<SEC-DOCUMENT>0001019056-22-000172.txt : 20220211
<SEC-HEADER>0001019056-22-000172.hdr.sgml : 20220211
<ACCEPTANCE-DATETIME>20220211135128
ACCESSION NUMBER:		0001019056-22-000172
CONFORMED SUBMISSION TYPE:	424B4
PUBLIC DOCUMENT COUNT:		13
FILED AS OF DATE:		20220211
DATE AS OF CHANGE:		20220211

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Modular Medical, Inc.
		CENTRAL INDEX KEY:			0001074871
		STANDARD INDUSTRIAL CLASSIFICATION:	SURGICAL & MEDICAL INSTRUMENTS & APPARATUS [3841]
		IRS NUMBER:				870620495
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		424B4
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-260682
		FILM NUMBER:		22619151

	BUSINESS ADDRESS:	
		STREET 1:		16772 WEST BERNARDO DRIVE
		CITY:			SAN DIEGO
		STATE:			CA
		ZIP:			92127
		BUSINESS PHONE:		858-800-3500

	MAIL ADDRESS:	
		STREET 1:		16772 WEST BERNARDO DRIVE
		CITY:			SAN DIEGO
		STATE:			CA
		ZIP:			92127

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BEAR LAKE RECREATION INC
		DATE OF NAME CHANGE:	19981208
</SEC-HEADER>
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<TYPE>424B4
<SEQUENCE>1
<FILENAME>modular_424b4.htm
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<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 12pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 4pt solid; border-bottom: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: right; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B>Filed Pursuant to Rule 424(b)(4)<BR>
Registration
No. 333-260682 </B></FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; color: Red"><IMG SRC="modular001.jpg" ALT="(LOGO)"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>2,500,000
Units </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>Each Unit
Consisting of One Share of Common Stock and</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>One Warrant
to Purchase One Share of Common Stock</B></FONT></P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">We
are offering 2,500,000 units (each a &ldquo;Unit&rdquo; and collectively, the &ldquo;Units&rdquo;), at a public offering
price of $6.00 per Unit, of Modular Medical, Inc. (the &ldquo;Company,&rdquo; &ldquo;Modular Medical,&rdquo;
&ldquo;we,&rdquo; &ldquo;our&rdquo; or &ldquo;us&rdquo;) with each Unit consisting of one share of our common stock, par
value $0.001 per share, which we refer to as the &ldquo;Common Stock,&rdquo; and one warrant (a &ldquo;Warrant&rdquo;) to
purchase one share of Common Stock. The Units have no stand-alone rights and will not be certificated or issued as
stand-alone securities, and so we do not intend to apply for listing of the Warrants on any national securities exchange. The
shares of our Common Stock and the Warrants comprising the Units are immediately separable upon issuance and will be issued
separately. The Warrants included in the Units will be exercisable immediately upon issuance, will expire five years from the date of
issuance and have an exercise price of $6.60 per share
(110% of the price per unit sold in this offering.) This offering also
includes the shares of Common Stock issuable from time to time upon exercise of the Warrants. The Warrants will be issued
in book-entry form pursuant to a warrant agency agreement between us and Colonial Stock Transfer Company, Inc. as warrant
agent.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">Prior to
this offering, our Common Stock was traded on the over-the-counter market and quoted on the OTCQB market under the
symbol &ldquo;MODD.&rdquo; On February 9, 2022, the last reported sale price of our Common Stock on the OTCQB was $7.90. We
were approved to list our Common Stock on the Nasdaq Capital Market under the symbol &ldquo;MODD,&rdquo;and we began trading on the Nasdaq Capital Market on February 10, 2022. There is no established trading market for the warrants, and we do not expect a market to
develop.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">All share
and per-share information, as well as all financial information, contained in this prospectus has been adjusted to give effect
to the one-for- three (l-for-3) reverse stock split (the &ldquo;Reverse Stock Split&rdquo;), which was effective at the commencement
of trading of our Common Stock on November 29, 2021.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">We are an &ldquo;emerging
growth company&rdquo; under applicable Securities and Exchange Commission rules and will be subject to reduced public company
reporting requirements.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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="text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid">Per Unit</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid">Total</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="width: 74%; text-align: justify">Public offering price</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 8%; text-align: right">6.00</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 8%; text-align: right"><P STYLE="margin: 0">15,000,000</P>


</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Underwriting discounts and commissions<SUP>(1)</SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0.42</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right"><P STYLE="margin: 0">1,050,000</P>


</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="text-align: justify">Proceeds to us (before expenses)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">5.58</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">13,950,000&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 17.3pt; text-align: left"><FONT STYLE="font-size: 10pt"><SUP>(1)</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The
                                         underwriters will receive compensation in addition to the underwriting discount. See
                                         &ldquo;Underwriting&rdquo; beginning on page 78.</FONT></TD>
</TR></TABLE>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">Certain affiliates
of our directors and other existing stockholders have agreed to purchase an aggregate of approximately $1,800,000 of Units
in this offering at the initial public offering price per Unit and on the same terms as other purchasers in this offering. The
underwriters will receive the same underwriting discount on any Units purchased by these stockholders as they will on any other
securities sold to the public in this offering.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Investing
in our securities involves a high degree of risk. See &ldquo;Risk Factors,&rdquo; beginning on page 14.</B></FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">The underwriters
expect to deliver the Units to investors on or about February 14<B>, </B>2022.</FONT></P>

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

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

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

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 18pt"><B>Oppenheimer
&amp; Co.</B></FONT></P>

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 67%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 14pt"><B>The Benchmark Company</B></FONT></TD>
    <TD STYLE="width: 33%; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 14pt"><B>Lake
    Street</B></FONT></TD></TR>
</TABLE>


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





<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-size: 10pt">The
date of this prospectus is February 9, 2022</FONT></P>




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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; width: 95%; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><A HREF="#modulara001">PROSPECTUS
    SUMMARY</A></FONT></td>
    <TD STYLE="vertical-align: bottom; width: 5%; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">1</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><A HREF="#modulara002">THE
    OFFERING</A></FONT></td>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">10</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><A HREF="#modulara003">SUMMARY
    FINANCIAL DATA</A></FONT></td>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">12</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><A HREF="#modulara004">RISK
    FACTORS</A></FONT></td>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">14</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><A HREF="#modulara005">SPECIAL
    NOTE REGARDING FORWARD-LOOKING STATEMENTS</A></FONT></td>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">34</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><A HREF="#modulara006">USE
    OF PROCEEDS</A></FONT></td>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">35</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><A HREF="#modulara007">MARKET
    FOR COMMON EQUITY AND RELATED STOCKHOLDER MATTERS</A></FONT></td>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">36</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><A HREF="#modulara008">DIVIDEND
    POLICY</A></FONT></td>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">36</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><A HREF="#modulara009">CAPITALIZATION</A></FONT></td>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">36</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><A HREF="#modulara010">DILUTION</A></FONT></td>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">38</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><A HREF="#modulara011">MANAGEMENT&rsquo;S
    DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</A></FONT></td>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">39</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><A HREF="#modulara012">BUSINESS</A></FONT></td>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">43</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><A HREF="#modulara013">MANAGEMENT</A></FONT></td>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">64</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><A HREF="#modulara014">CERTAIN
    RELATIONSHIPS AND RELATED PARTY TRANSACTIONS</A></FONT></td>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">76</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><A HREF="#modulara015">SECURITY
    OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT</A></FONT></td>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">77</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><A HREF="#modulara016">DESCRIPTION
    OF CAPITAL STOCK</A></FONT></td>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">78</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><P STYLE="margin: 0"><A HREF="#modulara016a">DESCRIPTION OF SECURITIES WE ARE OFFERING</A></P>


</TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: right">79</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><A HREF="#modulara017">UNDERWRITING</A></FONT></td>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: right">81</td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><A HREF="#modulara018">LEGAL
    MATTERS</A></FONT></td>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">87</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><A HREF="#modulara019">EXPERTS</A></FONT></td>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">87</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><A HREF="#modulara020">WHERE
    YOU CAN FIND MORE INFORMATION</A></FONT></td>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">87</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><A HREF="#modulara021">INDEX
    TO FINANCIAL STATEMENTS</A></FONT></td>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">F-1</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">PART
    II INFORMATION NOT REQUIRED IN PROSPECTUS</FONT></td>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">II-1</FONT></td></tr>
</table>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>We have not
authorized anyone to provide any information or to make any representations other than those contained in this prospectus or in
any free writing prospectuses we have prepared. We take no responsibility for, and can provide no assurance as to the reliability
of, any other information that others may give you. This prospectus is an offer to sell only the Units offered hereby, but
only under circumstances and in jurisdictions where it is lawful to do so. The information contained in this prospectus is
current only as of its date.</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">For investors
outside the United States: We have not, and the underwriters have not, done anything that would permit this offering or possession
or distribution of this prospectus in any jurisdiction where action for that purpose is required, other than the United States.
Persons outside of the United States who come into possession of this prospectus must inform themselves about, and observe
any restrictions relating to, the offering of the Units and the distribution of this prospectus outside of the United States.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"><B>Market and Other Industry Data</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">Unless otherwise
indicated, market data and certain industry forecasts used throughout this prospectus were obtained from various sources, including
internal surveys, market research, consultant surveys, publicly available information and industry publications and surveys. Industry
surveys, publications, consultant surveys and forecasts generally state that the information contained therein has been obtained
from sources believed to be reliable, but that the accuracy and completeness of such information is not guaranteed. We have not
independently verified any of the data from third-party sources nor have we ascertained the underlying economic assumptions relied
upon therein. Similarly, internal surveys, industry forecasts and market research, which we believe to be reliable based upon
our management&rsquo;s knowledge of the industry, have not been independently verified. The future performance of the industry
and markets in which we operate and intend to operate is necessarily subject to a high degree of uncertainty and risk due to a
variety of factors, including those described in the sections titled &ldquo;Risk Factors&rdquo; and &ldquo;Special Note Regarding
Forward-looking Statements&rdquo; and elsewhere in this prospectus. These and other factors could cause results to differ materially
from those expressed in these publications and reports.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; border: black 0pt solid"><FONT STYLE="font-size: 10pt"><A NAME="modulara001"></A>PROSPECTUS
SUMMARY</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt"><I>This summary
highlights selected information contained elsewhere in this prospectus and does not contain all the information that you should
consider before making your investment decision. Before investing in our Units, you should carefully read this entire prospectus,
including the information set forth under the &ldquo;Risk Factors&rdquo; and &ldquo;Management&rsquo;s Discussion and Analysis
of Financial Condition and Results of Operations&rdquo; sections of this prospectus and our consolidated financial statements
and the accompanying notes included in this prospectus. Except as otherwise indicated herein or as the context otherwise requires,
references in this prospectus to &ldquo;Modular Medical,&rdquo; the &ldquo;Company,&rdquo; &ldquo;we,&rdquo; &ldquo;us,&rdquo;
and &ldquo;our&rdquo; refer to Modular Medical, Inc. and its wholly-owned subsidiary, Quasuras, Inc.</I></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt"><I>Except
as otherwise indicated in this prospectus, all Common Stock, Warrant and per share information and all exercise prices with respect
to our stock options and warrants reflect, on a retroactive basis, a 1-for-3 reverse stock split of our Common Stock, which became
effective on the OTCQB on November 29, 2021.</I></FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">Modular Medical
is a development stage medical device company focused on the design, development, and commercialization of an innovative insulin
pump using modernized technology to increase pump adoption in the diabetes marketplace. Through the creation of a novel two-part
patch pump, our MODD1 product candidate, or MODD1, the Company seeks to fundamentally alter the trade-offs between cost and complexity
and access to the higher standards of care that presently available insulin pumps provide. By simplifying and streamlining
the user experience from introduction, prescription, reimbursement, training and day-to-day use, we seek to expand the wearable
insulin delivery device market beyond the highly motivated &ldquo;super users&rdquo; and expand the category into the mass market.
The product candidate seeks to serve both the type 1 and the rapidly growing, especially in terms of device adoption, type
2 diabetes markets.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">We believe that
there are a number of shortcomings and issues with currently available insulin pumps that prevent a substantial number of people
who require insulin on a daily basis from choosing an insulin pump to treat their diabetes. We believe that by tailoring our insulin
pump to address such factors, we can expand the scope and adoption rate of insulin pump usage. We believe that to achieve broader
market acceptance, an insulin pump must be easier to learn to use, less time consuming to operate, more intuitive to both patients
and physicians, and meet the standards for coverage by insurance providers so that co-payments required from patients are affordable
and the hurdles to insurance coverage are significantly reduced.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Among
the more prominent issues are:</FONT></P>

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<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt"><I>Complexity</I>:
    Many existing pumps are highly complex and require significant technical expertise to use effectively. We believe such pumps
    were designed for &ldquo;super users,&rdquo;<B> </B>who have high levels of motivation and technical competence. The complexity
    of pumps proves daunting to less technically inclined users.</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt"><I>Cumbersome</I>:
    We believe that a majority of existing pumps are bulky and difficult to manage, in many cases requiring additional equipment
    to introduce a catheter to the patient&rsquo;s body and up to 48 inches of tubing, which must be replaced frequently, to connect
    the catheter to a pump. This requires users to carry spare parts and other equipment adding to the difficulty of using the
    pump.</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0.25pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt"><I>Cost</I>:
    Costs associated with insulin pump therapy are high and can be prohibitive, especially for those on fixed or limited incomes.
    These costs vary by pump, but multi-thousand-dollar upfront payments, often with substantial co-payments in addition to possible
    daily co-payments on consumables, can easily place current pumps out of reach for patients. This makes insurance providers
    hesitant to pay for them, leading to limited or absent reimbursement/coverage and high hurdles for patients to gain access.</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P></DIV>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">Our
team has substantial knowledge of the diabetes industry and experience in developing, obtaining regulatory authorization for,
and bringing insulin pumps to market. Based on this experience, we believe that our innovative insulin pump, using a new and proprietary
method of pumping insulin, can address most or all of these shortcomings. It provides a state-of-the-art insulin pump capable
of both basal (steady flow) and bolus (mealtime dosing) insulin disbursement. It also has been designed considering a natural
migration path to multi-chamber/multi-liquid pumps, potentially offering an exciting array of new therapies to patients with diabetes
and other conditions.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">Our goal
is to become the leader in expanding access to insulin pump technology to a wider portion of diabetes sufferers and provide not
just care for the super users, but &ldquo;diabetes care for the rest of us.&rdquo;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">The MODD1
is a high-precision, first-line pump that we believe represents the best choice for new pump patients because it is easy to afford,
easy to learn, easy to use, and has a revolutionary design and technology that enable precision with low-cost manufacture and
high reproducibility.</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 6.75pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">Two parts - one reusable,
    one disposable - snap together to form the working system</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <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>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

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<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">One button interface,
    easy to learn and use</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <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>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

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<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">90-day reusable, 3-day
    disposable cartridges</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <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>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

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<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">Removable at any time
    from an adhesive bracket</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <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>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">No external controller
    required, no charging, no battery replacement</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <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>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">Slim profile, lighter
    weight</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 6.75pt; text-align: justify"><FONT STYLE="font-size: 10pt; ">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 6.75pt; text-align: justify"><FONT STYLE="font-size: 10pt">A
proprietary survey of American healthcare payors representing 50 million covered lives (approximately 1/3 of U.S. covered lives)
performed for us by industry leading survey firm ISA has demonstrated that a majority of payors are willing to grant equivalent
or preferential coverage for a product with this feature set at launch in exchange for about a 20% rebate. These costs are
built into all of our models.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 6.75pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 6.75pt; text-align: justify"><FONT STYLE="font-size: 10pt"><I>Diabetes
Classifications and Therapies</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 6.75pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 6.75pt"><FONT STYLE="font-size: 10pt">Diabetes is typically classified
as either type 1, or T1D, or type 2, or T2D:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 6.75pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">T1D is an auto-immune
    condition characterized by the body&rsquo;s nearly complete inability to produce insulin. It is frequently diagnosed during
    childhood or adolescence. Individuals with T1D require daily insulin therapy to survive.</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">T2D represents over
    90% of all individuals diagnosed with diabetes and is characterized by the body&rsquo;s inability to either properly utilize
    insulin or produce sufficient insulin. Initially, many people with T2D attempt to manage their condition with improvements
    in diet and exercise and/or the use of oral medications and/or injection of glucagon-like peptide-1 (GLP-1) drugs. However,
    as their diabetes advances, patients often progress to requiring insulin therapies such as once-daily long-acting insulin
    and ultimately to intensified mealtime rapid-acting insulin therapy. This represents an important portion of the diabetes
    market with an estimated 1.6 million T2D intensively treated with insulin currently in the United States.</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 6.75pt; text-align: justify"><FONT STYLE="font-size: 10pt; ">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt; ">Glucose,
the primary source of energy for cells, must be maintained at certain levels in the blood in order to permit optimal cell function
and health. In people with diabetes, blood glucose levels are not well controlled and frequently become very high, a condition
known as hyperglycemia, and very low, a condition called hypoglycemia. Hyperglycemia can lead to serious long-term complications,
including blindness, kidney disease, nervous system disorders, occlusive vascular diseases, lower-limb amputation, stroke, cardiovascular
disease, and death. Hypoglycemia can lead to confusion or loss of consciousness, often requiring a visit to the emergency room
or, in certain cases, result in seizures, coma, and/or death.</FONT></P>

</DIV>

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<DIV STYLE="border: black 1px solid; padding: 6pt; width: 98%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">All
people with T1D, which is our primary market, require daily insulin. According to the Seagrove 2021 Diabetes Blue Book, approximately
18% of people with T2D in the United States, or 4.7 million people, require insulin (basal (steady supply) alone represents 3.1
million and basal plus mealtime represent 1.6 million) to manage their diabetes. In this prospectus, we refer to people with T1D
and people with T2D who require mealtime insulin as &ldquo;insulin-requiring people with diabetes.&rdquo;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">Currently,
there are two primary therapies available for insulin-requiring people with diabetes: multiple daily insulin injections directly
into the body through syringes or insulin pens, referred to as Multiple Daily Injection, or MDI therapy, or the use of an insulin
pump to deliver mealtime insulin boluses (single doses) to help with glucose absorption after carbohydrate consumption and a continuous
subcutaneous insulin infusion, or CSII therapy, into the body. Generally, CSII therapy is considered to provide a number of advantages
over MDI therapy, primarily an improvement in glycemic control, as measured by certain diabetes management tests such as hemoglobin
A1c (HbA1c) measure and more recently Time in Range (TIR) where a continuous glucose measuring device is used to calculate this
test. Among other medical benefits, it has been demonstrated that insulin pump use can decrease glucose variability, reduce the
number of hypoglycemia, decrease the daily doses of insulin and reduce the fear of hypoglycemia.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Notwithstanding
these advantages, the difficulty in use resulting from the complexity and cumbersome design of available insulin pumps as well
as high and often prohibitive costs for both the patient and insurance provider has resulted not only in dissatisfaction among
many existing pump users (fewer than half purchase a new pump after the warranty expires per Seagrove Partners estimate), but
also has severely limited the adoption rate of insulin pumps by a large segment of the MDI diabetes population, who we refer to
in this prospectus as &ldquo;Almost Pumpers.&rdquo;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><IMG SRC="modular002.jpg" ALT="(Graphic)" STYLE="float: right; margin-left: 30pt"></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">We define
Almost Pumpers as individuals who treat their diabetes with MDI. These individuals are aware of pumps and the potential benefits,
however, for a variety of reasons, they choose to continue giving themselves shots. We undertook one-on-one interviews with over
200 of these individuals to understand their past experiences on or considering pumps, existing pump shortcomings, the cost and
insurance hurtles challenges, complexity to learn and time and complexity to operate that drives them to remain on MDI. With this
detailed understanding, we brought a series of prototype models to them to react to, so we could refine the design and include
features that would motivate them to be able to use this technology to better care for their diabetes. To date, the MODD1 pump
has been well received by these individuals.</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">It is estimated
that 32% of Americans with T1D use insulin pump therapy. Clinicians were surveyed on potential pump users and identified that
28% of Americans with T1D, including 44% of those who currently utilize MDI, can be classified as i) having an interest in pump
adoption and ii) meeting the American Diabetes Association guidelines for required glucose control. These individuals do not want
to closely manage their glucose levels and incur the associated time and effort involved - they are the Almost Pumpers. We have
developed what we believe to be the most technologically advanced delivery system to overcome their objections and provide motivation.
We believe that there are four addressable hurdles to adoption:</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">Usability: the
    device needs to be easy to learn and to operate;</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">Affordability:
    we will focus on overcoming copay and insurance hurdles rather than leaving the &ldquo;insurance journey&rdquo; to the clinician
    and patient;</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">Accessibility and
    Education: we will seek to engage patients to sample this new technology by supplying clinicians with free samples and simple
    training to allow people to see first-hand the typical barriers to adoption that have been overcome; and</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">Service and Support:
    we will have a support network available to address their questions and concerns.</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 6.75pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-size: 10pt">Our
initial focus for our insulin pump is the almost pumper segment population located in the United States.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">We believe
this conversion process, engaging people to try and thereby receive the benefits of our technology will substantially increase
adoption of insulin pumps among both those with T1D and T2D who remain reliant upon multiple daily injections. Diabetes is a disease
that appears throughout the world. Therefore, we cannot segment the market by socioeconomics, education or level of care. We intend
to create an insulin pump that appeals to all Almost Pumpers.</FONT></P></DIV>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; border: black 0pt solid"><FONT STYLE="font-size: 10pt"><B>Our
Insulin Pump </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Instead
of building complex, bespoke, and difficult to manufacture and maintain pumping and control systems, we began with the technology
and the user in mind. Using proprietary and patented methods of insulin measurement, we were able to eschew the complex mechanisms
used today and instead build a product candidate using only parts from high volume consumer electronics manufacturing lines, breaking
the cost vs. functionality curve that has existed in the insulin pump space and representing the first truly modern insulin
pump design.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">The pre-production
models of our low-cost insulin pump are now undergoing the testing required to submit to the Food and Drug Administration, or
FDA, for clearance to market them in the United States. We expect to submit our product candidate to the FDA in March 2022
through a premarket notification (or 510(k)) process (see the section titled <I>Government Regulation </I>below for a discussion
of the FDA submission process and requirements). After submission, we expect to receive two rounds of comments from the FDA,
and we believe it will take approximately six months to obtain clearance from the FDA. After we obtain clearance from the FDA,
we can commence our commercialization process, as discussed in the section titled <I>Commercialization Strategy: Overcoming the
Insurance Hurdles </I>below. We continue to devote substantial time and resources to better understand the needs and preferences
of Almost Pumpers and the specific patent/provider/payor requirements to motivate change from MDI patients.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">MODD1 has several
distinguishing features:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center; color: Red"><IMG SRC="modular003.jpg" ALT=""></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">1- The pump
has a simple button to press to deliver insulin as the patient requires it. The electronic pump uses a simple motor and rotating
cam to motivate the insulin into the patient along with low power Bluetooth (LPBT) and near field communication (NFC) chips to
allow the patient to communicate with their smart phone, tablet, or other mobile computing platform, as appropriate.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">2 - The pump
snaps together with a three-day disposable cartridge that is patient filled with insulin for delivery. It includes the power source
and a simple coin cell that allows it to run through the 80-hour life of the cartridge.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">3 - There is
a set (not shown) that contains a soft 6 mm cannula and an introducer for insertion into the skin and removal of the needle used
to transfer insulin to the body.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">4 - MODD1 comes
with a variety of methods for the patient to wear the pump. Options include: a base plate with adhesive (shown) for attaching
to the body that has features for holding the pump to the patient; overwraps to hold the product candidate to the patient; and
a velcro strap with a base plate suitable for wrapping around the arm or leg of the patient. The system will deliver a small
continuous rate, called a basal, that will provide approximately 50% of the total daily dose required and the user will use the
on-pump button to administer boluses, typically before and after meals.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">The objective
is to make the product candidate simple to acquire and take home, simple to learn and most importantly, simple to use to expand
the pump market, drive adoption and ultimately better clinical outcomes.</FONT></P></DIV>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">The adoption
of new ultra-high volume technologies will result in far easier manufacturing scale up as parts sourcing and assembly processes
are far easier. The MODD1 was designed from the beginning for mass manufacturing processes and fully automated production assembly
lines. This advantage is compounded by the high availability and already optimized cost reduction in its components. This has
resulted in a cost of goods, estimated on our competitors&rsquo; announced margins and sales, 50% lower than our closest patch
pump competitor.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">The
adoption of modern, miniaturized technologies has led to numerous other advantages as well. The MODD1 pump is smaller in overall
volume than Insulet&rsquo;s popular Omnipod product and has a lower profile to the skin. Despite this, it holds a full 3mL (300
units) of insulin in line with full sized pumps such as Tandem and Medtronic, 50% more than the 2mL reservoir in the Omnipod.
We believe that this volume advantage over other patch pumps will be significant as 24% of
type 1 and over 50% of the rapidly growing type 2 market require more than 2 milliliters of insulin every 3 days (the expected
wear time of patch pumps).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">In addition,
our new and patented pumping modality will provide what we believe is the most even (and thus closest to the function of a healthy
pancreas) delivery of basal insulin in the industry. Basal rate can be delivered almost continuously while other pumps are
delivering micro-boluses every five minutes for the Tandem, Omnipod and Medtronic pumps. We plan to demonstrate the impact
of our system on glycemic control in a future clinical study.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">The
technology allows the patient to simply add insulin and operate. The battery is included in each cartridge and the device is operated
without a controller. Nothing requires charging. MODD1 has been made push button simple to appeal to a wider audience of users.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">This
new technology has also made the MODD1 lighter than existing offerings. Compared to the Insulet Omnipod pump, MODD1 weighs
20 grams (vs. 26 grams) empty and 23 grams (vs. 28 grams) fully filled (despite carrying 50% more insulin), a reduction of 23%
and 18% respectively. Also, unlike existing patch pumps, the MODD1 can be removed from the needle and taken off and replaced
later if the user desires. This avoids loss of insulin in a pump due to accidental dislodging of the soft canula, an issue that
users have expressed considerable dissatisfaction with on other patch pumps.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">This
technology is also uniquely suited to dual (or more) chamber pumps. We believe that such pumps will be integral to the realization
of high time in range artificial pancreas solutions that require no human intervention, the next step forward from the cumbersome
and awkward solutions today that require the user to announce meals, count and input carbs, and adjust delivery for exercise and
sleep. The advantages of cost and miniaturization are multiplied in a multi-chamber setup and we expect to be able to reach price
points, ease of use, and form factor unlike anything seen in the industry thus far. We believe that a prefilled, multi-hormone
peel and stick-patch pump able to function in a fully autonomous closed loop system with CGM&rsquo;s represents the next generation
of diabetes care. We believe that we have demonstrated our technology and are securing the intellectual property on our approach.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">We
believe this technology, especially in dual chamber, will open up numerous applications outside of diabetes where medication compliance
of complex therapy regimes is difficult, addressing such spaces as weight loss and fertility, and simplifying complex delivery
of multi-drug cocktails, especially those with diverse and challenging dosing schedules.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt; "><B>Commercialization
Strategy: Overcoming the Insurance Hurdles</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify;  "><FONT STYLE="font-size: 10pt">Our
goal is to establish MODD1 as the best option for new pump patients as we expand the market into the Almost Pumpers (Type 1 and
Type 2) and the newly motivated CGM users. We seek to grow the market by providing first-line insulin pump therapy that is well
suited to meet the needs of both diabetes patients requiring insulin and their clinicians.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 6.75pt; text-align: justify;  "><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">According to Insulet&rsquo;s
    published costs of goods, MODD1 is approximately 50% less expensive to manufacture than Omnipod. This low cost allows
    us to spend more on patients and sampling. This will save money for payers. We can offer the pump with no upfront cost to
    patients. Benefits of MODD1 include:</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 72px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">o</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">20% discount vs. Insulet
    (PODD) will drive preferred status</FONT></td></tr>
</table>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 72px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">o</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">Designed to use pharmacy
    benefits manager (PBM) codes as a disposable</FONT></td></tr>
</table>

</DIV>

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<DIV STYLE="border: black 1px solid; padding: 6pt; width: 98%">
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 72px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">o</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">No new code needed
    to be reimbursed at launch</FONT></td></tr>
</table>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 72px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">o</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">Saves
        provider an estimated $1062/patient/year vs. Omnipod</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">MODD1
        will be sampled and given to patients by the doctor or diabetes nurse educator at the time of the patient visit. When
        a patient is motivated to make change, our starter kit will make it easy for the clinician to initiate the new therapy
        that same day. We seek to eliminate the currently challenging &ldquo;insurance journey&rdquo; and product acquisition
        timeline and significantly reduce training time for the busy clinician, all major hurdles to pump adoption. We intend
        to add telehealth support to help the patient throughout adoption and use and to facilitate greater collaboration between
        patients and their physicians.</FONT></P>
                                                         <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt"></FONT></P></td></tr>
</table>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; border: black 0pt solid"><FONT STYLE="font-size: 10pt">Europe
represents another large potential market for MODD1. Sixty million people in Europe live with diabetes, and approximately $161
billion is spent annually on diabetes healthcare costs in Europe. At present, cost containment is restricting pump uptake across
Europe. Current pump usage across Europe hovers between 10% and 20% in many markets. Single payor healthcare systems across Europe
traditionally attempt to contain costs in the short term and seek low price technologies with moderate medical benefits. MODD1
will offer a rebalance of this risk/reward strategy in that payors will incur only minor incremental short-term costs with the
benefit of longer-term cost savings associated with reliable pump use. We intend to employ a partnership strategy across Europe
following in-house managed regulatory and pricing activities in the major markets (e.g., the United Kingdom) and more cost receptive
markets (e.g., Nordics). We are targeting European and United Kingdom approval towards early 2023.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 6.75pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">Our success
depends in part on our ability to obtain patents and trademarks, maintain trade secrets and know-how protection, enforce our proprietary
rights against infringers, and operate without infringing on the proprietary rights of third parties. Because of the length of
time and expense associated with developing new products and bringing them through the regulatory approval process, the health
care industry places considerable emphasis on obtaining patent protection and maintaining trade secret protection for new technologies,
products, processes, know-how, and methods.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">As of December
31, 2021, we had one issued U.S. utility patent, five published U.S. utility patents, two pending foreign patent applications,
and two pending international Patent Cooperation Treaty (PCT) patent applications covering various aspects of our technology,
including our proprietary fluid movement technology. There can be no assurance that our pending patent applications will result
in the issuance of patents, that patents issued to or licensed by us will not be challenged or circumvented by competitors, or
that these patents will be found to be valid or sufficiently broad to protect our technology or provide us with a competitive
advantage.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">Investing
in our Units involves substantial risk. You should carefully consider all of the information in this prospectus before investing
in our Units, including the risks related to this offering and our Units, our business and industry, our intellectual property,
our financial results, and our need for financing, each as described under the section titled &ldquo;Risk Factors&rdquo; and elsewhere
in this prospectus.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">Risks in
investing in our Units include, but are not limited to:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 6.75pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">Even if we are
    able to obtain all regulatory approvals and have completed all other steps needed to be taken to commercialize our insulin
    pump, if we or any contract manufacturers we select fails to comply with the FDA&rsquo;s quality system regulations, the manufacturing
    and distribution of our product candidate could be interrupted, and our product sales and operating results could suffer.</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">We will need to outsource
    and rely on third parties for various aspects relating to the development, manufacture, sales and marketing of our insulin
    pump as well as in connection with assisting us in the preparation and filing of our FDA submission, and our future success
    will be dependent on the timeliness and effectiveness of the efforts of these third parties.</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P></DIV>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">We are a developmental-stage
    medical device company and have a history of significant operating losses; we expect to continue to incur operating losses
    for the foreseeable future, and we may never achieve or maintain profitability.</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="padding-right: 5.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">We
    may not receive the necessary regulatory clearance or approvals for our insulin pump, and failure to timely obtain necessary
    clearances and/or approvals could harm our then operations, including our ability to commercialize our product candidate.</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">Obtaining marketing
    authorization in the United States will not obviate the need to obtain marketing authorization in other jurisdictions We must
    obtain approval from foreign regulatory authorities before we can market and sell any of our product candidates in countries
    outside the United States. We will incur additional costs in seeking such approvals, may experience delays in obtaining
    such approvals and cannot be certain that such approvals will be granted.</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">Although our product
    candidate does not presently require clinical trials to apply to the FDA for clearance, and even if a clinical trial is conducted,
    the results of our clinical testing may not demonstrate the safety and efficacy of the device or may be equivocal or otherwise
    not be sufficient for us to obtain approval of our product candidate.</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">We require additional
    capital to fund our growth, operations, and obligations, and our growth may be limited. We believe the proceeds of this offering
    will provide us with the capital required to obtain FDA approval of and to commercialize our insulin pump.</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">Any outbreak or worsening
    of an outbreak of contagious diseases, or other adverse public health developments, could have a material and adverse effect
    on our business operations, financial condition and results of operations.</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">Our competitors may
    develop products that are more effective, safer and less expensive than ours.</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">We may fail to sustain trading on Nasdaq, which could make it more difficult for investors to sell
    their shares.</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 24px; text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">We
                                         recently effected a reverse stock split of our Common Stock; however we may not be able
                                         to meet the minimum bid price requirement of Nasdaq. In addition, the reverse stock split
                                         may decrease the liquidity for shares of our Common Stock, and the trading liquidity
                                         of our Common Stock may not improve.</FONT></TD>
</TR></TABLE>



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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">Sales of a significant
    number of shares of our Common Stock in the public markets, or the perception that such sales could occur, could depress the
    market price of our Common Stock.</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">We have limited internal
    research and development personnel, making us dependent on consulting relationships.</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">Technological breakthroughs
    in diabetes monitoring, treatment or prevention could render our insulin pump obsolete.</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">We may not be able
    to identify, negotiate and maintain the strategic alliances necessary to develop and commercialize our products and technologies,
    and we will be dependent on our corporate partners if we do.</FONT></td></tr>
</table>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; border: black 0pt solid"><FONT STYLE="font-size: 10pt"><B>Listing
on the Nasdaq Capital Market </B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">Prior
to this offering, our Common Stock was quoted on the OTCQB Market. In connection with this offering, we were approved to list our Common Stock on the Nasdaq Capital Market (&ldquo;Nasdaq&rdquo;) under the symbol &ldquo;MODD,&rdquo;and out Common Stock began trading on Nasdaq on February 10, 2022. We do not intend to apply for listing
of the Warrants on any national securities exchange.</FONT></P>

</DIV>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Implications
of Being an Emerging Growth Company</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">We are an &ldquo;emerging
growth company&rdquo; as defined in the Jumpstart Our Business Startups Act of 2012, as amended, or the JOBS Act. We will remain
an emerging growth company until the earlier of (1) December 31, 2024 (2) the last day of the fiscal year in which we have total annual
gross revenue of at least $1.07 billion, (3) the last day of the fiscal year in which we are deemed to be a &ldquo;large accelerated
filer&rdquo; as defined in Rule 12b-2 under the Securities Exchange Act of 1934, as amended, or the Exchange Act, which would
occur on the date on which we have issued more than $1.0 billion in non-convertible debt
securities during the prior three-year period. An emerging growth company may take advantage of specified reduced reporting
requirements and is relieved of certain other significant requirements that are otherwise generally applicable to public companies.
As an emerging growth company, we may:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 6.75pt; text-align: justify"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">present only two years
    of audited financial statements, plus unaudited condensed financial statements for any interim period, and related management&rsquo;s
    discussion and analysis of financial condition and results of operations in this prospectus;</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>



<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">avail ourselves of
    the exemption from the requirement to obtain an attestation and report from our auditors on the assessment of our internal
    control over financial reporting pursuant to the Sarbanes-Oxley Act of 2002, or Sarbanes-Oxley;</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="padding-right: 5.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">provide
    reduced disclosure about our executive compensation arrangements; and</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">not require stockholder
    non-binding advisory votes on executive compensation or golden parachute arrangements.</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; border: black 0pt solid">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; border: black 0pt solid"><FONT STYLE="font-size: 10pt">In
addition, under the JOBS Act, an emerging growth company can delay the adoption of certain accounting standards until those standards
would otherwise apply to private companies. We have irrevocably elected not to avail ourselves of this extended transition period,
and, as a result we will adopt new or revised accounting standards on relevant dates on which adoption of such standards is required
for other public companies.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 6.75pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-size: 10pt">We are
also a &ldquo;smaller reporting company&rdquo; as defined in Rule 12b-2 of the Exchange Act and have elected to take advantage
of certain of the scaled disclosure available to smaller reporting companies.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-size: 10pt">Our
principal executive offices are located at 16772 West Bernardo Drive, San Diego, CA 92127 and our telephone number is (858) 800-3500.
We maintain a website at www.modular-medical.com to which we regularly post copies of our press releases, as well as additional
information about us. Our filings with the Securities and Exchange Commission, or SEC, will be available free of charge through
the website as soon as reasonably practicable after being electronically filed with or furnished to the SEC. Information contained
on, or accessible through, our website does not constitute a part of this prospectus or our other filings with the SEC, and you
should not consider any information contained on, or that can be accessed through, our website as part of this prospectus or in
deciding whether to purchase our Units.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-size: 10pt">All brand
names or trademarks appearing in this prospectus are the property of their respective holders. Use or display by us of other parties&rsquo;
trademarks, trade dress, or products in this prospectus is not intended to, and does not, imply a relationship with, or endorsements
or sponsorship of, us by the trademark or trade dress owners.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0"><FONT STYLE="font-size: 10pt"><I>Warrant Amendment</I></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-size: 10pt">On
February 3, 2022, the Company entered into an amendment agreement (the &ldquo;Amendment Agreement&rdquo;) with each of the holders
(each, a &ldquo;Holder&rdquo;, and collectively, the &ldquo;Holders&rdquo;) of the Common Stock Warrants issued by the Company
in the 2021 Placement (as defined below), to amend such Common Stock Warrants in order to clarify that, in the event the Company
or any subsidiary thereof, as applicable, at any time while the Common Stock Warrant is outstanding, shall sell or grant any option
to purchase, or sell or grant any right to reprice, or otherwise dispose of or issue (or announce any offer, sale, grant or any
option to purchase or other disposition) any Common Stock or securities entitling any person or entity to acquire shares of Common
Stock (upon conversion, exercise or otherwise), at an effective price per share less than the then exercise price of the Common
Stock Warrant (such lower price, the &ldquo;Base Share Price&rdquo; and such issuances collectively, a &ldquo;Dilutive Issuance&rdquo;),
the then exercise price of the warrant, which is currently $24.00, shall be reduced at the option of the investor and only reduced to equal the Base Share
Price. Each Common Stock Warrant was further amended to clarify that any adjustment to the exercise price pursuant to a Dilutive
Issuance will remain through the occurrence of a sale of securities with gross proceeds in excess of $12 million (the &ldquo;Qualified
Capital Raise&rdquo;), but no such adjustment would be made in the event of a Dilutive Issuance made subsequent to the completion
of a Qualified Capital Raise.</FONT></P>

