an aggregate principal amount of $16,775,000 for an aggregate cash purchase price of $15.25
million, and (ii) if certain conditions are satisfied as set forth in the Purchase Agreement, including at least one of the Conditions
(as defined below), we may sell, at our option to the Selling Stockholders our additional Original Issue Discount Senior Secured Convertible
Debentures in an aggregate principal amount of $11,000,000 on substantially the same terms as the Debentures, in a private placement
transaction. The Debentures are convertible into shares of our common stock, $0.001 par value per share (the &ldquo;common stock&rdquo;),
at the holder&rsquo;s option at a conversion price of $2.10 per share, subject to certain customary adjustments such as stock splits,
stock dividends and stock combinations. We may sell to the Selling Stockholders the Additional Debentures (as defined in the Purchase
Agreement) if within 15 months of the Effective Date either of the following conditions have been satisfied during such 15-month period
(the &ldquo;Conditions&rdquo;): (x) the VWAP (as defined in the Purchase Agreement) of the common stock has been equal to or greater
than $4.20 per share (subject to certain customary adjustments such as stock splits, stock dividends and stock combinations) for 30 consecutive
trading days, or (y) Free Cash Flow (as defined in the Purchase Agreement) has been equal to or greater to $3,000,000 for three consecutive
fiscal quarters, and has increased in each of the foregoing quarters from the immediately preceding fiscal quarter. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Debentures mature on May
19, 2028 and accrue interest at 11.75% per year. Commencing with the calendar month of August 2025 (subject to the following sentence),
the holders of the Debentures will have the right, at their option, to require us to redeem an aggregate of up to $100,000 of the outstanding
principal amount of the Debentures per month. For the month of August 2025, the holders may not submit a redemption notice for such a
redemption prior to August 18, 2025. Commencing from November 18, 2025, May 18, 2026 and May 18, 2027, the holders of the Debentures will
have the right, at their option, to require us to redeem an aggregate of up to $150,000, $250,000 and $300,000, respectively, of the outstanding
principal amount of the Debentures per month. We will be required to promptly, but in any event no more than two trading days after a
holder of the Debentures delivers a redemption notice to us, pay the applicable redemption amount in cash.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Subject to the satisfaction
of certain conditions, including applicable prior notice to the holders of the Debentures, at any time after May 19, 2026, we may elect
to prepay all, but not less than all, of the then outstanding Debentures for a prepayment amount equal to the outstanding principal balance
of then outstanding Debentures plus all accrued and unpaid interest thereon, together with a prepayment premium equal to the following
(the &ldquo;Prepayment Premium&rdquo;): (a) if the Debentures are prepaid after May 19, 2026, but on or prior to May 19, 2027, 5% of the
entire outstanding principal balance of the outstanding Debentures (or the applicable portion thereof required to be prepaid by us); and
(c) if the Debentures are prepaid on or after May 19, 2027, but prior to the maturity date of the Debentures, 4% of the entire outstanding
principal balance of then outstanding Debentures (or the applicable portion thereof required to be prepaid by us). Subject to the satisfaction
of certain conditions, we shall be required to prepay the entire outstanding principal amount of all of then outstanding Debentures in
connection with a Change of Control Transaction (as defined in the Debentures) for a prepayment amount equal to the outstanding principal
balance of then outstanding Debentures, plus all accrued and unpaid interest thereon, plus the applicable Prepayment Premium based on
when such Change of Control Transaction occurs within the period set forth above applicable to such Prepayment Premium; provided, that
(x) if a Change of Control Transaction occurs on or prior to May 19, 2026, plus 10% of the entire outstanding principal balance of then
outstanding Debentures; (y) if the Specified Carve-Out Transaction (as defined in the Debentures) is consummated, we shall be required
to prepay the Debentures, in an aggregate amount equal to the lower of the outstanding principal balance of then outstanding Debentures
and $7,500,000, in each case, plus the applicable Prepayment Premium, and (z) if a Permitted Disposition (as defined in the Debentures)
pursuant to clause (g) of the definition thereof is consummated, we shall be required to prepay the Debentures in an aggregate amount
equal to the lower of the outstanding principal balance of then outstanding Debentures and 50% of the first $1,000,000 of net proceeds
resulting from such Permitted Disposition up to $1,000,000 and 25% of such net proceeds in excess of $1,000,000, in each case, plus the
applicable Prepayment Premium.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our obligations under the
Debentures can be accelerated upon the occurrence of certain customary events of default. In the event of default and acceleration of
our obligations, we would be required to pay the applicable prepayment amount described above.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> Our obligations under
the Debentures have been guaranteed under a Subsidiary Guarantee, dated as of the Closing Date (the &ldquo;Subsidiary Guarantee&rdquo;),
by certain of our wholly owned subsidiaries, including PodcastOne, Slacker, Inc. and LiveXLive, Corp. (collectively, the &ldquo;Guarantors&rdquo;).
Our obligations under the Debentures and the Guarantors&rsquo; obligations under the Subsidiary Guarantee are secured under a Security
Agreement (the &ldquo;Security Agreement&rdquo;) entered into on the Effective Date among our Company, the Guarantors, certain Purchasers
and JGB Collateral, LLC (the &ldquo;Agent&rdquo;) as agent for the Purchasers (the &ldquo;Security Agreement&rdquo;), by a lien on all
of our and the Guarantors&rsquo; assets, subject to certain exceptions. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> On August 5, 2025, we
amended certain defined terms contained in the Debentures to provide that we and/or our subsidiaries shall be permitted to purchase bitcoin,
Ethereum and Solana up to an amount as agreed to by the parties from time to time in one or more transactions in accordance with the
investment guidelines adopted by our Company from time to time and reasonably acceptable to the Selling Stockholders (the &ldquo;Guidelines&rdquo;),
and that we may retain one or more investment managers to engage in our bitcoin yield strategy or other active management of any permitted
cryptocurrency purchased in accordance with the Guidelines, in each case to further enable us to pursue our cryptocurrency assets treasury
strategy. The terms of the Debentures and other transactions documents entered into in connection therewith remain unchanged. Pursuant
to the Security Agreement entered into by the parties in connection with the issuance of the Debentures, the Selling Stockholders have
a security interest in any purchased cryptocurrency. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We agreed to file a registration
statement on Form S-3 (or such other form that we are then eligible for) (the &ldquo;Registration Statement&rdquo;) to register the resale
of the shares of our common stock underlying the Initial Debentures within 60 days of the Effective Date (and within 30 days of the sale,
if any, of the Additional Debentures) and to obtain effectiveness of the Registration Statement within 150 days following the Effective
Date (and within 90 days of the sale, if any, of the Additional Debentures).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Accordingly, we are registering
for resale the sale and offer of the Securities to comply with such obligations to the Selling Stockholders.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="j_009"></A><B>DESCRIPTION OF SECURITIES WE ARE OFFERING</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following description
of our capital stock and provisions of our Certificate of Incorporation and Bylaws are summaries and are qualified by reference to the
Certificate of Incorporation and Bylaws that are on file with the SEC.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our Certificate of Incorporation
authorizes us to issue up to 10,000,000 shares of preferred stock, $0.001 par value per share, and 500,000,000 shares of our common stock,
$0.001 par value per share.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> As of August 22, 2025,
there were 115,413,332 and 7,849.36 shares of our common stock and preferred stock (including accrued dividends as of such date) issued
and outstanding, respectively. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> As of August 22, 2025,
we had 400 holders of record of our common stock, which excludes stockholders whose shares were held in nominee or street name by brokers.
The actual number of common stockholders is greater than the number of record holders and includes stockholders who are beneficial owners,
but whose shares are held in street name by brokers and other nominees. This number of holders of record also does not include stockholders
whose shares may be held in trust by other entities. </P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Holders of our common stock
are entitled to one vote for each share held of record on all matters submitted to a vote of the stockholders, including the election
of directors, and do not have cumulative voting rights. Accordingly, the holders of a majority of the shares of our common stock entitled
to vote in any election of directors can elect all of the directors standing for election.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Subject to preferences that
may be applicable to any then outstanding preferred stock, the holders of common stock are entitled to receive dividends, if any, as may
be declared from time to time by our board of directors out of legally available funds.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In the event of our liquidation,
dissolution or winding up, holders of our common stock will be entitled to share ratably in the net assets legally available for distribution
to stockholders after the payment of all of our debts and other liabilities, subject to the satisfaction of any liquidation preference
granted to the holders of any outstanding shares of preferred stock.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><I>Rights and Preferences</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Holders of our common stock
have no preemptive, conversion or subscription rights, and there are no redemption or sinking fund provisions applicable to our common
stock. The rights, preferences and privileges of the holders of our common stock are subject to, and may be adversely affected by, the
rights of the holders of shares of any series of our preferred stock that we may designate and issue in the future.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><I>Fully Paid and Nonassessable</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">All of our outstanding shares
of common stock are, and the shares of common stock to be issued in this offering will be, fully paid and nonassessable.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our board of directors has
the authority, without further action by the stockholders, to issue up to 10,000,000 shares of preferred stock in one or more series,
to establish from time to time the number of shares to be included in each such series, to fix the rights, preferences and privileges
of the shares of each wholly unissued series and any qualifications, limitations or restrictions thereon and to increase or decrease the
number of shares of any such series, but not below the number of shares of such series then outstanding.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> Our board of directors
may authorize the issuance of preferred stock with voting or conversion rights that could adversely affect the voting power or other
rights of the holders of the common stock. The issuance of preferred stock, while providing flexibility in connection with possible acquisitions
and other corporate purposes, could, among other things, have the effect of delaying, deferring or preventing a change in our control
that may otherwise benefit holders of our common stock and may adversely affect the market price of the common stock and the voting and
other rights of the holders of common stock. As of August 22, 2025, there were 7,849.36 shares of our preferred stock outstanding (including