</DIV>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0"><FONT STYLE="font-size: 10pt"><I>Board Composition</I></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">On December 31, 2021, Liam
Burns resigned as a member of our board of directors (the &ldquo;Board&rdquo;).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-size: 10pt">Effective
November 29, 2021, the Board appointed Steven Felsher and Philip  Sheibley as members of the Board.&nbsp;In addition,
Messrs. Felsher and Sheibley were also appointed to serve on the audit committee and the nominating and governance committee
of the Board.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0"><FONT STYLE="font-size: 10pt"><I>Officer Stock Purchases</I></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 0"><FONT STYLE="font-size: 10pt">On
October 28, 2021, we entered into purchase agreements with Ellen O&rsquo;Connor (Lynn) Vos, our Chief Executive Officer, and Paul
DiPerna, Chairman of our Board and our President, Chief Financial Officer and Treasurer, providing for the sale and issuance by
us of 30,864 shares of our Common Stock, par value $0.001 per share at the closing market price on October 28, 2021 of $8.10 per
share. We received proceeds of approximately $250,000 from the sale of the shares, comprising $150,000 from Ms. Vos and $100,000
from Mr. DiPerna.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; border: black 0pt solid"><FONT STYLE="font-size: 10pt"><I>Credit
Facility and Security Agreement</I></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">On October 28,
2021, we issued a secured promissory note (the Bridge Note) to Manchester Explorer, L.P. (Manchester) that provides us with a
$3,000,000 revolving credit facility with all amounts being drawn down by us thereunder being due and payable, subject to acceleration
in the event of a default, on March 15, 2022 (the Maturity Date). Interest at the rate of 12% is payable on each drawn down without
regard to the draw down date or the date when interest is paid. As of February 3, 2021, we have made draws totaling $2,000,000
under the Bridge Note.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">The principal
amount of the Bridge Note and interest due thereon is payable to Manchester no later than the earlier of (i) the Maturity Date
and (ii) the date on which we have received proceeds in excess of $12,000,000 from a transaction or series of related transactions
occurring prior to the Maturity Date, which such transactions constitute equity financings or other issuances of our equity securities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-size: 10pt">Provided
that no Event of Default (as such term is defined in the Bridge Note) has occurred, on any date prior to the Maturity Date, upon
no less than three days written notice by us specifying the draw amount, Manchester will advance the draw amount to us. No draw
amount can be in an amount less than $100,000 or exceed an amount equal to $3,000,000 <U>minus</U> the aggregate principal amount
outstanding under the Bridge Note at the time of such draw request.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-size: 10pt">If
an Event of Default occurs and is continuing, Manchester may declare all of the Bridge Note, including any interest and other
amounts due, to be due and payable immediately. As security for our obligations under the Bridge Note, on October 28, 2021, we
entered into a Security Agreement with Manchester under which granted Manchester a continuing and unconditional first priority
security interest in and to any and all of our property, of any kind or description, tangible or intangible, wheresoever located
and whether now existing or hereafter arising or acquired.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-size: 10pt"><I>Reverse
Stock Split</I></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 0"><FONT STYLE="font-size: 10pt">On
November 24, 2021, we filed an Amendment to our Articles of Incorporation to effect a reverse split of our issued and outstanding
Common Stock at an exchange ratio of 1-for-3. The reverse stock split was effective as of November 29, 2021.&nbsp;&nbsp;</FONT></P></DIV>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B><A NAME="modulara002"></A>THE
OFFERING</B></FONT></P>

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



<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 34%; font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">Securities
                                         offered by us:</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P></td>
    <TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 64%; font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">2,500,000
                                         Units, each consisting of one share of Common Stock and one Warrant to purchase one share
                                         of Common Stock. The Units will not be certificated or issued in stand-alone form. The
                                         shares of our Common Stock and the Warrants comprising the Units are immediately separable
                                         upon issuance and will be issued separately; but will be purchased together in this offering.</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Description of Warrants included in
    Units:</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">The exercise price
    of the Warrants is $6.60 per share (110% of the public offering price per Unit). Each Warrant is exercisable for
    one share of Common Stock. Each Warrant will be exercisable immediately
    upon issuance and will expire five years after the initial issuance date. The terms of the Warrants will be governed by a
    warrant agency agreement, dated as of the effective date of this offering, between us and Colonial Stock Transfer Company,
    Inc. as the warrant agent (the &ldquo;Warrant Agent&rdquo;). This prospectus also relates to the offering of the shares of
    Common Stock issuable upon exercise of the Warrants. For more information regarding the warrants, you should carefully read
    the section titled &ldquo;Description of Our Securities&mdash;Warrants&rdquo; in this prospectus.</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">Common Stock outstanding
        prior to this offering:</FONT></P></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">6,390,372
        shares of Common Stock outstanding as of February 9, 2022.</FONT></P></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">Common
    Stock to be outstanding<BR>
    after this offering:</FONT></td>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">10,401,648
    shares, including 1,511,276 shares to be issued upon automatic conversion of $6,610,560 principal amount of convertible promissory
    notes and accrued interest thereon or 12,901,648 shares, if the Warrants offered hereby are exercised in full .</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">Use
    of proceeds:</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">We
                                         estimate that the net proceeds from this offering will be approximately $13,550,000,
                                         after deducting underwriting discounts and commissions and the estimated offering expenses
                                         payable by us.</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">We
        intend to use the net proceeds of this offering for general corporate purposes, including working capital, to develop
        our initial sales and marketing infrastructure, to fund additional research and development activities, to develop our
        initial manufacturing and production capabilities and make related capital expenditures and to repay a promissory note.
        See &ldquo;Use of Proceeds&rdquo; for additional information.</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">Risk
    factors:</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">Investing in our
    securities involves substantial risk. You should read the &ldquo;Risk Factors&rdquo; section beginning on page 14 and
    other information included in this prospectus for a discussion of factors to consider carefully before deciding to invest
    in our securities.</FONT></td></tr>
</TABLE>

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

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 34%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Nasdaq
Trading Symbol:</P>
</td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 64%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">Prior to
                                                                     this offering, our                                          Common Stock was  quoted on the OTCQB of the OTC Markets Group,
                                                                     Inc. (the &ldquo;OTCQB&rdquo;),                                          under the symbol &ldquo;MODD,&rdquo; and, traded on a limited basis. As                                          of February 9, 2022, the last reported sale price
                                                                     of our Common Stock on the OTCQB Market                                          was $7.90. We were approved to list our
                                                                     Common Stock on the Nasdaq Stock Market (the &ldquo;Nasdaq&rdquo;)                                          under the symbol
                                                                     &ldquo;MODD,&rdquo;and our Common Stock began trading on the Nasdaq on February 10, 2022.  Nasdaq listing requirements include, among other
                                                                     things, a stock price threshold. As a result, on November 24, 2021, we filed a Certificate
                                                                     of Amendment to our Articles of Incorporation to effect a 1-for-3 reverse stock split.
                                                                     On November 29, 2021, the reverse stock split was effected on the OTCQB. We do not intend
                                                                     to apply for listing of the Warrants on any national securities exchange.</FONT></P>
</td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <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="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Lock-ups</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">We and our directors
    and officers have agreed with the underwriters not to offer for sale, issue, sell, contract to sell, pledge or otherwise dispose
    of any of our Common Stock or securities convertible into Common Stock for a period of 180 days after the date of this prospectus.
    See &ldquo;Underwriting&rdquo; section.</FONT></TD></TR>
</table>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 6.75pt; text-align: justify; text-indent: 0.5in"></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The
number of shares of our Common Stock to be outstanding after this offering is based on 6,390,372 shares of our Common Stock outstanding
as of February 9, 2022, and excludes:</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0.5pt; width: 49px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.5pt; text-align: justify; width: 25px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.5pt; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0.5pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0.5pt; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="padding: 0.5pt; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">2,500,000
    shares of our Common Stock issuable upon the exercise of the Warrants to be issued as part of the Units;</FONT></TD></TR>
</TABLE>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 6.75pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 49px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><P STYLE="margin: 0"><FONT STYLE="font-size: 10pt">1,511,276
                                         shares of our Common Stock issuable upon automatic conversion of $6,610,560 principal
                                         amount of convertible promissory notes and accrued interest thereon at a price of $6.00
                                         per share as a result of the closing of this offering;</FONT></P>


</td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0.25pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0.25pt; text-align: justify"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><P STYLE="margin: 0">1,511,276
                                         shares of our Common Stock issuable upon exercise of restricted warrants with such warrants
                                         being issued upon automatic conversion of $6,610,560 principal amount of convertible
                                         promissory notes and accrued interest thereon as a result of the closing of this offering;</P>


</td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0.25pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">767,796
    shares of our Common Stock issuable upon exercise of warrants issued to our convertible promissory note holders;</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">1,834,689 shares of
    our Common Stock issuable upon exercise of outstanding stock options with a weighted average exercise price of approximately
    $7.56 per share; and</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 49px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">831,978
    shares of our Common Stock reserved for issuance pursuant to future awards under our Amended 2017 Equity Incentive Plan, or
    the 2017 Plan.</FONT></td></tr>
</table>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify"><FONT STYLE="font-size: 10pt">Certain
affiliates of our directors and other existing stockholders have agreed to purchase an aggregate of approximately $1,800,000
of our Units in this offering at the initial public offering price per Unit and on the same terms as other purchasers in this
offering. The underwriters will receive the same underwriting discount on any shares purchased by these stockholders as they will
on any other Units sold to the public in this offering.</FONT></P>



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

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<DIV STYLE="border: black 1px solid; padding: 6pt; width: 98%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B><A NAME="modulara003"></A>SUMMARY
FINANCIAL DATA</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The
following tables summarize our financial data for the periods presented and should be read together with the sections of
this prospectus titled &ldquo;Risk Factors&rdquo; and &ldquo;Management&rsquo;s Discussion and Analysis of Financial
Condition and Results of Operations,&rdquo; and our financial statements and related notes thereto appearing elsewhere in
this prospectus. The following summary statements of operations data for the six months ended September 30, 2021 and
September 30, 2020 and the years ended March 31, 2021 and March 31, 2020 have been derived from our consolidated financial
statements and footnotes included elsewhere in this prospectus. Our historical results are not necessarily indicative of
our future results or of the results we expect in the future. <I>Except as otherwise noted, all share and per share data
for the periods shown have been adjusted, on a retroactive basis, to reflect a 1-for-3 reverse stock split, which became
effective on November 29, 2021.</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 6.75pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></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="text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Year ended March 31,</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: center">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2021</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2020</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="font-weight: bold; text-align: left">Operating expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 74%; text-align: left; padding-left: 8.65pt">Research and development</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 8%; text-align: right">4,083,303</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 8%; text-align: right">3,034,152</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="text-align: left; padding-left: 8.65pt">General and administrative expenses</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">3,253,412</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2,313,870</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 25.95pt">Total operating expenses</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">7,336,715</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">5,348,022</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 17.3pt">Loss from operations</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(7,336,715</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(5,348,022</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 17.3pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Other income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="text-align: left; padding-left: 8.65pt">Interest income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">130</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">28,749</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 8.65pt">Interest expense</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(39,791</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 8.65pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 17.3pt">Loss before income taxes</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(7,376,376</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(5,319,273</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 17.3pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 8.65pt">Provision for income taxes</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,600</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,600</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 8.65pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 17.3pt">Net loss</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(7,377,976</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(5,320,873</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 17.3pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold">Net loss per share</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="text-align: left; padding-left: 8.65pt">Basic and diluted</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(1.19</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(0.89</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 8.65pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Shares used in computing net loss per share</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="text-align: left; padding-left: 8.65pt">Basic and diluted</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,211,562</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,954,923</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></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="text-align: center; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Six Months Ended<BR>
    September 30,</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: center; padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2021</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2020</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="font-weight: bold; text-align: left">Operating expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 74%; text-align: left; padding-left: 8.65pt">Research and development</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">3,893,511</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">2,063,480</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="text-align: left; padding-left: 8.65pt; padding-bottom: 1pt">General and administrative</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">3,174,489</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">1,669,910</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 17.3pt; padding-bottom: 1pt">Total operating expenses</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">7,068,000</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">3,733,390</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="text-align: left; padding-left: 8.65pt">Loss from operations</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(7,068,000</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(3,733,390</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 8.65pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 8.65pt">Other income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">368,872</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">104</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="text-align: left; padding-left: 8.65pt">Interest expense</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,194,670</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 8.65pt; padding-bottom: 1pt">Loss on debt extinguishment</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">(1,321,450</TD><TD STYLE="text-align: left; padding-bottom: 1pt">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">&mdash;</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 8.65pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 17.3pt">Loss before income taxes</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(9,215,248</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(3,733,286</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 8.65pt; padding-bottom: 1pt">Provision for income taxes</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">1,600</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">1,600</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 8.65pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 17.3pt; padding-bottom: 2.5pt">Net loss</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double">$</TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double">(9,216,848</TD><TD STYLE="text-align: left; padding-bottom: 2.5pt">)</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double">$</TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double">(3,734,886</TD><TD STYLE="text-align: left; padding-bottom: 2.5pt">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 17.3pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold">Net loss per share</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="text-align: left; padding-left: 8.65pt; padding-bottom: 2.5pt">Basic and diluted</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double">$</TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double">(1.46</TD><TD STYLE="text-align: left; padding-bottom: 2.5pt">)</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double">$</TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double">(0.61</TD><TD STYLE="text-align: left; padding-bottom: 2.5pt">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 8.65pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Shares used in computing net loss per share</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="text-align: left; padding-left: 8.65pt">Basic and diluted</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,320,916</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,156,602</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>






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

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<DIV STYLE="border: black 1px solid; padding: 6pt; width: 98%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">The following summary balance
sheet data as of September 30, 2021 is presented:</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 49px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">on an actual basis; and</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">on
an as adjusted basis to give effect to our sale of $15,000,000 of shares of Common Stock in this offering at the offering price
of $6.00 per Unit.</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 12pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">The summary
as adjusted balance sheet is for informational purposes only and does not purport to indicate balance sheet information as of
any future date.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 12pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></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="text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">September 30, 2021</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: center">&nbsp;</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid">Actual</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">As<BR> Adjusted</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: center">&nbsp;</TD><TD NOWRAP STYLE="font-style: italic">&nbsp;</TD>
    <TD COLSPAN="6" NOWRAP STYLE="font-style: italic; text-align: center">(Unaudited)</TD><TD STYLE="font-style: italic">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="font-weight: bold; text-align: left">Balance Sheet data:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 74%; text-align: left">Cash and cash equivalents</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 8%; text-align: right">798,161</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 8%; text-align: right">14,334,288</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="text-align: left">Total assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">1,374,838</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right"><P STYLE="margin: 0">14,910,965</P>


</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Total liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">6,475,652</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">1,273,173</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="text-align: left">Accumulated deficit</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(25,163,858</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(25,163,858</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Total stockholders&rsquo; equity (deficit)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(5,100,814</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">13,637,792</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B><A NAME="modulara004"></A>RISK
FACTORS</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><I>Investing
in our securities involves a high degree of risk. Before you invest in the Units, the Warrants and the Common Stock, you should
carefully consider the following risks, as well as general economic and business risks, and all of the other information contained
in this registration statement. Any of the following risks could harm our business, operating results and financial condition
and cause the trading price of our Common Stock to decline, which would cause you to lose all or part of your investment.
When determining whether to invest, you should also refer to the other information contained in this prospectus, including our
financial statements and the related notes thereto.</I></FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"><B><I>Risks Related To Our Operations</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B><I>We are
a developmental stage medical device company and have a history of significant operating losses; we expect to continue to incur
operating losses, and we may never achieve or maintain profitability.</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">As a development-stage
enterprise, we do not currently have revenues to generate cash flows to cover operating expenses. Since our inception, we have
incurred operating losses in each year due to costs incurred in connection with research and development activities and general
and administrative expenses associated with our operations. For the years ended March 31, 2021 and 2020, we incurred net losses
of approximately $7.4 million and $5.3 million, respectively. At March 31, 2021, we had an accumulated deficit of approximately
$15.9 million. For the six months ended September 30, 2021, we incurred a net loss of approximately $9.2 million. At September
30, 2021, we had an accumulated deficit of approximately $25.2 million. As a result, we have limited capital resources and
require the funds from this offering to continue our business.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">We expect to
incur losses for the foreseeable future, as we continue the development of, and seek regulatory clearance and approvals for, our
insulin pump. As our prototype insulin pump is currently our only product candidate, if it fails to gain regulatory approval and
market acceptance, we will not be able to generate any revenue or explore other opportunities to enhance shareholder value, such
as through a sale. If we fail to generate revenue and eventually become profitable, or if we are unable to fund our continuing
losses, our shareholders could lose all or a substantial part of their investment.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B><I>We might
not be able to continue as a going concern which would likely cause our stockholders to lose most or all of their investment.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">Our audited
financial statements for the year ended March 31, 2021 were prepared under the assumption that we would continue as a going concern.
However, our independent registered public accounting firm included a &ldquo;going concern&rdquo; explanatory paragraph in its
report on our financial statements for the year ended March 31, 2021, indicating that, without additional sources of funding,
our cash at March 31, 2021 is not sufficient for us to operate as a going concern for a period of at least one year from the date
that the financial statements included in this prospectus are issued. Management&rsquo;s plans concerning these matters, including
our need to raise additional capital, are described in Management&rsquo;s Discussion and Analysis of Financial Conditions and
Results of Operations included in this prospectus and in Note 1 to our audited consolidated financial statements included in this
prospectus. However, we cannot assure you that our plans will be successful. In light of the foregoing, there is substantial doubt
about our ability to continue as a going concern. If we cannot continue as a viable entity, our stockholders would likely lose
most or all of their investment in us.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B><I>We have no revenues
and substantial indebtedness, which could adversely affect our business and financial position and, among other things, our ability
to raise additional capital and our ability to satisfy our financial obligations.</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">Because we are
a development stage company, we have not and do not anticipate generating any revenues for the foreseeable future. As a result,
we are dependent upon our ability to raise capital through sales of our debt and equity securities.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">In connection
with our private placement completed in May 2021, we issued $6,610,550 aggregate principal amount of our 12% unsecured convertible
promissory notes, hereinafter referred to as the 2021 Notes, with each 2021 Note due 12 months from the issuance date. &nbsp;As
a result of the closing of this offering, 1,511,276 shares of our Common Stock (at a price of $6.00 per share) and 1,511,276 restricted
warrants will be issued upon automatic conversion of the convertible promissory notes and accrued interest thereon. </FONT></P>

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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B><I>The
full effects of COVID-19 and other potential future public health crises, epidemics, pandemics or similar events are uncertain
and could have a material and adverse effect on our business, financial condition, operating results and cash flows.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify"><FONT STYLE="font-size: 10pt">The global
outbreak of the coronavirus disease 2019, or COVID-19, was declared a pandemic by the World Health Organization and a national
emergency by the U.S. government in March 2020. This has negatively affected the world economy, disrupted global supply chains,
significantly restricted travel and transportation, resulted in mandated closures and orders to &ldquo;shelter-in-place&rdquo;
and created significant disruption of the financial markets. The extent of the impact on our operational and financial performance
will depend on future developments, including the duration and spread of the pandemic and related actions taken by U.S. and foreign
government agencies to prevent disease spread, all of which are uncertain, out of our control and cannot be predicted.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">We have
been complying with county and state orders and, until May 2021, had implemented a teleworking policy for our employees and contractors
and significantly minimized the number of employees who visit our office. However, a facility closure, work slowdowns or temporary
stoppage at one of our manufacturing suppliers could occur, which could have a longer-term impact and could delay our prototype
production and ability to conduct business.</FONT></P>

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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">If our
workforce is unable to work effectively, including because of illness, quarantines, absenteeism, government actions, facility
closures, travel restrictions or other restrictions in connection with the COVID-19 pandemic, our operations will be negatively
impacted. We may be unable to develop our product candidate, and our costs may increase as a result of the COVID-19 outbreak.
The impacts could worsen if there is an extended duration of any COVID-19 outbreak or a resurgence of COVID-19 infection in affected
regions after they have begun to experience improvement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify"><FONT STYLE="font-size: 10pt">We rely
on other companies to provide components and to perform services for us. An extended period of supply chain disruption caused
by the response to COVID-19 could impact our ability to produce our initial product quantities and, if we are not able to implement
alternatives or other mitigations, product deliveries would be adversely impacted and negatively impact our business, financial
condition, operating results and cash flows. Limitations on government operations can also impact regulatory approvals that are
necessary for us to operate our business.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify"><FONT STYLE="font-size: 10pt">The continued
spread of COVID-19 has also led to disruption and volatility in the global capital markets. We were recently able to raise additional
capital in a private placement that commenced in February 2021, however, we will need to raise additional capital to support our
operations in the future. We may be unable to access the capital markets, and additional capital may only be available to us on
terms that could be significantly detrimental to our existing stockholders and to our business.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B><I>We will
need substantial additional funding to complete subsequent phases of our insulin pump product candidate and to operate our business
and such funding may not be available or, if it is available, such financing is likely to substantially dilute our existing shareholders.</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">The discovery,
development, and commercialization of new medical devices, such as our insulin pump, entails significant costs. While we believe
that we have generally completed the engineering and mechanical aspects of our insulin pump prototype, we still must modify, refine
and finalize our insulin pump to, among other things, meet the general needs and preferences of the almost pumper marketplace
and the guidelines of third-party payors. To enable us to accomplish these and other related items and continue to operate our
business, we will need to raise substantial additional capital and/or enter into strategic partnerships or joint ventures to enable
us to:</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">fund
    clinical studies and seek regulatory approvals;</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">build
    or access manufacturing and commercialization capabilities;</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">develop,
    test, and, if approved, market our product candidate;</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">acquire
    or license additional internal systems and other infrastructure; and</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">hire
        and support additional management, engineering and scientific personnel.</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt"></FONT></P></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">Until we can
generate a sufficient amount of product revenue to finance our cash requirements, which we may never achieve, we expect to finance
our cash needs primarily through public or private equity offerings, debt financings or through the establishment of possible
strategic alliances. This offering is being conducted to obtain such funding, although there can be no guarantee that we will
successfully raise all the funding we require in this offering. Depending on the amount of funding we receive in this offering,
as well as other factors, we may in the future seek additional capital from public or private offerings of our capital stock or
borrow additional amounts under new credit lines or from other sources. If we issue equity or debt securities to raise additional
funds, our existing stockholders may experience dilution, we may incur significant financing costs, and the new equity or debt
securities may have rights, preferences and privileges senior to those of our existing stockholders. In addition, if we raise
additional funds through collaborations, licensing, joint ventures, strategic alliances, partnership arrangements or other similar
arrangements, it may be necessary to relinquish valuable rights to our potential future products or proprietary technologies or
grant licenses on terms that are not favorable to us.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">We cannot
be certain that additional funding will be available on acceptable terms, or at all. If we are not able to secure additional equity
funding when needed, we may have to delay, reduce the scope of, or eliminate one or more of our clinical studies, development
programs or future commercialization initiatives. In addition, any additional equity funding that we do obtain will dilute the
ownership held by our existing equity holders. The amount of this dilution may be substantially increased if the trading price
of our Common Stock is lower at the time of any financing. Regardless, the economic dilution to shareholders will be significant
if our stock price does not increase significantly, or if the effective price of any sale is below the price paid by a particular
shareholder. Any debt financing that we obtain in the future could involve substantial restrictions on activities and creditors
could seek a pledge of some or all of our assets. We have not identified potential sources for such financing that we will require,
and we do not have commitments from any third parties to provide any future debt financing. If we fail to obtain funding as needed,
we may be forced to cease or scale back operations, and our results, financial condition and stock price would be adversely affected.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"><B><I>We have a limited operating
history and historical financial information upon which you may evaluate our performance.</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">You should consider,
among other factors, our prospects for success in light of the risks and uncertainties encountered by companies that, like us,
are in their early stages of development. We may not successfully address these risks and uncertainties or successfully complete
our studies and/or implement our existing and new products. If we fail to do so, it could materially harm our business and
impair the value of our Common Stock. Unanticipated problems, expenses and delays are frequently encountered in establishing
a new business, conducting research, and developing new products. These include, but are not limited to, inadequate funding, failure
to obtain regulatory approval, unforeseen research issues, lack of consumer acceptance, competition, sluggish product development,
and inadequate sales and marketing. The failure by us to meet any of these conditions would have a materially adverse effect upon
us and may force us to reduce or curtail operations. No assurance can be given that we can or will ever operate profitably.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B><I>We may
not be able to meet our future capital needs.</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">To date, we
have no revenue and we have limited cash liquidity and capital resources. We will need additional capital in the near future.
Any equity financings will result in dilution and may contain other terms that are not favorable to our then-existing stockholders.
We currently have debt financing, and any additional sources of debt financing that we may obtain in the future may result in
a high interest expense. Any financing, if available, may be on unfavorable terms. If adequate funds are not obtained, we will
be required to reduce or curtail operations.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B><I>The amount
of financing we require will depend on a number of factors, many of which are beyond our control. Our results of operations, financial
condition and stock price are likely to be adversely affected if our funding requirements increase or are otherwise greater than
we expect.</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">Our future funding
requirements will depend on many factors, including, but not limited to:</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">the
    testing costs for our insulin pump product candidate and other development activities conducted by us directly, and our ability
    to successfully conclude the studies and activities and achieve favorable results;</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">our
    ability to attract future strategic partners to pay for or share costs related to our product development efforts;</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">the
    costs and timing of seeking and obtaining regulatory clearance and approvals for our product candidate;</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">the
    costs of filing, prosecuting, maintaining and enforcing any patents and other intellectual property rights that we may have
    and defending against potential claims of infringement;</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">decisions
    to hire additional scientific, engineering or administrative personnel or consultants;</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">our
    ability to manage administrative and other costs of our operations; and</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">the
    presence or absence of adverse developments in our research program.</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">If any of these
factors cause our funding needs to be greater than expected, our operations, financial condition, ability to continue operations
and stock price may be adversely affected.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B><I>Our
future cash requirements may differ significantly from our current estimates.</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">Our cash requirements
may differ significantly from our estimates from time to time, depending on a number of factors, including:</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">the costs and results
    of our clinical studies regarding our insulin pump product candidate;</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">the time and costs involved
    in obtaining regulatory clearance and approvals;</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">whether we are able to
    obtain funding under future licensing agreements, strategic partnerships, or other collaborative relationships, if any;</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">the
    costs of compliance with laws, regulations, or judicial decisions applicable to us; and</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">the
    costs of general and administrative infrastructure required to manage our business and protect corporate assets and shareholder
    interests.</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">If we fail to
raise additional funds on a timely basis, we will need to scale back our business plans, which would adversely affect our business,
financial condition, and stock price, and we may even be forced to discontinue our operations and liquidate our assets.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B><I>Technological
breakthroughs in diabetes monitoring, treatment or prevention could render our insulin pump obsolete.</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">The diabetes
treatment market is subject to rapid technological change and product innovation. Our insulin pump is based on our proprietary
technology, but a number of companies, medical researchers and existing pharmaceutical companies are pursuing new delivery devices,
delivery technologies, sensing technologies, procedures, drugs and other therapeutics for the monitoring, treatment and/or prevention
of insulin-dependent diabetes. Any technological breakthroughs in diabetes monitoring, treatment or prevention could render our
insulin pump obsolete, which, since our insulin pump is our only product candidate, would have a material adverse effect on our
business, financial condition and results of operations and could result in shareholders losing their entire investment.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B><I>Any failure
to attract and retain skilled directors, executives, employees and consultants could impair our product development and commercialization
activities.</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">Our business
depends on the skills, performance, and dedication of our directors, executive officers and key engineering, scientific and technical
advisors. Many of our current engineering or scientific advisors are independent contractors and are either self-employed or employed
by other organizations. As a result, they may have conflicts of interest or other commitments, such as consulting or advisory
contracts with other organizations, which may affect their ability to provide services to us in a timely manner. We will need
to recruit additional directors, executive management employees, and advisers, particularly engineering, scientific and technical
personnel, which will require additional financial resources. In addition, there is currently intense competition for skilled
directors, executives and employees with relevant engineering, scientific and technical expertise, and this competition is likely
to continue. If we are unable to attract and retain persons with sufficient engineering, scientific, technical and managerial
experience, we may be forced to limit or delay our product development activities or may experience difficulties in successfully
conducting our business, which would adversely affect our operations and financial condition.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B><I>We have
limited internal research and development personnel, making us dependent on consulting relationships.</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">We consider
research and development to be an important part of the process of designing, developing, obtaining regulatory required approvals
and the eventual commercialization of our insulin pump. We continue to incur increased research and development expenditures,
which are attributable to effort and expenses incurred in designing and developing our innovative insulin pump. We expect to continue
to incur substantial costs related to research and development.</FONT></P>