accrued dividends as of such date), and except for the dividends payable in kind on our Series A Preferred Stock (as defined below),
we have no current plans to issue any other shares of our preferred stock. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><I>Series&nbsp;A Perpetual
Convertible Preferred Stock</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On February 2, 2023, we filed
the Certificate of Designation (the &ldquo;Certificate of Designation&rdquo;) with the Secretary of State of the State of Delaware designating
100,000 shares of our preferred stock as &ldquo;Series&nbsp;A Perpetual Convertible Preferred Stock&rdquo; (the &ldquo;Series A Preferred
Stock&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">The
Series A Preferred Stock was issued effective as of February 3, 2023, and is subsequently issued as quarterly dividends as required by
its terms, to the Selling Stockholders and Trinad Capital, a fund controlled by Robert Ellin, our Chief Executive Officer, Chairman, director
and principal stockholder, in exchange for certain indebtedness exchanged for such Series A Preferred Stock, as more fully discussed above.
An amendment to, or waiver of rights of, the Series A Preferred Stock requires the approval of the majority of the votes entitled to be
cast by the holders of Series A Preferred Stock outstanding at the time of such vote.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The holders of the shares
of the Series A Preferred Stock have certain voting rights as described in the Certificate of Designation equal to 1,000 votes per share
of Series A Preferred Stock. The holders of Series A Preferred Stock are not entitled to vote separately as a class or series on any amendment,
modification or restatement of the Certificate of Incorporation, except as would be unlawful under the laws of the State of Delaware or
except as required by Section 4 of the Certificate of Designation.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">The
holders of the Series A Preferred Stock are entitled to receive, and we shall pay, by issuing shares of Series A Preferred Stock or paying
in cash to such holders, subject to and as provided in Section 3 of the Certificate of Designation, dividends on each share of Series
A Preferred Stock, based on a stated value per share equal to $1,000 (the &ldquo;Stated Value&rdquo;), at a rate of 12% per annum (the
&ldquo;Interest&rdquo;), commencing on February 3, 2023 (the &ldquo;Original Issue Date&rdquo;) until the date that such share of Series
A Preferred Stock is converted to our common stock (the &ldquo;Interest Termination Date&rdquo;). So long as a holder&rsquo;s shares of
Series A Preferred Stock are outstanding, Interest payments shall accrue and be compounded daily on the basis of a 360-day day year and
twelve 30-day months and shall be paid in arrears to such holder on the earlier of the following dates (i) the Interest Termination Date
and (ii) quarterly on April 1st, July 1st, October 1st and January 1st of each year (each such date, an &ldquo;Interest Payment Date&rdquo;).
At our option, the Interest payments may be made in shares of Series A Preferred Stock valued at a price per share equal to the Stated
Value (the &ldquo;Interest Shares&rdquo;); provided, that Trinad Capital shall receive Interest payments solely in Interest Shares. In
addition, in the event we declare any distribution or dividend of any of our assets or any shares of capital stock of any of our subsidiaries
pro rata to the record holders of any class of shares of common stock, we shall calculate and distribute to each holder its pro rata portion
of any such distribution (calculated on an as-converted basis with respect to the shares of Series A Preferred Stock then outstanding
as of the record date set by us for such distribution or dividend) concurrently with the distribution to the then record holders of any
class of common stock. Except as provided in this Section 3, Section 5 and Section 7 of the Certificate of Designation, no other dividends
shall be paid on shares of the Series A Preferred Stock.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">As
provided in the Certificate of Designation, Interest in Interest Shares was paid effective as of April 1, 2023, and subsequently as quarterly
dividends, on the terms summarized above.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In the event of any liquidation,
dissolution or winding up of our Company, either voluntarily or involuntarily, the holders of the Series A Preferred Stock are entitled
to receive, prior and in preference to the holders of the Common Stock, a per share amount equal to the Stated Value plus any accrued
but unpaid Interest thereon, or the amount the holder would be entitled to receive if the Series A Preferred Stock were fully converted
(disregarding for such purposes any conversion limitations hereunder) to common stock which amounts shall be paid pari passu with all
holders of common stock.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If upon the liquidation, dissolution
or winding up of the Company, the assets of our Company that are legally available for distribution to the holders of the Series A Preferred
Stock are insufficient to permit the payment to such holders of the full amounts above, then the entire assets of our Company that are
legally available for distribution shall be distributed with equal priority and pro rata among the holders of the Series A Preferred Stock
in proportion to what they would otherwise be entitled to receive.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">During
the period any shares of Series A Preferred Stock remain outstanding, unless we have received the approval of the majority of the votes
entitled to be cast by the holders of Series A Preferred Stock outstanding at the time of such vote (voting together as a single class),
either at a meeting of holders of Series A Preferred Stock or by written consent, we shall not, either directly or indirectly by amendment,
merger, consolidation, recapitalization, reclassification, or otherwise, do any of the following without (in addition to any other vote
required by law), and any such&nbsp;act or transaction entered into without such consent or vote shall be null and void&nbsp;<I>ab initio</I>,
and of no force or effect:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">increase the number of authorized shares of Series A Preferred Stock&#894;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">issue or obligate itself to issue additional shares Series A Preferred Stock other than Interest Shares; </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">amend, alter or repeal any provision of the Certificate of Designation;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">amend, alter or repeal any provision of the Certificate of Incorporation or other charter documents in a manner that adversely affects the powers, preferences or rights of the Series A Preferred Stock or in any manner that adversely affects any rights of the Holders; or</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(v)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">enter into any agreement with respect to the foregoing.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">For
purposes of the foregoing voting requirements, the increase in the amount of the authorized preferred stock (other than Series A Preferred
Stock) or common stock, or the creation or issuance of any other series of Preferred Stock or common stock that we may issue, or any increase
in the amount of authorized shares of such series, shall not in itself be deemed to materially and adversely affect the rights, preferences
or voting powers of the Series A Preferred Stock.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><I>Conversion</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"> Each
share of Series A Preferred Stock is convertible, at the option of the holder, at any time after the date of issuance of such share,
into such number of fully paid and&nbsp;non-assessable&nbsp;shares of common stock determined by multiply the number of Series A Preferred
Stock by the Stated Value and dividing the product thereof by the conversion price for such series in effect at the time of conversion
for the Series A Preferred Stock. The conversion price for the Series A Preferred Stock is subject to adjustment in accordance with conversion
provisions contained in the Certificate of Designations. As of August 22, 2025, the conversion price of the Series A Preferred Stock
is $2.10 per share. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">We
will not effect the conversion of any portion of the shares of Series A Preferred Stock, and the holder will not have the right to convert
any shares of Series A Preferred Stock, and any such conversion shall be null and void and treated as if never made, to the extent that
after giving effect to such exercise, the holder together with its affiliates collectively would own beneficially in excess of 4.99% (or,
upon election by a holder prior to the issuance of any shares of Series A Preferred Stock, such beneficial ownership limitation may increase
or decrease) of the shares of common stock outstanding immediately after giving effect to such exercise. This limitation is not applicable
to any shares of Series A Preferred Stock held by Trinad Capital.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Delaware law does not require
stockholder approval for any issuance of authorized shares. These additional shares may be used for a variety of corporate purposes, including
future public offerings, to raise additional capital or to facilitate acquisitions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">One of the effects of the
existence of unissued and unreserved common stock or preferred stock may be to enable our board of directors to issue shares to persons
friendly to current management, which issuance could render more difficult or discourage an attempt to obtain control of our company by
means of a merger, tender offer, proxy contest or otherwise, and thereby protect the continuity of our management and possibly deprive
the stockholders of opportunities to sell their shares at prices higher than prevailing market prices.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> As of August 22, 2025, there were
6,335,399 warrants outstanding. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2016
Plan Awards</B></FONT><SUP></SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> As of August 22, 2025,
we have granted options, restricted stock units, and restricted share awards, to purchase in aggregate of approximately 2,631,830 shares
of our common stock under the 2016 Equity Incentive Plan, as amended, with a weighted average exercise price per share for outstanding
shares is approximately $3.72 and the weighted average exercise price per share for exercisable shares is approximately $3.72 per share. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Delaware Anti-Takeover Law and Certain Charter
and Bylaw Provisions</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><I>Delaware Anti-Takeover
Statute</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are subject to the provisions
of Section 203 of the Delaware General Corporation Law regulating corporate takeovers. In general, Section 203 prohibits a publicly held
Delaware corporation from engaging, under certain circumstances, in a business combination with an interested stockholder for a period
of three years following the date the person became an interested stockholder unless:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">prior to the date of the transaction, our board of directors approved either the business combination or the transaction which resulted in the stockholder becoming an interested stockholder;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">upon completion of the transaction that resulted in the stockholder becoming an interested stockholder, the interested stockholder owned at least 85% of the voting stock of the corporation outstanding at the time the transaction commenced, excluding for purposes of determining the voting stock outstanding, but not the outstanding voting stock owned by the interested stockholder, (1) shares owned by persons who are directors and also officers and (2) shares owned by employee stock plans in which employee participants do not have the right to determine confidentially whether shares held subject to the plan will be tendered in a tender or exchange offer; or</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">at or subsequent to the date of the transaction, the business combination is approved by our board of directors and authorized at an annual or special meeting of stockholders, and not by written consent, by the affirmative vote of at least 66 2/3% of the outstanding voting stock which is not owned by the interested stockholder.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Generally, a business combination