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

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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B><I>We
will need to outsource and rely on third parties for various aspects relating to the development, manufacture, sales and marketing
of our insulin pump as well as in connection with assisting us in the preparation and filing of our FDA submission, and our future
success will be dependent on the timeliness and effectiveness of the efforts of these third parties.</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">We are dependent
on consultants for important aspects of our product development strategy. We do not have the required financial resources and
personnel to carry out independently the development of our product candidate, and do not have the capability or resources to
manufacture, market or sell our current product candidate. As a result, we contract with and rely on third parties for important
functions, including in connection with the development and finalization of our insulin pump, the preparation and filing of our
FDA submission and eventual manufacturing and commercialization of our product candidate. We have recently entered into several
agreements with third parties for such services. If problems develop in our relationships with third parties, or if such parties
fail to perform as expected, it could lead to delays or lack of progress in obtaining FDA clearance, significant cost increases,
changes in our strategies, and even failure of our product initiatives.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B><I>We may
not be able to identify, negotiate and maintain the strategic alliances necessary to develop and commercialize our products and
technologies, and we will be dependent on our corporate partners if we do.</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">We may seek
to enter into a strategic alliance with a diabetes related service providing company for the further development and approval
of our insulin pump product candidate. At this time, we have not entered into any such strategic alliance. Strategic alliances,
if entered into, could potentially provide us with additional funds, expertise, access, and other resources in exchange for exclusive
or non-exclusive licenses or other rights to the product that we are currently developing or a product we may explore in the future.
We cannot give any assurance that we will be able to enter into strategic relationships with a diabetes related service providing
company or others in the near future or at all. In addition, we cannot assure you that any agreements that we do reach will achieve
our goals or be on terms that prove to be economically beneficial to us. When we do enter into strategic or contractual relationships,
we become dependent on the successful performance of our partners or counter-parties. If they fail to perform as expected, such
failure could adversely affect our financial condition, lead to increases in our capital needs, or hinder or delay our development
efforts. See &ldquo;Our Business -Employees&rdquo; below.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B><I>We may
not receive the necessary regulatory clearance or approvals for our insulin pump, and failure to timely obtain necessary clearances
and/or approvals could harm our then operations, including our ability to commercialize our product candidate.</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">Before we can
market a new medical device, such as our insulin pump, we must first receive clearance under Section 510(k) of the Federal Food,
Drug, and Cosmetic Act, or the FDCA. In the 510(k) clearance process, before a device may be marketed, the FDA must determine
that such proposed device is &ldquo;substantially equivalent&rdquo; to a legally-marketed &ldquo;predicate&rdquo; device, which
includes a device that has been previously cleared through the 510(k) process, a device that was legally marketed prior to May
28, 1976 (pre-amendments device), a device that was originally on the U.S. market pursuant to a premarket approval (PMA) and later
down-classified, or a 510(k)-exempt device. To be &ldquo;substantially equivalent,&rdquo; the proposed device must have the same
intended use as the predicate device, and either have the same technological characteristics as the predicate device or have different
technological characteristics and not raise different questions of safety or effectiveness than the predicate device.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">Certain future
modifications made to our product candidate, which we currently expect to be cleared through 510(k), may require a new 510(k)
clearance. The 510(k) clearance process can be expensive, lengthy and uncertain. The FDA&rsquo;s 510(k) clearance process usually
takes from three to 12 months, but can last longer. Despite the time, effort and cost, a device may not be approved or cleared
by the FDA. Any delay or failure to obtain necessary regulatory authorizations could harm our business, including our ability
to commercialize our product candidate and our shareholders could lose their entire investment. Furthermore, even if we are granted
the required regulatory authorizations, such authorizations may be subject to significant limitations on the indicated uses for
the device, which may limit the market for our product candidate.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">If the
FDA requires us to go through a lengthier, more rigorous examination for our product candidate than we had expected, product introductions
or modifications could be delayed or canceled, which could adversely affect our ability to grow our business.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">The FDA can
delay, limit or deny clearance or approval for our insulin pump medical device for many reasons, including:</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">our
    inability to demonstrate to the satisfaction of the FDA that our product candidate is substantially equivalent to the proposed
    predicate device;</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">the
    disagreement of the FDA with the design or implementation of our performance testing protocols or the interpretation of data
    from our performance testing;</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">the
    data from performance testing may be insufficient to support a determination of substantial equivalence or that our device
    meets required special controls or applicable performance standards;</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">our
    inability to demonstrate that the benefits of our pump outweigh the risks;</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">the
    manufacturing process or facilities we intend to use may not meet applicable requirements; and</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">the
        potential for approval policies or regulations of the FDA to change significantly in a manner rendering our data or regulatory
        filings insufficient for clearance or approval.</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt"></FONT></P></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">In addition,
the FDA may change its clearance and approval policies, adopt additional regulations or revise existing regulations, or take other
actions, which may prevent or delay approval or clearance of our product candidate or impact our ability to modify our product
candidate after clearance on a timely basis. Such policy or regulatory changes could impose additional requirements upon us that
could delay our ability to obtain clearance for our pump, increase the costs of compliance or restrict our ability to maintain
our current approval.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">As a general
rule, demonstration of conformity of medical devices and their manufacturers with the essential requirements must be based, among
other things, on the evaluation of data supporting the safety and performance of the product candidates during normal conditions
of use. Specifically, a manufacturer must demonstrate that the device achieves its intended performance during normal conditions
of use, that the known and foreseeable risks, and any adverse events, are minimized and acceptable when weighed against the benefits
of its intended performance, and that any claims made about the performance and safety of the device are supported by suitable
evidence.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B><I>Obtaining
marketing authorization in the United States will not obviate the need to obtain marketing authorization in other jurisdictions
We must obtain approval from foreign regulatory authorities before we can market and sell any of our product candidates in countries
outside the United States. We will incur additional costs in seeking such approvals, may experience delays in obtaining such
approvals and cannot be certain that such approvals will be granted.</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">The
development, manufacture, and marketing of our product candidates outside the United States is subject to government regulation.
In most foreign countries, we must complete rigorous pre-clinical testing and extensive human clinical trials that demonstrate
the safety and efficacy of a product in order to apply for regulatory approval to market the product. If foreign regulatory authorities
grant regulatory approval of a product, the approval may be limited to specific indications or limited with respect to its distribution.
Expanded or additional indications for approved devices may not be approved, which could limit our potential revenues. Foreign
regulatory authorities may refuse to grant any approval. Consequently, even if we believe that pre-clinical and clinical data
are sufficient to support regulatory approval for our products, foreign regulatory authorities may not ultimately grant approval
for commercial sale in any jurisdiction. If our product candidates are not approved in such jurisdictions, our ability to generate
revenues will be limited and our business will be adversely affected.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B><I>Our
competitors may develop products that are more effective, safer and less expensive than ours.</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">Existing insulin
pumps are expensive, with the more popular models having purchase prices exceeding $4,000 for individuals without health insurance
and often require significant patient copays. Others have daily use costs that exceed the reimbursement rates of many health insurance
plans, forcing some users to spend thousands of dollars a year in copays. We believe this makes insurers hesitant to pay for any
pumps and places pumps out of reach for many patients whom cannot afford such out of pocket expenses.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">We are engaged
in the diabetes treatment sector of the healthcare marketplace, which is intensely competitive. There are current products that
are quite effective at addressing the effects of diabetes, and we expect that new developments by other companies and academic
institutions in the areas of diabetes treatment will continue. If approved for marketing by the FDA, depending on the approved
clinical indication, our product will be competing with existing and future products related to treatments for diabetes.</FONT></P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">develop
    product candidates and market products that increase the levels of safety or efficacy that our product candidates will need
    to show in order to obtain regulatory approval;</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">develop
    product candidates and market products that are less expensive or more effective than ours;</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">commercialize
    competing products before we can launch any products we are working to develop;</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">hold
    or obtain proprietary rights that could prevent us from commercializing our products; or</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">introduce
    therapies or market medical products that render our potential product candidates obsolete.</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">We expect to
compete against large medical device companies, such as Medtronic, Inc., Tandem Diabetes Care, Inc. and Insulet Corporation and
smaller companies that are collaborating with larger medical device companies, new companies, academic institutions, government
agencies and other public and private research organizations. These competitors, in nearly all cases, produce similar products
relative to the treatment of diabetes that have substantially greater financial resources than we do. Our competitors also have
significantly greater experience in:</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">developing
    medical device and other product candidates;</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">undertaking
    testing and clinical studies;</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">building
    relationships with key customers and opinion-leading physicians;</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">obtaining
    and maintaining FDA and other regulatory approvals;</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">formulating
    and manufacturing medical devices;</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">launching,
    marketing and selling medical devices; and</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">providing
    management oversight for all of the above-listed operational functions.</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">If we fail to
achieve superiority over other existing or newly developed products, we may be unable to obtain regulatory approval. If our competitors&rsquo;
market medical devices that are less expensive, safer or more effective than our insulin pump, or that gain or maintain greater
market acceptance, we may not be able to compete effectively. See &ldquo;Business - Competition.&rdquo;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B><I>We expect
to rely on third-party manufacturers and will be dependent on their quality and effectiveness.</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">Our insulin
pump requires precise, high-quality manufacturing. The failure to achieve and maintain high manufacturing standards, including
failure to detect or control anticipated or unanticipated manufacturing errors or the frequent occurrence of such errors, could
result in patient injury or death, discontinuance or delay of ongoing or planned clinical studies, delays or failures in product
testing or delivery, cost overruns, product recalls or withdrawals and other problems that could seriously hurt our business.
Contract medical device manufacturers often encounter difficulties involving production yields, quality control and quality assurance
and shortages of qualified personnel. These manufacturers are subject to stringent regulatory requirements, including the FDA&rsquo;s
current good-manufacturing-practices regulations. If our contract manufacturers fail to maintain ongoing compliance at any time,
the production of our product could be interrupted, resulting in delays or discontinuance of our clinical studies, additional
costs and loss of potential revenues.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B><I>We
may not be able to successfully scale-up manufacturing of our product candidate in sufficient quality and quantity, which would
delay or prevent us from developing our product candidate and commercializing our product candidate.</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">In order to
conduct larger-scale or late-stage clinical studies and for commercialization of our insulin pump, if 510(k) clearance is granted,
we will need to manufacture it in larger quantities. We may not be able to successfully increase the manufacturing capacity
for our product candidate in a timely or cost-effective manner, or at all. In addition, quality issues may arise during scale-up
activities. If we are unable to successfully scale up the manufacture of our product candidate in sufficient quality and quantity,
the development and testing of our product candidate and regulatory approval or commercial launch may be delayed, which could
significantly harm our business.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B><I>We may
be subject to potential product liability and other claims that could materially impact our business and financial condition.</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">The development
and sale of our insulin pump exposes us to the risk of significant damages from product liability and other claims, and the use
of our product candidate in clinical studies may result in adverse effects. We cannot predict all the possible harms or adverse
effects that may result. We maintain a modest amount of product liability insurance to provide some protection from claims. Nonetheless,
we may not have sufficient resources to pay for any liabilities resulting from a personal injury or other claim, even if it is
partially covered by insurance. In addition to the possibility of direct claims, we may be required to indemnify third parties
against damages and other liabilities arising out of our development, commercialization and other business activities, which would
increase our liability exposure. If third parties that have agreed to indemnify us fail to do so, we may be held responsible for
those damages and other liabilities as well.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B><I>Legislative,
regulatory, or medical cost reimbursement changes may adversely impact our business.</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">New laws, regulations
and judicial decisions, or new interpretations of existing laws, regulations and decisions, that relate to the health care system
in the U.S. and in other jurisdictions may change the nature of and regulatory requirements relating to innovations in medical
devices, testing and regulatory approvals, limit or eliminate payments for medical procedures and treatments, or subject the pricing
of medical devices to government control. In addition, third-party payors in the U.S. are increasingly attempting to contain health
care costs by limiting both coverage and the level of reimbursement of new products. Consequently, significant uncertainty exists
as to the reimbursement status of newly approved health care products. Significant changes in the health care system in the U.S.
or elsewhere, including changes resulting from adverse trends in third-party reimbursement programs, could have a material adverse
effect on our projected future operating results and our ability to raise capital, commercialize products, and remain in business.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B><I>We are
subject to extensive regulation by the U.S. Food and Drug Administration, which could restrict the sales and marketing of our
insulin pump and could cause us to incur significant costs.</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">Our insulin
pump is subject to extensive regulation by the FDA. These regulations relate to manufacturing, labeling, sale, promotion, distribution
and shipping. Before a new medical device, or a new intended use of a legally marketed device, can be marketed in the United States,
it must be cleared or approved by FDA through the applicable premarket review process (510(k), PMA, or de novo classification),
unless an exemption applies. If we receive 510(k) clearance for our insulin pump, we may be required to obtain new 510(k) clearances
for significant post-market modifications to the pump. Each premarket submission and review process can be expensive and lengthy,
and entail significant user fees, unless exempt.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">Medical devices
may be marketed only for the indications for which they are approved or cleared. Further, 510(k) clearances can be revoked if
safety or effectiveness problems develop once the device is on the market.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">The current
regulatory requirements to which we are subject may change in the future in a way that adversely affects us. If we fail to comply
with present or future regulatory requirements that are applicable to us, we may be subject to enforcement action by the FDA,
which may include any of the following sanctions:</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">untitled
    letters, warning letters, fines, injunctions, consent decrees and civil penalties;</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
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    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">customer
    notification, or orders for repair, replacement or refunds;</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">voluntary
    or mandatory recall or seizure of our current or future products;</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">administrative
    detention by the FDA of medical devices believed to be adulterated or misbranded;</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">imposing
    operating restrictions, suspension or shutdown of production;</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">refusing
    our requests for 510(k) clearance, PMA or <I>de novo</I> classification of any new products, new intended uses or modifications
    to our insulin pump;</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">rescinding
    510(k) clearance that has already been granted; and</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">criminal
    prosecution.</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">The occurrence
of any of these events would have a material adverse effect on our business, financial condition and results of operations and
could result in shareholders losing their entire investment.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; "><FONT STYLE="font-size: 10pt"><B><I>Although
our system does not presently require clinical trials to apply to the FDA for clearance and even if a clinical trial is completed,
the results of our clinical testing may not demonstrate the safety and efficacy of the device or may be equivocal or otherwise
not be sufficient for us to obtain approval of our product candidate.</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; "><FONT STYLE="font-size: 10pt">Clinical
trials are almost always required to support a PMA application and may also be required to support 510(k) submissions although
at this time ours does not require a PMA. If the device presents a &ldquo;significant risk&rdquo; to human health as defined by
the FDA, the FDA requires the study sponsor to submit an investigational device exemption (&ldquo;IDE&rdquo;) application and
obtain IDE approval prior to commencing human clinical trials. The IDE must be supported by appropriate data, such as animal and
laboratory testing results, showing that it is safe to test the device in humans and that the testing protocol is scientifically
sound. An IDE will automatically become effective 30 days after receipt by the FDA, unless the FDA denies the application or notifies
the sponsor that the investigation is on hold and may not begin until the sponsor provides supplemental information about the
investigation that satisfies the agency&rsquo;s concerns. The FDA may also notify the sponsor that the study is approved as proposed.
If the FDA determines that there are deficiencies or other concerns with an IDE that require modification of the study, the FDA
may permit a clinical trial to proceed under a conditional approval. Furthermore, the agency may withdraw approval of an IDE under
certain circumstances. Clinical trials for a significant risk device may begin once an IDE is approved by the FDA and the appropriate
Institutional Review Board (&ldquo;IRB&rdquo;) at each clinical trial site. If the product is deemed a &ldquo;non-significant
risk&rdquo; device, IDE approval from the FDA would not be required, but the clinical trial would need to meet other requirements
including IRB approval. Our clinical trials must be conducted in accordance with FDA regulations and federal and state regulations
concerning human subject protection, including informed consent and healthcare privacy. A clinical trial may be suspended by the
FDA or at a specific site by the relevant IRB at any time for various reasons, including a determination that the risks to the
trial participants outweigh the benefits of participation in the clinical trial. Even if a clinical trial is completed, the results
of our clinical testing may not demonstrate the safety and efficacy of the device or may be equivocal or otherwise not be sufficient
for us to obtain approval of our product.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B><I>Our success
depends substantially upon our ability to obtain and maintain intellectual property protection relating to our product candidate
and research technologies.</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">We have applied
to the U.S. Patent and Trademark Office for patents on our proprietary fluid movement technology and the configuration of our
insulin pump. There is no assurance that these patents will be issued, and no assurance that they will prevent other companies
from competing with us. We will continue to attempt to patent our innovations as appropriate to help ensure a sustainable competitive
advantage.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">Due to evolving
legal standards relating to the patentability, validity and enforceability of patents covering health care product inventions,
our ability to enforce our existing patents and to obtain and enforce patents that may issue from any pending or future patent
applications is uncertain and involves complex legal, scientific and factual questions. To date, no consistent policy has emerged
regarding the breadth of claims allowed in medical device patents. Thus, we cannot be sure that any patents will issue from any
pending or future patent applications owned by or licensed to us. Even if patents do issue, we cannot be sure that the claims
of these patents will be held valid or enforceable by a court of law, will provide us with any significant protection against
competing products, or will afford us a commercial advantage over competitive products. If, at some point in the future, one or
more products resulting from our product candidates is approved for sale by the FDA and we do not have adequate intellectual property
protection for those products, competitors could duplicate them for approval and sale in the United States without repeating the
extensive testing required of us to obtain FDA approval.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B><I>If we
are sued for infringing on third-party intellectual property rights, it will be costly and time-consuming, and an unfavorable
outcome would have a significant adverse effect on our business.</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">Our
ability to commercialize our product candidate depends on our ability to use, manufacture and sell our product candidate without
infringing the patents or other proprietary rights of third parties. Numerous U.S. and foreign issued patents and pending
patent applications owned by third parties exist in the diabetes medical device area. There may be existing patents, unknown to
us, on which our activities with our insulin pump candidate could infringe.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">If a
third party claims that our actions infringe on its patents or other proprietary rights, we could face a number of issues that
could seriously harm our competitive position, including, but not limited to:</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">infringement
    and other intellectual property claims that, even if meritless, can be costly and time-consuming, delay the regulatory approval
    process and divert management&rsquo;s attention from our core business operations;</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">substantial
    damages for infringement, including consequential damages for lost of profits or market share, if a court determines that
    our products or technologies infringe on a third party&rsquo;s patent or other proprietary rights;</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">a
    court prohibiting us from selling or licensing our products or technologies unless the holder licenses the patent or other
    proprietary rights to us, which it is not required to do; and</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">even
    if a license is available from a holder, we may have to pay substantial royalties or grant cross-licenses to our patents or
    other proprietary rights.</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">If any of these
events occur, it could significantly harm our operations and financial condition and negatively affect our stock price.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B><I>If we
are unable to protect the confidentiality of our proprietary information, the value of our technology and products could be adversely
affected.</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">In addition
to patented technology, we rely on our unpatented technology, trade secrets and know-how. We generally seek to protect this information
by confidentiality, non-disclosure and assignment of invention agreements with our officers, employees, contractors and other
service providers and with parties with which we do business. These agreements may be breached, which breach may result in the
misappropriation of such information, and we may not have adequate remedies for any such breach. We cannot be certain that the
steps we have taken will prevent unauthorized use or reverse engineering of our technology.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">Moreover, our
trade secrets may be disclosed to or otherwise become known or be independently developed by competitors. To the extent that our
officers, employees, contractors, other service providers, or other third parties with whom we do business use intellectual property
owned by others in their work for us, disputes may arise as to the rights in related or resulting know-how and inventions. If,
for any of the above reasons, our intellectual property is disclosed or misappropriated, it would harm our ability to protect
our rights and have a material adverse effect on our business, financial condition, and results of operations.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B><I>Intellectual
property rights do not necessarily address all potential threats to our competitive advantage.</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">The degree of
future protection afforded by our intellectual property rights is uncertain because intellectual property rights have limitations,
and may not adequately protect our business, or permit us to gain and maintain a competitive advantage. The following examples
are illustrative:</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">others
    may be able to make devices that are similar to our insulin pump but that are not covered by the claims of the patents that
    we own;</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">we
    or any collaborators might not have been the first to make the inventions covered by the issued patents or pending patent
    applications that we own;</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">we
    might not have been the first to file patent applications covering certain of our inventions;</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">others
    may independently develop similar or alternative technologies or duplicate any of our technologies without infringing our
    intellectual property rights;</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">it
    is possible that our pending patent applications will not lead to issued patents;</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">issued
    patents that we own may not provide us with any competitive advantages, or may be held invalid or unenforceable as a result
    of legal challenges;</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">our
    competitors might conduct research and development activities in the U.S. and other countries that provide a safe harbor from
    patent infringement claims for certain research and development activities, as well as in countries where we do not have patent
    rights, and then use the information learned from such activities to develop competitive products for sale in our major commercial
    markets; and</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">we
    may not develop additional proprietary technologies that are patentable.</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B><I>Healthcare
reform laws could adversely affect our product candidate and financial condition.</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">In the United
States, there have been, and continue to be, a number of legislative initiatives to contain healthcare costs. In March 2010, the
Patient Protection and Affordable Care Act, as amended by the Health Care and Education Affordability Reconciliation Act (ACA),
was enacted in the United States, which made a number of substantial changes in the way healthcare is financed by both governmental
and private insurers. Among other ways in which it may affect our business, the ACA implemented payment system reforms, including
a national pilot program on payment bundling to encourage hospitals, physicians, and other providers to improve the coordination,
quality, and efficiency of certain healthcare services through bundled payment models and expanded the eligibility criteria for
Medicaid programs.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">Since
its enactment, there have been judicial, executive, and Congressional challenges to certain aspects of the ACA. On June 17, 2021,
the U.S. Supreme Court dismissed the most recent judicial challenge to the ACA without specifically ruling on the constitutionality
of the ACA. Prior to the Supreme Court&rsquo;s decision, President Biden issued an executive order to initiate a special enrollment
period from February 15, 2021 through August 15, 2021 for purposes of obtaining health insurance coverage through the ACA marketplace.
The executive order also instructed certain governmental agencies to review and reconsider their existing policies and rules that
limit access to healthcare, including among others, reexamining Medicaid demonstration projects and waiver programs that include
work requirements, and policies that create unnecessary barriers to obtaining access to health insurance coverage through Medicaid
or the ACA. It is unclear how other healthcare reform measures of the Biden administration or other efforts, if any, to challenge,
repeal, or replace the ACA will impact the ACA or our business.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">In addition,
other legislative changes have been proposed and adopted since the ACA was enacted. On August 2, 2011, the Budget Control Act
of 2011 was signed into law, which, among other things, reduced Medicare payments to providers by 2% per fiscal year, effective
on April 1, 2013 and, due to subsequent legislative amendments to the statute, will remain in effect through 2030, with the exception
of a temporary suspension implemented under various COVID-19 relief legislation from May 1, 2020 through the end of 2021, unless
additional Congressional action is taken. On January 2, 2013, the American Taxpayer Relief Act of 2012 was signed into law, which,
among other things, further reduced Medicare payments to several providers, including hospitals, and increased the statute of
limitations period for the government to recover overpayments to providers from three to five years.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">Further, the
Bipartisan Budget Act of 2018 among other things, amended the Medicare statute, effective January 1, 2019, to reduce the coverage
gap in most Medicare drug plans, commonly known as the &ldquo;donut hole,&rdquo; by raising the manufacturer discount under the
Medicare Part D coverage gap discount program to 70%. It is unclear how the ACA and its implementation, as well as efforts to
repeal or replace, or invalidate, the ACA, or portions thereof, will affect our insulin pump or our business. Additional legislative
changes, regulatory changes, and judicial challenges related to the ACA remain possible. It is possible that the ACA, as currently
enacted or as it may be amended in the future, and other healthcare reform measures that may be adopted in the future, could have
an adverse effect on our industry generally and on our ability to commercialize our insulin pump and achieve profitability.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B><I>Even
if we are able to obtain all regulatory approvals and have completed all other steps needed to be taken to commercialize our insulin
pump, if we or any contract manufacturers we select fails to comply with the FDA&rsquo;s quality system regulations, the manufacturing
and distribution of our product candidate could be interrupted, and our product sales and operating results could suffer.</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">A material
step in the process of the commercialization of our product candidate will involve selecting a manufacturer or manufacturers for
our pump. We and any future contract manufacturers of our insulin pump will be required to comply with the FDA&rsquo;s quality
system regulations, which impose a complex regulatory framework that covers the procedures and documentation of the design, testing,
production, control, quality assurance, labeling, packaging, sterilization, storage and shipping of medical devices. The FDA enforces
its quality system regulations through periodic unannounced inspections. We cannot assure you that, in the future, any manufacturing
facilities owned by us or any contract manufacturer will pass any quality system inspection. In the event that our or any contract
manufacturer&rsquo;s facilities fails a quality system inspection, the manufacturing or distribution of our product candidate
could be interrupted and our operations disrupted. Failure to take adequate and timely corrective action in response to an
adverse quality system inspection could force a suspension or shutdown of any packaging and labeling operations or then manufacturing
operations of any contract manufacturers, or a recall of our insulin pump. If any of these events were to occur, we at such time
would not be able to provide our customers with the quantity of insulin pumps that they require on a timely basis, our reputation
could be harmed and we could lose any customers we then have, any or all of which could have a material adverse effect on our
business, financial condition and results of operations.</FONT></P>

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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B><I>We
may undertake infringement or other legal proceedings against third parties, causing us to spend substantial resources on litigation
and exposing our own intellectual property portfolio to challenge.</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">We may come
to believe that third parties are infringing on our patents or other proprietary rights. To prevent infringement or unauthorized
use, we may need to file infringement and/or misappropriation suits, which are very expensive and time-consuming, could result
in meritorious counterclaims against us and would distract management&rsquo;s attention. Also, in an infringement or misappropriation
proceeding, a court may decide that one or more of our patents is invalid, unenforceable, or both, in which case third parties
may be able to use our technology without paying license fees or royalties. Even if the validity of our patents is upheld, a court
may refuse to stop the other party from using the technology at issue on the grounds that the other party&rsquo;s activities are
not covered by our patents. See &ldquo;Business - Patents,&rdquo; below.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B><I>We may
become involved in disputes with our present or future contract partners over intellectual property ownership or other matters,
which would have a significant effect on our business.</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">Inventions discovered
in the course of performance of contracts with third parties or contractors may become jointly owned by such third party contractors
and us, in some cases, and the exclusive property of one of us, in other cases. Under some circumstances, it may be difficult
to determine who owns a particular invention or whether it is jointly owned, and disputes could arise regarding ownership or use
of those inventions or jointly developed improvements thereto. Other disputes may also arise relating to the performance or alleged
breach of our agreements with third parties. Any disputes could be costly and time-consuming, and an unfavorable outcome could
have a significant adverse effect on our business.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B><I>Assuming
our insulin pump receives FDA clearance or approval, our insulin pump will still be subject to recalls, which would harm our reputation,
business operations and financial results.</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">Even assuming
we obtain FDA approval or clearance with regard to our insulin pump, the FDA has the authority to require the recall of our pump
if we commence manufacturing of our insulin pump and we or any contract manufacturers we retain fail to comply with relevant regulations
pertaining to manufacturing practices, labeling, advertising or promotional activities, or if new information is obtained concerning
the safety or efficacy of the device. A government-mandated recall could occur if the FDA finds that there is a reasonable probability
that our device would cause serious, adverse health consequences or death. A voluntary recall by us could occur as a result of
manufacturing defects, labeling deficiencies, packaging defects or other failures to comply with applicable regulations. Any recall
would divert management&rsquo;s attention and financial resources and harm our reputation with customers. A recall involving
our insulin pump would be particularly harmful to our business, financial condition and results of operations because it is currently
our only product candidate.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B><I>Any disruption
and/or instability in economic conditions and capital markets could adversely affect our ability to access the capital markets,
and thus adversely affect our business and liquidity.</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">Negative economic
conditions and issues with regard to the financial markets, could have a negative impact on our ability to access the capital
markets, and thus have a negative impact on our then operations and liquidity. A general shortage of liquidity and credit combined
with the substantial losses in worldwide equity markets could lead to an extended worldwide recession in the future. If such occurred,
we would face significant challenges if conditions in the capital markets did not improve. Our ability to access the capital markets
under such circumstances could be severely restricted at a time when we need to access such markets, which could have a negative
impact on our business plans. Even if we are able to raise capital under such circumstances, it may not be at a price or on terms
that are favorable to us. We cannot predict the occurrence of future disruptions or how long such negative conditions might continue.</FONT></P>

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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B><I>Because
our current insulin pump prototype is still in the development stage, it does not have reimbursement and is not approved for insurance
coverage. If in the future we are approved for and are otherwise able to commercialize our insulin pump, but are unable to
obtain adequate reimbursement or insurance coverage for such product candidate from third-party payors, we will be unable to generate
significant revenue.</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">Because our
current insulin pump prototype is still in the development stage, it does not have reimbursement and is not approved for insurance
coverage. The future availability of insurance coverage and reimbursement for newly approved medical devices is highly uncertain.
In the United States, patients using insulin pumps are generally reimbursed for all or part of the product cost by Medicare or
other third-party payors. Any future commercial success of our insulin pump will be substantially dependent on whether third-party
coverage and reimbursement is available for future customers. Medicare, Medicaid, health maintenance organizations and other third-party
payors are increasingly attempting to contain healthcare costs by limiting both coverage and the level of reimbursement of new
medical devices, and, as a result, they may not cover or provide adequate reimbursement for our insulin pump, assuming we are
able to fully develop and obtain all regulatory approval to market it in the United States. In addition, in certain countries,
no uniform policy of coverage and reimbursement for medical device products and services exists among third-party payors. Therefore,
coverage and reimbursement for medical device products and services can differ significantly from payor to payor. In addition,
payors continually review new technologies for possible coverage and can, without notice, deny coverage for these new products
and procedures. As a result, the coverage determination process is often a time-consuming and costly process that will require
us to provide scientific and clinical support for the use of our products to each payor separately, with no assurance that coverage
and adequate reimbursement will be obtained, or maintained if obtained. Reimbursement systems in international markets vary significantly
by country and by region within some countries, and reimbursement approvals must be obtained on a country-by-country basis. In
many international markets, a product must be approved for reimbursement before it can be approved for sale in that country. Further,
many international markets have government-managed healthcare systems that control reimbursement for new devices and procedures.
Accordingly, unless government and other third-party payors provide coverage and reimbursement for our insulin pump, patients
may not use it, which would cause investors to lose their entire investment.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B><I>We are
subject to the oversight of the SEC and other regulatory agencies. Investigations by those agencies could divert management&rsquo;s
focus and could have a material adverse effect on our reputation and financial condition.</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">We are subject
to the regulation and oversight of the SEC and state regulatory agencies, in addition to the FDA. As a result, we may face legal
or administrative proceedings by these agencies. We are unable to predict the effect of any investigations on our business, financial
condition or reputation. In addition, publicity surrounding any investigation, even if ultimately resolved in our favor, could
have a material adverse effect on our business.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B><I>We
are a &ldquo;smaller reporting company&rdquo; and, as a result of the reduced disclosure and governance requirements applicable
to smaller reporting companies, our Common Stock may be less attractive to investors.</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">We are a &ldquo;smaller
reporting company,&rdquo; and are subject to lesser disclosure obligations in our SEC filings compared to other issuers. Specifically,
&ldquo;smaller reporting companies&rdquo; are able to provide simplified executive compensation disclosures in their filings,
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 have certain other decreased
disclosure obligations in their SEC filings, including, among other things, only being required to provide two years of audited
financial statements in annual reports. Decreased disclosures in our SEC filings due to our status as a &ldquo;smaller reporting
company&rdquo; may make it harder for investors to analyze our operating results and financial prospects.</FONT></P>

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







<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B><I>We
do not expect any cash dividends to be paid on our shares of Common Stock for the foreseeable future.</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">We have never
declared or paid a cash dividend and we do not anticipate declaring or paying dividends on our Common Stock for the foreseeable
future. We expect to use future financing proceeds and earnings, if any, to fund operating expenses. Consequently, shareholders&rsquo;
only opportunity to achieve a return on their investment is if the price of our stock appreciates and they sell their shares at
a profit. We cannot assure shareholders of a positive return on their investment when they sell their shares or that shareholders
will not lose the entire amount of their investment.</FONT></P>




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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B><I>If
the beneficial ownership of our Common Stock continues to be highly concentrated, it may prevent our shareholders from influencing
significant corporate decisions.</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">Our executive
officers, directors and certain persons who may be deemed affiliates beneficially own substantially in excess of 50% of our issued
and outstanding Common Stock. As a result, such persons may exercise substantial influence over the outcome of corporate actions
requiring shareholder approval including, without limitation, the election of directors, certain mergers, consolidations and sales
of all or substantially all of our assets or any other significant corporate transactions. Such persons may also vote against
a change of control, even if such a change of control would benefit our other shareholders.</FONT></P>

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



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Certain affiliates of our directors and other
existing stockholders have agreed to purchase an aggregate of approximately $1,800,000 of our Units in this offering at
the initial public offering price per Unit and on the same terms as other purchasers in this offering. The underwriters will receive
the same underwriting discount on any Units purchased by these stockholders as they will on any other Units sold to the public
in this offering.</P>



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

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




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B><I>Sale
of our Common Stock by shareholders could encourage short sales by third parties, which could contribute to the further decline
of our stock price.</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">The significant
downward pressure on the price of our Common Stock that would be caused by the sale of material amounts of our Common Stock could
encourage short sales by third parties. Such an event could place further downward pressure on the price of our Common Stock.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B><I>We
are an emerging growth company, and we cannot be certain if the reduced reporting requirements applicable to emerging growth companies
will make our Common Stock less attractive to investors.</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">We are
an &ldquo;emerging growth company,&rdquo; as defined in the Jumpstart Our Business Startups Act of 2012 (the JOBS Act). For as
long as we continue to be an emerging growth company, we may take advantage of exemptions from various reporting requirements
that are applicable to other public companies that are not emerging growth companies, including not being required to comply with
the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive
compensation in this prospectus and our periodic reports and proxy statements and exemptions from the requirements of holding
nonbinding advisory votes on executive compensation and stockholder approval of any golden parachute payments not previously approved.
We could be an emerging growth company for up to five years following the year in which we complete this offering, although circumstances
could cause us to lose that status earlier. We will remain an emerging growth company until the earlier of (i) the last day
of the fiscal year (a) following the fifth anniversary of the completion of the first sale of shares covered by this prospectus,
(b) in which we have total annual gross revenue of at least $1.07 billion or (c) in which we are deemed to be a large accelerated
filer, which requires the market value of our Common Stock that is held by non-affiliates to exceed $700.0 million as of the prior
September 30<SUP>th</SUP>, and (ii) the date on which we have issued more than $1.0 billion in non-convertible debt during the
prior three-year period.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B><I>Our
Common Stock may be classified as &ldquo;penny stock&rdquo; and trading of our shares may be restricted by the SEC&rsquo;s penny
stock regulations.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">Our
Common Stock is currently traded on the Nasdaq. Rules 15g-1 through 15g-9 promulgated under the Exchange Act
impose sales practice and disclosure requirements on certain brokers-dealers who engage in transactions involving a &ldquo;penny
stock.&rdquo; The SEC has adopted regulations which generally define &ldquo;penny stock&rdquo; to be any equity security that
has a market price of less than $5.00 per share or an exercise price of less than $5.00 per share, subject to certain exceptions.
If we do not retain our listing on Nasdaq and if the price of our Common Stock is less than $5.00, our common shares
may be covered by the penny stock rules, which impose additional sales practice requirements on broker-dealers who sell to persons
other than established customers and &ldquo;accredited investors.&rdquo; The penny stock rules require a broker-dealer, prior
to a transaction in a penny stock not otherwise exempt from the rules, to deliver a standardized risk disclosure document in a
form prepared by the SEC, which provides information about penny stocks and the nature and level of risks in the penny stock market.
The broker-dealer also must provide the customer with current bid and offer quotations for the penny stock, the compensation of
the broker-dealer and its salesperson in the transaction, and monthly account statements showing the market value of each penny
stock held in the customer&rsquo;s account. In addition, the penny stock rules require that, prior to a transaction in a penny
stock that is not otherwise exempt, 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 written agreement to the transaction. These disclosure requirements
may have the effect of reducing the level of trading activity in the secondary market for stock that is subject to these penny
stock rules. Consequently, these penny stock rules may affect the ability of broker-dealers to trade our Common Stock.
We believe that the penny stock rules may discourage investor interest in and limit the marketability and reduce the level of
trading activity of our common shares. The market price of our Common Stock may suffer as a result.</FONT></P>

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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B><I>Future
sales of our securities could adversely affect the market price of our Common Stock and our future capital-raising activities
could involve the issuance of equity securities, which would dilute your investment and could result in a decline in the trading
price of our Common Stock.</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">We may sell
securities in the public or private equity markets at prices per share below the current market price of our Common Stock, even
if we do not have an immediate need for additional capital at that time. Sales of substantial amounts of shares of our
Common Stock, or the perception that such sales could occur, could adversely affect the prevailing market price of our shares
and our ability to raise capital. We may issue additional shares of Common Stock in future financing transactions or as
incentive compensation for our executive management and other key personnel, consultants and advisors. Issuing any equity
securities would be dilutive to the equity interests represented by our then-outstanding shares of Common Stock. Moreover,
sales of substantial amounts of shares in the public market, or the perception that such sales could occur, may adversely affect
the prevailing market price of our Common Stock and make it more difficult for us to raise additional capital.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B><I>Our
articles of incorporation allow for our board of directors to create new series of preferred stock without further approval by
our shareholders, which could adversely affect the rights of the holders of our Common Stock.</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">Our board of
directors has the authority to fix and determine the relative rights and preferences of preferred stock. Currently, our board
of directors has the authority to designate and issue up to 5,000,000 shares of our preferred stock without further shareholder
approval. In the future, our board of directors could authorize the issuance of one or more series of preferred stock that
would grant to holders, among other rights, the preferred right to our assets upon liquidation, the right to receive dividend
payments before dividends are distributed to the holders of Common Stock and the right to the redemption of our preferred shares
acquired by such persons, together with a premium, prior to the redemption of our Common Stock. In addition, our board of directors
could authorize the issuance of a series of preferred stock that has greater voting power than our Common Stock or that is convertible
into our Common Stock, which could decrease the relative voting power of our Common Stock or result in dilution to our existing
shareholders.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B><I>We
have not held regular annual meetings of shareholders in the past, and if we are required by the Nevada District Court to hold
an annual meeting pursuant to Nevada Revised Statutes &sect;78.345(1), it could result in the unanticipated expenditure of funds,
time and other Company resources.</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">Section 2.01
of our Amended Bylaws provides that an annual meeting of shareholders shall be held each year on a date and at a time designated
by our board of directors. Section 78.345(1) of the Nevada Revised Statutes provides that, if there is a failure to hold the annual
meeting for a period of 18 months after the last election of directors, shareholders owning at least 15% of the voting power of
the outstanding Common Stock may apply to the Nevada district court to order the election of directors. We have not held regular
annual meetings of shareholders in the past because approximately 75% of our voting stock is owned by our largest shareholders,
thereby making it easy to obtain written consent in lieu of a meeting when necessary. Moreover, handling matters by written consent
allows us to save on financial and administrative resources required to prepare for and hold such annual meetings. To our knowledge,
no shareholder or director has requested our management to hold such an annual meeting and no shareholder or director has applied
to the Nevada district court seeking an order directing us to hold such an annual meeting of shareholders. However, if one or
more shareholders or directors were to apply to the Nevada district court seeking such an order, and if the Nevada district court
were to order an annual meeting before we were prepared to hold one, the preparation for an annual meeting of shareholders and
the meeting itself could result in the unanticipated expenditure of funds, time, and other resources of ours.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B><I>If we
fail to establish and maintain an effective system of internal controls, we may not be able to report our financial results accurately
or prevent fraud. Any inability to report and file our financial results accurately and timely could harm our reputation and
adversely affect the trading price of our Common Stock.</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; "><FONT STYLE="font-size: 10pt">Effective
internal controls are necessary for us to provide reliable financial reports and prevent fraud. If we cannot provide reliable
financial reports or prevent fraud, we may not be able to manage our business as effectively as we would if an effective control
environment existed, and our business and reputation with investors may be harmed. If we are unable to maintain effective internal
controls, we may not have adequate, accurate or timely financial information, and we may be unable to meet our reporting obligations
as a public company, including the requirements of the Sarbanes-Oxley Act of 2002 (the Sarbanes-Oxley Act). In addition, we may
be unable to accurately report our financial results in future periods, or report them within the timeframes required by the requirements
of the SEC or the Sarbanes-Oxley Act. Failure to comply with the Sarbanes-Oxley Act, when and as applicable, could also potentially
subject us to sanctions or investigations by the SEC or other regulatory authorities. Any failure to maintain or implement required
new or improved controls, or any difficulties we encounter in their implementation, could result in identification of additional
material weaknesses or significant deficiencies, cause us to fail to meet our reporting obligations or result in material misstatements
in our financial statements.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; "><FONT STYLE="font-size: 10pt">Furthermore,
Section 404 of the Sarbanes-Oxley Act and related regulations require our management to evaluate the effectiveness of our internal
control over financial reporting as of the end of each fiscal year. Based on its evaluation, our management concluded that our
internal controls over financial reporting were effective as of March 31, 2021. We cannot provide assurance that, in the future,
a material weakness or significant deficiency will not exist or otherwise be discovered. If that were to happen, it could harm
our operating results and cause shareholders to lose confidence in our reported financial information. Any such loss of confidence
would have a negative effect on the trading price of our securities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 6pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B><I>Our
board of directors is able to adopt recapitalizations through forward or reverse splits of our outstanding shares of Common Stock
without shareholder approval.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><FONT STYLE="font-size: 10pt">Pursuant
to our amended and restated articles of incorporation, our board of directors has the power, without obtaining shareholder approval,
to effectuate recapitalizations of us through forward or reverse splits of our outstanding Common Stock. As a result of
such provision, our board of directors can implement recapitalizations of us by effectuating a forward or reverse stock split
of our outstanding Common Stock, which would increase or decrease each of our shareholder&rsquo;s number of shares owned, and
our shareholders will have no right to approve or disapprove any such action even if such actions have a material adverse effect
on them.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"><B>Risks Related to This Offering</B></FONT></P>