includes a merger, asset or stock sale, or other transaction resulting in a financial benefit to the interested stockholder. An interested
stockholder is a person who, together with affiliates and associates, owns or, within three years prior to the determination of interested
stockholder status, did own 15% or more of a corporation&rsquo;s outstanding voting stock. We expect the existence of this provision to
have an anti-takeover effect with respect to transactions our board of directors does not approve in advance. We also anticipate that
Section 203 may discourage attempts that might result in a premium over the market price for the shares of common stock held by stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The provisions of Delaware
law and the provisions of our Certificate of Incorporation and Bylaws could have the effect of discouraging others from attempting hostile
takeovers and, as a consequence, they might also inhibit temporary fluctuations in the market price of our common stock that often result
from actual or rumored hostile takeover attempts. These provisions might also have the effect of preventing changes in our management.
It is also possible that these provisions could make it more difficult to accomplish transactions that stockholders might otherwise deem
to be in their best interests.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Provisions of our Bylaws may
delay or discourage transactions involving an actual or potential change in our control or change in our management, including transactions
in which stockholders might otherwise receive a premium for their shares or transactions that our stockholders might otherwise deem to
be in their best interests. Therefore, these provisions could adversely affect the price of our common stock. Among other things, our
Bylaws:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">permit our board of directors to issue up to 10,000,000 shares of preferred stock, with any rights, preferences and privileges as they may designate (including the right to approve an acquisition or other change in our control);</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">provide that the authorized number of directors may be changed only by resolution of the board of directors;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">provide that all vacancies, including newly created directorships, may, except as otherwise required by law, be filled by the affirmative vote of a majority of directors then in office, even if less than a quorum; and</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">do not provide for cumulative voting rights (therefore allowing the holders of a majority of the shares of common stock entitled to vote in any election of directors to elect all of the directors standing for election, if they should so choose).</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The amendment of any of these
provisions, with the exception of the ability of our board of directors to issue shares of preferred stock and designate any rights, preferences
and privileges thereto, would require approval by the holders of a majority of our then outstanding common stock.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our common stock is listed
on The Nasdaq Capital Market under the symbol &ldquo;LVO.&rdquo; The Warrants are not listed on Nasdaq, any national securities exchange
or any other nationally recognized trading system.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The transfer agent and registrar
for our common stock is VStock Transfer, LLC. We serve as the registrar for the Warrants. The transfer agent and registrar&rsquo;s address
is 18 Lafayette Place, Woodmere, NY 11598.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><A NAME="j_010"></A><B>PLAN OF DISTRIBUTION</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are registering 7,988,095
shares our common stock underlying the Debentures issued to the Selling Stockholders, with such amount equal to 100% of the number of
shares issuable upon conversion of such Debentures and without taking into account the limitations on the conversion of such notes set
forth in such notes, to permit the resale of these shares of common stock by the holders thereof from time to time after the date of this
prospectus. We will not receive any of the proceeds from the sale or other disposition of the Securities by the Selling Stockholders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The holders of the Debentures
(and any of their pledgees, assignees and successors-in-interest (the &ldquo;Selling Stockholders&rdquo;) may, from time to time, sell
any or all of their shares of common stock on any stock exchange, market or trading facility on which the shares are traded or in private
transactions. These sales may be at fixed or negotiated prices. The Selling Stockholders may use any one or more of the following methods
when selling shares:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ordinary brokerage transactions and transactions in which the broker-dealer solicits purchasers;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">block trades in which the broker-dealer will attempt to sell the shares as agent but may position and resell a portion of the block as principal to facilitate the transaction;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">purchases by a broker-dealer as principal and resale by the broker-dealer for its account;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">an exchange distribution in accordance with the rules of the applicable exchange;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">privately negotiated transactions;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">broker-dealers may agree with the Selling Stockholders to sell a specified number of such shares at a stipulated price per share;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">through the writing or settlement of options or other hedging transactions, whether through an options exchange or otherwise;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a combination of any such methods of sale; or</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any other method permitted pursuant to applicable law.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Selling Stockholders may
also sell shares under Rule 144 under the Securities Act, if available, rather than under this prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In connection with the sale
of our common stock or interests therein, the Selling Stockholders may enter into hedging transactions with broker-dealers or other financial
institutions, which may in turn engage in short sales of the common stock in the course of hedging the positions they assume. The Selling
Stockholders may also enter into option or other transactions with broker-dealers or other financial institutions or the creation of one
or more derivative securities which require the delivery to such broker-dealer or other financial institution of shares offered by this
prospectus, which shares such broker-dealer or other financial institution may resell pursuant to this prospectus (as supplemented or
amended to reflect such transaction).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Selling Stockholders and
any broker-dealers or agents that are involved in selling the securities may be deemed to be &ldquo;underwriters&rdquo; within the meaning
of the Securities Act in connection with such sales. In such event, any commissions received by such broker-dealers or agents and any
profit on the resale of the securities purchased by them may be deemed to be underwriting commissions or discounts under the Securities
Act. Each Selling Stockholder has informed us that it does not have any written or oral agreement or understanding, directly or indirectly,
with any person to distribute the securities. Any compensation paid to underwriters, broker-dealers or agents in connection with the offering
of the securities, and any discounts, concessions or commissions allowed by underwriters to participating dealers will be provided in
the applicable prospectus supplement and shall comply with the rules and requirements of the FINRA.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are required to pay certain
fees and expenses incurred by us incident to the registration of these shares, estimated to be approximately $50,000 in total, including,
without limitation, SEC filing fees and expenses of compliance with state securities or &ldquo;blue sky&rdquo; laws; provided, however,
that the Selling Stockholders will pay all underwriting discounts and selling commissions, if any. We have agreed to indemnify the Selling
Stockholders against certain losses, claims, damages and liabilities, including liabilities under the Securities Act.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Because Selling Stockholders
may be deemed to be &ldquo;underwriters&rdquo; within the meaning of the Securities Act, they will be subject to the prospectus delivery
requirements of the Securities Act including Rule 172 thereunder. In addition, any securities covered by this prospectus which qualify
for sale pursuant to Rule 144 under the Securities Act may be sold under Rule 144 rather than under this prospectus. There is no underwriter
or coordinating broker acting in connection with the proposed sale of the resale shares by the Selling Stockholders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We agreed to keep this prospectus
effective until the earlier of (i) the date on which the shares may be resold by the Selling Stockholders without registration and without
regard to any volume limitations by reason of Rule 144(k) under the Securities Act or any other rule of similar effect; (ii) the date
on which the Selling Stockholders no longer owns any principal amount of the Debentures or shares of Common Stock issued or issuable upon
conversion of such Debentures; or (iii) all of the shares have been sold pursuant to this prospectus or Rule 144 under the Securities
Act or any other rule of similar effect. The resale shares will be sold only through registered or licensed brokers or dealers if required
under applicable state securities laws. In addition, in certain states, the Securities may not be sold unless they have been registered
or qualified for sale in the applicable state or an exemption from the registration or qualification requirement is available and is complied
with.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Under applicable rules and
regulations under the Exchange Act, any person engaged in the distribution of the Securities may not simultaneously engage in market making
activities with respect to the common stock for the applicable restricted period, as defined in Regulation M, prior to the commencement
of the distribution. In addition, the Selling Stockholders will be subject to applicable provisions of the Exchange Act and the rules
and regulations thereunder, including Regulation M, which may limit the timing of purchases and sales of shares of the common stock by
the Selling Stockholders or any other person. We will make copies of this prospectus available to the Selling Stockholders and have informed
them of the need to deliver a copy of this prospectus to each purchaser at or prior to the time of the sale (including by compliance with
Rule 172 under the Securities Act).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Once sold pursuant to this
prospectus, the shares of our common stock underlying the Debentures (if such shares are sold) will be freely tradable in the hands of
persons other than our affiliates.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="j_011"></A><B>LEGAL MATTERS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The validity of the securities
being offered by this prospectus has been passed upon by Foley Shechter Ablovatskiy LLP (&ldquo;FSA&rdquo;). Certain of FSA&rsquo;s partners
own shares of our common stock, which represent, in the aggregate, beneficial ownership of less than approximately 2.0% of our common
stock.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="j_012"></A><B>EXPERTS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The consolidated financial
statements of LiveOne, Inc. as of March 31, 2025 and 2024 and for each of the two years in the period ended March 31, 2025 incorporated
by reference in this Prospectus have been so incorporated in reliance on the report of Macias Gini &amp; O&rsquo;Connell LLP, an independent
registered public accounting firm (the report on the consolidated financial statements contains an explanatory paragraph regarding the
Company&rsquo;s ability to continue as a going concern), incorporated herein by reference, given on the authority of said firm as experts
in auditing and accounting.</P>

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

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="j_013"></A><B>WHERE YOU CAN FIND MORE INFORMATION</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This prospectus is part of
a registration statement on Form S-3 that we have filed with the SEC relating to the shares of our securities being offered hereby. This
prospectus does not contain all of the information in the registration statement and its exhibits. The registration statement, its exhibits
and the documents incorporated by reference in this prospectus and their exhibits, all contain information that is material to the offering
of the securities hereby. Whenever a reference is made in this prospectus to any of our contracts or other documents, the reference may
not be complete. You should refer to the exhibits that are a part of the registration statement in order to review a copy of the contract
or documents. The registration statement and the exhibits are available through the SEC&rsquo;s website.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We file annual, quarterly
and current reports, proxy statements and other information with the SEC. Our SEC filings are available to the public over the Internet
at the SEC&rsquo;s website at www.sec.gov and on our website at www.liveone.com. The information found on, or that can be accessed from
or that is hyperlinked to, our website is not part of this prospectus or any applicable prospectus supplement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We will provide you without
charge, upon your oral or written request, with a copy of any or all reports, proxy statements and other documents we file with the SEC,
as well as any or all of the documents incorporated by reference in this prospectus or the registration statement (other than exhibits
to such documents unless such exhibits are specifically incorporated by reference into such documents). Requests for such copies should
be directed to LiveOne, Inc., 269 South Beverly Drive, Suite 1450, Beverly Hills, CA 90212, Attention: Corporate Secretary, telephone
number (310) 601-2505.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">You should rely only on the
information in this prospectus and the additional information described above and under the heading &ldquo;Incorporation of Certain Information
by Reference&rdquo; below. We have not authorized any other person to provide you with different information. If anyone provides you with
different or inconsistent information, you should not rely upon it. We are not making an offer to sell these securities in any jurisdiction
where the offer or sale is not permitted. You should assume that the information in this prospectus was accurate on the date of the front
cover of this prospectus only. Our business, financial condition, results of operations and prospects may have changed since that date.</P>