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







<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><B><I>There can be no assurance
that we will be able to comply with the continued listing standards of the Nasdaq Capital Market, a failure of which could result
in a de-listing of our Common Stock.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">The Nasdaq
Capital Market requires that the trading price of its listed stocks remain above one dollar in order for the stock to remain listed.
If a listed stock trades below one dollar for more than 30 consecutive trading days, then it is subject to delisting from the
Nasdaq Capital Market. In addition, to maintain a listing on the Nasdaq Capital Market, we must satisfy minimum financial and
other continued listing requirements and standards, including those regarding director independence and independent committee
requirements, minimum stockholders&rsquo; equity, and certain corporate governance requirements. If we are unable to satisfy
these requirements or standards, we could be subject to delisting, which would have a negative effect on the price of our Common
Stock and would impair your ability to sell or purchase our Common Stock when you wish to do so. In the event of a delisting,
we would expect to take actions to restore our compliance with the listing requirements, but we can provide no assurance that
any such action taken by us would allow our Common Stock to become listed again, stabilize the market price or improve the liquidity
of our Common Stock, prevent our Common Stock from dropping below the minimum bid price requirement, or prevent future non-compliance
with the listing requirements.<B><I> </I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt; background-color: white"><B><I>Holders
                                         of our Warrants will have no rights as a common stockholder until they acquire our Common
                                         Stock.</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">The Warrants
included in the Units in this offering do not confer any rights of Common Stock ownership on their holders, such as voting rights
or the right to receive dividends, but rather merely represent the right to acquire shares of our Common Stock at a fixed price
for a limited period of time. Specifically, commencing on the date of issuance, holders of the Warrants may exercise their right
to acquire the Common Stock and pay the exercise price per share, prior to five years from the date of issuance, after which date
any unexercised Warrants will expire and have no further value. Until holders of the Warrants acquire Common Stock upon exercise
of the Warrants, the holders will have no rights with respect to the Common Stock issuable upon exercise of the Warrants. Upon
exercise of the Warrants, the holder will be entitled to exercise the rights of a stockholder as to the security exercised only
as to matters for which the record date occurs after the exercise. There can be no assurance that the market price of the Common
Stock will ever equal or exceed the exercise price of the Warrants, and consequently, whether it will ever be profitable for holders
of the Warrants to exercise the Warrants.</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B><I>Provisions
of the Warrants offered by this prospectus could discourage an acquisition of us by a third party</I></B><I>.</I></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">In addition
to the discussion of the provisions of our governing organizational documents, certain provisions of the Warrants offered by this
prospectus could make it more difficult or expensive for a third party to acquire us. The Warrants prohibit us from engaging in
certain transactions constituting &ldquo;fundamental transactions&rdquo; unless, among other things, the surviving entity assumes
our obligations under the Warrants. These and other provisions of the Warrants offered by this prospectus could prevent or deter
a third party from acquiring us even where the acquisition could be beneficial to you.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B><I>The
Warrants offered by this prospectus may not have any value</I></B><I>.</I></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">The Warrants
offered by this prospectus will be exercisable for five years from the date of issuance. There can be no assurance that the market
price of our common stock will ever exceed the exercise price of the Warrants. In the event that our common stock price does not
exceed the exercise price of the Warrants during the term of the Warrants, the Warrants may not have any value.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B><I>There
is no public market for the Warrants being offered in this offering</I></B><I>.</I></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">There is
no public trading market for the Warrants offered by this prospectus, and we do not expect a market to develop. In addition, we
do not intend to apply to list the Warrants on a national securities exchange. Without an active market, the liquidity of the
Warrants will be limited.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B><I>As
we have broad discretion in how we use the proceeds from this offering, we may use the proceeds in ways with which you disagree.</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">We have not
allocated the net proceeds from this offering for any specific purpose, except as generally set forth under &ldquo;Use of Proceeds.&rdquo;
As set forth therein, our management will have significant flexibility in applying the net proceeds of this offering. You will
be relying on the judgment of our management with regard to the use of these net proceeds, and you will not have the opportunity,
as part of your investment decision, to assess whether the proceeds are being used in ways you would agree with or ways which
are likely to increase the value of your investment. Because of the number and variability of factors that will determine our
use of our net proceeds from this offering, their ultimate use may vary substantially from their currently intended use. It is
possible that the net proceeds will be invested in a way that does not yield a favorable, or any, return for our company or your
investment. The failure of our management to use such funds effectively could have a material adverse effect on our business,
financial condition, operating results and cash flow.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B><I>There
is a limited market for our securities, which may make it more difficult to dispose of our securities and we may fail to sustain
trading on Nasdaq, which could make it more difficult for investors to sell their shares.</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Prior to this offering, <FONT STYLE="font-size: 10pt">our
Common Stock was quoted on OTCQB, under the symbol &ldquo;MODD,&rdquo; and, has traded on a limited basis. We have been
approved to list our Common Stock on Nasdaq under the symbol &ldquo;MODD,&rdquo; and our Common Stock began trading on Nasdaq
on February 10, 2022. However, there can be no assurance that trading of
the Common Stock on the Nasdaq will be sustained. If we do not
sustain such listing, our Common Stock could be quoted only on the OTC Markets. Under such circumstances, you may find it
significantly more difficult to trade, or to obtain accurate quotations for our Common Stock and our Common Stock may become
substantially less attractive to certain purchasers, such as financial institutions, hedge funds, and other similar
investors.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 0"><FONT STYLE="font-size: 10pt">A
more active market for our Common Stock may never develop, and we are under no obligation to seek out a more active market for
our Common Stock.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B><I>If
you purchase our securities in this offering, you may incur immediate and substantial dilution in the book value of your shares.
You will experience further dilution if we issue additional equity or equity-linked securities in the future.</I></B>&nbsp;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">The public
offering price per Unit may be substantially higher than the net tangible book value per share of our Common Stock immediately
prior to the offering. After giving effect to the sale of $15,000,000 of our Units in this offering, at the public offering
price of $6.00 per Unit, and
after deducting the estimated underwriting discounts and commissions and estimated offering expenses payable by us, purchasers
of our Units in this offering will incur immediate dilution of $5.35 per share in the net tangible book value of the Common Stock
they acquire. For a further description of the dilution that investors in this offering may experience, see &ldquo;Dilution.&rdquo;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">If we issue
additional shares of Common Stock (including pursuant to the exercise of outstanding stock options or warrants), or securities
convertible into or exchangeable or exercisable for shares of Common Stock, our stockholders, including investors who purchase
shares of Common Stock in this offering, will experience additional dilution, and any such issuances may result in downward pressure
on the price of our Common Stock. We also cannot assure you that we will be able to sell shares or other securities in any
other offering at a price per share that is equal to or greater than the price per share paid by investors in this offering, and
investors purchasing shares or other securities in the future could have rights superior to existing stockholders.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B><I>Sales
of a significant number of shares of our Common Stock in the public markets, or the perception that such sales could occur, could
depress the market price of our Common Stock.</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">Sales of
a substantial number of shares of our Common Stock in the public markets could depress the market price of our Common Stock and
impair our ability to raise capital through the sale of additional equity securities. We, our directors and our executive officers
have agreed not to sell, dispose of or hedge any Common Stock or securities convertible into or exchangeable for shares of Common
Stock during the period from the date of this prospectus continuing through and including the date 180 days after the date of
this prospectus, subject to certain exceptions. The underwriters may, in their discretion, release the restrictions on any such
shares at any time without notice. See &ldquo;Underwriting.&rdquo; We cannot predict the effect that future sales of our Common
Stock would have on the market price of our Common Stock.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B><I>If
the price of our Common Stock fluctuates significantly, your investment could lose value.</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">Our Common
Stock is currently quoted on the Nasdaq under the symbol &ldquo;MODD.&rdquo; We cannot assure you that an active public market
will continue for our Common Stock. If an active public market for our Common Stock does not continue, the trading price and liquidity
of our Common Stock will be materially and adversely affected. If there is a thin trading market or &ldquo;float&rdquo; for our
stock, the market price for our Common Stock may fluctuate significantly more than the stock market as a whole. Without a large
float, our Common Stock would be less liquid than the stock of companies with broader public ownership and, as a result, the trading
prices of our Common Stock may be more volatile. In addition, in the absence of an active public trading market, investors may
be unable to liquidate their investment in us. Furthermore, the stock market is subject to significant price and volume fluctuations,
and the price of our Common Stock could fluctuate widely in response to several factors, including, but not limited to:</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 49px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">our
    quarterly or annual operating results;</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 49px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">changes
    in our earnings estimates or the failure to accurately forecast and appropriately plan our expenses;</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 49px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">failure
    to achieve our growth expectations;</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 49px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">failure
    to attract customers and retain them;</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 49px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">the
    effect of increased or variable competition on our business;</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 49px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">additions
    or departures of key or qualified personnel;</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 49px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">failure
    to adequately protect our intellectual property;</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 49px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">costs
    associated with defending claims, including intellectual property infringement claims and related judgments or settlements;</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 49px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">changes
    in governmental or other regulations affecting our business;</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 49px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">our
    compliance with governmental or other regulations affecting our business; and</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 49px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">changes
    in global or regional industry, general market, or economic conditions.</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">The stock market
has experienced extreme price and volume fluctuations in recent years that have significantly affected the quoted prices of the
securities of many companies, including companies in our industry. The changes may not be possible to predict and often appear
to occur without regard to specific operating performance. The price of our Common Stock could fluctuate based upon factors
that have little or nothing to do with our company and these fluctuations could materially reduce our stock price.</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"><B>Risks Related to Our Reverse
Stock Split</B>&nbsp;</FONT></P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"><B><I>The reverse stock split
may decrease the liquidity of the shares of our Common Stock.</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">The liquidity
of the shares of our Common Stock may be affected adversely by the reverse stock split given the reduced number of shares that&nbsp;are
outstanding following the reverse stock split, especially if the market price of our Common Stock does not increase as a result
of the reverse stock split. In addition, the reverse stock split may increase the number of stockholders who own odd lots (less
than 100&nbsp;shares) of our Common Stock, creating the potential for such stockholders to experience an increase in the cost
of selling their shares and greater difficulty effecting such sales.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B><I>Following
the reverse stock split, the resulting market price of our Common Stock may not attract new investors, including institutional
investors, and may not satisfy the investing requirements of those investors. Consequently, the trading liquidity of our Common
Stock may not improve.</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">Although
we believe that a higher market price of our Common Stock may help generate greater or broader investor interest, there can be
no assurance that the reverse stock split will result in a share price that will attract new investors, including institutional
investors. In addition, there can be no assurance that the market price of our Common Stock will satisfy the investing requirements
of those investors. As a result, the trading liquidity of our Common Stock may not necessarily improve.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><A NAME="modulara005"></A><FONT STYLE="font-size: 10pt"><B>SPECIAL
NOTE REGARDING FORWARD-LOOKING STATEMENTS</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">This prospectus
includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, which we refer
to as the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, which we refer to as the Exchange
Act, that relate to future events or to our future operations or financial performance. Any forward-looking statement involves
known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or
achievements to differ materially from any future results, levels of activity, performance or achievements expressed or implied
by such forward-looking statement.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">Words such as,
but not limited to, &ldquo;believe,&rdquo; &ldquo;expect,&rdquo; &ldquo;anticipate,&rdquo; &ldquo;estimate,&rdquo; &ldquo;forecast,&rdquo;
&ldquo;intend,&rdquo; &ldquo;may,&rdquo; &ldquo;plan,&rdquo; &ldquo;potential,&rdquo; &ldquo;predict,&rdquo; &ldquo;project,&rdquo;
&ldquo;targets,&rdquo; &ldquo;likely,&rdquo; &ldquo;will,&rdquo; &ldquo;would,&rdquo; &ldquo;could,&rdquo; &ldquo;should,&rdquo;
&ldquo;continue,&rdquo; &ldquo;scheduled&rdquo; and similar expressions or phrases, or the negative of those expressions or phrases,
are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words.
Although we believe that we have a reasonable basis for each forward-looking statement contained in this registration statement,
we caution you that these statements are based on our estimates or projections of the future that are subject to known and unknown
risks and uncertainties and other important factors that may cause our actual results, level of activity, performance, experience
or achievements to differ materially from those expressed or implied by any forward-looking statement. Actual results, level of
activity, performance, experience or achievements may differ materially from those expressed or implied by any forward-looking
statement as a result of various important factors, including our critical accounting policies and risks and uncertainties relating,
to:</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">our strategies,
    prospects, plans, expectations, forecasts or objectives;</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">our ability to achieve
    a marketable product (i.e., our insulin pump) and the costs and timing thereof;</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">acceptance of our
    product candidate by our target market and our ability to compete in such market;</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">our ability to raise
    additional financing when needed and the terms and timing thereof;</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">our ability to expand,
    protect and maintain our intellectual property rights;</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">our future operations,
    financial position, revenues, costs, expenses, uses of cash, capital requirements, our need for additional financing or the
    period for which our existing cash resources will be sufficient to meet our operating requirements;</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">our analysis of the
    target market for our insulin pump;</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

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<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">the impact of COVID-19
    and other adverse public health developments on our operations and our industry:</FONT></td></tr>
</table>
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<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">our ability to obtain
    all regulatory approvals and clearances relating to our insulin pump including those of the United States Food and Drug Administration,
    or FDA;</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

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<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">regulatory developments
    in the United States and other countries;</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

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<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">the timing and costs
    of our obtaining all regulatory approvals and clearances identified immediately above;</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

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<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">our compliance with
    all applicable laws, rules and regulations, including those of the Securities and Exchange Commission, or SEC, and the FDA;</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">whether an active trading market for our Common
    Stock will develop;</td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

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<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">our ability to compete
    in the diabetes marketplace with larger and more substantial medical device companies;</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

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<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">general economic,
    business, political and social conditions;</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

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<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">our reliance on and
    our ability to retain (and if necessary, timely recruit and replace) our officers, directors and key employees and their ability
    to timely and competently perform at levels expected of them;</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">our ability to generate
    significant revenues and achieve profitability;</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">our ability to manage
    the growth of our business;</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">our commercialization,
    marketing and manufacturing capabilities and strategies;</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">our ability to expand,
    protect and maintain our intellectual property position;</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 48px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 24px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">the
    success of competing third-party products;</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

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<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">our ability to fully
    remediate our identified internal control material weaknesses;</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">our ability to meet
    the continuing listing requirements of the Nasdaq Capital Market;</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

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<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">our ability to comply
    with regulatory requirements relating to our business, and the costs of compliance with those requirements, including those
    on data privacy and security;</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">the specific risk
    factors discussed under the heading &ldquo;Risk Factors&rdquo; set forth in this prospectus; and</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">various other matters,
    many of which are beyond our control.</FONT></td></tr>
</table>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><A NAME="modulara006"></A><FONT STYLE="font-size: 10pt"><B>USE OF PROCEEDS</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">We estimate
that our net proceeds from this offering will be approximately $13,550,000, based on a public offering price of $6.00
per Unit, and after deducting
underwriting discounts and commissions and estimated offering expenses payable by us.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">As of September
30, 2021, we had cash and cash equivalents of approximately $0.8 million. We currently expect that to use the net proceeds from
this offering, together with the $0.8 million of cash and cash equivalents, primarily for the following purposes:</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">Approximately $2.2
    million for repayment of amounts borrowed and interest incurred by us under the promissory note held by Manchester Explorer,
    LP;</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">Approximately $8.5
    million for research and development for new products and improvements to our initial pump product candidate including, but
    not limited to, hiring of key personnel, and costs for continued research activities;</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">Approximately
    $1.0     million for the initial development of our sales, marketing and administrative capabilities and organization,
    including     but not     limited to adding     additional staff, public relations and advertising;</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">Approximately $2.0
    million for the initial development of our manufacturing and production capability, including capital expenditures; and</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 69.2pt"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">The
                                         remainder for working capital, other capital expenditures and general corporate purposes.</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt; "></FONT></P></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">We believe that
our existing cash and cash equivalents, along with the net proceeds from this offering and any proceeds from the exercise
of Warrants, together with interest on cash balances, will be sufficient to fund our operating expenses and capital expenditure
requirements through at least the next 12 months. The amount and timing of our actual expenditures and actual use of the net proceeds
of the offering will depend upon numerous factors, including the timing of our submission to the FDA for 510(k) clearance of our
product candidate, which is necessary to commence commercialization, the timing and results of our product launch, including all
commercialization activities, the progress of our continuing product research and development activities, our ability to establish
our outsourced manufacturing operations, and our ability to add the required staff to execute our business plan, any collaborations
that we may enter into with third parties, and any unforeseen delays or cash needs.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">Our expected
use of the net proceeds from this offering represents our current intentions based upon our present plans and business conditions.
As a result, our management will have broad discretion in the application of the net proceeds, and investors will be relying on
our judgment regarding the application of the net proceeds of this offering. In addition, we might decide to postpone or not pursue
these certain of these activities if the net proceeds from this offering and the other sources of cash are less than, or do not
last as long as, expected. We have no current understandings, agreements or commitments for any material acquisitions or licenses
of any products, businesses or technologies.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">Pending their
use, we plan to invest the net proceeds from this offering in high-quality, short-term interest-bearing obligations, investment-grade
instruments, certificates of deposit or direct or guaranteed obligations of the U.S. government.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B><A NAME="modulara007"></A>MARKET
FOR COMMON EQUITY AND RELATED STOCKHOLDER MATTERS</B></FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">Prior
to this offering, our Common Stock traded on the OTCQB tier of OTC Markets Group, Inc. under the trading
symbol &ldquo;MODD&rdquo; on a very limited basis. We have been approved to list our Common Stock on Nasdaq under the symbol
&ldquo;MODD. and our Common Stock began trading on the Nasdaq on February 10, 2022. We do not intend to apply for listing of
the Warrants on any national securities exchange.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">On November
29, 2021, we effected a 1-for-3 reverse split of our Common Stock. All share and per share information gives effect, retroactively,
to the reverse stock split.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">As of February
9, 2022, there were approximately 75 registered holders of record of our Common Stock, and the last reported sale price of our
Common Stock on the OTCQB on February 9, 2022, was $7.90.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">Any OTCQB
quotations of our Common Stock reflect inter-dealer prices, without retail mark-up, mark-down or commission and may not necessarily
represent actual transactions.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B><A NAME="modulara008"></A>DIVIDEND POLICY</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">We have never
declared nor paid any cash dividends on our capital stock. We do not intend to pay cash dividends on our Common Stock for the
foreseeable future, and currently intend to retain any future earnings to fund our operations and the development and growth of
our business. Any future determination to declare and pay dividends will be made at the discretion of our board of directors
and will depend on various factors, including applicable laws, our results of operations, our financial condition, our capital
requirements, general business conditions, our future prospects and other factors that our board of directors may deem relevant.
Investors should not purchase our Common Stock with the expectation of receiving cash dividends.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B><A NAME="modulara009"></A>CAPITALIZATION</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">The following
table sets forth our cash and cash equivalents and capitalization as of September 30, 2021.</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 49px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">an
    actual basis (giving effect on a retroactive basis, to a 1-for 3 reverse stock split which was effected on November 29, 2021).</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 49px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">on
    a pro-forma basis to give effect to (i) the issuance and sale of the Units by us in this offering at the public
    offering     price of $6.00 per Unit, after deducting the estimated discounts, non-accountable expense allowance and the estimated offering
    expenses payable by     us for net proceeds of $13,550,000, and (ii) the conversion of $6,610,560 principal amount of
    convertible notes and accrued     interest thereon (assuming interest calculated through September 30, 2021) into 1,449,236
    shares of our Common Stock and 1,449,236     shares restricted warrants both being issued upon automatic conversion of such
    notes as a result of the closing of this offering and 767,796 Common Stock Warrants.</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">The as
adjusted information below is illustrative only and our capitalization following the closing of this offering will be adjusted
based on the actual public offering price and other terms of this offering determined at pricing. You should read this information
together with our financial statements and the related notes thereto included elsewhere in this prospectus and the information
set forth under the heading &ldquo;Management&rsquo;s Discussion and Analysis of Financial Condition and Results of Operations&rdquo;
included elsewhere in this prospectus.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></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="text-align: center; padding-left: 8.65pt; text-indent: -8.65pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">As of September 30,
    2021</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; padding-left: 8.65pt; text-indent: -8.65pt">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" NOWRAP STYLE="text-align: center">Unaudited</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: center; padding-left: 8.65pt; text-indent: -8.65pt">&nbsp;</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid">Actual</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid">Pro Forma</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="width: 74%; text-align: left; text-indent: -8.65pt; padding-left: 8.65pt">Cash and cash equivalents</TD><TD STYLE="width: 3%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="width: 8%; border-bottom: Black 1pt solid; text-align: right">798,161</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="width: 8%; border-bottom: Black 1pt solid; text-align: right"><P STYLE="margin: 0">14,334,288</P>


</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 8.65pt">Convertible notes payable</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">4,855,260</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 8.65pt">Stockholders&rsquo; equity:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 8.65pt">Preferred stock, par value $0.001; 5,000,000 shares authorized and undesignated, actual, pro forma; no shares issued and outstanding, actual or pro forma</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt">Common Stock, $0.001 par value, 50,000,000 shares
    authorized; 6,327,521 shares issued and outstanding, actual; 10,276,757 shares issued and outstanding, pro forma</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,328</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,277</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt">Additional paid-in capital</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">20,056,716</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><P STYLE="margin: 0">38,791,773</P>


</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt">Accumulated deficit</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(25,163,858</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(25,163,858</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 25.95pt">Total stockholders&rsquo; equity (deficit)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(5,100,814</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">13,638,192</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 34.6pt">Total capitalization</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(245,554</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">13,638,192</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>





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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">The number
of shares of our Common Stock to be outstanding after this offering is based on 6,327,521 shares of our Common Stock outstanding
as of September 30, 2021, and excludes:</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0.25pt; width: 49px"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0.25pt; text-align: justify; width: 25px"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><P STYLE="margin: 0">2,500,000
                                         shares of our Common Stock issuable upon the exercise of the Warrants to be issued as
                                         part of the Units;</P>


</td></tr>

<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 49px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><P STYLE="margin: 0">1,449,236
                                         shares of our Common Stock issuable upon automatic conversion of $6,956,130 principal
                                         amount of convertible promissory notes and accrued interest at a price of $6.00 per share
                                         as a result of the closing of this offering;</P>


</td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0.25pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0.25pt; text-align: justify"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><P STYLE="margin: 0">1,449,236
                                         shares of our Common Stock issuable upon exercise of restricted warrants with such warrants
                                         being issued upon automatic conversion of $6,610,560 principal amount of convertible
                                         promissory notes and accrued interest thereon as a result of the closing of this offering;</P>


</td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">767,796
    shares of our Common Stock issuable upon exercise of warrants issued to our convertible promissory note holders;</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">1,597,650 shares of
    our Common Stock issuable upon exercise of outstanding stock options with a weighted average exercise price of approximately
    $7.17 per share; and</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 49px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">1,069,017
    shares of our Common Stock reserved for issuance pursuant to future awards under our Amended 2017 Equity Incentive Plan, or
    the 2017 Plan.</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-size: 10pt"><A NAME="modulara010"></A><B>DILUTION</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt; background-color: white">Each
Unit, with a public offering price of $6.00 per Unit, consists of one share of Common Stock and a Warrant to purchase one
share of Common Stock.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">If you invest
in our Units, your interest will be diluted immediately to the extent of the difference between the offering price per share of
our Common Stock that is part of the Unit and the as adjusted net tangible book value per share of our Common Stock immediately
after giving effect to this offering.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">As of September
30, 2021, our historical net tangible book value was $(6,856,104) or $(1.08) per share of Common Stock. Historical net tangible
book value per share represents the amount of our total tangible assets reduced by total liabilities, divided by 6,327,521, the
number of shares of Common Stock outstanding on September 30, 2021.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">After giving
effect to the sale of 2,500,000 Units, at the offering price of $6.00 per Unit , after deducting estimated underwriting discounts and commissions
and estimated offering expenses payable by us, and (ii) our net tangible book value as of September 30, 2021 would have been $6,680,023
or $0.65 per share of Common Stock. This amount represents an immediate increase in net tangible book value of $1.73 per share
to our existing stockholders. Investors purchasing our Common Stock in this offering will have paid $5.34 more than the as adjusted
net tangible book value per share of Common Stock after this offering.</FONT></P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">The following
table illustrates this dilution on a per share basis:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></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(204,238,204)">
    <TD STYLE="width: 74%"> Offering price per share</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 8%; text-align: right">5.99</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Historical net tangible book value per share as of September 30, 2021</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(1.08</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="text-align: left">Increase in net tangible book value per share attributable to new investors</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1.73</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Net tangible book value per share after the offering</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">0.65</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="text-align: left">Dilution per share to new investors</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">5.34</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>





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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">The number
of shares of our Common Stock to be outstanding after this offering is based on 6,327,521 shares of our Common Stock outstanding
as of September 30, 2021, and excludes:</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0.25pt; width: 49px"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0.25pt; text-align: justify; width: 25px"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><P STYLE="margin: 0">2,500,000
                                         shares of our Common Stock issuable upon the exercise of the Warrants to be issued as
                                         part of the Units;</P>


</td></tr>

<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 49px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><P STYLE="margin: 0">1,449,236
                                         shares of our Common Stock issuable upon automatic conversion of $6,956,130 principal
                                         amount of convertible promissory notes and accrued interest thereon at a price of $6.00
                                         per share as a result of the closing of this offering;</P>


</td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0.25pt; text-align: justify"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><P STYLE="margin: 0">1,449,236
                                         shares of our Common Stock issuable upon exercise of restricted warrants with such warrants
                                         being issued upon automatic conversion of $6,610,560 principal amount of convertible
                                         promissory notes and accrued interest thereon as a result of the closing of this offering;</P>


</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">767,796
    shares of our Common Stock issuable upon exercise of warrants issued to our convertible promissory note holders;</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">1,597,650 shares of
    our Common Stock issuable upon exercise of outstanding stock options with a weighted average exercise price of approximately
    $7.17 per share; and</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 49px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">1,069,017
    shares of our Common Stock reserved for issuance pursuant to future awards under the 2017 Plan.</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">If
the shares described above that are reserved for issuance to the holders of our convertible promissory notes and related warrants
and under our 2017 Plan are issued, or we otherwise issue additional shares of Common Stock in the future, there could be further
dilution to investors participating in this offering. In addition, we anticipate needing to raise additional capital before
generating positive cash flows and we may choose to raise additional capital because of market conditions or strategic considerations,
even if we believe that we have sufficient funds for our current or future operating plans. If we raise additional capital through
the sale of equity or convertible debt securities, the issuance of these securities could result in further dilution to our stockholders.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><A NAME="modulara011"></A><FONT STYLE="font-size: 10pt"><B>MANAGEMENT&rsquo;S
DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"><B>Management&rsquo;s Discussion
and Analysis of Financial Condition and Results of Operations</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt"><I>You should
read the following discussion and analysis in conjunction with our unaudited condensed consolidated financial statements and the
notes to those financial statements for the three and six months ended September 30, 2021 and September 30, 2020 and consolidated
financial statements and notes to those financial statements for the years ended March 31, 2021 and March 31, 2020 included elsewhere
in this prospectus. This discussion contains forward-looking statements based upon current expectations that involve risks
and uncertainties. See &ldquo;Special Note Regarding Forward-Looking Statements.&rdquo; Our actual results may differ materially
from those contained in or implied by any forward-looking statements. </I></FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; "><FONT STYLE="font-size: 10pt">We are
a development stage medical device company focused on the design, development, and commercialization of an innovative insulin
pump using modernized technology to increase pump adoption in the diabetes marketplace. Through the creation of a novel two-part
patch pump, our MODD1 product candidate, the Company seeks to fundamentally alter the trade-offs between cost and complexity and
access to the higher standards of care that presently-available insulin pumps provide. By simplifying and streamlining the user
experience from introduction, prescription, reimbursement, training and day-to-day use, we seek to expand the wearable insulin
delivery device market beyond the highly motivated &ldquo;super users&rdquo; and expand the category into the mass market. The
product candidate seeks to serve both the type 1 and the rapidly growing, especially in terms of device adoption, type 2 diabetes
markets.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; "><FONT STYLE="font-size: 10pt">Historically,
we have financed our operations principally through private placements of our Common Stock and convertible promissory notes.
Based on our current operating plan, substantial doubt about our ability to continue as a going concern for a period of at least
one year from the date that the financial statements included in Item 1 of this Report are issued exists. Our ability to continue
as a going concern depends on our ability to raise additional capital, through the sale of equity or debt securities, to support
our future operations. If we are unable to secure additional capital, we will be required to curtail our research and development
initiatives and take additional measures to reduce costs. We have provided additional disclosure in Note 1 to the condensed consolidated
financial statements in and under&nbsp;<I>Liquidity</I>&nbsp;below.</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; "><FONT STYLE="font-size: 10pt"><B>Impacts of COVID-19</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; "><FONT STYLE="font-size: 10pt">The global
outbreak of the coronavirus disease 2019 (COVID-19) was declared a pandemic by the World Health Organization and a national emergency
by the U.S. government in March 2020. This has negatively affected the U.S. and global economy, disrupted global supply chains,
significantly restricted travel and transportation, resulted in mandated closures and orders to &ldquo;shelter-in-place&rdquo;
and created significant disruption of the financial markets. The full extent of the COVID-19 impact on our operational and financial
performance will depend on future developments, including, without limitation, the duration and spread of the pandemic and related
actions taken by U.S. and foreign government agencies to prevent disease spread, all of which are uncertain, out of our control,
and cannot be predicted.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; "><FONT STYLE="font-size: 10pt">In March
2020, Santa Diego County in California, where we are based, and the state of California issued &ldquo;shelter-in-place&rdquo;
orders (the Orders). We complied with the Orders and minimized business activities at our San Diego facility from March 2020 until
May 2021. During that time, we implemented a teleworking policy for our employees and contractors to reduce on-site activity at
our facility. In May 2021, our employees and certain contractors returned to work in our office. We have and continue to experience
longer lead times for certain components used to manufacture initial quantities of our product candidates for our submission to
the FDA. We remain diligent in continuing to identify and manage risks to our business given the changing uncertainties related
to COVID-19. While we believe that our operations personnel are currently in a position to build an adequate supply of products
for our FDA submission, we recognize that unpredictable events could create difficulties in the months ahead. We may not be able
to address these difficulties in a timely manner, which could delay our submission to the FDA and negatively impact our business,
results of operations, financial condition and cash flows.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; "><FONT STYLE="font-size: 10pt">The continued
spread of COVID-19 has also led to disruption and volatility in the global capital markets. We were recently able to raise additional
capital in a private placement of convertible promissory notes (see discussion below under&nbsp;<I>Liquidity</I>). However, we
need to raise additional capital to support our operations in the future. We may be unable to access the capital markets or additional
capital may only be available to us on terms that could be significantly detrimental to our existing stockholders and holders
of the convertible promissory notes and to our business.</FONT></P>

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



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; "><FONT STYLE="font-size: 10pt">The discussion
and analysis of our financial condition and results of operations are based upon our condensed consolidated financial statements,
which have been prepared in accordance with U.S. GAAP. The preparation of these condensed consolidated financial statements requires
us to make certain estimates and judgments that affect the reported amounts of assets, liabilities, and expenses. On an ongoing
basis, we make these estimates based on our historical experience and on assumptions that we consider reasonable under the circumstances.
Actual results may differ from these estimates and reported results could differ under different assumptions or conditions. Our
significant accounting policies and estimates are disclosed in Note 1 of the Notes to Consolidated Financial Statements for the
year ended March 31, 2021. As of September 30, 2021, there have been no material changes to our significant accounting policies
and estimates.</FONT></P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; "><FONT STYLE="font-size: 10pt"><I>&nbsp;</I></FONT></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="text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">September 30,</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Change</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: center">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2021</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2020</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2020&nbsp;to&nbsp;2021</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="width: 48%">Research and development &ndash; Three months ended</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 8%; text-align: right">2,105,380</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 8%; text-align: right">1,092,665</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 8%; text-align: right">1,012,715</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">92.7</TD><TD STYLE="width: 1%; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Research and development &ndash; Six months ended</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">3,893,511</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">2,063,480</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">1,830,031</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">88.7</TD><TD STYLE="text-align: left">%</TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; "><FONT STYLE="font-size: 10pt">Our research
and development expenses include personnel, consulting, materials and other costs associated with the development of our insulin
pump product candidate. We expense research and development costs as they are incurred.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; "><FONT STYLE="font-size: 10pt">Research
and development, or R&amp;D, expenses increased for the three months ended September 30, 2021 as compared with the prior period
of fiscal 2021 primarily due to increased engineering and manufacturing consulting costs, as we have increased our development
and manufacturing activities. R&amp;D expenses increased for the six months ended September 30, 2021 as compared with the prior
period of fiscal 2021 primarily due to increased engineering and manufacturing personnel and consulting costs, prototype and production
component and material costs and stock-based compensation expenses. R&amp;D expenses included non-cash, stock-based compensation
expenses of $116,742 and $101,915 for the three months ended September 30, 2021 and 2020, respectively, and $255,027 and $205,640
for the six months ended September 30, 2021 and 2020, respectively. We expect R&amp;D expenses to remain flat to slightly decrease
for the remainder of fiscal 2022, as we continue to advance the development of our pump product candidate and develop an initial
low-volume manufacturing process.</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; "><FONT STYLE="font-size: 10pt">&nbsp;</FONT></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="text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">September 30,</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Change</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: center">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2021</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2020</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2020&nbsp;to&nbsp;2021</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="width: 48%">General and administrative &ndash; Three months ended</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 8%; text-align: right">1,589,032</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 8%; text-align: right">766,513</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 8%; text-align: right">822,519</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">107.3</TD><TD STYLE="width: 1%; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">General and administrative &ndash; Six months ended</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">3,174,489</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">1,669,910</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">1,504,578</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">90.1</TD><TD STYLE="text-align: left">%</TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; "><FONT STYLE="font-size: 10pt">General
and administrative expenses consist primarily of personnel and related overhead costs for facilities, marketing, finance, human
resources and general management.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; "><FONT STYLE="font-size: 10pt">General and
administrative, or G&amp;A, expenses, increased for the three and six months ended September 30, 2021 as compared with the prior
periods of fiscal 2021 primarily as a result of increased stock-based compensation expense and increased consulting and legal
fees. G&amp;A expenses included stock-based compensation expenses of $745,689 and $198,689 for the three months ended September
30, 2021 and 2020, respectively, and $1,263,324 and $439,680 for the six months ended September 30, 2021 and 2020, respectively.
We expect G&amp;A expenses to increase for the remainder of fiscal 2022, as we pursue a public offering of our Common Stock.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; "><FONT STYLE="font-size: 10pt"><I>Interest Expense</I></FONT></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="text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">September 30,</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Change</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: center">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2021</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2020</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2020&nbsp;to&nbsp;2021</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="width: 48%">Interest expense &ndash; Three months ended</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 8%; text-align: right">685,793</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 8%; text-align: right">&mdash;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 8%; text-align: right">(685,793</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">&mdash;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Interest expense &ndash; Six months ended</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">1,194,670</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(1,194,670</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; "><FONT STYLE="font-size: 10pt">Interest
expense consisted of interest expense on our convertible promissory notes, including amortization of debt issuance cost.&nbsp;To
date, we have accrued all interest on the Notes. See Note 4 to the condensed consolidated financial statements.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-size: 10pt">As
a development-stage enterprise, we do not currently have revenues to generate cash flows to cover operating expenses. Since our
inception, we have incurred operating losses and negative cash flows in each year due to costs incurred in connection with R&amp;D
activities and G&amp;A expenses associated with our operations. For the six months ended September 30, 2021, we incurred a net
loss of approximately $9.2 million. For the years ended March 31, 2021 and 2020, we incurred net losses of approximately $7.4
million and $5.3 million, respectively. At September 30, 2021, we had a cash balance of approximately $0.8 million and an accumulated
deficit of approximately $25.2 million. When considered with our current operating plan and the requirement to repay all of the
Notes by May 2022, these conditions raise substantial doubt about our ability to continue as a going concern for a period of at
least one year from the date that of issuance of the consolidated financial statements included in Item 1 of this Report. Our
consolidated financial statements do not include adjustments to the amounts and classification of assets and liabilities that
may be necessary should we be unable to continue as a going concern. Our ability to continue as a going concern depends on our
ability to raise additional capital through the sale of equity or debt securities to support our future operations, and we are
currently seeking such additional financing. As discussed in Note 3 to our condensed consolidated financial statements in Item
1 of this Report, we obtained forgiveness of the $368,000 principal balance and interest on the PPP Note we received from Silicon
Valley Bank in April 2020 under the U.S. Small Business Administration Paycheck Protection Program. As discussed in Note 4 to
our condensed consolidated financial statements in Item 1 of this Report, in May 2021, we completed a private placement of $6,610,500
aggregate principal amount of our convertible promissory notes (the Notes). The Notes are unsecured obligations of ours with each
Note having a stated maturity date of 12 months from its issue date (the Issue Date). The Notes bear interest at a rate of 12%
per annum, payable on maturity, provided that, if we fail to pay any amounts when due under a Note, the interest rate increases
to the greater of 16% or the maximum amount permitted by law. Each Note may be prepaid at our option during the first 270 calendar
days following its Issue Date (the 270<SUP>th</SUP>&nbsp;day, the Trigger Date), subject to a 110% prepayment penalty on all principal
and accrued interest then outstanding. No Notes may be prepaid in whole or in part after the Trigger Date. As discussed in
Note 9 to our condensed consolidated financial statements in Item 1 of this Report, on October 28, 2021, we issued $250,000 of
Common Stock in a private placement, and we issued a secured promissory note (the Bridge Note) to an investor. The Bridge
Note provides us with a $3,000,000 revolving credit facility with all amounts being drawn down by the Company thereunder being
due and payable, subject to acceleration in the event of a default, on March 15, 2022.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; "><FONT STYLE="font-size: 10pt">Our operating
needs include the planned costs to operate our business, including amounts required to fund research and development activities,
including clinical studies, working capital and capital expenditures. Our future capital requirements and the adequacy of our
available funds will depend on many factors, including our ability to successfully commercialize our product candidate, competing
technological and market developments, and the need to enter into collaborations with other companies or acquire other companies
or technologies to enhance or complement our product offering. If we are unable to secure additional capital, we will be required
to curtail our research and development initiatives and take additional measures to reduce costs in order to conserve our cash.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; "><FONT STYLE="font-size: 10pt">For the
six months ended September 30, 2021, we used $4,784,725 in operating activities, which primarily resulted from our net loss of
$9,216,848, increased for a non-cash gain on the PPP Note extinguishment of $368,780 and net changes in operating lease assets
and liabilities of $22,947, as adjusted for changes to operating assets and liabilities of $791,746, a loss on debt extinguishment
of $1,321,450 stock-based compensation expenses of $1,518,351, $314,265 for issuances of shares of Common Stock in exchange for
services, depreciation and amortization expenses of $53,599, interest expense of $824,439 for amortization of debt discount, and
other immaterial adjustments. For the six months ended September 30, 2020, we used $3,029,671 in operating activities, which
primarily resulted from our net loss of $3,734,886 and changes to operating assets and liabilities of $122,860, as adjusted for
stock-based compensation expenses of $645,320, depreciation and amortization expenses of $52,314, net changes in lease assets
and liabilities of $130,441.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; "><FONT STYLE="font-size: 10pt">For the
six months ended September 30, 2021 and 2020, cash used in investing activities of $22,779 and $93,303, respectively was due to
the purchase of property and equipment.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; "><FONT STYLE="font-size: 10pt">Cash provided
by financing activities of $4,137,200 for the six months ended September 30, 2021 was attributable to net proceeds from the issuance
of our Notes. Cash provided by financing activities of $1,487,414 for the six months ended September 30, 2020 was attributable
to net proceeds of $1,118,634 from the sale of shares of our Common Stock in a private placement that was initiated in March 2020
and $368,780 in proceeds from the PPP Note.</FONT></P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><A NAME="modulara012"></A><FONT STYLE="font-size: 10pt"><B>BUSINESS</B></FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">Modular Medical
is a development stage medical device company focused on the design, development, and commercialization of an innovative insulin
pump using modernized technology to increase pump adoption in the diabetes marketplace. Through the creation of a novel two-part
patch pump, the Company seeks to fundamentally alter the trade-offs between cost and complexity and access to the higher standards
of care that presently available insulin pumps provide. By simplifying and streamlining the user experience from introduction,
prescription, reimbursement, training and day-to-day use, we seek to expand the wearable insulin delivery device market beyond
the highly motivated &ldquo;super users&rdquo; and expand the category into the mass market. The product candidate seeks to
serve both the type 1 and the rapidly growing, especially in terms of device adoption, type 2 diabetes markets.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">We believe that
there are a number of shortcomings and issues with currently available insulin pumps that prevent a substantial number of people
who require insulin on a daily basis from choosing an insulin pump to treat their diabetes. We believe, that by tailoring our
insulin pump to address such factors, we can expand the scope and adoption rate of insulin pump usage. We believe that to achieve
broader market acceptance, an insulin pump must be easier to learn to use, be less time consuming to operate, more intuitive to
both patients and physicians, and meet the standards for coverage by insurance providers so that co-payments required from patients
are affordable and the hurdles to insurance coverage are significantly reduced.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Among
the more prominent issues are:</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 73px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt"><I>Complexity</I>:
    Many existing pumps are highly complex and require significant technical expertise to use effectively. We believe such pumps
    were designed for &ldquo;super users,&rdquo; who have high levels of motivation and technical competence. The complexity of
    pumps proves daunting to less technically inclined users.</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 73px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt"><I>Cumbersome</I>:
    We believe that a majority of existing pumps are bulky and difficult to manage, in many cases requiring additional equipment
    to introduce a catheter to the patient&rsquo;s body and up to 48 inches of tubing, which must be replaced frequently, to connect
    the catheter to a pump. This requires users to carry spare parts and other equipment adding to the difficulty of using the
    pump.</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 73px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt"><I>Cost</I>:
    Costs associated with insulin pump therapy are high and can be prohibitive, especially for those on fixed or limited incomes.
    These costs vary by pump, but multi-thousand-dollar upfront payments, often with substantial co-payments in addition to possible
    daily co-payments on consumables, can easily place current pumps out of reach for patients. This makes insurance providers
    hesitant to pay for them, leading to limited or absent reimbursement/coverage and high hurdles for patients to gain access.</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt"><I>Outdated
    style</I>: Consumer electronics devices have evolved in both form and function. Diabetes pumps have not experienced similar
    progress. We believe that consumers will be more receptive of products designed with the user experience in mind and that
    many have low tolerance for complex, difficult procedures for use and maintenance of products.</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt"><I>Pump
    mechanism limitations</I>: Traditional pumps generally utilize a syringe and plunger mechanism to deliver insulin. We believe
    this design limits the ability to reduce the size of the pump, and also potentially exposes the user to the unintended delivery
    of the full volume of insulin within the pump, which can cause hypoglycemia or death. We believe that the fear of adverse
    health events due to technical malfunctions related to traditional pump mechanism limitations deters the adoption of insulin
    pump therapy.</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">Our team
has substantial knowledge of the diabetes industry and experience in developing, obtaining marketing authorization for, and bringing
insulin pumps to market. Based on this experience, we believe that our innovative insulin pump, using a new and proprietary method
of pumping insulin, can address most or all of these shortcomings. It provides a state-of-the-art insulin pump capable of both
basal (steady flow) and bolus (mealtime dosing) insulin disbursement. It also has been designed considering a natural migration
path to multi-chamber/multi-liquid pumps, potentially offering an exciting array of new therapies to patients with diabetes and
other conditions.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">Our goal is
to become the leader in expanding access to insulin pump technology to a wider portion of diabetes sufferers and provide not just
care for the super users, but &ldquo;diabetes care for the rest of us.&rdquo; We believe there is a substantial opportunity to
penetrate the type 2 MDI marketplace, whether through this new insulin pump or further simplification of pumps for the type 2
marketplace.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">The MODD1 is
a high-precision, first-line pump that we believe represents the best choice for new pump patients because it is easy to afford,
easy to learn, easy to use, and has a revolutionary design and technology that enable precision with low-cost manufacture and
high reproducibility.</FONT></P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">Two parts - one reusable,
    one disposable - snap together to form the working system;</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">One button interface,
    easy to learn and use;</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">90-day reusable, 3-day
    disposable;</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">Removable at any time
    from an adhesive bracket;</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">No external controller
    required, no charging, no battery replacement; and</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">Slim profile, lighter
    weight.</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt; ">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">A proprietary
survey of American healthcare payors representing 50 million covered lives (approximately 1/3 of U.S. covered lives) performed
for us by industry leading survey firm ISA has demonstrated that payors are willing to grant equivalent or preferential coverage
for a product with this feature set at launch in exchange for rebates of about 20%. These costs are built into all of our
models. </FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">Diabetes is typically classified
as either type 1 or type 2:</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">T1D
    is an auto-immune condition characterized by the body&rsquo;s nearly complete inability to produce insulin. It is frequently
    diagnosed during childhood or adolescence. Individuals with T1D require daily insulin therapy to survive.</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">T2D
    represents over 90% of all individuals diagnosed with diabetes and is characterized by the body&rsquo;s inability to either
    properly utilize insulin or produce sufficient insulin. Initially, many people with T2D attempt to manage their condition
    with improvements in diet and exercise and/or the use of oral medications and/or injection of glucagon-like peptide-1 (GLP-1)
    drugs. However, as their diabetes advances, patients often progress to requiring insulin therapies such as once-daily long-acting
    insulin and ultimately to intensified mealtime rapid-acting insulin therapy. This represents an important portion of the
    diabetes market with an estimated 1.6 million T2D intensively treated with insulin currently in the United States.</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt; ">Glucose,
the primary source of energy for cells, must be maintained at certain levels in the blood in order to permit optimal cell function
and health. In people with diabetes, blood glucose levels are not well controlled and frequently become very high, a condition
known as hyperglycemia, and very low, a condition called hypoglycemia. Hyperglycemia can lead to serious long-term complications,
including blindness, kidney disease, nervous system disorders, occlusive vascular diseases, lower-limb amputation, stroke, cardiovascular
disease, and death. Hypoglycemia can lead to confusion or loss of consciousness, often requiring a visit to the emergency room
or, in certain cases, result in seizures, coma, and/or death.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">All people with
T1D, which is our primary market, require daily insulin. According to the Seagrove 2021 Diabetes Blue Book, approximately 18%
of people with T2D in the United States, or 4.7 million people, require insulin (basal alone represent 3.1 million and basal plus
mealtime represent 1.6 million) to manage their diabetes. In this prospectus, we refer to people with T1D and people with T2D
who require mealtime insulin as &ldquo;insulin-requiring people with diabetes.&rdquo;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">Currently, there
are two primary therapies available for insulin-requiring people with diabetes: multiple daily insulin injections directly into
the body through syringes or insulin pens, referred to as Multiple Daily Injection, or MDI therapy, or the use of an insulin pump
to deliver mealtime insulin boluses to help with glucose absorption after carbohydrate consumption and a continuous subcutaneous
insulin infusion, or CSII therapy, into the body. Generally, CSII therapy is considered to provide a number of advantages over
MDI therapy, primarily an improvement in glycemic control, as measured by certain diabetes management tests such as hemoglobin
A1c (HbA1c) measure and more recently Time in Range (TIR) where a continuous glucose measuring device is used to calculate this
test. Among other medical benefits, it has been demonstrated that insulin pump use can decrease glucose variability, reduce the
number of hypoglycemia, decrease the daily doses of insulin and reduce the fear of hypoglycemia.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Notwithstanding
these advantages, the difficulty in use resulting from the complexity and cumbersome design of available insulin pumps as well
as high and often prohibitive costs for both the patient and insurance provider has resulted not only in dissatisfaction among
many existing pump users (fewer than half purchase a new pump after the warranty expires per Seagrove Partners estimate), but
also has severely limited the adoption rate of insulin pumps by a large segment of the MDI diabetes population, who we refer to
in this prospectus as &ldquo;Almost Pumpers.&rdquo;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">We define Almost
Pumpers as insulin-requiring people with diabetes who are aware of pumps and their potential benefits but because of past experiences,
pump shortcomings, cost, complexity, and time and learning required to adopt and utilize currently available insulin pumps, continue
to receive their daily insulin through MDI therapy.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Our initial
focus for our insulin pump is the almost pumper segment population located in the United States.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><IMG SRC="modular002.jpg" ALT="(Graphic)" STYLE="float: right; margin-left: 30pt"></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">Our research,
along with marketplace data, estimates that 32% of Americans with T1D use insulin pump therapy and 28% of Americans with T1D (44%
of those who currently utilize MDI) can be classified as having an interest in pump adoption and meeting the American Diabetes
Association guidelines of glucose control if their objections to the currently available suite of products can be overcome. They
do not want to closely manage their glucose levels and incur the associated time and effort involved. They are the Almost Pumpers.
We have developed what we believe to be the most technologically advanced delivery system overcome the objections and provided
motivation for this market. We believe that there are four addressable hurdles to adoption:</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">Usability: the device
    needs to be easy to learn and to operate;</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">Affordability: we
    will focus on overcoming copay and insurance hurdles rather than leaving the &ldquo;insurance journey&rdquo; to the clinician
    and patient;</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">Accessibility and
    Education: we will seek to engage patients to sample this new technology by supplying clinicians with free samples and simple
    training to allow people to see first-hand the typical barriers to adoption that have been overcome; and</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">Service and Support:
    where we will answer their questions and concerns during this diabetes experience.</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">We believe this
conversion process, engaging people to try and thereby receive the benefits of our technology will substantially increase adoption
of insulin pumps among both those with T1D and T2D who remain reliant upon multiple daily injections. Diabetes is a disease that
appears throughout the world. Therefore, we cannot segment the market by socioeconomics, education or level of care. We intend
to create an insulin pump that appeals to all Almost Pumpers.</FONT></P>

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


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">The International
Diabetes Federation, or IDF, estimates that, in 2019, approximately 460 million people were living with diabetes worldwide and,
that by 2045, this number will increase to approximately 700 million people</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">An estimated
34 million people in the United States live with diabetes. Within this group, T1D accounts for approximately 1.8 million people
(7% of total) with the remainder being T2D. All people with T1D require daily insulin. However, of the approximately 25.5 million
people with T2D, about 1.6 million of them require intensive insulin treatments to manage their diabetes. This represents a large
and growing market with the effects of diabetes accounting for roughly 25% of all healthcare dollars spent annually in the United
States.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">According
to the National Diabetes HCP Survey conducted by Seagrove Partners, approximately 25% of the 1.6 million highly insulin intensive
T2D have considered going &ldquo;on pump.&rdquo;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">Insulin pumps
have been shown to provide a higher level of care for insulin dependent people with diabetes and result in better glycemic control,
fewer comorbidities, fewer trips to the emergency room, and higher overall quality of life. They also result in lower overall
costs to the healthcare system, reducing typical expense per patient year from $27,195 to $16,992.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Despite
these benefits, only 1 in 3 (32%) of the 1.8 million Americans with T1D and very few of the 1.6 million T2D intensively treated
with insulin currently use an insulin pump, for a total of approximately 670,000 current users, with only a slow increase of insulin
pump use. The remaining 68% of T1D&rsquo;s and virtually all of the T2D&rsquo;s rely on multiple daily injections (MDI) for
glucose control. Decades of advances in technology advances have left these non-pumpers at a significant disadvantage from
a control perspective versus their &ldquo;pumping&rdquo; counterparts.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">We have identified
a large segment of the market that we refer to as &ldquo;Almost Pumpers.&rdquo; Almost Pumpers are those insulin-requiring people
with diabetes (T1D and T2D) who feel that they would adopt the pump if it were less expensive, less time consuming, less technically
intimidating, and if there was no separate controller. They represent approximately 32% of the T1D market correlating to a
$1.9 billion growth opportunity.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">Insulin pumps
on the market today require a substantial amount of time to manage the therapy, have high out of pocket costs that place these
technologies out of reach for a large part of the population, and are feature-heavy with complex systems that have hampered adoption
and intimidated many users. The most commonly used insulin pumps today require extensive training and hours of daily management.
The average pump user must go through 42 steps of setup and refill process every 72 hours to &ldquo;stay on track.&rdquo;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><IMG SRC="modular004.jpg" ALT="(Graphic)" STYLE="float: left; margin-right: 30pt">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">The current
reluctance to adopt the insulin pump has had serious consequences on the healthcare system. In the United States, people living
with T1D have struggled to attain glycemic targets. A 2019 analysis of the large T1D Exchange clinical registry found that only
21% of U.S. adults with T1D achieved the ADA A1c goal (&lt;7.0%). Further, according to a study published in JAMA Internal Medicine,
researchers found no significant improvements in diabetes care between 2005 and 2016, with persistent gaps in care related to
socioeconomic status.</FONT></P>

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



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

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

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

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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">The recent
introduction and rapid adoption of Abbott Labs Freestyle Libre has made Continuous Glucose Monitoring (CGM) easier and more affordable,
expanding the product category, and doubling its size. Now for the first time, there is an easy, less painful-no more finger sticks--
way for patients to have the data they need to understand more about their glucose levels and their insulin requirements. Access
to such data has motivated patients to ask their diabetes clinician how they can achieve better glycemic control and made them
more comfortable with using technology and wearables to treat their diabetes. Pumps offer a clear pathway to better control and
better overall care. We believe that the insulin pump market is ready for a similar transition as that experienced in the CGM
space. MODD1 pump represents a new and better offering to assist and induce a wide variety of patients to make the transition
and bridge the void to superior control by becoming a &ldquo;pumper.&rdquo;</FONT></P>

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

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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">We believe
the present pump marketplace is approximately a $1.9 billion market, comprising 32% of T1D pumpers and a small group of T2D pumpers.
Seagrove Partners estimates that 28% of T1D patients and 25% of T2D patients would adopt technology that was easier to use, access
and pay for. We believe the total addressable market approximates $3 billion, assuming revenue of $4,128 per patient, per year.&nbsp;We
expect to spend approximately 15% of our total revenue on discounts and free samples to encourage adoption of our pump product.</FONT></P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">We are dedicated
to helping all people with diabetes gain access to high quality care. We aim to help people with diabetes - especially Almost
Pumpers and the historically underserved communities - gain access to insulin pump technology by making it affordable and easy
to use.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Diabetes
Care is at an Inflection Point</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">We believe
that the insulin pump market stands at a crossroads as a confluence of events makes the timing for a new product introduction
ideal.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">2020
was a very difficult year in diabetes. Between COVID-19 and a loss of glycemic control during quarantines and isolation, deaths
from diabetes rose by 17% in 2020 versus the prior year. This was sharpest among the young who saw deaths rise 29% in the 25-44
year old demographic. This has created a pain point and a desire to find new and better solutions and has raised awareness among
patients, caregivers, payors, and policy makers.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">COVID-19
also encouraged (and required) trial and adoption of telehealth models and a great many people have found them to their liking
with a high proportion of patients and of health care providers (HCPs) that want to continue to use these technologies. We expect
much of this shift and newfound comfort with distance care models to persist and believes that this can provide a patient acquisition
and engagement model for insulin pumps and diabetes care, especially for pumps optimized for free trial and easy learning.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">At
the same time, reimbursement for patch pumps has been increasingly moving to a pharmacy benefits manager (PBM) model, which simplifies
reimbursement which will further aid in a &ldquo;frictionless launch.&rdquo; This represents a fundamental shift in the insulin
pump market, making onboarding rapid and simplifying a previously complex and time-consuming &ldquo;insurance journey.&rdquo;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">The continuous
glucose monitoring (CGM) space (wearable devices that monitor blood glucose levels) has been experiencing explosive growth largely
driven by a new product introduction from Abbott Labs called the &ldquo;libre.&rdquo; This product was a more affordable, easier
to use version of the popular Dexcom CGM. Not only is it now a larger (by revenues) product than Dexcom, but it accomplished this
without seeming to slow Dexcom&rsquo;s growth but rather by growing a new category with a new type of user.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">These
users are increasingly interested in adopting technology and wearables to manage their diabetes. We believe they are a natural
market for a new type of pump if it can meet their needs and address their objections and that the conjunction of the above trends
represents a unique opportunity in the insulin pump market&rsquo;s history.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Diabetes
technology companies understand that we are at a turning point with new markets (T2D, T1D that are currently not using technologies).
This can be seen with increased discussion around this topic during recent national diabetes conferences, as well as but also
an increase in marketing promotion. For example, Dexcom purchased a $5.5 million 30-second spot during the 2021 Super Bowl.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">All these recent
changes support the high proportion of T1D and T2D intensively treated with insulin that are considered as Almost Pumpers, number
that may grow in the next years and that may be more reachable with adequate marketing strategies.</FONT></P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">Instead of building
complex, bespoke, and difficult to manufacture and maintain pumping and control systems, we began with the technology and the
user in mind. Using proprietary and patented methods of insulin measurement, we were able to eschew complex mechanisms and
instead built a product candidate using only parts from high volume consumer electronics manufacturing lines, breaking the cost
vs functionality curve that has existed in the insulin pump space and representing the first truly modern insulin pump design.
This is a new kind of product for a new kind of patient.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">The pre-production
models of our low-cost insulin pump are now undergoing the testing required to submit to the FDA for clearance to market them
in the United States. We continue to devote, substantial time and resources to better understand the needs and preferences of
Almost Pumpers and the specific patent/provider/payor requirements to motivate change from MDI.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">MODD1 has several
distinguishing features:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center; color: Red"><IMG SRC="modular003.jpg" ALT="(Graphic)"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">1 - The pump
has a simple button to press to deliver insulin as the patient requires it. The electronic pump uses a simple motor and rotating
cam to motivate the insulin into the patient along with a low power Bluetooth (LPBT) and near field communication (NFC) chips
to allow the patient to communicate with their smart phone, tablet, or other mobile computing platform, as appropriate.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">2 &ndash; The
pump snaps together with a three-day disposable cartridge that is patient filled with insulin for delivery. It includes the power
source and a simple coin cell that allows it to run through the 80-hour life of the cartridge.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">3 - There is
a set (not shown) that contains a soft 6 mm cannula and an introducer for insertion into the skin and removal of the needle used
to transfer insulin to the body.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">4 - MODD1
comes with a variety of methods for the patient to wear the pump. Options include: a base plate with adhesive (shown) for attaching
to the body that has features for holding the pump to the patient; overwraps to hold the product candidate to the patient; and
a velcro strap with a base plate suitable for wrapping around the arm or leg of the patient.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">The system will
deliver a small continuous rate called a basal that will provide approximately 50% of the total daily dose required and the user
will use the on-pump button to administer boluses, typically before and after meals.</FONT></P>

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



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">The objective
is to make the product candidate simple to acquire and take home, simple to learn and most importantly, simple to use to expand
the pump market, drive adoption and ultimately better clinical outcomes.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">The
adoption of new ultra-high volume technologies will result in far easier manufacturing scale up as parts sourcing and assembly
processes are far easier. The MODD1 was designed from the beginning for mass manufacturing processes and &ldquo;lights out&rdquo;
or near lights out production assembly lines. This advantage is compounded by the high availability and already optimized cost
reduction in its components. This has resulted in a cost of goods, estimated on the competitors&rsquo; announced margins and
sales, 50% lower than our closest patch pump competitor.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">The
adoption of modern, miniaturized technologies has led to numerous other advantages as well. The MODD1 pump is smaller in overall
volume than Insulet&rsquo;s popular Omnipod product and has a lower profile to the skin. Despite this, it holds a full 3mL (300
units) of insulin in line with full sized pumps such as Tandem and Medtronic, 50% more than the 2mL reservoir in the Omnipod.
We believe that this volume advantage over other patch pumps will be significant as 24% of type 1 and over 50% of the rapidly
growing type 2 market require more than 2mL of insulin every three days (the expected wear time of patch pumps).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">In addition,
our new and patented pumping modality will provide what we believe is the most even (and thus closest to the function of a healthy
pancreas) delivery of basal insulin in the industry. Basal rate can be delivered almost continuously while other pumps are
delivering micro-boluses every 5 minutes for the Omnipod, Tandem and Medtronic pumps. We plan to demonstrate the impact of
our system on glycemic control in a future clinical study.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">The technology
allows the patient to simply add insulin and operate. The battery is included in each cartridge and the device is operated without
a controller. Nothing needs charging. MODD1 has been made push button simple to appeal to a wider audience of users.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">This
new technology has also made the MODD1 lighter than existing offerings. Compared to the Insulet Omnipod, MODD1 weighs 20 grams
(vs. 26 grams) empty and 23 grams (vs. 28 grams) fully filled (despite carrying 50% more insulin), a reduction of 23% and 18%,
respectively. Also, unlike existing patch pumps, the MODD1 can be removed from the needle and taken off and replaced later
if the user desires. This avoids loss of insulin in a pump due to accidental dislodging of the soft canula, an issue that users
have expressed considerable dissatisfaction with on other patch pumps.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">This
technology is also uniquely suited to dual (or more) chamber pumps. We believe that such pumps will be integral to the realization
of high time in range artificial pancreas solutions that require no human intervention, the next step forward from the cumbersome
and awkward solutions today that require the user to announce meals, count and input carbs, and adjust delivery for exercise and
sleep. The advantages of cost and miniaturization are multiplied in a multi-chamber setup and we expect to be able to reach price
points, ease of use, and form factor unlike anything seen in the industry thus far. We believe that a prefilled, multi-hormone
peel and stick patch pump able to function in a fully autonomous closed loop system with CGM&rsquo;s represents the next generation
of diabetes care. We believe that we have demonstrated our technology and are securing intellectual property protection on our
approach.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">We believe
this technology, especially in dual chamber, will open up numerous applications outside of diabetes where medication compliance
of complex therapy regimes is difficult addressing such spaces as weight loss, fertility, and simplifying complex delivery of
multi-drug cocktails, especially those with diverse and challenging dosing schedules.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><FONT STYLE="font-size: 10pt">Our proposed
pump is being designed and developed to address the aforementioned shortcomings of the existing pump market and to appeal to:
(i) the substantial group of &ldquo;Almost-Pumpers&rdquo; who are currently interested in using an insulin pump, but have not
done so because of the complexity, cost or cumbersome nature of existing products, and (ii) people who are using one of the currently
available insulin pumps but are dissatisfied with such products. We believe that, owing to our new proprietary technology, our
proposed insulin pump will be the simplest and least expensive product on the market and the easiest for providers to prescribe.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">Our
current pump prototype of our proposed pump has been built to test what we believe to be our novel approach to insulin pumps.
By providing a pump that we believe will establish industry standards in terms of technology, simplicity to understand, ease of
use and price, we believe our proposed pump will offer the vast majority of benefits afforded by more expensive and complex pumps
but remain accessible to a substantially greater percentage of diabetes sufferers requiring daily insulin therapy.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.15pt 0 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.15pt 0 0; text-align: justify"><FONT STYLE="font-size: 10pt">We
believe people generally will not use technology that intimidates them and physicians are hesitant to prescribe such technology.
We believe mass market products, such as is intended for our proposed pump, must be &ldquo;user friendly&rdquo; and affordable.
We believe this approach is fundamentally different from that applied to the existing pump market today where most pumps are continuously
adding complex features and are &ldquo;user friendly&rdquo; to only the most technically astute.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">Our current
goal is to successfully design, develop and obtain all required regulatory approvals for our proposed insulin pump, and, thereafter,
commercialize the finished product. Our long-term goal is to become a leading provider of insulin pump therapy by focusing on
both consumer and clinical needs.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">To achieve our
above stated immediate and current goals, we intend to pursue the following business strategies:</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B><I>Use of innovative proprietary technology.
    </I></B></FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">Based upon the
substantial experience of Paul DiPerna, our President, Chief Financial Officer, Treasurer and Chairman of our Board of Directors,
in engineering design and innovative technology in the medical device industry and, in particular, with insulin pumps, we have
generated proprietary technology that has been incorporated into our proposed insulin pump. Generally, this technology is involved
in the delivery of insulin to the user at the appropriate and necessary times. We believe this technology will greatly assist
us in creating a simpler, user-friendly pump. We believe the proposed design, engineering and technology being incorporated into
our proposed pump will make it substantially simpler and more affordable than those currently available. These features, together
with the safety and reliability of our proposed pump, are designed to create the next generation of insulin pumps that will feature
important and well-differentiated attributes compared to those currently available and make it available to consumers across mostly
all socioeconomic groups in the United States and around the world.</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B><I>Keep costs low during our design
    and development process. </I></B></FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">To attempt to
ensure that we have sufficient funds to design, develop, and obtain all required regulatory approvals for our proposed insulin
pump without having to sacrifice quality and efficiency, we intend to maintain a tight budget and limit expenditures where possible.
We believe this will be possible because of the extensive knowledge and experience of Mr. DiPerna, not only in the diabetes industry
and more specifically in the insulin pump device market, but also his experience in designing and developing insulin pumps and
other medical devices and his ability to manage a small, focused development team. We currently expect that various other expenses,
such as product scale up, and sales and marketing costs, will not be incurred until such time as development work is completed
and regulatory approvals obtained.</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B><I>Employ experienced engineers selected,
    supervised, and led by Mr. DiPerna, a highly experienced and respected engineer and executive in the insulin pump industry.
    </I></B></FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">To attempt to
ensure our proposed insulin pump is &ldquo;state of the art,&rdquo; functional, and efficient, as well as to conserve funds, substantially
all of our employees will initially be hand-picked engineers under the leadership of Mr. DiPerna. We believe that there is a strong
pool of engineers with significant applicable experience and knowledge who we will be able to initially employ on a contract and/or
outsource basis to help us design and develop our proposed insulin pump. We believe by hiring such persons on an out-source
basis, we will save substantial resources and by having Mr. DiPerna lead and focus the team on technological and mechanical aspects
of our proposed insulin pump, we believe our team will be well guided, focused, cost efficient, and able to efficiently design
and develop our product candidate that we believe can eventually be a competitive and popular choice for people with insulin requiring
diabetes.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt; "><B>Commercialization
Strategy: Overcoming the Insurance Hurdles</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify;  "><FONT STYLE="font-size: 10pt">Our
goal is to establish MODD1 as the best option for new pump patients as we expand the market into the Almost Pumpers (Type 1 and
Type 2) and the newly motivated CGM users. We seek to grow the market by providing first-line insulin pump therapy that is well
suited to meet the needs of both diabetes patients requiring insulin and their clinicians.</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">MODD1 is approximately
    50% less expensive to manufacture than Omnipod. This low cost allows us to spend more on patients and sampling. This will
    save money for payers. We can offer the pump with no upfront cost to patients. Benefits of MODD1 include:</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 72px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">o</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">20% discount vs Insulet
    (PODD) will drive preferred status;</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 72px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">o</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">Designed to use PBM
    codes as a disposable;</FONT></td></tr>
</table>
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 72px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">o</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">No new code needed
    to be reimbursed at launch; and</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 72px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">o</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">Saves provider an
    estimated $1062/patient/year vs Omnipod.</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">The
        MODD1 will be sampled and given to patients by the doctor or diabetes nurse educator at the time of the patient visit.
        When a patient is motivated to make change, our starter kit will make it easy for the clinician to initiate the new therapy
        that same day. We seek to eliminate the currently challenging &ldquo;insurance journey&rdquo; and product acquisition
        timeline and significantly reduce training time for the busy clinician, all major hurdles to pump adoption. We intend
        to add telehealth support to help the patient throughout adoption and use and to facilitate greater collaboration between
        patients and their physicians.</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">Europe represents
another large potential market for MODD1. Approximately 60 million people in Europe live with diabetes. ($161 billion is spent
annually in diabetes healthcare costs in the Europe). At present, cost containment is restricting pump uptake across Europe. Current
pump usage hovers between 10% and 20% in many markets. Single payor healthcare systems across the Europe traditionally attempt
to contain costs in the short term and seek low price technologies with moderate medical benefits. MODD1 will offer a rebalance
of this risk/reward strategy in that payors will incur only minor incremental short-term costs with the benefit of longer -term
cost savings associated with reliable pump use. We intend to employ a partnership strategy across Europe following in-house managed
regulatory and pricing activities in the major markets (e.g., UK) and more cost receptive markets (e.g., Nordics). We are
targeting European and United Kingdom approval towards early 2023. Our initial target market for our insulin pump is the Almost
Pumper population located in the United States followed quickly by an effort to obtain CE mark approval for distribution throughout
Europe.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify;  "><FONT STYLE="font-size: 10pt">MODD1
tackles the most significant barriers to pump use-access and affordability-and makes it easier for clinicians, caregivers and
individuals to manage diabetes care. Our commercialization plan will drive adoption and is designed to expand the market and is
intended to do the following:</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%;  font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Maximize adoption
    with a comprehensive frictionless launch program. </B>We will seek to decrease the level of reimbursement effort and cost
    to encourage HCPs to offer our pumps and encourage patient trials. Our product candidate reduces the technical hurdles
    to widen appeal, new starts and increase adherence. We will encourage MDI patients who want or need more control to make
    the switch to the pump earlier in their treatment-ideally right at diagnosis. </FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%;  font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol; ">&#183;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Leverage technology
    to support sales and new patient acquisition</B>. We intend to set up tech enabled sales teams backed with a full omnichannel
    program to drive awareness and trial with HCPs and patients. We will focus on educating providers that our product candidate
    is simple to teach and easy to support making it an ideal front line offering.</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%;  font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol; ">&#183;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt; "><B>Facilitate
    patient trials. To facilitate patient trials, we intend to:</B></FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 72px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt; ">o</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">Provide a free
    pump and a 30-day supply of cartridges, insurance verification, co-pay coupons and telehealth support to patients thereby
    reducing outlay of time and money</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 72px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt; ">o</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt; ">Partner
    with connected care companies to provide superb support of patients from trial through the first year</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify;  ">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify;  "><FONT STYLE="font-size: 10pt">We
believe that MODD1 will be the only insulin pump that patients can take home immediately from the doctor&rsquo;s office.</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%;  font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol; ">&#183;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt; "><B>Leverage
    MODD1 300-unit chamber to increase adoption with Type 2 patients</B>. MODD1 has a major advantage over existing patch pumps
    in that the chamber carries enough insulin to meet the high doses many Type 2 patients need. We intend to promote this advantage
    and capture a significant share of the existing Type 2 pump users as well as new starts. </FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%;  font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol; ">&#183;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt; "><B>Work
    with key organizations and policy makers to pave the way for greater access</B> <B>to pumps. </B>We will<B> </B>promote MODD1
    technology among the underserved, who are typically low users of health technology. We will identify individuals, patient
    organizations, professional societies, and policy and DEI organizations that are critically important to the adoption of new
    technologies in the diabetes space and build relationships with these influential stakeholders. </FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%;  font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol; ">&#183;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt; "><B>Initiate
    a clinical study program (with key diabetes centers</B>) to provide additional clinical support for MODD1 in special patient
    types and clinical setting. After obtaining 510(k) clearance, we intend to conduct a soft launch and clinical research program
    in major markets to pave the way for the full launch in late 2022. We will work with our advisors and key diabetes associations
    to educate the community about the MODD1. In addition, we will conduct clinical studies to develop competitive claims and
    market expansion. </FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%;  font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol; ">&#183;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Work with major
    health plans to establish MODD1 as the first line pump for Type 2</B> <B>patients</B>. We believe MODD1 will be payor preferred
    for both Type 1 and Type 2 patients. It was designed to attain preferential reimbursement and avoid the coverage pitfalls
    many other pumps have experienced. </FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 72px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt; ">o</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt; ">Payors
    want a simple product that is less expensive. We will launch with a discount program for payers of 20% payers less than Omnipod
    to drive uptake.</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 72px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt; ">o</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt; ">Designed
    to use existing PBM codes as a disposable</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 72px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt; ">o</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt; ">No
    new code: Reimbursed at launch</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Tie-in with
the massive movement to telehealth. </B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">2020 saw personal
telehealth go from beta test to mainstream. Customers and providers have become comfortable with it. There are only 4,000 patient-facing
endocrinologists in the United States. The treatment of diabetes will be significantly enhanced with telehealth to drive more
volume and clinical enhancements through their practices. Telemedicine is a force multiplier for a small group of doctors to better
serve a large market. MODD1 was designed to be affordable enough for free sampling and trial, and simple enough for self-guided
user training. We believe that by combining telehealth support with MODD1, we will decrease the burden of diabetes care and improve
the lives of people with diabetes.</FONT></P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center; color: Red"><IMG SRC="modular006.jpg" ALT="(Graphic)"></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">We intend to
initiate a &ldquo;soft launch&rdquo; following FDA clearance of the MODD1 device. Our plan is to select a group of clinicians
who are well trained, experienced and have the support infrastructure to take on initial patients and monitor them carefully to
provide clinical feedback on our performance to further refine our product candidate and support infrastructure prior to full
commercial launch. Many of these clinicians will have been those who assisted in the development of the MODD1 offering.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">We intend to
continue to modify, refine and finalize our system to best meet:</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">o</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">The general needs
    and preferences of our almost pumper target market based upon our knowledge of the diabetes industry and information available
    and/or obtained by us from Almost Pumpers and their caregivers; and</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">o</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">The general guidelines
    of third-party payors, private and public insurance companies, preferred provider organizations and other managed care providers
    with particular focus on the guidelines established by the Center for Medicare and Medicaid Services, or CMS which administrates
    the United States Medicare program, or Medicare. To assist us in making such modifications and refinements, we have retained
    independent consultants to focus on ensuring that our product candidate satisfies the existing coverage and reimbursement
    criteria of such third-party payors.</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Manufacturing</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">Manufacturing
requires the production of pumps, cartridges, and baseplates as well as assembly with sets. In connection therewith:</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 24px"></TD><TD STYLE="width: 24px; text-align: left"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">We plan to build an automation
machine for implementation in Southern California, close to the design engineers, that will be capable of assembling the cassettes
at a rate sufficient to supply 50,000 patients in a single shift (500,000 per month). This equipment will require nine months
to design and build and three months to verify and validate into our manufacturing process.</FONT></TD>
</TR></TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 24px"></TD><TD STYLE="width: 24px; text-align: left"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The packaging equipment and
boxing will start as manual operations while the automation is refined. This equipment will be purchased and implemented as the
second phase of automation of the cassette.</FONT></TD>
</TR></TABLE>