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

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="j_014"></A><B>INCORPORATION OF CERTAIN INFORMATION BY REFERENCE</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The SEC allows us to &ldquo;incorporate
by reference&rdquo; information that we file with them. Incorporation by reference allows us to disclose important information to you
by referring you to those other documents. The information incorporated by reference is an important part of this prospectus, and information
that we file later with the SEC will automatically update and supersede this information. This prospectus omits certain information contained
in the registration statement, as permitted by the SEC. You should refer to the registration statement and any prospectus supplement filed
hereafter, including the exhibits, for further information about us and the securities we may offer pursuant to this prospectus. Statements
in this prospectus regarding the provisions of certain documents filed with, or incorporated by reference in, the registration statement
are not necessarily complete and each statement is qualified in all respects by that reference. Copies of all or any part of the registration
statement, including the documents incorporated by reference or the exhibits, may be obtained upon payment of the prescribed rates at
the offices of the SEC listed above in &ldquo;Where You Can Find More Information.&rdquo; The documents we are incorporating by reference
are:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our Annual Report on <A HREF="http://www.sec.gov/Archives/edgar/data/1491419/000143774925022739/lvo20250331_10k.htm">Form 10-K</A> for the fiscal year ended March 31, 2025, filed with the SEC on July &nbsp;15, 2025;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"> &#9679; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"> our Quarterly Report on <U><A HREF="http://www.sec.gov/Archives/edgar/data/1491419/000143774925026903/lvo20250630_10q.htm">Form 10-Q</A></U> for the quarter
    ended June 30, 2025, filed with the SEC on August 14, 2025; </TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our Current Report on <A HREF="http://www.sec.gov/Archives/edgar/data/1491419/000121390025028683/ea0237125-8k_liveone.htm">Form 8-K</A>, filed with the SEC on April 3, 2025;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our Current Report on <A HREF="http://www.sec.gov/Archives/edgar/data/1491419/000121390025047412/ea0242972-8k_liveone.htm">Form 8-K</A>, filed with the SEC on May 23, 2025;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our Current Report on <A HREF="http://www.sec.gov/Archives/edgar/data/1491419/000121390025064338/ea0249091-8k_liveone.htm">Form 8-K</A>, filed with the SEC on July 15, 2025;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our Current Report on <A HREF="http://www.sec.gov/Archives/edgar/data/1491419/000121390025064904/ea0249283-8k_liveone.htm">Form 8-K</A>, filed with the SEC on July 17, 2025;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our Current Report on <A HREF="http://www.sec.gov/Archives/edgar/data/1491419/000121390025065188/ea0249441-8k_liveone.htm">Form 8-K</A>, filed with the SEC on July 17, 2025;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"> &nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"> &#9679; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"> our Current Report on <U><A HREF="http://www.sec.gov/Archives/edgar/data/1491419/000121390025074328/ea0252597-8k_liveone.htm">Form 8-K</A></U>, filed with the
    SEC on August 11, 2025; </TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the information specifically
    incorporated by reference into our Annual Report on <A HREF="https://www.sec.gov/Archives/edgar/data/1491419/000143774925022739/lvo20250331_10k.htm" STYLE="-sec-extract: exhibit">Form 10-K</A> for the fiscal year ended March 31, 2025 from our definitive Proxy
    Statement on <A HREF="http://www.sec.gov/Archives/edgar/data/1491419/000121390025065220/ea0248124-02.htm">Schedule 14A</A>, filed with the SEC on July 17, 2025;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the description of our
    common stock contained in <A HREF="http://www.sec.gov/Archives/edgar/data/1491419/000143774925022739/ex_838319.htm">Exhibit 4.7</A> to our Annual
    Report on <A HREF="http://www.sec.gov/Archives/edgar/data/1491419/000143774925022739/lvo20250331_10k.htm">Form 10-K</A> for the fiscal year ended March 31, 2025, filed with the SEC on July 15, 2025; </FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the description of our
    common stock contained in our Registration Statement on Form 8-A, filed on <A HREF="http://www.sec.gov/Archives/edgar/data/1491419/000121390017010710/f8a12b1017_livexlivemedia.htm">October 19, 2017</A> and as amended on <A HREF="http://www.sec.gov/Archives/edgar/data/1491419/000121390018002124/f8a12b0218a1_livexlive.htm">February 20, 2018</A>,
    pursuant to Section 12(b) of the Exchange Act, which incorporates by reference the description of the shares of our common stock
    contained in our Registration Statement on Form S-1 (Registration No. 333-217893) initially filed with the SEC on <A HREF="http://www.sec.gov/Archives/edgar/data/1491419/000121390017004949/fs12017_lotoncorp.htm">May 11, 2017</A>, as
    amended, and declared effective by the SEC on <A HREF="http://www.sec.gov/Archives/edgar/data/1491419/000121390017013506/fs1122017a6_livexlive.htm">December 21, 2017</A>, and any amendment or report filed with the SEC for purposes of updating
    such description; and</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">all reports and other documents
    subsequently filed by us pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Exchange Act after the date of this prospectus and
    prior to the termination or completion of the offering of securities under this prospectus, and also between the date of the initial
    registration statement and prior to effectiveness of the registration statement, shall be deemed to be incorporated by reference
    in this prospectus and to be a part hereof from the date of filing such reports and other documents; provided, however, that we are
    not incorporating any information furnished under any of Item 2.02 or Item 7.01 of any Current Report on Form 8-K.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Notwithstanding the foregoing,
we are not incorporating any document or portion thereof or information deemed to have been furnished and not filed in accordance with
SEC rules.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Information in this prospectus
supersedes related information in the documents listed above, and information in subsequently filed documents supersedes related information
in each of this prospectus and the incorporated documents.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We will promptly provide,
without charge to you, upon written or oral request, a copy of any or all of the documents incorporated by reference in this prospectus,
other than exhibits to those documents, unless the exhibits are specifically incorporated by reference in those documents. Requests should
be directed to:</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>269 South Beverly Drive, Suite 1450&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>Beverly Hills, CA 90212</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">You can also find these filings
on our website at&nbsp;<I>www.liveone.com</I>. We are not incorporating the information on our website other than these filings into this
prospectus.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>7,988,095 Shares of Common Stock</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><IMG SRC="image_001.jpg" ALT=""></P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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




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

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>INFORMATION NOT REQUIRED IN PROSPECTUS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 14. Other Expenses of Issuance and Distribution.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The estimated expenses in
connection with the sale of the shares being registered hereby, all of which will be borne by the Company as follows:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 88%; text-align: left">SEC registration fee</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">887.45</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Legal fees and expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">25,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Accounting fees and expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">20,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Printing</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">1,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1.5pt">Miscellaneous</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">5,000</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; padding-bottom: 4pt">Total</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">51,887.45</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 15. Indemnification of Directors and Officers.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section&nbsp;102 of the Delaware
General Corporation Law permits a corporation to eliminate the personal liability of its directors or its stockholders for monetary damages
for a breach of fiduciary duty as a director, except where the director breached his or her duty of loyalty, failed to act in good faith,
engaged in intentional misconduct or knowingly violated a law, authorized the payment of a dividend or approved a stock repurchase in
violation of Delaware corporate law or obtained an improper personal benefit. Our Certificate of Incorporation contains provisions that
limit the liability of our directors for monetary damages to the fullest extent permitted by Delaware law. Consequently, our directors
will not be personally liable to us or our stockholders for monetary damages for any breach of fiduciary duties as directors, except liability
for:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any breach of the director&rsquo;s duty of loyalty to us or our stockholders;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any act or omission not in good faith or that involves intentional misconduct or a knowing violation of law;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">unlawful payments of dividends or unlawful stock repurchases or redemptions as provided in Section 174 of the Delaware General Corporation Law; or</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any transaction from which the director derived an improper personal benefit.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section&nbsp;145 of the Delaware
General Corporation Law provides that a corporation has the power to indemnify a director, officer, employee, or agent of the corporation
and certain other persons serving at the request of the corporation in related capacities against expenses (including attorneys&rsquo;
fees), judgments, fines and amounts paid in settlements actually and reasonably incurred by the person in connection with an action, suit
or proceeding to which he or she is or is threatened to be made a party by reason of such position, if such person acted in good faith
and in a manner he or she reasonably believed to be in or not opposed to the best interests of the corporation, and, in any criminal action
or proceeding, had no reasonable cause to believe his or her conduct was unlawful, except that, in the case of actions brought by or in
the right of the corporation, no indemnification shall be made with respect to any claim, issue or matter as to which such person shall
have been adjudged to be liable to the corporation unless and only to the extent that the Court of Chancery or other adjudicating court
determines that, despite the adjudication of liability but in view of all of the circumstances of the case, such person is fairly and
reasonably entitled to indemnity for such expenses which the Court of Chancery or such other court shall deem proper.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our Certificate of Incorporation
and Bylaws provide that we are required to indemnify our directors and officers, in each case to the fullest extent permitted by Delaware
law. Our amended and restated bylaws also provide that we are obligated to advance expenses incurred by a director or officer in advance
of the final disposition of any action or proceeding, and permit us to secure insurance on behalf of any officer, director, employee or
other agent for any liability arising out of his or her actions in that capacity regardless of whether we would otherwise be permitted
to indemnify him or her under the provisions of Delaware law.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The limitation of liability
and indemnification provisions in our Certificate of Incorporation and Bylaws may discourage stockholders from bringing a lawsuit against
our directors and officers for breach of their fiduciary duty. They may also reduce the likelihood of derivative litigation against our
directors and officers, even though an action, if successful, might benefit us and other stockholders. Further, a stockholder&rsquo;s
investment may be adversely affected to the extent that we pay the costs of settlement and damage awards against directors and officers
as required by these indemnification provisions</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, in the future,
we may enter into indemnification agreements with our directors and officers and some of our executives may have certain indemnification
rights arising under their employment agreements with us. These indemnification agreements may require us, among other things, to indemnify
our directors and officers for some expenses, including attorneys&rsquo; fees, judgments, fines and settlement amounts incurred by a director
or officer in any action or proceeding arising out of his or her service as one of our directors or officers, or any of our subsidiaries
or any other company or enterprise to which the person provides services at our request.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">These indemnification provisions
and the indemnification agreements may be sufficiently broad to permit indemnification of our officers and directors for liabilities,
including reimbursement of expenses incurred, arising under the Securities Act. We have been advised that, in the opinion of the SEC,
indemnification of directors or officers for liabilities arising under the Securities Act is against public policy and, therefore, such
indemnification provisions may be unenforceable.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We maintain a general liability
insurance policy that covers certain liabilities of directors and officers of our corporation arising out of claims based on acts or omissions
in their capacities as directors or officers.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item
16.</B> </FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B> Exhibits</B></FONT></P>


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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="border-bottom: Black 1.5pt solid; vertical-align: top; width: 9%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit<BR>
Number</B></FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt; vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; vertical-align: bottom; width: 90%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Description</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.1</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1491419/000121390017008330/f8k080217ex3i_livexlivemed.htm">Certificate of Incorporation of the Company (Incorporated by reference to Exhibit 3.1 to the Company&rsquo;s Current Report on Form 8-K, filed with the SEC on August 8, 2017).</A></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.2</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1491419/000121390017010383/fs12017a3ex3-2_livexlivemed.htm">Certificate of Amendment to the Certificate of Incorporation of the Company, dated as of September 30, 2017 (Incorporated by reference to Exhibit 3.2 to the Company&rsquo;s&nbsp;Registration Statement on Form S-1, Amendment No. 3, filed with the SEC on October 6, 2017).</A></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.3</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1491419/000121390017008330/f8k080217ex3ii_livexlivemed.htm">Bylaws of the Company (Incorporated by reference to Exhibit 3.2 to the Company&rsquo;s Current Report on Form 8-K, filed with the SEC on August 8, 2017).</A></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.4</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1491419/000121390021002268/ea133247ex3-1_livexlivemedia.htm">Amendment No. 1 to the Bylaws of the Company (Incorporated by&nbsp;reference to Exhibit 3.1 to the Company&rsquo;s Current Report on Form 8-K, filed with the SEC on January 14, 2021).</A></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.5</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1491419/000121390021052422/ea148634ex3-1_liveoneinc.htm">Certificate of Merger, dated as of September 30, 2021, between the Company and LiveOne, Inc. (Incorporated by reference to Exhibit 3.1 to the Company&rsquo;s Current Report on Form 8-K, filed with the SEC on October 12, 2021).</A></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.1</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1491419/000121390022040403/ea163077ex4-2_liveone.htm">Form of Warrants, dated July 15, 2022, issued by PodcastOne to the purchasers of PodcastOne&rsquo;s 10% Original Issue Discount Convertible Promissory Notes, dated July 15, 2022 (Incorporated by reference to Exhibit 4.2 to the Company&rsquo;s Current Report on Form 8-K, filed with the SEC on July 20, 2022).</A></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.2</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1491419/000121390023008720/ea172780ex4-1_liveoneinc.htm">Certificate of Designation of Preferences, Rights and Limitations of Series A Perpetual Convertible Preferred Stock of the Company, dated as of February 2, 2023 (Incorporated by reference to Exhibit 4.1 to the Company&rsquo;s Current Report on Form 8-K, filed with the SEC February 7, 2023).</A></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.3</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1491419/000121390024030849/ea020335801ex4-1_live.htm">Warrant to Purchase Common Stock, dated as of April 1, 2024, issued by the Company to Harvest Small Cap Partners, L.P. (Incorporated by reference to Exhibit 4.1 to the Company&rsquo;s Current Report on Form 8-K, filed with the SEC April 5, 2024).</A></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.4</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1491419/000121390024030849/ea020335801ex4-2_live.htm">Warrant to Purchase Common Stock, dated as of April 1, 2024, issued by the Company to Harvest Small Cap Partners, Ltd. (Incorporated by reference to Exhibit 4.2 to the Company&rsquo;s Current Report on Form 8-K, filed with the SEC April 5, 2024).</A></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.5</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1491419/000121390024030849/ea020335801ex4-3_live.htm">Warrant to Purchase Common Stock, dated as of April 1, 2024, issued by the Company to Trinad Capital Master Fund Ltd. (Incorporated by reference to Exhibit 4.3 to the Company&rsquo;s Current Report on Form 8-K, filed with the SEC April 5, 2024).</A></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.6</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1491419/000121390025047412/ea024297201ex4-1_liveone.htm">Form of 11.75% Original Issue Discount Senior Secured Convertible Debentures (Incorporated by reference to Exhibit 4.1 to the Company&rsquo;s Current Report on Form 8-K, filed with the SEC on May 23, 2025).</A></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.7</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1491419/000121390025064338/ea024909101ex4-1_liveone.htm">Warrant to Purchase Common Stock, dated as of July 15, 2025, issued by the Company to Harvest Small Cap Partners, L.P. (Incorporated by reference to Exhibit 4.1 to the Company&rsquo;s Current Report on Form 8-K, filed with the SEC on July 15, 2025).</A></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.8</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1491419/000121390025064338/ea024909101ex4-2_liveone.htm">Warrant to Purchase Common Stock, dated as of July 15, 2025, issued by the Company to Harvest Small Cap Partners Master, Ltd. (Incorporated by reference to Exhibit 4.2 to the Company&rsquo;s Current Report on Form 8-K, filed with the SEC on July 15, 2025).</A></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.9</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1491419/000121390025064338/ea024909101ex4-3_liveone.htm">Warrant to Purchase Common Stock, dated as of July 15, 2025, issued by the Company to Trinad Capital Master Fund Ltd. (Incorporated by reference to Exhibit 4.3 to the Company&rsquo;s Current Report on Form 8-K, filed with the SEC on July 15, 2025).</A></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.10</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1491419/000121390025064904/ea024928301ex4-1_liveone.htm">Form of Underwriter&rsquo;s Warrant (Incorporated by reference to Exhibit 4.1 to the Company&rsquo;s Current Report on Form 8-K, filed with the SEC on July 17, 2025).</A></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.1*</FONT> </TD>
    <TD STYLE="text-align: justify"> &nbsp; </TD>
    <TD STYLE="text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="ea025458201ex5-1_liveone.htm">Opinion
    of Foley Shechter Ablovatskiy LLP regarding legality of securities being registered.</A></FONT> </TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.1*</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="ea025458201ex23-1_liveone.htm">Consent of Macias Gini &amp; O&rsquo;Connell LLP, Independent Registered Public Accounting Firm.</A></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.2*</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="ea025458201ex5-1_liveone.htm">Consent of Foley Shechter Ablovatskiy LLP (included in the opinion filed as Exhibit 5.1).</A></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24.1</FONT> </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1491419/000121390025065733/ea0249491-s3_liveone.htm#j_015">Power of Attorney (included on the signature page to this Registration Statement, filed with the SEC on July 18, 2025).</A></FONT> </TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">107</FONT> </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1491419/000121390025065733/ea024949101ex-fee_liveone.htm">Filing Fee Table (previously filed as Exhibit 107 to this Registration Statement, filed with the SEC on July 18, 2025).</A></FONT> </TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&dagger;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management contract or compensatory plan or arrangement.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Filed herewith.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 17. Undertakings</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The undersigned registrant hereby undertakes:</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in">(1) To file, during any period in which
offers or sales are being made, a post-effective amendment to this registration statement:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in; text-align: left">(i)</TD><TD STYLE="text-align: justify">To include any prospectus required by Section 10(a)(3) of the
Securities Act of 1933;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 58.5pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in; text-align: left">(ii)</TD><TD STYLE="text-align: justify">To reflect in the prospectus any facts or events arising after
the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the
aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding the foregoing,
any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which
was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus
filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than a 20 percent
change in the maximum aggregate offering price set forth in the &ldquo;Calculation of Registration Fee&rdquo; table in the effective
registration statement;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 58.5pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in; text-align: left">(iii)</TD><TD STYLE="text-align: justify">To include any material information with respect to the plan
of distribution not previously disclosed in the registration statement or any material change to such information in the registration
statement;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Paragraphs (1)(i), (1)(ii) and (1)(iii)
of this section do not apply if the registration statement is on Form S-3 and the information required to be included in a post-effective
amendment by those paragraphs is contained in reports filed with or furnished to the Commission by the registrant pursuant to Section
13 or Section 15(d) of the Securities Exchange Act of 1934 that are incorporated by reference in the registration statement, or is contained
in a form of prospectus filed pursuant to Rule 424(b) that is part of the registration statement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(2) That, for the purposes of determining
any liability under the Securities Act of 1933, each such post-effective amendment shall be deemed to be a new registration statement
relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide
offering thereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(3) To remove from registration by means
of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(5) That, for the purpose of determining
liability under the Securities Act of 1933 to any purchaser:</P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.75in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(A) Each prospectus filed by the registrant pursuant to Rule 424(b)(3) shall be deemed to be part of the registration statement as of the date the filed prospectus was deemed part of and included in the registration statement; and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.75in">&nbsp;</TD>