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



<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 24px"></TD><TD STYLE="width: 24px; text-align: left"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The sets will be purchased
through third party suppliers with expertise in the product to time and cost-effectively introduce the product and focus on our
core expertise.</FONT></TD>
</TR></TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-bottom: 10pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 24px"></TD><TD STYLE="width: 24px; text-align: left"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The
                                         standard cost of the cartridge is estimated to be $7.68 at the point we are manufacturing
                                         for 3,000 users or more. The pump is estimated to cost $34.00 at similar volumes.</FONT></TD>
</TR></TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 24px"></TD><TD STYLE="width: 24px; text-align: left"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Our
                                         internal estimates project potential gross margins as high as 78% and a 20% operating
                                         margin, approximately 30 months after launch.</FONT></TD>
</TR></TABLE>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">The pumps will
be built and tested in our San Diego facility while we build volume and expertise. When the production methodology has matured
and the volumes have risen, we will consider a transition to outside and offshore manufacturing, as appropriate.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">The FDA requires
us to meet all applicable regulations for insulin pumps, a subcategory of infusion pumps, which are generally considered Class
2 devices. The design of the MODD1 pump has been completed, units have been built and testing is underway to verify that the design
meets all FDA requirements. There are 17 specific tests required to submit for 510(k) clearance. We break these required tests
into four testing categories: wetted surface, electrical safety, usability and internal. Appropriate design control and standard
operating procedures have been implemented to allow us, when testing is completed, to submit for clearance under the premarket
notification (or 510(k)) process. To achieve this, we will continue to work closely with our regulatory consultants to complete,
finalize and file our submission to the FDA for 510(k) clearance and all other documentation necessary to obtain marketing authorization
of our insulin pump.</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">We have engaged
    the FDA in two pre-submission conferences to ensure that we understand and meet the FDA&rsquo;s requirements, expectations
    and standards with regard to clearance of our product candidate. At these meetings, our team, including our FDA regulatory
    consultant, received FDA comments and guidance regarding our proposed submission during the pre-market notification period
    for 510(k) clearance (including any suggested modifications to the device description, indications for use or summary of supporting
    data contained in the notification);</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">We are
        currently preparing and ensuring that our premarket notification, which will be part of our FDA submission in order to
        demonstrate that our insulin pump is substantially equivalent to an insulin pump previously cleared by the FDA and legally
        marketed to the public and generally safe and effective for its intended use. We are also preparing our submission to
        the FDA, which will include the relevant results of our performance and human factor tests (relating to, among other things,
        user effectiveness, sterility, pump efficiency and shipping compatibility) demonstrating the accuracy and usability of
        our insulin pump, which we believe will satisfy the mandates of the FDCA and any applicable performance standards.</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">While we have
substantially completed the general engineering and mechanical aspects of our insulin pump prototype, prior to commercializing,
we still must successfully complete a number of material steps including:</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">Continue
    to modify, refine and finalize our prototype so that it meets:</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 49px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">o</FONT></td>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">the
    general needs and preferences of our almost-pumper target market based upon our knowledge of the diabetes industry and information
    available and/or obtained by us from Almost Pumpers and their caregivers; and</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 49px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">o</FONT></td>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">the
    general guidelines of third-party payors, private and public insurance companies, preferred provider organizations and other
    managed care providers with particular focus on the guidelines established by the Center for Medicare and Medicaid Services,
    or CMS which administrates the United States Medicare program, or Medicare. To assist us in making such modifications and
    refinements, we have retained independent consultants to focus on ensuring that our product candidate satisfies the existing
    coverage and reimbursement criteria of such third-party payors.</FONT></td></tr>
</table>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">Refine
    our manufacturing process during the submission process to identify and select a manufacturer of our insulin pump through
    a competitive bidding process, as we prepare for our product introduction;</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">Take
    such actions, if any, as may be required by the FDA as a condition to granting approval and providing 510(k) clearance for
    our insulin pump; and</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">Hire
        and retain appropriate sales and marketing personnel to develop, implement and launch a promotional campaign for our insulin
        pump substantially focused on our target market.</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">As with any
medical device attempting to enter and successfully compete with existing products in an established and competitive marketplace,
we will face significant hurdles to accomplish the above steps to commercialization including:</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">Obtaining
    FDA 510(k) clearance to market and sell our insulin pump to the public;</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">Obtaining
    any other FDA-required authorizations with regard to our product candidate, as required by the FDCA;</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">Educating
    endocrinologists, physician&rsquo;s assistants, nurse practitioners and nurse educators, who typically prescribe pump usage,
    and certified diabetes educators and dieticians, who provide education and guidance to diabetes patients, as to what we believe
    to be the superior qualities of our product candidate;</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">Demonstrating
    to select general practitioners, who have historically been skeptical of the heightened support inherent in insulin pumps,
    our product candidate&rsquo;s ease of use and convenience;</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">Ensuring
    that our final product does, in fact, meet the needs of Almost-Pumpers;</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">Overcoming
    the historic obstacles and reluctance of Almost-Pumpers to using insulin pumps to treat their diabetes; and</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">Ensuring
    that third party payors agree to cover all or a substantial portion of the purchase price and recurring costs of the use of
    our insulin pump.</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">Going forward,
we expect to continue to evolve the MODD1 pumps and their capabilities and functionality both in response to patient needs and
as part of our current platform roadmap.</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%;  font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol; ">&#183;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt; ">With
    MODD1+, we will seek to add phone-based control and ACE and AID capability to allow integration with popular continuous glucose
    monitors. This will expand our available market to include many existing pumpers. The new model has the same modular design
    and low-cost components as MODD1 and provides a much desired breakthrough for patients - two-factor command authentication
    that allows the wearer to use his/her own cell phone as the controller.</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%;  font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 72px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt; ">o</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt; ">Additionally, adds AID
    control functionality via an &ldquo;ACE&rdquo; Designation</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt; ">o</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt; ">Any approved algorithm
    controller can drive insulin delivery in &ldquo;auto&rdquo; mode</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt; ">o</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt; ">CGM integration allows
    the controller to potentially adjust basal insulin rate for meals and exercise with an approved algorithm.</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

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



<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%;  font: 10pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 24px"></TD><TD STYLE="width: 24px; text-align: left"><FONT STYLE="font: 10pt Symbol; ">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">With MOD2, we will seek to
move to a full featured multi chamber pump optimized for high time in range fully autonomous close loop insulin delivery utilizing
the form factor and cost advantages of its pumping designs to create an affordable, easy to use drug delivery system to realize
the aspiration of true &ldquo;artificial pancreas&rdquo; systems. We envision moving to a drug prefill model such that cartridges
can be filled with therapeutics and shipped cold chain to patients, further simplifying the use process.</FONT></TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><IMG SRC="modular007.jpg" ALT="(Graphic)"></P>


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; "><FONT STYLE="font-size: 10pt">Our
operations are subject to comprehensive federal, state, and local laws and regulations in the jurisdictions in which we or our
research and development partners do business. The laws and regulations governing our business and interpretations of those laws
and regulations and are subject to frequent change. Our ability to operate profitably will depend in part upon our ability, and
that of our research and development partners and affiliates, to operate in compliance with applicable laws and regulations. The
laws and regulations relating to medical products and healthcare services that apply to our business and that of our partners
and affiliates continue to evolve, and we must, therefore, devote significant resources to monitoring developments in legislation,
enforcement, and regulation in such areas. As the applicable laws and regulations change, we are likely to make conforming modifications
in our business processes from time to time. We cannot provide assurance that a review of our business by courts or regulatory
authorities will not result in determinations that could adversely affect our operations or that the regulatory environment will
not change in a way that restricts our operations.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; "><FONT STYLE="font-size: 10pt"><B><I>FDA
Regulation</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; "><FONT STYLE="font-size: 10pt">In
the United States, medical devices are strictly regulated by the FDA. Under the FDCA, a medical device is defined as &ldquo;an
instrument, apparatus, implement, machine, contrivance, implant, in vitro reagent, or other similar or related article, including
a component, part or accessory which is, among other things: intended for use in the diagnosis of disease or other conditions,
or in the cure, mitigation, treatment, or prevention of disease, in man or other animals; or intended to affect the structure
or any function of the body of man or other animals, and which does not achieve its primary intended purposes through chemical
action within or on the body of man or other animals and which is not dependent upon being metabolized for the achievement of
any of its primary intended purposes.&rdquo; This definition provides a clear distinction between a medical device and other FDA
regulated products such as drugs. If the primary intended use of a medical product is achieved through chemical action or by being
metabolized by the body, the product is usually a drug or biologic. If not, it is generally a medical device.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; "><FONT STYLE="font-size: 10pt">We
are currently developing an insulin pump delivery system, which is regulated by the FDA as a medical device under the FDCA, as
implemented and enforced by the FDA. The FDA regulates the development, testing, manufacturing, labeling, packaging, storage,
installation, servicing, advertising, promotion, marketing, distribution, import, export, and market surveillance of our medical
devices.</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"><I>Device
Premarket Regulatory Requirements</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0pt; text-align: justify; "><FONT STYLE="font-size: 10pt">Before
being introduced into the U.S. market, each medical device must obtain marketing clearance or approval from the FDA through the
premarket notification (or 510(k)) process, the <I>de novo</I> classification process, or the premarket approval, or PMA, process,
unless they are determined to be Class I devices or to otherwise qualify for an exemption from one of these available forms of
premarket review and authorization by the FDA. Under the FDCA, medical devices are classified into one of three classes - Class
I, Class II or Class III - depending on the degree of risk associated with each medical device and the extent of control needed
to provide reasonable assurance of safety and effectiveness. Classification of a device is important because the class to which
a device is assigned determines, among other things, the necessity and type of FDA review required prior to marketing the device.
Class I devices are those for which reasonable assurance of safety and effectiveness can be maintained through adherence to general
controls which include compliance with the applicable portions of the FDA&rsquo;s Quality System Regulation, or the QSR, as well
as regulations requiring facility registration and product listing, reporting of adverse medical events, and appropriate, truthful
and non-misleading labeling, advertising, and promotional materials. The Class I designation also applies to devices for which
there is insufficient information to determine that general controls are sufficient to provide reasonable assurance of the safety
and effectiveness of the device or to establish special controls to provide such assurance, but that are not life-supporting or
life-sustaining or for a use which is of substantial importance in preventing impairment of human health, and that do not present
a potential, unreasonable risk of illness or injury.</FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; ">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; "><FONT STYLE="font-size: 10pt">Class
II devices are those for which general controls alone are insufficient to provide reasonable assurance of safety and effectiveness
and there is sufficient information to establish &ldquo;special controls.&rdquo; These special controls can include performance
standards, post-market surveillance requirements, patient registries and FDA guidance documents describing device-specific special
controls. While most Class I devices are exempt from the premarket notification requirement, most Class II devices require a premarket
notification prior to commercialization in the United States; however, the FDA has the authority to exempt Class II devices from
the premarket notification requirement under certain circumstances. As a result, manufacturers of most Class II devices must submit
premarket notifications to the FDA under Section 510(k) of the FDCA (21 U.S.C. &sect; 360(k)) in order to obtain the necessary
clearance to market or commercially distribute such devices. To obtain 510(k) clearance, manufacturers must submit to the FDA
adequate information demonstrating that the proposed device is &ldquo;substantially equivalent&rdquo; to a &ldquo;predicate device&rdquo;
that is already on the market. A predicate device is a legally marketed device that is not subject to PMA, meaning, (i) a device
that was legally marketed prior to May 28, 1976 (&ldquo;pre-amendments device&rdquo;) and for which a PMA is not required, (ii)
a device that has been reclassified from Class III to Class II or I or (iii) a device that was found substantially equivalent
through the 510(k) process. If the FDA agrees that the device is substantially equivalent to the predicate device identified by
the applicant in a premarket notification submission, the agency will grant 510(k) clearance for the new device, permitting the
applicant to commercialize the device. Premarket notifications are subject to user fees, unless a specific exemption applies.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; "><FONT STYLE="font-size: 10pt">If
there is no adequate predicate to which a manufacturer can compare its proposed device, the proposed device is automatically classified
as a Class III device. In such cases, a device manufacturer must then fulfill the more rigorous PMA requirements or can request
a risk-based classification determination for its device in accordance with the de novo classification process.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; "><FONT STYLE="font-size: 10pt">Devices
that are intended to be life sustaining or life supporting, devices that are implantable, devices that present a potential unreasonable
risk of harm or are of substantial importance in preventing impairment of health, and devices that are not substantially equivalent
to a predicate device and for which safety and effectiveness cannot be assured solely by the general controls and special controls
are placed in Class III. Such devices generally require FDA approval through the PMA process, unless the device is a pre-amendments
device not yet subject to a regulation requiring premarket approval. The PMA process is more demanding than the 510(k) process.
For a PMA, the manufacturer must demonstrate through extensive data, including data from preclinical studies and one or more clinical
trials, that the device is safe and effective for its proposed indication. The PMA must also contain a full description of the
device and its components, a full description of the methods, facilities and controls used for manufacturing, and proposed labeling.
Following receipt of a PMA submission, the FDA determines whether the application is sufficiently complete to permit a substantive
review. If the FDA accepts the application for review, it has 180 days under the FDCA to complete its review and determine whether
the proposed device can be approved for commercialization, although in practice, PMA reviews often take significantly longer,
and it can take up to several years for the FDA to issue a final decision. Before approving a PMA, the FDA generally also performs
an on-site inspection of manufacturing facilities for the product to ensure compliance with the QSR.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0pt; text-align: justify; "><FONT STYLE="font-size: 10pt">The
<I>de novo</I> classification process allows a manufacturer whose novel device is automatically classified into Class III to request
down-classification of its device to Class I or Class II, on the basis that the device presents low or moderate risk, as an alternative
to following the typical Class III device pathway requiring the submission and approval of a PMA application. Under the Food and
Drug Administration Safety and Innovation Act of 2012, the FDA is required to classify a device within 120 days following receipt
of the <I>de novo</I> classification request from an applicant; however, the most recent FDA premarket review goals state that
in fiscal year 2021, FDA will attempt to issue a decision within 150 days of receipt on 65% of all <I>de novo </I>classification
requests received during the year and on 70% of <I>de novo</I> requests received during fiscal year 2022. If the manufacturer
seeks reclassification into Class II, the classification request must include a draft proposal for special controls that are necessary
to provide a reasonable assurance of the safety and effectiveness of the medical device. The FDA may reject the classification
request if it identifies a legally marketed predicate device that would be appropriate for a 510(k) notification or determines
that the device is not low to moderate risk or that general controls would be inadequate to control the risks and special controls
cannot be developed.</FONT></P>

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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; "><FONT STYLE="font-size: 10pt">Clinical
trials are almost always required to support PMAs and are sometimes required to support 510(k) and de novo classification submissions.
All clinical investigations of devices to determine safety and effectiveness must be conducted in accordance with the FDA&rsquo;s
investigational device exemption, or IDE, regulations that govern investigational device labeling, prohibit promotion of investigational
devices, and specify recordkeeping, reporting and monitoring responsibilities of study sponsors and study investigators. If the
device presents a &ldquo;significant risk,&rdquo; as defined by the FDA, the agency requires the study sponsor to submit an IDE
application to the FDA, which must become effective prior to commencing human clinical trials. The IDE will automatically become
effective 30 days after receipt by the FDA, unless the FDA denies the application or notifies the sponsor that the investigation
is on hold and may not begin until the sponsor provides supplemental information about the investigation that satisfies the agency&rsquo;s
concerns. If the FDA determines that there are deficiencies or other concerns with an IDE that require modification of the study,
the FDA may permit a clinical trial to proceed under a conditional approval. The FDA may also notify the sponsor that the study
is approved as proposed or approved with specific requested modification. Furthermore, the agency may withdraw approval of an
IDE under certain circumstances. In addition, the study must be approved by, and conducted under the oversight of, an institutional
review board, or IRB, for each clinical site. If the device presents a non-significant risk to the patient according to criteria
established by the FDA as part of the IDE regulations, a sponsor may begin the clinical trial after obtaining approval for the
trial by one or more IRBs without separate authorization from the FDA, but must still comply with abbreviated IDE requirements,
such as monitoring the investigation, ensuring that the investigators obtain informed consent, and labeling and record-keeping
requirements.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; "><FONT STYLE="font-size: 10pt"><I>Post-Marketing
Restrictions and Enforcement</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; "><FONT STYLE="font-size: 10pt">After
a device is placed on the market, numerous regulatory requirements apply. These include, but are not limited to:</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%;  font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol; ">&#183;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt; ">submitting
    and updating establishment registration and device listings with the FDA;</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%;  font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol; ">&#183;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt; ">compliance
    with the QSR, which requires manufacturers to follow stringent design, testing, control, documentation, record maintenance,
    including maintenance of complaint and related investigation files, and other quality assurance controls during the manufacturing
    process;</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%;  font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol; ">&#183;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt; ">unannounced
    routine or for-cause device facility inspections by the FDA, which may include our suppliers&rsquo; facilities; and</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%;  font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol; ">&#183;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt; ">labeling
    regulations, which prohibit the promotion of products for uncleared or unapproved (or &ldquo;off-label&rdquo;) uses and impose
    other restrictions relating to promotional activities;</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%;  font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol; ">&#183;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt; ">corrections
    and removal reporting regulations, which require that manufacturers report to the FDA field corrections or removals if undertaken
    to reduce a risk to health posed by a device or to remedy a violation of the FDCA that may present a risk to health; and</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%;  font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol; ">&#183;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt; ">post-market
    surveillance regulations, which apply to certain Class II or III devices when necessary to protect the public health or to
    provide additional safety and effectiveness data for the device.</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; "><FONT STYLE="font-size: 10pt">In
addition, under the FDA medical device reporting, or MDR, regulations, medical device manufacturers are required to report to
the FDA information that a device has or may have caused or contributed to a death or serious injury or has malfunctioned in a
way that would likely cause or contribute to death or serious injury if the malfunction of the device or a similar device of such
manufacturer were to recur. The decision to file an MDR involves a judgment by the manufacturer. If the FDA disagrees with the
manufacturer&rsquo;s determination, the FDA can take enforcement action.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; "><FONT STYLE="font-size: 10pt">The
MDR requirements also extend to health care facilities that use medical devices in providing care to patients, or &ldquo;device
user facilities,&rdquo; which include hospitals, ambulatory surgical facilities, nursing homes, outpatient diagnostic facilities,
or outpatient treatment facilities, but not physician offices. A device user facility must report any device-related death to
both the FDA and the device manufacturer, or any device-related serious injury to the manufacturer (or, if the manufacturer is
unknown, to the FDA) within 10 days of the event. Device user facilities are not required to report device malfunctions that would
likely cause or contribute to death or serious injury if the malfunction were to recur but may voluntarily report such malfunctions
through MedWatch, the FDA&rsquo;s Safety Information and Adverse Event Reporting Program.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; "><FONT STYLE="font-size: 10pt">The
FDA also has the authority to require the recall of commercialized medical device products in the event of material deficiencies
or defects in design or manufacture. The authority to require a recall must be based on an FDA finding that there is a reasonable
probability that the device would cause serious adverse health consequences or death. Manufacturers may, under their own initiative,
recall a product if any distributed devices fail to meet established specifications, are otherwise misbranded or adulterated under
the FDCA, or if any other material deficiency is found. The FDA requires that certain classifications of recalls be reported to
the FDA within ten working days after the recall is initiated.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; "><FONT STYLE="font-size: 10pt">The
failure to comply with applicable regulatory requirements can result in enforcement action by the FDA, which may include any of
the following sanctions:</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%;  font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol; ">&#183;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt; ">warning
    letters, fines, injunctions or civil penalties;</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%;  font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol; ">&#183;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt; ">recalls,
    detentions or seizures of products;</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%;  font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol; ">&#183;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt; ">operating
    restrictions;</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%;  font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol; ">&#183;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt; ">delays
    in the introduction of products into the market;</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%;  font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol; ">&#183;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt; ">total
    or partial suspension of production;</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%;  font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol; ">&#183;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt; ">delay
    or refusal of the FDA or other regulators to grant 510(k) clearance, PMA approvals, or other marketing authorization to new
    products;</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%;  font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol; ">&#183;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt; ">withdrawals
    of marketing authorizations; or</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%;  font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol; ">&#183;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt; ">in
    the most serious cases, criminal prosecution.</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; ">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; "><FONT STYLE="font-size: 10pt">To
ensure compliance with regulatory requirements, medical device manufacturers are subject to market surveillance and periodic,
pre-scheduled and unannounced inspections by the FDA, and these inspections may include the manufacturing facilities of subcontractors.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; "><FONT STYLE="font-size: 10pt"><B><I>Federal
Trade Commission Regulatory Oversight</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; "><FONT STYLE="font-size: 10pt">Our
advertising for our products and services is subject to federal truth-in-advertising laws enforced by the Federal Trade Commission,
or the FTC, as well as comparable state consumer protection laws. Under the Federal Trade Commission Act, or FTC Act, the FTC
is empowered, among other things, to (a) prevent unfair methods of competition and unfair or deceptive acts or practices in or
affecting commerce; (b) seek monetary redress and other relief for conduct injurious to consumers; and (c) gather and compile
information and conduct investigations relating to the organization, business, practices, and management of entities engaged in
commerce. The FTC has very broad enforcement authority, and failure to abide by the substantive requirements of the FTC Act and
other consumer protection laws can result in administrative or judicial penalties, including civil penalties, injunctions affecting
the manner in which we would be able to market services or products in the future, or criminal prosecution.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; "><FONT STYLE="font-size: 10pt"><B><I>Healthcare
Law and Regulation</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"><I>United States</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; "><FONT STYLE="font-size: 10pt">If
our MODD1 product candidate or our other future product candidates are approved in the United States, we will have to comply with
various U.S. federal and state laws, rules and regulations pertaining to healthcare fraud and abuse, including anti-kickback laws
and physician self-referral laws, rules and regulations. Violations of the fraud and abuse laws are punishable by criminal
and civil sanctions, including, in some instances, exclusion from participation in federal and state healthcare programs, including
Medicare and Medicaid. These laws include the following:</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%;  font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol; ">&#183;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt; ">the
    federal Anti-Kickback Statute prohibits, among other things, persons from knowingly and willfully soliciting, offering, receiving
    or providing remuneration, directly or indirectly, in cash or in kind, to induce or reward either the referral of an individual
    for, or the purchase, order or recommendation of, any good or service, for which payment may be made, in whole or in part,
    under a federal healthcare program such as Medicare and Medicaid;</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%;  font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol; ">&#183;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt; ">the
    federal False Claims Act imposes civil penalties, and provides for civil whistleblower or qui tam actions, against individuals
    or entities for knowingly presenting, or causing to be presented, to the federal government, claims for payment that are false
    or fraudulent or making a false statement to avoid, decrease or conceal an obligation to pay money to the federal government;</FONT></td></tr>
</table>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%;  font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol; ">&#183;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt; ">the
    federal Health Insurance Portability and Accountability Act of 1996, or HIPAA, imposes criminal and civil liability for executing
    a scheme to defraud any healthcare benefit program or making false statements relating to healthcare matters;</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%;  font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol; ">&#183;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt; ">HIPAA,
    as amended by the Health Information Technology for Economic and Clinical Health Act and its implementing regulations, also
    imposes obligations, including mandatory contractual terms, with respect to safeguarding the privacy, security and transmission
    of individually identifiable health information;</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%;  font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol; ">&#183;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt; ">the
    federal false statements statute prohibits knowingly and willfully falsifying, concealing or covering up a material fact or
    making any materially false statement in connection with the delivery of or payment for healthcare benefits, items or services;</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%;  font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol; ">&#183;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt; ">the
    federal transparency requirements under the Physician Payments Sunshine Act require manufacturers of FDA-approved drugs, devices,
    biologics and medical supplies covered by Medicare or Medicaid to report, on an annual basis, to the Department of Health
    and Human Services information related to payments and other transfers of value to physicians, teaching hospitals, and certain
    advanced non-physician health care practitioners and physician ownership and investment interests; and</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%;  font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol; ">&#183;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt; ">analogous
    state and foreign laws and regulations, such as state anti-kickback and false claims laws, may apply to sales or marketing
    arrangements and claims involving healthcare items or services reimbursed by nongovernmental third-party payors, including
    private insurers.</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; ">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; "><FONT STYLE="font-size: 10pt">Some
state laws require pharmaceutical or medical device companies to comply with the relevant industry&rsquo;s voluntary compliance
guidelines and the relevant compliance guidance promulgated by the federal government in addition to requiring drug and device
manufacturers to report information related to payments to physicians and other health care providers or marketing expenditures.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; "><FONT STYLE="font-size: 10pt">State
and foreign laws also govern the privacy and security of health information in some circumstances, many of which differ from each
other in significant ways and often are not preempted by HIPAA, thus complicating compliance efforts. We also may be subject to,
or may in the future become subject to, U.S. federal and state, and foreign laws and regulations imposing obligations on how we
collect, use, disclose, store and process personal information. Our actual or perceived failure to comply with such obligations
could result in liability or reputational harm and could harm our business. Ensuring compliance with such laws could also impair
our efforts to maintain and expand our customer base and thereby decrease our future revenues.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">The European
Union approves the use of medical devices in a very different way. They have similar regulations and requirements to adhere to,
however a Notified Body, in the form of a private company, will represent their interests and is required to have sufficient expertise
to review all applications and the company&rsquo;s internal processes to ensure the safety of the product for which approval is
being requested. We are in the process of identifying a Notified Body to represent us, and we will follow our FDA submission process
with regard to preparing the materials and processes required to meet the regulations and gain clearance.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"><U>EEA</U></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">In the European
Economic Area, (which is comprised of the 27 member states of the European Union plus Norway, Iceland and Liechtenstein), or EEA,
manufacturers of medical devices need to comply with the Essential Requirements laid out in Annex I to the EU Medical Devices
Directive (Council Directive 93/42/EEC) or with the General Safety and Performance Requirements (GSPR) of the new EU Medical Devices
Regulation (EU 2017/745). Compliance with these requirements is a prerequisite to be able to affix the CE mark to medical devices,
without which they cannot be marketed or sold in the EEA. To demonstrate compliance with the Essential Requirements and the GSPR
and obtain the right to affix the CE Mark, manufacturers of medical devices must undergo a conformity assessment procedure, which
varies according to the type of medical device and its classification. Except for low-risk medical devices (Class I with no measuring
function and which are not sterile), where the manufacturer can issue an EC Declaration of Conformity based on a self-assessment
of the conformity of its products with the Essential Requirements and the GSPR, a conformity assessment procedure requires the
intervention of a Notified Body, which is an organization designated by a competent authority of an EEA country to conduct conformity
assessments. Depending on the relevant conformity assessment procedure, the Notified Body would audit and examine the Technical
File and the quality system for the manufacture, design and final inspection of the devices. The Notified Body issues a CE Certificate
of Conformity following successful completion of a conformity assessment procedure conducted in relation to the medical device
and its manufacturer and their conformity with the Essential Requirements and GSPR. This Certificate entitles the manufacturer
to affix the CE mark to its medical devices after having prepared and signed a related EC Declaration of Conformity. As a general
rule, demonstration of conformity of medical devices and their manufacturers with the Essential Requirements and GSPR must be
based, among other things, on the evaluation of clinical data supporting the safety and performance of the products during normal
conditions of use. Specifically, a manufacturer must demonstrate that the device achieves its intended performance during normal
conditions of use, that the known and foreseeable risks, and any adverse events, are minimized and acceptable when weighed against
the benefits of its intended performance, and that any claims made about the performance and safety of the device are supported
by suitable evidence.</FONT></P>

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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">All manufacturers
placing medical devices into the market in the EEA must comply with the EU Medical Device Vigilance System. Under this system,
incidents must be reported to the relevant authorities of the member states of the EEA, and manufacturers are required to take
Field Safety Corrective Actions, or FSCAs, to reduce a risk of death or serious deterioration in the state of health associated
with the use of a medical device that is already placed on the market. An incident is defined as any malfunction or deterioration
in the characteristics and/or performance of a device, as well as any inadequacy in the labeling or the instructions for use which,
directly or indirectly, might lead to or might have led to the death of a patient or user or of other persons or to a serious
deterioration in their state of health. An FSCA may include the recall, modification, exchange, destruction or retrofitting of
the device. FSCAs must be communicated by the manufacturer or its legal representative to its customers and/or to the end users
of the device through Field Safety Notices. Where appropriate, our products commercialized in Europe are CE marked and classified
as either Class I or Class II.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">In 2017, the
European Parliament passed the Medical Devices Regulation, which repeals and replaces the EU Medical Devices Directive. Unlike
directives, which must be implemented into the national laws of the EEA member states, the regulations would be directly applicable
(i.e., without the need for adoption of EEA member State laws implementing them) in all EEA member states and are intended to
eliminate current differences in the regulation of medical devices among EEA member States. The Medical Devices Regulation, among
other things, is intended to establish a uniform, transparent, predictable and sustainable regulatory framework across the EEA
for medical devices and in vitro diagnostic devices and ensure a high level of safety and health while supporting innovation.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">The Medical
Device Regulation was meant to become applicable three years after publication (in May 2020). However, in April 2020, to allow
EEA national authorities, notified bodies, manufacturers and other actors to focus fully on urgent priorities related to the COVID-19
pandemic, the European Council and Parliament adopted Regulation 2020/561, postponing the date of application of the Medical Device
Regulation by one year. The Medical Device Regulation became applicable on May 26, 2021. Devices lawfully placed on the market
pursuant to the EU Medical Devices Directive prior to May 26, 2021 may generally continue to be made available on the market or
put into service until May 26, 2025. The Medical Devices Regulation, among other things:</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 35px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="padding-right: 7.4pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">strengthens the rules
    on placing devices on the market and reinforces surveillance once they are available;</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 35px; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="padding-right: 7.4pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">establishes explicit
    provisions on manufacturers' responsibilities for the follow-up of the quality, performance and safety of devices placed on
    the market;</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 35px; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="padding-right: 7.4pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">improves the traceability
    of medical devices throughout the supply chain to the end-user or patient through a unique identification number;</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 35px; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="padding-right: 7.4pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">sets up a central
    database to provide patients, healthcare professionals and the public with comprehensive information on products available
    in the EU; and</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 35px; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="padding-right: 7.4pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">strengthens
    rules for the assessment of certain high-risk devices, such as implants, which may have to undergo an additional check by
    experts before they are placed on the market.</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">As of December
31, 2021, we had 21 employees all of whom are located in the United States, consisting of 19 in research and development and
manufacturing operations and two in general and administrative functions.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">Today, in the
United States, only three companies are commercializing insulin pumps to T1D patients and insulin treated T2D patients:</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">Medtronic - that
    commercializes the durable Minimed 770G also offering older durable pumps still used (670G, 630G etc.). In 2020, they
    held approximately 51% of the US insulin pump market.</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">Tandem - that commercializes
    the durable t:slim X2 pump (with or without algorithms - Basal-IQ and Control-IQ). In 2020, they held approximately 28% of
    the US insulin pump market.</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">Insulet - that commercializes
    the disposable Omnipod patch pump with about 19% of the US market in 2020.</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">Older insulin
pumps are also still being used by a minority of patients previously provided by Roche or Animas though these pumps are not commercialized
any longer. To a lesser extent, the pumps described below are also used in small numbers.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 50%"><IMG SRC="modular008.jpg" ALT="(Graphic)">&nbsp;</TD>
    <TD STYLE="width: 50%; text-align: right">&nbsp;<IMG SRC="modular009.jpg" ALT="(Graphic)"></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">These three
insulin pump offerings are vying for the attention of the most motivated and well insured in hope of converting them away from
their reliance on multi-day insulin injections. The t:slim X2 and Minimed 770G each have a ~$5,000 list price that is covered
through Durable Medical Equipment (DME) reimbursement; daily consumables and insulin are also required to complete these offerings.
These products have controllers integrated into the pump, making them cumbersome and bulky, along with long (&gt;20 inch) tubing
between the pump and the cannular site. The Omnipod is the third offering, a patch pump that attaches to your body for 72 hours
and uses a separate controller to manage the insulin delivery process. Insurance coverage can be provided via DME but also via
Pharmacy Benefit (PB). The Omnipod patch pump is more expensive per day and less accurate than other insulin pumps. Around
32% of people living with T1D are currently using insulin pumps; of these, the vast majority are using one of these three offerings,
a statistic that has not changed significantly over the last 5+ years.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: right"><IMG SRC="modular010.jpg" ALT="(Graphic)" STYLE="float: left; margin-right: 30pt">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center; color: Red">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">All of these
pump products require extensive training to initiate, two to four hours per day to use and manage on an ongoing basis. This level
of sophistication and effort along with the cost and awkwardness of these products contribute to the limited uptake.</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">Although there
are purely mechanical pumps available to patients with a small percentage of T2D patients are using the Zealand V-Go patch pump,
a fixed basal rate and a button to deliver small boluses. This pump is simple to use though gives little performance decision
to the user (no possibility to change the basal rate, no possibility to stop bolus doses, small reservoir, pump that needs to
be changed every day, etc.). The last available patch pump is provided by Cequr, called Simplicity, a bolus only delivery option
without basal delivery that is yet to be available.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">In the future,
Medtronic intends to launch a new version of their insulin pump, the Minimed 780G, already available in some European countries
with an advanced algorithm, but no obvious change in hardware. Tandem is currently developing a patch pump called t:sport, coupled
with an algorithm with potential launch expected in summer 2022. The t:sport should have a small 2mL reservoir and would be controlled
by a separate unit as is the current Omnipod. Insulet should launch in the coming quarters the Omnipod 5, a similar patch pump
to their offering today, that includes an algorithm.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">Approximately
71% of the people who rely upon MDI choose to not administer a shot outside of their house, which creates a poorly controlled
group. MOD is designed to focus upon a segment of these people and mobilize them via a simple, easy to use, affordable product.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">Our success
depends in part on our ability to obtain patents and trademarks, maintain trade secret and know-how protection, enforce our proprietary
rights against infringers, and operate without infringing on the proprietary rights of third parties. Because of the length of
time and expense associated with developing new products and bringing them through the regulatory approval process, the health
care industry places considerable emphasis on obtaining patent protection and maintaining trade secret protection for new technologies,
products, processes, know-how, and methods.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">As of December
31, 2021, we had one issued U.S. utility patent, five published U.S. utility patents, two pending foreign patent applications,
and two pending international PCT patent applications covering various aspects of our technology, including our proprietary fluid
movement technology. There can be no assurance that the pending patent applications will result in the issuance of patents,
that patents issued to or licensed by us will not be challenged or circumvented by competitors, or that these patents will be
found to be valid or sufficiently broad to protect our technology or provide us with a competitive advantage.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">Our annual
reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and amendments to such reports filed or
furnished pursuant to section 13(a) or 15(d) of the Securities Exchange Act of 1934, as well as section 16 reports on Form 3,
4, or 5, are available free of charge on our website at www.modular-medical.com. as soon as it is reasonably practicable
after they are filed or furnished with the SEC. Our Code of Business Conduct &nbsp;and Ethics and the charters for the
Audit Committee, Compensation Committee and Nominating and Governance Committee are also available on our website. The
Code of Business Conduct and charters are also available in print to any shareholder upon request without charge. Requests
for such documents should be directed to James Sullivan, at Modular Medical, Inc., 16772 W. Bernardo Drive, San Diego CA
92127. Our Internet website and the information contained on it or connected to it are not part of, or incorporated by,
reference into this prospectus. Our filings with the SEC are also available on the SEC&rsquo;s website at
http://www.sec.gov.</FONT></P>

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



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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">We were formed
as a corporation under the laws of the State of Nevada in October 1998 under the name Bear Lake Recreation Inc. We had no material
business operations from 2002 until July 2017, when we acquired Quasuras, Inc., a Delaware corporation, in the Acquisition (as
defined below). Prior to the Acquisition, and, since at least 2002, we were a shell company, as defined in Rule 12b-2 promulgated
under the Securities Exchange Act of 1934 (the &ldquo;Exchange Act&rdquo;).</FONT></P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B><I>The Control
Block Acquisition.</I></B><I> </I>On April 26, 2017, pursuant to a Common Stock Purchase Agreement, dated as of April 5, 2017,
by and among Manchester Explorer, LP, a Delaware limited partnership, we and certain persons named therein, Manchester Explorer,
LP purchased from us 966,667 shares of our Common Stock representing in excess of a majority of our then issued and outstanding
Common Stock, for a purchase price of $375,000 (the &ldquo;Control Block Acquisition&rdquo;), resulting in a change in control
of the Company. In connection with the Control Block Acquisition, James E. Besser was appointed president and a director and
Morgan C. Frank was appointed the chief executive officer, chief financial officer, secretary, treasurer and a director of ours
and immediately following such appointments, our then officers and directors resigned. Mr. Besser is the managing member of and
Mr. Frank is the portfolio manager and a consultant to Manchester Management Company, LLC, a Delaware limited liability company
also referred to herein as MMC. MMC is the general partner of Manchester Explorer, LP and Jeb Partners, L.P. (Jeb Partners, and
together with Manchester Explorer, LP, collectively, the Purchasing Funds).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B><I>The Acquisition.
</I></B>On July 24, 2017, pursuant to a Reorganization and Share Exchange Agreement, by and among us, Paul M. DiPerna, the sole
officer, director and a controlling stockholder of Quasuras, Messrs. Besser and Frank (Messrs. Besser, Frank and DiPerna, collectively,
the &ldquo;3 Quasuras Shareholders&rdquo;), and Quasuras, Inc. (the &ldquo;Share Exchange Agreement&rdquo;), we acquired all of
the issued and outstanding shares of Quasuras, Inc. owned by the 3 Quasuras Shareholders, resulting in Quasuras, Inc. becoming
our wholly-owned subsidiary (the &ldquo;Acquisition&rdquo;). Simultaneously with the closing of the Acquisition, Manchester
Explorer, LP cancelled the 2,900,000 shares of our Common Stock purchased in the Control Block Acquisition, Mr. Besser resigned
as our president and a director and Mr. Frank resigned as our chief executive officer, chief financial officer, secretary, and
treasurer, but remained a director, and Mr. DiPerna was appointed our chairman of the board of directors, chief executive officer,
chief financial officer, secretary and treasurer. Mr. DiPerna served as our chief executive officer until August 2021.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">Quasuras, Inc.,
a Delaware corporation, is our only subsidiary.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">In January
2020, we executed a lease for a corporate facility located at 16772 West Bernardo Drive, San Diego, CA 92127 and paid a $100,000
security deposit. The 39-month lease term commenced April 1, 2020, and provides for an initial monthly rent of approximately
$12,400 with annual rent increases of approximately 3%. In addition to the minimum lease payments, we are responsible for property
taxes, insurance and certain other operating costs. We believe that our existing facility is adequate to meet our current needs.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">We are a
Nevada corporation. Our corporate headquarters and operating facilities are located at 16772 West Bernardo Drive, San Diego, CA
92127 Our telephone number is (858) 800-3500. We maintain a website at www.modular-medical.com.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B><A NAME="modulara013"></A>MANAGEMENT</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">The following
table sets forth information on our executive officers and directors as of December 31, 2021. The term for each of our directors
is generally three years or until their successors are duly elected and qualified. We do not have any promoters or control persons.</FONT></P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 30%; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Name</B></FONT></TD>
    <TD STYLE="width: 2%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 5%; font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Age</B></FONT></TD>
    <TD STYLE="width: 2%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 61%; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Position</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,204)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Paul DiPerna</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt">63</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Chief Financial Officer, President, Treasurer and Director (Chairman of the Board of Directors)</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Ellen O&rsquo; Connor Vos</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt">65</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Chief Executive Officer and Director</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,204)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">William J. Febbo(1)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt">52</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Director</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Morgan C. Frank</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt">49</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Director</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,204)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Carmen Volkart(1)(2)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt">60</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Director</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Steven Felsher(2)(3)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt">72</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Director</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,204)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Philip Sheibley(2)(3)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt">63</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Director</FONT></TD></TR>
</TABLE>


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



<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 23px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(1)</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">Member of Compensation
    Committee</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 23px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(2)</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">Member of Audit
    Committee</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">(3)</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><P STYLE="margin: 0">Member of Nominating and
                                         Governance Committee</P>