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(B) Each prospectus required to be filed pursuant to Rule 424(b)(2), (b)(5), or (b)(7) as part of a registration statement in reliance on Rule 430B relating to an offering made pursuant to Rule 415(a)(1)(i), (vii), or (x) for the purpose of providing the information required by Section 10(a) of the Securities Act of 1933 shall be deemed to be part of and included in the registration statement as of the earlier of the date such form of prospectus is first used after effectiveness or the date of the first contract of sale of securities in the offering described in the prospectus. As provided in Rule 430B, for liability purposes of the issuer and any person that is at that date an underwriter, such date shall be deemed to be a new effective date of the registration statement relating to the securities in the registration statement to which that prospectus relates, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof. Provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such effective date, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such effective date.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 76.5pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.75in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each prospectus filed pursuant to Rule 424(b) as part of a registration statement relating to an offering, other than registration statements relying on Rule 430B or other than prospectuses filed in reliance on Rule 430A, shall be deemed to be part of and included in the registration statement as of the date it is first used after effectiveness. Provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such first use, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such date of first use.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(b) The undersigned registrant hereby undertakes
that, for purposes of determining any liability under the Securities Act of 1933, each filing of the registrant&rsquo;s annual report
pursuant to Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934 (and, where applicable, each filing of an employee benefit
plan&rsquo;s annual report pursuant to Section 15(d) of the Securities Exchange Act of 1934) that is incorporated by reference in the
registration statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering
of such securities at that time shall be deemed to be the initial bona fide offering thereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(h) Insofar as indemnification for liabilities
arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the registrant pursuant to
the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the Securities and Exchange Commission
such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for
indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer
or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer
or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the
matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification
by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> Pursuant to the requirements
of the Securities Act of 1933, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements
for filing on Form S-3 and has duly caused this registration statement to be signed on its behalf by the undersigned, hereunto duly authorized,
in Los Angeles, California on August 26, 2025. </P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>LiveOne, Inc.</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 35%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>/s/ Robert S. Ellin</I></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Robert S. Ellin</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Executive Officer and <BR>
Chairman of the Board </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>/s/ Ryan Carhart</I></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ryan Carhart</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Financial Officer <BR>
(Principal Accounting Officer) </FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to the requirements
of the Securities Act of 1933, this registration statement has been signed by the following persons in the capacities and on the dates
indicated.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom; width: 31%; border-bottom: black 1.5pt solid; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Signature</B></FONT> </TD>
    <TD STYLE="vertical-align: bottom; width: 1%"> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom; width: 46%; border-bottom: black 1.5pt solid; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Title</B></FONT> </TD>
    <TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom; width: 21%; border-bottom: black 1.5pt solid; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Date</B></FONT> </TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: center"> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom"> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom; text-align: center"> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom; text-align: center"> &nbsp; </TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1.5pt solid"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    <I>Robert S. Ellin</I></FONT> </TD>
    <TD STYLE="vertical-align: bottom"> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Executive Officer
    and Chairman</FONT> </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">August
    26, 2025</FONT> </TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Robert S. Ellin</FONT> </TD>
    <TD STYLE="vertical-align: bottom"> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Principal Executive
    Officer)</FONT> </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom; text-align: center"> &nbsp; </TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom"> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom"> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom"> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom; text-align: center"> &nbsp; </TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1.5pt solid"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    <I>Ryan Carhart</I></FONT> </TD>
    <TD STYLE="vertical-align: bottom"> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Financial Officer,&nbsp;VP,
    Secretary and</FONT> </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">August
    26, 2025</FONT> </TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ryan Carhart</FONT> </TD>
    <TD STYLE="vertical-align: bottom"> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Treasurer (Principal
    Accounting Officer)</FONT> </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom; text-align: center"> &nbsp; </TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom"> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom"> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom"> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom; text-align: center"> &nbsp; </TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1.5pt solid"> * </TD>
    <TD STYLE="vertical-align: bottom"> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT> </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">August
    26, 2025</FONT> </TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jay Krigsman</FONT> </TD>
    <TD STYLE="vertical-align: bottom"> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom"> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom; text-align: center"> &nbsp; </TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom"> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom"> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom"> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom; text-align: center"> &nbsp; </TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1.5pt solid"> * </TD>
    <TD STYLE="vertical-align: bottom"> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT> </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">August
    26, 2025</FONT> </TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ramin Arani&nbsp;</FONT> </TD>
    <TD STYLE="vertical-align: bottom"> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom; text-align: center"> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom; text-align: center"> &nbsp; </TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom"> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom"> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom; text-align: center"> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom; text-align: center"> &nbsp; </TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1.5pt solid"> * </TD>
    <TD STYLE="vertical-align: bottom"> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT> </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">August
    26, 2025</FONT> </TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Patrick Wachsberger</FONT> </TD>
    <TD STYLE="vertical-align: bottom"> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom"> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom; text-align: center"> &nbsp; </TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom"> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom"> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom"> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom; text-align: center"> &nbsp; </TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1.5pt solid"> * </TD>
    <TD STYLE="vertical-align: bottom"> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT> </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">August
    26, 2025</FONT> </TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kenneth Solomon</FONT> </TD>
    <TD STYLE="vertical-align: bottom"> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom"> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom; text-align: center"> &nbsp; </TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom"> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom"> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom"> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom; text-align: center"> &nbsp; </TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1.5pt solid"> * </TD>
    <TD STYLE="vertical-align: bottom"> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT> </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">August
    26, 2025</FONT> </TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bridget Baker</FONT> </TD>
    <TD STYLE="vertical-align: bottom"> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom"> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom; text-align: center"> &nbsp; </TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom"> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom"> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom; text-align: center"> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom; text-align: center"> &nbsp; </TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1.5pt solid"> * </TD>
    <TD STYLE="vertical-align: bottom"> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT> </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">August
    26, 2025</FONT> </TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kristopher Wright</FONT> </TD>
    <TD STYLE="vertical-align: bottom"> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom; text-align: center"> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="vertical-align: bottom; text-align: center"> &nbsp; </TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*By:</FONT> </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 35%"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    <I>Robert S. Ellin</I></FONT> </TD>
    <TD STYLE="width: 60%"> &nbsp; </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD> &nbsp; </TD>
    <TD> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Robert S. Ellin&nbsp;<BR>
    Attorney-in-Fact</FONT> </TD>
    <TD> &nbsp; </TD></TR>
  </TABLE>