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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">There are no
family relationships between our officers and members of our Board of Directors.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">The principal
occupations and positions for at least the past five years of our directors are described below. There are no family relationships
among any of our directors or executive officers.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt"><I>Paul DiPerna.
</I>Mr. DiPerna has been our chairman, chief financial officer, president, and treasurer since we acquired Quasuras, Inc. in July
2017. He also served as our chief executive officer from July 2017 until August 2021. In 2015, he founded Quasuras, Inc., an early-stage
medical device company developing an insulin pump product, and, until its acquisition by us, he served as its chief executive
officer and chairman. Prior to that, Mr. DiPerna founded Fuel Source Partners, LLC to incubate early stage medical device products
and accumulate technical talent. Our current pump product was one of such proposed products and was spun-out to Quasuras in 2015.
From 2012 to 2015, he served as a co-inventor at a private company with property rights in a medical device used for blood borne
infection control called the Curos Cap, which was acquired by 3M Corporation. In 2003, Mr. DiPerna founded Tandem Diabetes Care,
Inc. (&ldquo;Tandem&rdquo;) and held various positions, including as director, chief executive officer and chief technology officer
and was primarily responsible for the design concept and development of Tandem&rsquo;s initial insulin pump. Prior to that, he
held executive and management positions at Baxter Healthcare Corporation (&ldquo;Baxter&rdquo;) where he was tasked with identifying
synergistic opportunities in the diabetes industry. As a result, Mr. DiPerna developed substantial expertise and knowledge in
the diabetes industry and led attempts by Baxter to acquire three insulin pump manufacturers. Previously, he held mechanical design
engineering positions in the automated test equipment and blood separation sciences industries. Mr. DiPerna holds 70 patents
in medical device and microfluidic technology and has achieved numerous product clearances from the FDA. He has also achieved
multiple successful exits with previous companies. Mr. DiPerna received a Masters in Engineering Management from Northeastern
University and a B.S. in Mechanical Engineering from the University of Massachusetts and has spent over 35 years in the medical-device
industry. We believe that Mr. DiPerna is qualified to serve as the chairman of our board of directors due to his extensive
knowledge and experience in the medical device industry generally, and, in particular, with regard to insulin pumps and the diabetes
industry, as well as his management and leadership experience from holding director and senior executive positions in other public
and private companies and leading project development teams of medical device companies.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt"><I>Ellen
O&rsquo; Connor Vos. </I>Ms. Vos was appointed to our board of directors in May 2021 and has served as our chief executive
officer since August 2021. Ms. Vos has served as a member of VosHealth LLC since November 2020. Prior to that, she served
as the president and chief executive officer of the Muscular Dystrophy Association from October 2017 to November 2020. Previously,
Ms. Vos had been chief executive officer of ghg | greyhealth group from 1996 to 2017, and she has been a champion of using digital
capabilities to improve the public health. Ms. Vos also serves on the board of OptimizeRX Corporation, a publicly-traded digital
health company, and the Jed Foundation, a leading nonprofit dedicated to protecting the emotional health of college students,
and was a founding board member of MMRF, a pioneering cancer research foundation. Ms. Vos holds a B.S. in nursing from Alfred
University. We believe that Ms. Vos is qualified to serve on our board of directors because of her executive experience and extensive
executive skills in digital marketing, commercialization and communications in the healthcare industry.<I>&nbsp;</I></FONT></P>

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

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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt"><I>William
J. Febbo.</I><B> </B>Mr. Febbo was appointed to our board of directors in January 2020. He is currently the Chief Executive Officer
and a director of OptimizeRx Corporation, a digital health company focused on bringing life sciences support to patients and providers,
having joined us in 2016. Mr. Febbo founded Plexuus, LLC, a payment processing business for medical professionals in September
2015 and remained its Chairman from September 2015 to December 2020. From April 2007 to September 2015, he served as Chief Operating
Officer of Merriman Holdings, Inc., an investment banking firm, where he assisted with capital raises in the technology, biotechnology,
clean technology, consumer and resources industries. Mr. Febbo was a co-founder of, and from September 2013 to September 2015
served as Chief Executive Officer of, Digital Capital Network, Inc. a transaction platform for institutional and accredited investors.
He was a co-founder of, and from January 1999 to September 2015 was Chief Executive Officer of, MedPanel, LLC, a provider of market
intelligence and communications for the pharmaceutical, biomedical, and medical device industries. Since 2017, Mr. Febbo has been
a faculty member of the Massachusetts Institute of Technology&rsquo;s linQ program, which is a collaborative initiative focused
on increasing the potential of innovative research to benefit society and the economy. Since 2004, he has been a board member
of the United Nations Association of Greater Boston, a resource for the citizens of Greater Boston on the broad agenda of critical
global issues addressed by the United Nations and its agencies.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">On January 29,
2018, the Financial Industry Regulatory Authority (FINRA) accepted a Letter of Acceptance, Waiver and Consent (the Consent) submitted
by Mr. Febbo. Without admitting or denying the findings, Mr. Febbo consented to the sanctions and to the entry of findings that
he permitted Merriman Capital, Inc. to conduct a securities business while below its net capital requirement. From August 2012
to October 2015, he was the Financial and Operations Principal (FinOp) for a registered broker-dealer, Merriman Capital, Inc.
(Merriman). During certain months, while Mr. Febbo was FinOp, FINRA found that certain of Merriman&rsquo;s net capital filings
with FINRA were inaccurate because of the method by which Merriman calculated net capital and that, when corrected, it was retroactively
determined that Merriman had operated below its minimum net capital requirements. Mr. Febbo, as FinOp, signed certain of these
reports and was thus held responsible. Based on the Consent, in settlement, Mr. Febbo, who was then no longer registered with
any broker-dealer, accepted a fine of $5,000, a 10-business day suspension from acting as FinOp for any FINRA member and required
to requalify by examination for the Series 27 license before again acting in a FinOp capacity.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">We believe that
Mr. Febbo is qualified to serve on our board of directors because of his wealth of experience in building and managing health
services and financial businesses. Mr. Febbo brings more than 20 years of experience in building and managing health services
and financial businesses.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt"><I>Morgan C.
Frank. </I>Mr. Frank was appointed to our board of directors in April 2017. Mr. Frank has worked with Manchester Explorer, LP
since May 2002, and, prior to such time, he was a founder and managing director at First Principles Group, a boutique consultancy
and principal investor specializing in corporate restructuring, restarts, intellectual property assessment and salvage, and spin
outs. Prior to such time, Mr. Frank spent approximately five years as an analyst and portfolio manager at Hollis Capital, a San
Francisco based hedge fund and prior thereto, Mr. Frank worked for an independent private client group at Paine Webber specializing
in primary research to develop investment ideas (particularly short sale ideas) for institutional clients. Prior to his employment
at Paine Webber, Mr. Frank was a currency trader for Eastern Vanguard. Mr. Frank holds a BA in Economics and in Political Science
from Brown University. We believe that Mr. Frank is qualified to serve as member of our board of directors due to his extensive
prior experience conducting financial analysis of public companies (certain of which were in the development stage), including
such public companies&rsquo; management teams, products, including products in the development stage, the potential markets for
such products and other factors that could affect the likelihood and timing of success and market penetration of such entities&rsquo;
products as well as his capital raising activities. We believe this provides us with valuable insights into the financial markets
and investment criteria of institutional and other investors as well as capital raising activities.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt"><I>Carmen
Volkart. </I>Ms. Volkart<B> </B>was appointed to our board of directors in December 2019. She has served as chief financial officer
of Natureworks LLC, an advanced materials company offering a portfolio of renewably-sourced polymers, since October 2018. From
October 2012 to July 2018, Ms. Volkart served as chief financial officer and, for a portion of that time, as senior vice president
of commercialization for NxThera, Inc., a medical device company pioneering the application of convective radiofrequency thermotherapy
to treat endurological conditions. She served as global chief financial officer of Tornier N.V. from 2010 to 2012, and was chief
operating and financial officer, corporate secretary, compliance officer and treasurer of Spine Wave, Inc. from 2006 to 2010.
Prior to 2006, Ms. Volkart held various executive and financial positions at American Medical, Inc., Medtronic, Inc. and Honeywell,
Inc. She holds a B.S. in accounting from the University of North Dakota and an MBA with a concentration in strategic management
from the University of Minnesota. We believe that Ms. Volkart is qualified to serve on our board of directors because of her substantial
financial and public company experience, as she has served as chief financial officer at multiple medical device and other companies.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt"><I>Steven
Felsher. </I>Mr. Felsher was appointed to our board of directors in November 2021. Mr. Felsher is an experienced executive
with respect to finance, administration, governance and other aspects of public and private company management. He has served
as a member of the board of directors of Signal Hill Acquisition Corp., a special purpose acquisition company, since March 2021.
From August 2018 to July 2020, he served as a member of the board of directors of Sito Mobile, Inc., a publicly-traded
company that provided customized, data-driven solutions for brands spanning all forms of media. From January 2011 to June 2019, Mr. Felsher was a senior advisor
at Quadrangle Group LLC, a private investment firm focused on the information and communications technology sectors. He spent
a substantial portion of his career with Grey Global Group Inc., a global marketing services company, where he served as a senior
executive from 1979 until 2007, most recently as vice chairman and chief financial officer. He holds a BA in classical Greek from
Dickinson College and a J.D. from Yale University School of Law.&nbsp;We believe that Mr. Felsher is qualified to serve on our board of directors because of his extensive
business experience with administration, governance, capital allocation and other aspects of public and private company management. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-size: 10pt"><I>Philip
Sheibley. </I>Mr. Sheibley was appointed to our board of directors in November 2021. Mr. Sheibley is an experienced
executive and venture capitalist. Since 2011, he has served as a principal at Alumni Investment Partners, a private equity
firm. From 1981 to 2010, Mr. Sheibley served as a management and technology consultant with Accenture, where he focused on
the life sciences area, holding a variety of leadership positions, including North American industry director for life
sciences and global lead for management consulting. Mr. Sheibley holds a B.S. in industrial and systems engineering with a
business minor from Lehigh University. &nbsp;We believe that Mr. Sheibley is qualified to serve on our board of directors because of his extensive
business experience in the life sciences area and experience with venture capital investment and consulting, including financing
transactions for early-stage and scale-up stage companies, assisting with scale-up strategy/execution, and participating as a board
member in the medical products industry.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">Except as
described above with regard to Mr. Febbo, to our knowledge, none of our executive officers or our directors has, during the last
ten years:</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">had
    any bankruptcy petition filed by or against the business or property of the person, or of any partnership, corporation or
    business association of which he was a general partner or executive officer, either at the time of the bankruptcy filing or
    within two years prior to that time;</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">been
    subject to any order, judgment, or decree, not subsequently reversed, suspended or vacated, of any court of competent jurisdiction
    or federal or state authority, permanently or temporarily enjoining, barring, suspending or otherwise limiting, his involvement
    in any type of business, securities, futures, commodities, investment, banking, savings and loan, or insurance activities,
    or to be associated with persons engaged in any such activity;</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">been
    found by a court of competent jurisdiction in a civil action or by the SEC or the Commodity Futures Trading Commission to
    have violated a federal or state securities or commodities law, and the judgment has not been reversed, suspended, or vacated;</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">been
    the subject of, or a party to, any federal or state judicial or administrative order, judgment, decree, or finding, not subsequently
    reversed, suspended or vacated (not including any settlement of a civil proceeding among private litigants), relating to an
    alleged violation of any federal or state securities or commodities law or regulation, any law or regulation respecting financial
    institutions or insurance companies including, but not limited to, a temporary or permanent injunction, order of disgorgement
    or restitution, civil money penalty or temporary or permanent cease-and-desist order, or removal or prohibition order, or
    any law or regulation prohibiting mail or wire fraud or fraud in connection with any business entity; or</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">been
    the subject of, or a party to, any sanction or order, not subsequently reversed, suspended or vacated, of any self-regulatory
    organization (as defined in Section 3(a)(26) of the Exchange Act), any registered entity (as defined in Section 1(a)(29) of
    the Commodity Exchange Act), or any equivalent exchange, association, entity or organization that has disciplinary authority
    over its members or persons associated with a member.</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">To our knowledge,
there are no material proceedings to which any director, officer or affiliate of ours, any owner of record or beneficially of
more than 5% of any class of voting securities of us, or any associate of any such director, officer, affiliate of ours, or security
holder is a party adverse to us or any of our subsidiaries or has a material interest adverse to us or any of our subsidiaries.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Arrangements
for Appointment of Directors and Officers </B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">Pursuant
to the Reorganization and Share Exchange Agreement, hereinafter referred to as the Share Agreement, dated as of July 24,
2017, by and among us, Quasuras, Inc., Mr. DiPerna and the other stockholders of Quasuras, Inc., until July 24, 2022, our
board of directors shall consist of no more than five and no less than two directors of which (i) Manchester Explorer, LP has
the right to appoint two directors, pursuant to which Manchester Explorer, LP appointed Mr. Frank and Ms. Volkart and (ii)
Mr. DiPerna, in addition to being our chairman of the board, has the right to appoint two additional directors, pursuant to
which he appointed Messrs. Burns and Febbo. In May 2021, the parties amended the Share Agreement and removed Manchester
Explorer, LP&rsquo;s and Mr. DiPerna&rsquo;s rights to appoint directors. In addition, the parties agreed that Mr. DiPerna
shall remain chairman of our board of directors until July 2022; provided, that in the event Mr. DiPerna resigns or is
otherwise replaced as our chief executive officer, Mr. DiPerna shall remain as chairman of our board of directors for an
additional period of three years. Following such amendment, our board of directors increased the size of the board to six
members and, on May 18, 2021, appointed Ms. Vos as a director to our board. On August 11, 2021, Mr. DiPerna resigned as
our chief executive officer, and Ms. Vos was appointed as our chief executive officer.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>The
DiPerna Employment and Related Agreements</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">We entered into
an employment agreement dated August 1, 2018, with Mr. DiPerna pursuant to which Mr. DiPerna is employed by us as our president
for an initial two-year term with automatic one-year renewals. Pursuant to such agreement, we agreed to pay Mr. DiPerna: i) an
annual salary of $200,000 in cash, ii) $100,000 per year in fully-vested stock options granted monthly at an exercise price determined
by our board of directors in its sole discretion and iii) an annual bonus of $300,000, payable at the discretion of our board
of directors, either in shares or in cash. If the board chooses to pay the bonus in shares, such shares will be valued at a price
determined by our board of directors. Pursuant to such employment agreement (i) if (a) we terminate Mr. DiPerna&rsquo;s employment
without cause or he resigns with good reason, we will pay Mr. DiPerna a lump sum of $200,000, and (b) we terminate Mr. DiPerna&rsquo;s
employment for cause, we are not obligated to make any severance payment and Mr. DiPerna will receive only his base compensation
through the last day of his employment, (ii) upon Mr. DiPerna&rsquo;s death or disability, he will receive his base compensation
through the last day of his employment and will remain eligible for all applicable benefits relative to death or disability pursuant
to any plans that we have in place at such time, and (iii) upon a change of control (as defined in the employment agreement),
Mr. DiPerna will be paid a lump sum of $100,000 within sixty days of the time at which such change of control takes place.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">In May
2020, we amended our employment agreement with Mr. DiPerna to provide that in the event of a change in control:</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">within
    60 days of the date the change in control occurs, Mr. DiPerna shall be paid by us or our successor in interest a lump sum
    cash payment equal to 12 months of Mr. DiPerna&rsquo;s then annual Base Compensation (as defined in the employment agreement);
    and</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">immediately
    prior to such change of control, any unvested stock options or other unvested securities of ours issued to Mr. DiPerna shall
    automatically accelerate and immediately become fully vested and exercisable.</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">In June 2020,
our board of directors approved an amendment to the employment agreement to provide that Mr. DiPerna&rsquo;s base salary would
be paid entirely in cash commencing July 1, 2020. The payment of the additional cash component of Mr. DiPerna&rsquo;s annual base
salary ($8,333.33 per month) was initially deferred (the &ldquo;Deferred Salary&rdquo;) and accrue for Mr. DiPerna&rsquo;s benefit
until we have received $5,000,000 of cumulative gross proceeds of financing, at which time the Deferred Salary shall be paid to
Mr. DiPerna and the salary deferrals will cease.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">On April 15,
2021, our board of directors authorized a $50,000 bonus for Mr. DiPerna for fiscal 2021.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">If a change
of control occurred on March 31, 2021, under his employment agreement, Mr. DiPerna would be entitled to the following:</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">payment
    of a lump sum of $300,000 within 60 days of the time at which such change of control takes place; and</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">accelerated
    vesting of 61,111 shares of Common Stock under an unvested stock option. The value of the shares subject to accelerated
    vesting is calculated as the intrinsic value per share multiplied by the number of shares that would become fully vested upon
    a change of control. The intrinsic value per share would be calculated as the excess of the closing price of the Common
    Stock of $15.75 on the OTCQB Venture Market on March 31, 2021 over the exercise price of the option. As of March 31, 2021,
    the intrinsic value was approximately $550,000.</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">In connection
with our acquisition of Quasuras, we entered into an Intellectual Property Transfer Agreement dated as of July 24, 2017, with
Quasuras and Mr. DiPerna, pursuant to which Mr. DiPerna transferred to us all intellectual property rights owned directly and/or
indirectly by him related to our business. Separately, we agreed to pay Mr. DiPerna, as part of his compensation for services
to be performed for us, pursuant to a royalty agreement, certain fees based upon future sales, if any, of our potential product
subject to a maximum $10,000,000 cap on the aggregate amount of fees that Mr. DiPerna could earn from such arrangement.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">On August 11,
2021, we entered into a two-year employment agreement (the &ldquo;Agreement&rdquo;) with Ms. Vos for her service as our chief
executive officer, and the Agreement renews for one-year terms, unless either party provides the other with 90-day prior written
notice of termination. The Agreement provides that Ms. Vos will be entitled to total base compensation of $300,000 annually, as
follows: a cash salary of $250,000 per year (the &ldquo;Cash Salary&rdquo;), plus deferred salary of $50,000 per year (the &ldquo;Deferred
Salary&rdquo; and, together with the Cash Salary, the &ldquo;Base Compensation&rdquo;). The Deferred Salary accrues monthly, is
fully vested and nonforfeitable, and is payable in full in cash upon the earliest of: (i) the last day of Ms. Vos&rsquo; employment
with us or (ii) a &ldquo;change of control,&rdquo; as defined and determined in accordance with the Agreement. Notwithstanding
the foregoing, upon occurrence of a change of control, or the registration of our Common Stock on a national or international
stock exchange, Ms. Vos&rsquo; Cash Salary shall be increased to at least $300,000 and no portion thereof shall be deferred.
Ms. Vos will also be eligible to receive an annual performance bonus of $300,000, upon achievement of certain agreed upon goals,
as determined by Ms. Vos and the Board, and will be reimbursed by us for up to $30,000 per year for travel and temporary living
expenses in San Diego County, California.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">Pursuant
to the Agreement, we granted Ms. Vos an option to purchase 362,452 shares (&ldquo;Option Shares&rdquo;) of our Common Stock (the
&ldquo;Option&rdquo;), at an exercise price of $12.18 per share, the closing price of our Common Stock on the OTCQB Market on
August 10, 2021. Twenty percent of the Option Shares vest after six months with the remaining Option Shares vesting in equal
monthly amounts over the next 42 months.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">Except for a
termination for &ldquo;cause,&rdquo; in the event of Ms. Vos&rsquo; termination by us without cause or Ms. Vos&rsquo; termination
for &ldquo;good reason&rdquo; within six months before or 12 months after a change of control, Ms. Vos shall be entitled to a
lump sum cash severance payment equal to: (i) two times Ms. Vos&rsquo; then-current Base Compensation, (ii) any Base Compensation
and bonus earned but not already paid; (iii) reimbursement for 12 months for the continuation of healthcare insurance coverage;
and (iv) accelerated vesting of all unvested Option Shares. Pursuant to the Agreement, Ms. Vos is subject to certain restrictions
relating to Company confidential information, employees, customers and suppliers.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Communications
with our Board of Directors</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">Stockholders
who desire to communicate with the board of directors, or a specific director, may do so by sending the communication addressed
to either the board of directors or any director, c/o Modular Medical, Inc., 16772 West Bernardo Drive, San Diego, California
92127. These communications will be delivered to the board of directors, or any individual director, as specified.</FONT></P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B><I>Board
Leadership Structure and Role in Risk Oversight</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">Due to our small
size and early stage, we have not adopted a formal policy on whether the chairman and chief executive officer positions should
be separate or combined. Since August 11, 2021, Mr. DiPerna has been serving as our chairman, and Ms. Vos has been serving as
our chief executive officer. Our board of directors has oversight responsibility for our risk management processes. Our board
of directors receives and reviews periodic reports from management, auditors, legal counsel, and others, as considered appropriate,
regarding our assessment of risks. Our board of directors will focus on the most significant risks facing us and our general risk
management strategy, and also ensure that risks undertaken by us are consistent with our appetite for risk. While our board of
directors oversees our risk management processes, management is responsible for day-to-day risk management processes. We believe
this division of responsibilities is the most effective approach for addressing the risks facing us and that the leadership structure
of our board of directors supports this approach.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-size: 10pt">We
have established an audit committee, a compensation committee, and a nominating and governance committee. Each Committee&rsquo;s members and functions are described below.</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><FONT STYLE="font-size: 10pt">Our board
of directors established the audit committee for the purpose of overseeing the accounting and financial reporting processes and
audits of our financial statements. The Audit Committee also is charged with reviewing any internal control violations under our
whistleblower policy. The responsibilities of our audit committee are described in the Audit Committee Charter adopted by our
board of directors, a current copy of which can be found on the investors section of our website, www.modular-medical.com.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">Carmen Volkart,
Steven Felsher and Philip Sheibley are the current members of the Audit Committee. Ms. Volkart serves as the chairperson and
has been designated by the board of directors as the &ldquo;audit committee financial expert,&rdquo; as defined by Item 407(d)(5)
of Regulation S-K under the Securities Act of 1933, as amended, and the Exchange Act. That status does not impose duties, liabilities
or obligations that are greater than the duties, liabilities or obligations otherwise imposed on her as a member of the audit
committee and the board of directors, however. Our board of directors has determined that each of our Audit Committee members
satisfies the &ldquo;independence&rdquo; requirements of the Nasdaq listing rules and meets the independence standards under Rule
10A-3 under the Exchange Act.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">Our board of
directors established the compensation committee for the purpose of reviewing, recommending and approving our compensation policies
and benefits, including the compensation of all of our executive officers and directors. William Febbo and Carmen Volkart are
the current members of the compensation committee, and Mr. Febbo serves as the chairperson. Each of our Compensation Committee
members satisfies the &ldquo;independence&rdquo; requirements of the Nasdaq listing rules and meets the independence standards
under Rule 10A-3 under the Exchange Act.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt; ">Our
compensation committee is responsible for reviewing, recommending and approving our compensation policies and benefits, including
the compensation of all of our executive officers and directors, and it also has the principal responsibility for the administration
of our equity incentive plan. The responsibilities of our compensation committee are more fully described in the Compensation
Committee Charter adopted by our board of directors, a current copy of which can be found on the investors section of our website,
www.modular-medical.com.</FONT></P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B><I>Nominating
and Corporate Governance Committee</I>. </B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">We established
our Nominating and Governance Committee on &nbsp;January 3, 2022. Prior to May 2021, Manchester Explorer, LP and Mr. DiPerna had the
right to appoint directors to our board of directors. Instead of having such a committee, Messrs. DiPerna and Frank would identify
and evaluate qualified individuals to become nominees for director and board committee members. Commencing in May 2021, Manchester
Explorer, LP and Mr. DiPerna removed their respective rights to appoint directors, and our board of directors assumed responsibility
to appoint new directors.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">The Nominating
and Governance Committee consists of Mr. Sheibley and Mr. Felsher, and Mr. Sheibley serves as the chairperson. Each of the members of our Nominating and Governance Committee
satisfies the &ldquo;independence&rdquo; requirements of the Nasdaq listing rules and meets the independence standards under Rule
10A-3 under the Exchange Act. The Nominating and Governance Committee will consider persons recommended by stockholders for
inclusion as nominees for election to our board of directors if the information required by our bylaws is submitted in writing
in a timely manner addressed and delivered to our secretary at the address of our executive offices.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">The Nominating
and Governance Committee will identify and evaluate nominees for our board of directors, including nominees recommended by stockholders,
based on numerous factors it considers appropriate, some of which may include strength of character, mature judgment, career specialization,
relevant technical skills, diversity, and the extent to which the nominee would fill a present need on our board of directors.
The responsibilities of our Nominating and Governance committee are more fully described
in the Nominating and Governance Committee Charter adopted by our board of directors, a current copy of which can be found on
the investors section of our website, www.modular-medical.com.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Code
of Business Conduct and Ethics for Employees, Executive Officers and Directors</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">We have adopted
a Code of Business Conduct and Ethics, or the Code of Conduct, applicable to all of our employees, executive officers and members
of our board of directors. The Code of Conduct is available on our website at www.modular-medical.com. Our Nominating and Governance
Committee is responsible for overseeing the Code of Conduct, and our board of directors must approve any waivers of the Code of
Conduct. In addition, we intend to post on our website all disclosures that are required by law concerning any amendments
to, or waivers from, any provision of the Code of Conduct.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">We seek diversity
in experience, viewpoint, education, skill, and other individual qualities and attributes to be represented on our board of directors.
We believe directors should have various qualifications, including individual character and integrity; business experience; leadership
ability; strategic planning skills, ability, and experience; requisite knowledge of our industry and finance, accounting, and
legal matters; communications and interpersonal skills; and the ability and willingness to devote time to our company. We also
believe the skill sets, backgrounds, and qualifications of our directors, taken as a whole, should provide a significant mix of
diversity in personal and professional experience, background, viewpoints, perspectives, knowledge, and abilities. Nominees are
not to be discriminated against on the basis of race, religion, national origin, sex, sexual orientation, disability, or any other
basis proscribed by law. The assessment of prospective directors is made in the context of the perceived needs of our board of
directors from time to time.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">All of our directors
have held high-level positions in business or professional service firms and have experience in dealing with complex issues. We
believe that all of our directors are individuals of high character and integrity, are able to work well with others, and have
committed to devote sufficient time to the business and affairs of our company. In addition to these attributes, the description
of each director&rsquo;s background set forth above indicates the specific qualifications, skills, perspectives, and experience
necessary to conclude that each individual should continue to serve as a director of ours.</FONT></P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">The following
table sets forth compensation information for the years ended March 31, 2021 and March 31, 2020 for each of our named executive
officers.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></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 NOWRAP STYLE="font-weight: bold; text-align: left; border-bottom: Black 1pt solid; padding-left: 0; text-indent: 0">Name and Principal<BR> Position</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Year</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Salary<BR> ($)</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Stock<BR> Awards<BR> ($)</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Option<BR> Awards<BR> ($)(1)</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Non-Equity<BR> Incentive<BR> Plan<BR> Compensation<BR> ($)</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">All<BR> Other<BR> Compensation<BR> ($)</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total<BR> ($)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="width: 30%; text-align: left; padding-left: 8.65pt; text-indent: -8.65pt">Paul DiPerna, CEO, CFO, Secretary,</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; text-align: right">2021</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; text-align: right">200,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; text-align: right">&mdash;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; text-align: right">25,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; text-align: right">&mdash;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; text-align: right">50,000</TD><TD STYLE="width: 1%; text-align: left">(3)</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; text-align: right">275,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 8.65pt; text-indent: -8.65pt">Treasurer and Director(2)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2020</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">200,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">584,200</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">280,000</TD><TD STYLE="text-align: left">(4)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,064,200</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="text-align: left; padding-left: 8.65pt; text-indent: -8.65pt">Stephen Daly, Chief Commercial Officer(5)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2021</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">234,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">234,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 8.65pt; text-indent: -8.65pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2020</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">20,833</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">355,240</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">376,073</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>