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

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

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

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>2
<FILENAME>ea025458201ex5-1_liveone.htm
<DESCRIPTION>OPINION OF FOLEY SHECHTER ABLOVATSKIY LLP REGARDING LEGALITY OF SECURITIES BEING REGISTERED
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="text-align: right; margin: 0"><B>Exhibit 5.1</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><IMG SRC="ex5-1_001.jpg" ALT="">&nbsp;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">641 Lexington Avenue | 14<SUP>th</SUP> Floor</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">New York, New York 10022</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dial: 212.335.0466</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Fax: 917.688.4092</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">info@foleyshechter.com</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.5in 0pt 0; text-align: right">August 26, 2025</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">269 S. Beverly Dr., Suite 1450</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Beverly Hills, CA 90212</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px; text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Re:</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">LiveOne, Inc.&rsquo;s Amendment No. 1 to Registration Statement on Form S-3 (File No. 333-288779)</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-align: justify; text-indent: -0.35in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-align: justify; text-indent: -0.35in">Ladies and Gentlemen:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 37.05pt">Reference is made to the
Registration Statement on Form S-3, as amended (File No. 333-288779) (the &ldquo;<B>Registration Statement</B>&rdquo;) filed by LiveOne,
Inc., a Delaware corporation (the &ldquo;<B>Company</B>&rdquo;), under the Securities Act of 1933, as amended (the &ldquo;<B>Securities
Act</B>&rdquo;), with the U.S. Securities and Exchange Commission (the &ldquo;<B>SEC</B>&rdquo;) pursuant to Rule 415 under the Securities
Act, with respect to the resale by certain of the Company&rsquo;s securityholders (the &ldquo;<B>Selling Stockholders</B>&rdquo;), as
set forth in the Registration Statement, of up to 7,988,095 shares (the &ldquo;<B>Shares</B>&rdquo;) of the Company&rsquo;s common stock,
$0.001 par value per share (the &ldquo;<B>common stock</B>&rdquo;), issuable upon conversion of the Company&rsquo;s 11.75% Original Issue
Discount Senior Secured Convertible Debentures (the &ldquo;<B>Debentures</B>&rdquo;) that the Company issued to the Selling Stockholders
pursuant to the Securities Purchase Agreement entered into by the Company with the Selling Stockholders on May 19, 2025 (the &ldquo;<B>Purchase
Agreement</B>&rdquo;). This opinion is being rendered in connection with the filing of the Registration Statement with the SEC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 37.05pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 37.05pt">In connection with this
opinion, we <FONT STYLE="background-color: white">have </FONT>examined such documents and considered such legal matters as we have deemed
necessary and relevant as the basis for the opinion set forth below. With respect to such examination, we have assumed the genuineness
of all signatures, including electronic signatures, the legal capacity and competency of all natural persons, the authenticity of all
documents submitted to us as originals, the conformity to original documents of all documents submitted to us as reproduced, certified
or photostatic copies and the authenticity of the originals of those latter documents. As to questions of fact material to this opinion,
we have, to the extent deemed appropriate, relied upon certificates from, and certain representations of certain officers and employees
of, the Company. For purposes of the opinion set forth below, we have assumed that before the Shares are issued the Company does not issue
shares of common stock or reduce the total number of shares of common stock the Company is authorized to issue under its Certificate of
Incorporation, as amended (the &ldquo;<B>Certificate of Incorporation</B>&rdquo;), such that the number of unissued shares of common stock
authorized under the Certificate of Incorporation is less than the number of Shares. With respect to the Shares, we express no opinion
to the extent that future issuances of securities of the Company, adjustments to outstanding securities of the Company or other matters
cause the number of shares of common stock underlying the Debentures to be greater than the number of shares of common stock available
for issuance by the Company. Further, we have assumed that the conversion price of the Debentures will not be adjusted to an amount below
the par value per share of the common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.35in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Based upon the foregoing,
and subject to the additional qualifications set forth below, we are of the opinion that (i) the Debentures are valid and binding obligations
of the Company enforceable against the Company in accordance with its terms, and (ii) the Shares have been duly authorized by the Company
and when issued in accordance with the terms of the Debentures, will be validly issued, fully paid and nonassessable.&nbsp;</P>

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

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

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our opinion is expressed only
with respect to the General Corporation Law of the State of Delaware and the laws of the State of New York (the &ldquo;<B>Covered Law</B>&rdquo;).
The opinions set forth above are subject to the following exceptions, limitations and qualifications: (i) the effect of bankruptcy, insolvency,
reorganization, fraudulent conveyance, moratorium or other similar laws now or hereafter in effect relating to or affecting the rights
and remedies of creditors; (ii) the effect of general principles of equity, whether enforcement is considered in a proceeding in equity
or at law, and the discretion of the court before which any proceeding therefor may be brought; (iii) the unenforceability under certain
circumstances under law or court decisions of provisions providing for the indemnification of, or contribution to, a party with respect
to a liability where such indemnification or contribution is contrary to public policy; (iv) we express no opinion concerning the enforceability
of any waiver of rights or defenses with respect to stay, extension or usury laws; and (v) we express no opinion with respect to whether
acceleration of any Debentures may affect the ability to collect any portion of the stated principal amount thereof which might be determined
to constitute unearned interest thereon. We do not express any opinion with respect to the law of any jurisdiction other than Covered
Law or as to the effect of any such non-Covered Law on the opinions herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 37.05pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Without limiting the generality
of the foregoing, we express no opinion with respect to (i) the qualification of the shares under the securities or blue sky laws of any
state or any foreign jurisdiction or (ii) the compliance with any federal or state law, rule or regulation relating to securities, or
to the sale or issuance thereof. We are not rendering any opinion as to compliance with any federal or state antifraud law, rule, or regulation
relating to securities, or to the sale or issuance thereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In rendering the foregoing
opinion, we have assumed that the Company will comply with all applicable notice requirements regarding uncertificated shares provided
in the Covered Law. This opinion is for your benefit in connection with the Registration Statement and may be relied upon by you and by
persons entitled to rely upon it pursuant to the applicable provisions of the Securities Act. It is understood that this opinion is to
be used only in connection with the offer, sale, and issuance of the Securities while the Registration Statement is in effect.&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We hereby consent to the use
of this opinion as an exhibit to the Registration Statement, to the use of our name as your counsel and to all references made to us in
the Registration Statement and in the Prospectus forming a part thereof. In giving this consent, we do not hereby admit that we are in
the category of persons whose consent is required under Section 7 of the Act, or the rules and regulations promulgated thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 37.05pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 37.05pt">Please note that we are
opining only as to the matters expressly set forth herein, and no opinion should be inferred as to any other matters. This opinion is
expressed as of the date hereof unless otherwise expressly stated and is based upon currently existing statutes, rules, regulations and
judicial decisions, and we disclaim any obligation to advise you of any change in any of these sources of law or subsequent legal or factual
developments which might affect any matters or opinions set forth herein.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 35%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Very truly yours,</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ <I>Foley Shechter Ablovatskiy LLP</I></FONT></TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

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

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

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1.5pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>3
<FILENAME>ea025458201ex23-1_liveone.htm
<DESCRIPTION>CONSENT OF MACIAS GINI & O'CONNELL LLP, INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="text-align: right; margin: 0"><B>Exhibit 23.1</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING
FIRM</B></P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We consent to the incorporation by reference
in this Amendment No. 1 to the Registration Statement on Form S-3 and the related Prospectus of LiveOne, Inc. of our report dated
July 15, 2025, relating to the consolidated financial statements of LiveOne, Inc. as of March 31, 2025, which report appears in the
Annual Report on Form 10-K of LiveOne, Inc. for the year ended March 31, 2025. Our report on the consolidated financial statements
contains an explanatory paragraph regarding the Company&rsquo;s ability to continue as a going concern.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We also consent to the reference to our firm under the heading &ldquo;Experts&rdquo; in the Prospectus constituting a part of this Registration Statement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">/s/ Macias Gini &amp; O&rsquo;Connell, LLP</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">August 26, 2025</P>

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

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