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



<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 0%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(1)</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">Award amounts reflect
    the aggregate grant date fair value with respect to awards granted, as determined pursuant to FASB ASC Topic 718. The assumptions
    used to calculate the aggregate grant date fair value of option awards are set forth in the notes to the consolidated financial
    statements included in item 8 of this Report. These amounts do not reflect actual compensation earned or to be earned by our
    named executive officers.</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 0%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(2)</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">Mr. DiPerna&rsquo;s
    annual salary base was increased from $180,000 to $300,000 in August 2018, under the terms of an employment agreement between
    us and Mr. DiPerna. From August 2018 until June 30, 2020, Mr. DiPerna&rsquo;s $300,000 annual salary was paid $200,000 in
    cash and $100,000 in fully-vested stock options granted monthly. In June 2020, our board of directors amended the salary payment
    composition effective July 1, 2020, such that the $100,000 component of Mr. DiPerna&rsquo;s salary would be deferred until
    we have achieved $5,000,000 in financing proceeds from a subsequent financing. On August 11, 2021, Mr. DiPerna resigned
    as our chief executive officer and continues to serve as Chairman of our board of directors and as our President&nbsp;and
    Chief Financial Officer.</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 0%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(3)</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">Earned as a bonus
    of which $22,000 was paid on April 30, 2021, and the remainder will be paid in four quarterly installments commencing on July
    15, 2021.</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 0%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(4)</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">Earned as a bonus,
    and is being paid in quarterly installments over the 24-month period that commenced on March 31, 2020.</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 0%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(5)</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">Mr. Daly became our
    Chief Commercial Officer in March 2020 at an annual base salary of $250,000. In February 2021, Mr. Daly converted to part
    time and his annual base salary was reduced to $125,000. Mr. Daly resigned as our Chief Commercial Officer effective September
    24, 2021, and we and Mr. Daly entered into a consulting arrangement pursuant to which Mr. Daly provides transitional services
    to us on a part-time, interim basis.</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Outstanding
Equity Awards at Fiscal Year-End</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><FONT STYLE="font-size: 10pt">The following
table shows certain information regarding outstanding equity awards held by our named executive officers as of March 31, 2021.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD NOWRAP STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Name</FONT></TD><TD NOWRAP STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Number
    of<BR> Securities<BR> Underlying<BR> Unexercised<BR> Options (#)<BR> Exercisable</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Number
    of<BR> Securities<BR> Underlying<BR> Unexercised<BR> Options (#)<BR> Unexercisable</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Option<BR>
    Exercise<BR> Price($)</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Option<BR>
    Expiration<BR> Date(1)</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204); font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 48%; text-align: justify; padding-left: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Paul
    DiPerna</FONT></TD><TD STYLE="width: 3%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 8%; text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">1,155</FONT></TD><TD STYLE="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(2)</FONT></TD><TD STYLE="width: 3%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 8%; text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 3%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 8%; text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">9.48</FONT></TD><TD STYLE="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 3%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 8%; text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">6/1/2030</FONT></TD><TD STYLE="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-left: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">1,168</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(3)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">9.48</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">5/1/2030</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204); font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-left: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">1,169</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(4)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">9.48</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">4/1/2030</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-left: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">1,660</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(5)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">7.44</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">3/2/2030</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204); font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-left: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">1,745</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(3)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">7.44</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">2/1/2030</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-left: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">1,727</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(4)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">7.44</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">1/1/2030</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204); font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-left: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">1,808</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(5)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">6.75</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">12/1/2029</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-left: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">1,811</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(6)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">6.75</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">11/1/2029</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204); font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-left: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">51,721</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(7)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">6.75</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">10/1/2029</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-left: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">1,662</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(8)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">6.75</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">9/15/2029</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204); font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-left: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">1,666</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(9)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">6.75</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">8/15/2029</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-left: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">1,660</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(10)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">6.75</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">7/15/2029</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204); font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-left: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">1,650</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(11)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">6.75</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">6/15/2029</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-left: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">1,676</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(12)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">6.75</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">5/15/2029</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204); font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-left: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">1,623</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(13)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">6.75</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">4/15/2029</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-left: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">1,694</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(14)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">6.75</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">3/15/2029</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204); font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-left: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">1,641</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(15)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">6.75</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">2/15/2029</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-left: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">1,603</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(16)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">6.75</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">1/15/2029</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204); font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-left: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">1.775</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(17)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">6.75</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">12/28/2028</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-left: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">1.775</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(18)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">6.75</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">11/14/2028</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204); font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-left: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">6,005</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(19)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">1.98</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">10/14/2028</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-left: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">6,005</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(20)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">1.98</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">09/14/2028</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204); font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-left: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">6,005</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(21)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">1.98</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">08/14/2028</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-left: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">38,889</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(22)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">61,111</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">6.75</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">11/25/2029</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204); font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: justify; padding-left: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Stephen
    Daly</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">22,223</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(23)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">44,445</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">6.75</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">3/3/2030</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 30px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">(1)</FONT></td>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">The
    standard option term is ten years, but all of the options expire automatically unless exercised within 90 days after the cessation
    of service as an employee, director or consultant.</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">(2)</FONT></td>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">The
    option was granted on June 1, 2020, and the shares subject to this option were fully vested on the grant date.</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">(3)</FONT></td>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">The
    option was granted on May 1, 2020, and the shares subject to this option were fully vested on the grant date.</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">(4)</FONT></td>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">The
    option was granted on April 1, 2020, and the shares subject to this option were fully vested on the grant date.</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">(5)</FONT></td>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">The
    option was granted on March 2, 2020, and the shares subject to this option were fully vested on the grant date.</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">(6)</FONT></td>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">The
    option was granted on February 1, 2020, and the shares subject to this option were fully vested on the grant date.</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">(7)</FONT></td>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">The
    option was granted on January 1, 2020, and the shares subject to this option were fully vested on the grant date.</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">(8)</FONT></td>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">The
    option was granted on December 1, 2019, and the shares subject to this option were fully vested on the grant date.</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">(9)</FONT></td>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">The
    option was granted on November 1, 2019, and the shares subject to this option were fully vested on the grant date.</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">(10)</FONT></td>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">The
    option was granted on October 1, 2019, and the shares subject to this option were fully vested on the grant date.</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">(11)</FONT></td>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">The
    option was granted on September 15, 2019, and the shares subject to this option were fully vested on the grant date.</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">(12)</FONT></td>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">The
    option was granted on August 15, 2019, and the shares subject to this option were fully vested on the grant date.</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">(13)</FONT></td>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">The
    option was granted on July 15, 2019, and the shares subject to this option were fully vested on the grant date.</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">(14)</FONT></td>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">The
    option was granted on June 15, 2019, and the shares subject to this option were fully vested on the grant date.</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">(15)</FONT></td>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">The
    option was granted on May 15, 2019, and the shares subject to this option were fully vested on the grant date.</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 30px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">(16)</FONT></td>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">The
    option was granted on April 15, 2019, and the shares subject to this option were fully vested on the grant date.</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">(17)</FONT></td>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">The
    option was granted on March 15, 2019, and the shares subject to this option were fully vested on the grant date.</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">(18)</FONT></td>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">The
    option was granted on February 15, 2019, and the shares subject to this option were fully vested on the grant date.</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">(19)</FONT></td>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">The
    option was granted on January 15, 2019, and the shares subject to this option were fully vested on the grant date.</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">(20)</FONT></td>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">The
    option was granted on December 15, 2018, and the shares subject to this option were fully vested on the grant date.</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">(21)</FONT></td>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">The
    option was granted on November 15, 2018, and the shares subject to this option were fully vested on the grant date.</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">(22)</FONT></td>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">The
    option was granted on October 15, 2018, and the shares subject to this option were fully vested on the grant date.</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">(23)</FONT></td>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">The
    option was granted on September 15, 2018, and the shares subject to this option were fully vested on the grant date.</FONT></td></tr>
</table>
<!-- Field: Page; Sequence: 77; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->73<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 30px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">(24)</FONT></td>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">The
    option was granted on August 15, 2018, and the shares subject to this option were fully vested on the grant date.</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">(25)</FONT></td>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">The
    option was granted on November 25, 2019, and the shares subject to this option vest monthly over three years commencing January
    1, 2020, subject to continued service as an employee, director or consultant.</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">(26)</FONT></td>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt; ">This
        option was granted on March 3, 2020, and the shares subject to this option vest as
        to 1/3rd of the shares the annual anniversary of the grant date and as to 1/36th of the shares subject to the option on
        each monthly anniversary thereafter, subject to continued service as an employee, director or consultant.</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">We have entered
into our standard form of employment, confidential information and invention assignment agreement with each of our named executive
officers. We also have entered into agreements to indemnify our directors and certain executive officers, in addition to the
indemnification provided for in our articles of incorporation and bylaws. These agreements, among other things, provide for
indemnification of our directors and certain executive officers for many expenses, including attorneys&rsquo; fees, judgments,
fines and settlement amounts incurred by any such person in any action or proceeding, including any action by or in the right
of us, arising out of such person&rsquo;s services as a director or executive officer of ours, any subsidiary of ours or any other
company or enterprise to which such person provided services at our request.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">The following
table summarizes the compensation we paid to our non-employee directors for the year ended March 31, 2021:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></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="text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">Fee</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">Restricted <BR>Stock</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">Option</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center">&nbsp;</TD><TD NOWRAP>&nbsp;</TD><TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center">&nbsp;</TD><TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: center">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">Compensation</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">Awards</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">Awards</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">All Other</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">Total</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; text-align: left; border-bottom: Black 1pt solid">Name</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">($)</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">($)</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">($)(1)(2)</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Compensation</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">($)</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="width: 35%; text-align: justify; padding-left: 0.25pt">Liam Burns(3)</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">10,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">&mdash;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">&mdash;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">&mdash;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">10,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-left: 0.25pt">William Febbo</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="text-align: justify; padding-left: 0.25pt">Morgan Frank(4)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">375,105</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">375,105</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-left: 0.25pt">Carmen Volkart</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 23px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(1)</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">Award amounts reflect
    the aggregate grant date fair value with respect to awards granted, as determined pursuant to FASB ASC Topic 718. The assumptions
    used to calculate the aggregate grant date fair value of option awards are set forth in the notes to the consolidated financial
    statements included in Item 8 of this Annual Report on Form 10-K. These amounts do not reflect actual compensation earned
    or to be earned by our directors.</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 23px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(2)</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">As of March 31,
    2021, our non-employee directors each held outstanding options to purchase the following number of shares of our Common Stock:
    Liam Burns, 65,688; William Febbo, 66,667; Morgan Frank, 50,000; Carmen Volkart, 50,000.</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23px; text-align: left">(3)</TD><TD>Mr. Burns resigned as a member of our Board on December 31, 2021.</TD>
</TR></TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 23px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(4)</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">Mr. Frank was granted
    an option to purchase 50,000 shares of our Common Stock in May 2020.</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 2pt 0 0; text-align: justify"><FONT STYLE="font-size: 10pt">During
the year ended March 31, 2021, our board of directors had authorized an annual cash retainer fee of $10,000, payable in quarterly
installments, for our non-employee directors, with the exception of Mr. Frank, as compensation for their service. Effective April
1, 2021, our board of directors approved our outside (non-employee) director compensation plan (the Director Plan). Pursuant to
the Director Plan, outside directors will be paid the following annual retainers:</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 49px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: top; width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">$30,000
    for service as a member of the board of directors;</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">$5,000
    for service as chair of the audit committee; and</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">$5,000
        for service as chair of the compensation committee.</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">The retainers
will be paid in quarterly installments in either cash or in shares of our Common Stock, as directed by each director based on
an annual election. In addition, under the Director Plan, each director will also receive an annual service equity award
of $100,000 paid in quarterly installments in either options to purchase shares our Common Stock or shares of our Common Stock,
as directed by each director based on an annual election.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">In addition,
upon appointment to our board of directors, we award our non-employee directors a stock option grant under our Amended 2017 Equity
Incentive Plan, hereinafter referred to as the 2017 Plan, ranging from 16,667 to 66,667 shares of our Common Stock. These
options vest annually over three years from the date of appointment to our board of directors.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">In connection
with her May 2021 appointment and service as a non-employee director, Ms. Vos has entered into our standard form of indemnification
agreement. We also awarded Ms. Vos an initial option to purchase 16,667 shares of our Common Stock vesting over three years,
with one-third of the shares subject to the option vesting on each one-year anniversary of the date of grant.</FONT></P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">The following
table shows the number of securities to be issued upon exercise or vesting of outstanding equity awards under the 2017 Plan as
of March 31, 2021.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></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 NOWRAP STYLE="font-weight: bold; text-align: left; border-bottom: Black 1pt solid">Plan Category</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Number of <BR> securities to be<BR> issued upon exercise<BR> or vesting of <BR> outstanding <BR> equity awards <BR> (a)</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Weighted-<BR> average <BR> exercise price <BR> of outstanding <BR> options <BR> (b)</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Number of securities <BR> remaining available<BR> for future issuance under <BR> equity compensation plans<BR> (excluding securities<BR> reflected in column(a)) <BR> (c)</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="width: 61%; text-align: justify; text-indent: -8.65pt; padding-left: 8.9pt">Equity compensation plans not approved by security holders</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">1,197,252</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 8%; text-align: right">5.25</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">136,082</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
</TABLE>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B><A NAME="modulara014"></A>CERTAIN
RELATIONSHIPS AND RELATED PARTY TRANSACTIONS</B></FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">On October
28, 2021, we entered into purchase agreements with Ms. Vos, our Chief Executive Officer, and Mr. DiPerna, Chairman of our Board
and our President, Chief Financial Officer and Treasurer, providing for the sale and issuance by us of 30,864 shares of our Common
Stock, par value $0.001 per share at the closing market price on October 28, 2021 of $8.10 per share. We received proceeds
of approximately $250,000 from the sale of the shares, comprising $150,000 from Ms. Vos and $100,000 from Mr. DiPerna.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; "><FONT STYLE="font-size: 10pt">In October
2021, we issued a secured promissory note (the Bridge Note) to Manchester Explorer, L.P. (Manchester) that provides us with a
$3,000,000&nbsp;revolving credit facility with all amounts being drawn down by us thereunder being due and payable, subject to
acceleration in the event of a default, on March 15, 2022 (the Maturity Date). Interest at the rate of 12% is payable on each
drawn down without regard to the draw down date or the date when interest is paid. As of December 31, 2021, we had drawn down
$1,500,000 under the Bridge Note. </FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">In May 2021,
William Febbo, a member of our board of directors, purchased $200,000 aggregate principal amount of our promissory notes. At September
30, 2021, approximately $10,060 of interest was payable by us thereon.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">In March
2021, we paid Liam Burns, a former member of our board of directors, $5,585 in settlement of a liability outstanding at March
31, 2020 for consulting services rendered during fiscal 2020. Mr. Burns provided no consulting services to us during fiscal
2021.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"><FONT STYLE="font-size: 10pt">In February
2021, Paul DiPerna and Manchester Explorer, LP, which is represented by Morgan C. Frank, purchased $100,000 and $1,000,000, respectively,
aggregate principal amount of our promissory notes. Effective April 30, 2021, Paul DiPerna and Manchester Explorer, LP entered
into Revocation Agreements with us pursuant to which their collective $1,100,000 aggregate principal amount of notes and accrued
interest of $50,091 were replaced with new notes. At September 30, 2021, Paul DiPerna and Manchester Explorer, LP, held notes
in an aggregate principal amount of $102,663 and $1,026,630, respectively, with $5,164 and $51,640 of interest payable thereon.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; "><FONT STYLE="font-size: 10pt">Stephen Daly
became our Chief Commercial Officer in March 2020 at an annual base salary of $250,000. In February 2021, Mr. Daly converted to
part time and his annual base salary was reduced to $125,000. Mr. Daly resigned as our Chief Commercial Officer effective September
24, 2021. We and Mr. Daly entered into a consulting arrangement effective September 24, 2021 pursuant to which Mr. Daly provides
transitional services to us on a part-time, interim basis.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; "><FONT STYLE="font-size: 10pt">See
&ldquo;Management&rdquo; above for other related party transactions involving our executive officers and directors.</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><FONT STYLE="font-size: 10pt">Certain
affiliates of our directors and other existing stockholders have agreed to purchase an aggregate of approximately $1,800,000
of our Units in this offering at the initial public offering price per Unit and on the same terms as other purchasers in this
offering. The underwriters will receive the same underwriting discount on any Units purchased by these stockholders as they will
on any other Units sold to the public in this offering.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">Our Board
has undertaken a review of the independence of our directors and considered whether any director has a material relationship with
us that could compromise his ability to exercise independent judgment in carrying out his responsibilities. As a result of this
review, our Board has determined that William Febbo, Steven Felsher, Philp Sheibley and Carmen Volkart are &ldquo;independent
directors&rdquo; as defined under the rules of Nasdaq.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B><A NAME="modulara015"></A>SECURITY
OWNERSHIP OF CERTAIN</B><BR>
<B>BENEFICIAL OWNERS AND MANAGEMENT</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0; text-align: justify"><FONT STYLE="font-size: 10pt">The
following table sets forth certain information as of December 31, 2021 concerning the ownership of our Common Stock by:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">each
    shareholder known by us to be the beneficial owner of more than 5% of the outstanding shares of our Common Stock (currently
    our only class of voting securities);</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">each
    of our directors;</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">each
    of our executive officers; and</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">all
    directors and executive officers as a group.</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">Beneficial ownership
is determined in accordance with Rule 13d-3 of the Exchange Act, and includes all shares over which the beneficial owner exercises
voting or investment power. Shares that are issuable upon the exercise of options, warrants and other rights to acquire Common
Stock that are presently exercisable or exercisable within 60 days of December 31, 2021 are reflected in a separate column in
the table below. These shares are taken into account in the calculation of the total number of shares beneficially owned by
a particular holder and the total number of shares outstanding for the purpose of calculating percentage ownership of the particular
holder. We have relied on information supplied by our officers, directors and certain stockholders and on information contained
in filings with the SEC. Except as otherwise indicated, and subject to community property laws where applicable, we believe,
based on information provided by these persons, that the persons named in the table have sole voting and investment power with
respect to all shares of Common Stock shown as beneficially owned by them. The percentage of beneficial ownership is based
on 6,373,710 shares of Common Stock outstanding as of December 31, 2021.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.35pt 0 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.35pt 0 0; text-align: justify"><FONT STYLE="font-size: 10pt">Unless
otherwise stated, the business address of each of our directors and executive officers listed in the table is 16772 West Bernardo
Drive, San Diego, California 92127.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.35pt 0 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.35pt 0 0; text-align: justify"></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 NOWRAP STYLE="font-weight: bold; text-align: left; border-bottom: Black 1pt solid; padding-left: 8.65pt; text-indent: -8.65pt">Name
    and principal position</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Number of Shares<BR> Beneficially Owned<BR> (Excluding<BR> Outstanding<BR> Options)(1)</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Number of<BR> Shares Issuable<BR> on Exercise of<BR> Outstanding<BR> Options(2)</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Percent of<BR> Class</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="width: 61%; text-align: left; padding-left: 8.65pt; text-indent: -8.65pt">James Besser</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">2,186,302</TD><TD STYLE="width: 1%; text-align: left">(3)</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">&mdash;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">34.30</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 8.65pt; text-indent: -8.65pt">JEB Partners, L.P.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,186,302</TD><TD STYLE="text-align: left">(3)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">34.30</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="text-align: left; padding-left: 8.65pt; text-indent: -8.65pt">Manchester Explorer, L.P.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,186,302</TD><TD STYLE="text-align: left">(3)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">34.30</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 8.65pt; text-indent: -8.65pt">Manchester Management LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,186,302</TD><TD STYLE="text-align: left">(3)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">34.30</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 8.65pt; text-indent: -8.65pt">Directors and Officers:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 8.65pt; text-indent: -8.65pt">Paul DiPerna</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,520,156</TD><TD STYLE="text-align: left">(4)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">125,398</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">40.71</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="text-align: left; padding-left: 8.65pt; text-indent: -8.65pt">Ellen O&rsquo;Connor Vos</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">19,186</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">74,494</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-size: 10pt">1.45</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="text-align: left; padding-left: 8.65pt; text-indent: -8.65pt">William J. Febbo</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,538</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">44,445</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-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; padding-left: 8.65pt; text-indent: -8.65pt">Morgan C. Frank</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,186,302</TD><TD STYLE="text-align: left">(3)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">67,896</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">34.99</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="text-align: left; padding-left: 8.65pt; text-indent: -8.65pt">Carmen Volkart</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,262</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">55,949</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-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; padding-left: 8.65pt; text-indent: -8.65pt">Steven Felsher</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">618</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,474</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-size: 10pt">*</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="text-align: left; padding-left: 8.65pt; text-indent: -8.65pt">Philip Sheibley</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">1,135</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">&mdash;</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">*</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 8.65pt; text-indent: -8.65pt">All current directors and executive officers as a
    group (6 persons)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,737,197</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">371,656</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">78.95</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.35pt 0 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.35pt 0 0; text-align: justify"></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 0px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 23px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">*</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">Represents less than
    1%</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 0px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 23px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(1)</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">Excludes shares
    subject to outstanding options to acquire Common Stock that are exercisable within 60 days of December 31, 2021.</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>


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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 0px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 23px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(2)</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">Represents the
    number of shares subject to outstanding options to acquire Common Stock that are exercisable within 60 days of December 31,
    2021.</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 0px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 23px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(3)</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">Includes (i) 124,750
    shares directly held by Mr. Besser, of which: (a) 60,277 shares were received in exchange for Mr. Besser&rsquo;s shares as
    a result of our acquisition of Quasuras; (b) 29,630 shares purchased in a private placement in 2018 (the &ldquo;2018 Placement&rdquo;)
    and (c) 34,843 shares were purchased in a private placement in 2020 (the &ldquo;2020 placement&rdquo;); (ii) 1,683,803 held
    by Manchester Explorer, L.P. of which: (a) 1,515,152 shares were purchased in a private placement in 2017 (the &ldquo;2017
    Placement&rdquo;), (b) 157,037 shares were purchased in the 2018 Placement, and (c) 11,494 were purchased in the 2020 Placement;
    (iii) 317,473 shares held by JEB Partners, L.P. of which (a) 252,526 shares were purchased in the 2017 Placement, (b) 53,333
    shares were purchased in the 2018 Placement and (c) 11,614 shares were purchased in the 2020 Placement; and (iv) 60,277 shares
    held by Mr. Frank, which shares were received in our acquisition of Quasuras in exchange for Mr. Frank&rsquo;s shares of Quasuras.
    Mr. Besser, as the managing member, and Mr. Frank, as the portfolio manager and consultant of Manchester Management, LLC,
    (&ldquo;MMC&rdquo;) the general partner of Manchester Explorer, L.P. and JEB Partners, L. P., have shared voting and dispositive
    power over shares held by Manchester Explorer, L.P. and JEB Partners, L.P. The address for Manchester Explorer, L.P and Mr.
    Besser is c/o MMC, 2 Calle Candina, No. 1701, San Juan, Puerto Rico 00907.</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 0px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 23px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(4)</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">Includes (i) 2,000,000
    shares directly held by the Paul DiPerna Irrevocable Trust, (ii) 333,334 shares directly held by Mr. DiPerna&rsquo;s adult
    daughters, Kelsie DiPerna and Alaria DiPerna, which shares Mr. DiPerna has sole voting power over; and (iii) 174,477 shares
    directly held by the Paul DiPerna Trust, of which 101,010 shares were purchased in the 2017 Placement. The 2,000,000 shares
    held by the Paul DiPerna Irrevocable Trust, 333,334 shares held by Mr. DiPerna&rsquo;s adult daughters and 73,480 shares held
    by the Paul DiPerna Trust that were issued in 2017 to Mr. DiPerna in the Acquisition and transferred to such persons in December
    2020 by Mr. DiPerna. Mr. DiPerna is the chairman of our board of directors, and also serves as our chief financial officer
    and treasurer. Mr. DiPerna is the trustee of both the Paul DiPerna Irrevocable Trust and the Paul DiPerna Trust.</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><A NAME="modulara016"></A><FONT STYLE="font-size: 10pt"><B>DESCRIPTION
OF CAPITAL STOCK</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-size: 10pt">We
are authorized to issue up to 50,000,000 shares of Common Stock, par value $0.001 per share and up to 5,000,000 shares of preferred
stock, par value $0.001 per share. &nbsp;As of February 9, 2022, we had 6,390,372 shares of our Common Stock outstanding.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">On November
29, 2021, we effected a 1-for-3 reverse stock split of our outstanding Common Stock, which caused our then outstanding Common
Stock to decrease from 19,100,154 to 6,366,736 shares while keeping our authorized capital unchanged.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">The following
description is a summary, does not purport to be complete and is subject to and qualified in its entirety by reference to our
second amended and restated articles of incorporation, and our bylaws, as amended, each of which is incorporated herein by reference
and are exhibits to the registration statement of which this prospectus forms a part. We encourage you to read our articles of
incorporation, our bylaws and the applicable provisions of the Nevada Revised Statutes (the &ldquo;NRS&rdquo;) for additional
information.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">Each holder
of our Common Stock is entitled to a pro rata share of any cash distributions made to shareholders, including any dividend payments.
The holders of our Common Stock are entitled to one vote for each share or record on all matters to be voted on by our shareholders.
There is no cumulative voting with respect to the election of our directors or any other matter. Therefore, under our charter
documents, the holders of more than 50% of the shares voted for the election of those directors can elect all of the directors.
Our board of directors currently are elected as a single class. Our board of directors may from time to time declare dividends
on our outstanding shares. In the event of our liquidation, dissolution or winding up, the holders of our Common Stock are
entitled to share ratably in all assets remaining available for distribution to them after payment of our liabilities and after
provision has been made for each class of stock, if any, having any preference in relation to our Common Stock. Holders of shares
of our Common Stock have no conversion, preemptive or other subscription rights, and there are no redemption provisions applicable
to our Common Stock.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B><I>Preferred
Stock</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-size: 10pt">Our articles
of incorporation provide that our board of directors has the right in its discretion to issue preferred stock without approval
of our shareholders and to set the series, classes, rights, privileges and preferences of our preferred stock or any classes,
or series thereof without approval. In the event of a hostile takeover, the board of directors could potentially use this preferred
stock to preserve control.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B><I>Outstanding
Common Stock Warrants</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">In April
and May 2021, we issued warrants to purchase 767,783 shares of our Common Stock to the purchasers of our convertible promissory
notes. The warrants have an initial exercise price of $24.00 per share, which is subject to adjustment such that the exercise
price will be reduced to the price per Unit of this public offering, and may be exercised for a period of five years from the
Trigger Date, which is defined as the 270<SUP>th</SUP> calendar day following the issue date of each warrant. Effective February
3, 2022, we and the holders of the warrants amended the warrants under an omnibus amendment agreement (the &ldquo;Warrant Amendment&rdquo;).
Under the terms of the Warrant Amendment, the number of warrants will be fixed upon the completion of the public offering contemplated
by this prospectus and the number of warrants and exercise price will not be subject to adjustment subsequent to the completion
of the public offering contemplated by this prospectus.</FONT></P>

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

<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">As a result
of the closing of this offering, 1,511,276 restricted warrants will be issued upon automatic conversion of the $6,610,560 principal
amount of convertible promissory notes and accrued interest thereon.</FONT></P>



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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B><I>Outstanding
Common Stock Options</I></B></FONT></P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-size: 10pt">As
of February 9, 2022, we had 1,793,022 outstanding options to purchase shares of our Common Stock at weighted average exercise
price of $7.54 per share. In addition, at February 9, 2022, we had 873,645 shares available for future issuance under our Amended
2017 Equity Incentive Plan.</FONT></P>

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





<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B><I>Transfer
Agent and Registrar</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">The
transfer agent and registrar for our Common Stock is Colonial Stock Transfer Company, Inc., 66 Exchange Place, 1<SUP>st</SUP>
Floor, Salt Lake City, UT 84111. Its telephone number is 801-355-5740.</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt"><B><A NAME="modulara016a"></A>DESCRIPTION
OF SECURITIES WE ARE OFFERING</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-size: 10pt">We
are offering 2,500,000 Units, with each Unit consisting of one share of Common Stock and one Warrant to purchase one share of
Common Stock. The Units have no stand-alone rights and will not be certificated or issued as stand-alone securities. This offering
also includes the shares of Common Stock issuable from time to time upon exercise of the Warrants.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-size: 10pt">The
material terms and provisions of our common stock are described under the caption &ldquo;Description of Capital Stock&rdquo; in
this prospectus.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0"><FONT STYLE="font-size: 10pt"><B>Warrants</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-size: 10pt"><I>The
following summary of certain terms and provisions of the Warrants that are being offered hereby is not complete and is subject
to, and qualified in its entirety by, the provisions of the Warrants, the form of which is filed as an exhibit to the registration
statement of which this prospectus forms a part. Prospective investors should carefully review the terms and provisions of the
form of Warrant for a complete description of the terms and conditions of the Warrants.</I></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-size: 10pt"><I>Duration
and Exercise Price.</I>&nbsp;Each Warrant offered hereby will have an initial exercise price per share equal to
$6.60. The Warrants will be immediately exercisable and will expire on the fifth anniversary of the original
issuance date. The exercise price and number of shares of Common Stock issuable upon exercise is subject to appropriate
adjustment in the event of stock dividends, stock splits, reorganizations or similar events affecting our Common Stock and
the exercise price. The Warrants will be exercisable immediately upon issuance, will be issued separately from the Common
Stock and may be transferred separately immediately thereafter. A Warrant to purchase one share of our Common Stock will be
issued for every share of Common Stock purchased in this offering.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-size: 10pt"><I>Exercisability</I>.
The Warrants will be exercisable, at the option of each holder, in whole or in part, by delivering to us a duly executed exercise
notice accompanied by payment in full for the number of shares of our Common Stock purchased upon such exercise (except in the
case of a cashless exercise as discussed below). A holder (together with its affiliates) may not exercise any portion of the Warrant to the extent that the holder would own more than 4.99% of the outstanding common stock immediately after exercise, except
that upon at least 61 days&rsquo; prior notice from the holder to us, the holder may increase the amount of ownership of outstanding
stock after exercising the holder&rsquo;s Warrants up to 9.99% of the number of shares of our common stock outstanding immediately
after giving effect to the exercise, as such percentage ownership is determined in accordance with the terms of the Warrants.
No fractional shares of Common Stock will be issued in connection with the exercise of a Warrant. In lieu of fractional shares,
we will round down to the next whole share.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-size: 10pt"><I>Cashless
Exercise</I>. If, at the time a holder exercises its Warrants, a registration statement registering the issuance of the
shares of common stock underlying the Warrants under the Securities Act is not then effective or available and an exemption from
registration under the Securities Act is not available for the issuance of such shares, then in lieu of making the cash payment
otherwise contemplated to be made to us upon such exercise in payment of the aggregate exercise price, the holder may elect instead
to receive upon such exercise (either in whole or in part) the net number of shares of Common Stock determined according to a
formula set forth in the Warrants.</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-size: 10pt"><I>Transferability</I>.
Subject to applicable laws, a Warrant in book entry form may be transferred at the option of the holder through the facilities
of the Depository Trust Company and Warrants in physical form may be transferred upon surrender of the Warrant to the Warrant
Agent together with the appropriate instruments of transfer. Pursuant to a warrant agency agreement between us and the Warrant
Agent, the Warrants initially will be issued in book-entry form and will be represented by one or more global certificates deposited
with The Depository Trust Company (&ldquo;DTC&rdquo;) and registered in the name of Cede &amp; Co., a nominee of DTC, or as otherwise
directed by DTC.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-size: 10pt"><I>Exchange
Listing</I>. There is no established public trading market for the Warrants, and we do not expect a market to develop.
In addition, we do not intend to list the Warrants on any securities exchange or nationally recognized trading system. Without
an active trading market, the liquidity of the Warrants will be limited.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-size: 10pt"><I>Right
as a Stockholder</I>. Except as otherwise provided in the Warrants or by virtue of such holder&rsquo;s ownership of shares
of our common stock, the holders of the Warrants do not have the rights or privileges of holders of our Common Stock, including
any voting rights, until they exercise their Warrants.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-size: 10pt"><I>Fundamental
Transaction.</I>&nbsp;In the event of any fundamental transaction, as described in the warrants and generally including any merger
with or into another entity, sale of all or substantially all of our assets, tender offer or exchange offer, or reclassification
of our shares of common stock, then upon any subsequent exercise of a warrant, the holder will have the right to receive as alternative
consideration, for each share of common stock that would have been issuable upon such exercise immediately prior to the occurrence
of such fundamental transaction, the number of shares of common stock of the successor or acquiring corporation of our company,
if it is the surviving corporation, and any additional consideration receivable upon or as a result of such transaction by a holder
of the number of shares of common stock for which the warrant is exercisable immediately prior to such event. Notwithstanding the
foregoing, in the event of a fundamental transaction, the holders of the warrants have the right to require us or a successor entity
to redeem the warrants for cash in the amount of the Black Scholes Value (as defined in each warrant) of the unexercised portion
of the warrants concurrently with or within 30 days following the consummation of a fundamental transaction. However, in the event
of a fundamental transaction which is not in our control, including a fundamental transaction not approved by our board of directors,
the holders of the warrants will only be entitled to receive from us or our successor entity, as of the date of consummation of
such fundamental transaction the same type or form of consideration (and in the same proportion), at the Black Scholes Value of
the unexercised portion of the warrant, that is being offered and paid to the holders of our common stock in connection with the
fundamental transaction, whether that consideration is in the form of cash, stock or any combination of cash and stock, or whether
the holders of our common stock are given the choice to receive alternative forms of consideration in connection with the fundamental
transaction.</FONT></P>









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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B><A NAME="modulara017"></A>UNDERWRITING</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-size: 10pt">We
entered into an underwriting agreement with the underwriters named below on February 9, 2022. Oppenheimer &amp; Co.
Inc. is acting as representative of the underwriters.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">The
underwriting agreement provides for the purchase of a specific number of Units by each of the underwriters.
The underwriters&rsquo; obligations are several, which means that each underwriter is required to purchase a specified number
of Units, but is not responsible for the commitment of any other underwriter to purchase Units. Subject to the terms
and conditions of the underwriting agreement, each underwriter has severally agreed to purchase the number of Units set forth opposite its name below:</FONT></P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></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="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: left"><B>Underwriter</B></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Number of <BR>
Units</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="width: 74%; text-align: left; padding-left: 1pt">Oppenheimer &amp; Co. Inc.</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">&nbsp;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right"><P STYLE="margin: 0">1,750,000</P>


</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 1pt">Lake Street Capital Markets, LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><P STYLE="margin: 0">375,000</P>


</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 1pt"><P STYLE="margin: 0">The Benchmark Company, LLC</P>


</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><P STYLE="margin: 0">375,000</P>


</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt; padding-left: 1pt">Total</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><P STYLE="margin: 0">2,500,000</P>


</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">The underwriters
have agreed to purchase all of the Units offered by this prospectus, if any are purchased.</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">The Units
offered hereby are expected to be ready for delivery on or about February 14, 2022 against payment
in immediately available funds. The Units have no stand-alone rights and will not be certificated or issued as stand-alone securities.
The Common Stock and the Warrants are immediately separable and will be issued separately in this offering.</FONT></P>



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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">The
underwriters are offering the shares of Common Stock and Warrants subject to various conditions and may reject all or part of
any order. The representative of the underwriters has advised us that the underwriters propose to offer the Units to the
public at the public offering price set forth on the cover page of this prospectus and to dealers at a price less a
concession not in excess of $0.2520 per Unit. After the Units are released for sale to the public, the representative may
change the offering price, the concession, and other selling terms at various times.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">The following table provides information
regarding the amount of the discounts and commissions to be paid to the underwriters by us, before expenses:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></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 NOWRAP STYLE="text-align: center">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total Per<BR>Unit</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="width: 61%; text-align: left"><P STYLE="margin: 0">Public offering price</P>


</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right"></TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right"></TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 8%; text-align: right">6.00</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Underwriting discounts and commissions<SUP>(1)</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right"><P STYLE="margin: 0">0.42</P>


</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="text-align: left">Proceeds, before expenses, to us</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right"><P STYLE="margin: 0">5.58</P>


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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 17.3pt; text-align: left"><FONT STYLE="font-size: 10pt">(1)</FONT></TD><TD><FONT STYLE="font-size: 10pt">We have agreed to pay the
underwriters a commission of 7% of the gross proceeds of this offering.</FONT></TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">We estimate
that our total expenses of the offering, excluding the estimated underwriting discounts and commissions, will be approximately
$400,000, which includes the fees and expenses for which we have agreed to reimburse the underwriters, provided that any such
fees and expenses in excess of an aggregate of $150,000 will be subject to our prior written approval (which shall not be unreasonably withheld).</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">Certain affiliates
of our directors and other existing stockholders have agreed to purchase an aggregate of approximately $1,800,000 of Units
in this offering at the initial public offering price per Unit and on the same terms as other purchasers in this offering. The
underwriters will receive the same underwriting discount on any Units purchased by these stockholders as they will on any other
Units sold to the public in this offering.</FONT></P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">We have agreed
to indemnify the underwriters against certain liabilities, including liabilities under the Securities Act.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">In
connection with this offering, we, our directors, executive officers, and certain stockholders have agreed not to offer, issue,
sell, contract to sell, encumber, grant any option for the sale of or otherwise dispose of any of our Common Stock or securities
convertible into or exchangeable for, or that represent the right to receive, shares of Common Stock, for a period of 180 days
following the closing of the offering of the shares. This means that, subject to certain exceptions, for a period of 180 days
following the date of this prospectus, we and such persons may not offer, sell, pledge or otherwise dispose of these securities
without the prior written consent of Oppenheimer &amp; Co. Inc.</FONT></P>

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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">Subject
to certain conditions, we granted Oppenheimer &amp; Co., Inc., for a period of twelve months after the date of the closing of
this offering, a right of first refusal to act as lead bookrunning underwriter, lead initial purchaser, lead placement agent or
lead selling agent, as the case may be in connection with any financing for the company.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">Prior
to this offering, our Common Stock was quoted on the OTCQB marketplace under the symbol &ldquo;MODD.&rdquo; We have been
approved to have our Common Stock listed on The Nasdaq Capital Market under the symbol &ldquo;MODD,&rdquo; and our
Common Stock began trading on the Nasdaq Capital Market on February 10, 2022. Trading quotes of securities on an over-the-counter marketplace may not be indicative of the market price
of those securities on a national securities exchange. We do not intend to apply for listing of the Warrants on any national
securities exchange.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">Rules of
the SEC may limit the ability of the underwriters to bid for or purchase shares of Common Stock before the distribution of the
shares of Common Stock is completed. However, the underwriters may engage in the following activities in accordance with the
rules:</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">Stabilizing
    transactions - The representative may make bids or purchases for the purpose of pegging, fixing or maintaining the price of
    the shares of Common Stock, so long as stabilizing bids do not exceed a specified maximum.</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">Penalty
    bids - If the representative purchases shares of Common Stock in the open market in a stabilizing transaction or syndicate
    covering transaction, it may reclaim a selling concession from the underwriters and selling group members who sold those shares
    of Common Stock as part of the offering.</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">Passive
    market making - Market makers in the shares of Common Stock who are underwriters or prospective underwriters may make bids
    for or purchases of shares of Common Stock, subject to limitations, until the time, if ever, at which a stabilizing bid is
    made.</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">Similar to
other purchase transactions, the underwriters&rsquo; purchases to cover the syndicate short sales or to stabilize the market price
of the shares of Common Stock may have the effect of raising or maintaining the market price of the shares of Common Stock or
preventing or mitigating a decline in the market price of the shares of Common Stock. As a result, the price of the shares of
Common Stock may be higher than the price that might otherwise exist in the open market. The imposition of a penalty bid might
also have an effect on the price of the shares of Common Stock if it discourages resales of the shares of Common Stock.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">Neither we
nor the underwriters make any representation or prediction as to the effect that the transactions described above may have on
the price of the shares of Common Stock. These transactions may occur on the Nasdaq Capital Market or otherwise. If such transactions
are commenced, they may be discontinued without notice at any time.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Electronic
Delivery of Preliminary Prospectus</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">A prospectus
in electronic format may be delivered to potential investors by one or more of the underwriters participating in the offering.
The prospectus in electronic format will be identical to the paper version of such prospectus. Other than the prospectus in electronic
format, the information on any underwriter&rsquo;s website and any information contained in any other website maintained by an
underwriter is not part of this prospectus or the registration statement of which this prospectus forms a part.</FONT></P>

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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Notice
to Non-U.S. Investors</B></FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">The offering
is exclusively conducted under applicable private placement exemptions and therefore it has not been and will not be notified
to, and this document or any other offering material relating to the shares of Common Stock has not been and will not be approved
by, the Belgian Banking, Finance and Insurance Commission (&ldquo;<I>Commission bancaire, financi&egrave;re et des assurances/Commissie
voor het Bank, Financie en Assurantiewezen</I>&rdquo;). Any representation to the contrary is unlawful.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">Each underwriter
has undertaken not to offer sell, resell, transfer or deliver directly or indirectly, any shares of Common Stock, or to take any
steps relating/ancillary thereto, and not to distribute or publish this document or any other material relating to the shares
of Common Stock or to the offering in a manner which would be construed as: (a) a public offering under the Belgian Royal Decree
of 7 July 1999 on the public character of financial transactions; or (b) an offering of securities to the public under Directive
2003/71/EC which triggers an obligation to publish a prospectus in Belgium. Any action contrary to these restrictions will
cause the recipient and the company to be in violation of the Belgian securities laws.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">This document
constitutes an &ldquo;exempt offering document&rdquo; as defined in and for the purposes of applicable Canadian securities laws.
No prospectus has been filed with any securities commission or similar regulatory authority in Canada in connection with the offer
and sale of the securities described herein, or the Securities. No securities commission or similar regulatory authority in Canada
has reviewed or in any way passed upon this document or on the merits of the Securities and any representation to the contrary
is an offence.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">Canadian investors
are advised that this document has been prepared in reliance on section 3A.3 of National Instrument 33-105 Underwriting Conflicts
(&ldquo;NI 33-105&rdquo;). Pursuant to section 3A.3 of NI 33-105, this document is exempt from the requirement to provide investors
with certain conflicts of interest disclosure pertaining to &ldquo;connected issuer&rdquo; and/or &ldquo;related issuer&rdquo;
relationships as would otherwise be required pursuant to subsection 2.1(1) of NI 33-105.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">The offer and
sale of the securities in Canada is being made on a private placement basis only and is exempt from the requirement to prepare
and file a prospectus under applicable Canadian securities laws. Any resale of Securities acquired by a Canadian investor in the
offering must be made in accordance with applicable Canadian securities laws, which may vary depending on the relevant jurisdiction,
and which may require resales to be made in accordance with Canadian prospectus requirements, a statutory exemption from the prospectus
requirements, in a transaction exempt from the prospectus requirements or otherwise under a discretionary exemption from the prospectus
requirements granted by the applicable local Canadian securities regulatory authority. These resale restrictions may under certain
circumstances apply to resales of the securities outside of Canada.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">Each Canadian
investor who purchases the securities will be deemed to have represented to the issuer and to each dealer from whom a purchase
confirmation is received, as applicable, that the investor (i) is purchasing as principal, or is deemed to be purchasing as principal
in accordance with applicable Canadian securities laws, for investment only and not with a view to resale or redistribution; (ii)
is an &ldquo;accredited investor&rdquo; as such term is defined in section 1.1 of National Instrument 45-106 <I>Prospectus Exemptions</I>,
or NI-45-106 or, in Ontario, as such term is defined in section 73.3(1) of the <I>Securities Act</I> (Ontario); and (iii) is a
&ldquo;permitted client&rdquo; as such term is defined in section 1.1 of National Instrument 31-103 <I>Registration Requirements,
Exemptions and Ongoing Registrant Obligations</I>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt"><I>Taxation
and Eligibility for Investment</I></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">Any discussion
of taxation and related matters contained in this document does not purport to be a comprehensive description of all of the tax
considerations that may be relevant to a Canadian investor when deciding to purchase the securities and, in particular, does not
address any Canadian tax considerations. No representation or warranty is hereby made as to the tax consequences to a resident,
or deemed resident, of Canada of an investment in the securities or with respect to the eligibility of the securities for investment
by such investor under relevant Canadian federal and provincial legislation and regulations.</FONT></P>

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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt"><I>Rights
of Action for Damages or Rescission</I></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">Securities legislation
in certain of the Canadian jurisdictions provides certain purchasers of securities pursuant to an offering memorandum, including
where the distribution involves an &ldquo;eligible foreign security&rdquo; as such term is defined in Ontario Securities Commission
Rule 45-501 <I>Ontario Prospectus and Registration Exemptions</I> and in Multilateral Instrument 45-107 <I>Listing Representation
and Statutory Rights of Action Disclosure Exemptions</I>, as applicable, with a remedy for damages or rescission, or both, in
addition to any other rights they may have at law, where the offering memorandum, or other offering document that constitutes
an offering memorandum, and any amendment thereto, contains a &ldquo;misrepresentation&rdquo; as defined under applicable Canadian
securities laws. These remedies, or notice with respect to these remedies, must be exercised or delivered, as the case may be,
by the purchaser within the time limits prescribed under, and are subject to limitations and defences under, applicable Canadian
securities legislation. In addition, these remedies are in addition to and without derogation from any other right or remedy available
at law to the investor.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">Upon receipt
of this document, each Canadian investor hereby confirms that it has expressly requested that all documents evidencing or relating
in any way to the sale of the securities described herein (including for greater certainty any purchase confirmation or any notice)
be drawn up in the English language only. <I>Par la r&eacute;ception de ce document, chaque investisseur canadien confirme par
les pr&eacute;sentes qu&rsquo;il a express&eacute;ment exig&eacute; que tous les documents faisant foi ou se rapportant de quelque
mani&egrave;re que ce soit &agrave; la vente des valeurs mobili&egrave;res d&eacute;crites aux pr&eacute;sentes (incluant, pour
plus de certitude, toute confirmation d&rsquo;achat ou tout avis) soient r&eacute;dig&eacute;s en anglais seulement.</I></FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">Neither this
prospectus nor any other offering material relating to the shares of Common Stock has been submitted to the clearance procedures
of the Autorit&eacute; des march&eacute;s financiers in France. The shares of Common Stock have not been offered or sold and will
not be offered or sold, directly or indirectly, to the public in France. Neither this prospectus nor any other offering material
relating to the shares of Common Stock has been or will be: (a) released, issued, distributed or caused to be released, issued
or distributed to the public in France; or (b) used in connection with any offer for subscription or sale of the shares of Common
Stock to the public in France. Such offers, sales and distributions will be made in France only: (i) to qualified investors
(<I>investisseurs qualifi&eacute;s</I>) and/or to a restricted circle of investors (<I>cercle restreint d&rsquo;investisseurs</I>),
in each case investing for their own account, all as defined in and in accordance with Articles L.411-2, D.411-1, D.411-2, D.734-1,
D.744-1, D.754-1 and D.764-1 of the French Code mon&eacute;taire et financier; (ii) to investment services providers authorised
to engage in portfolio management on behalf of third parties; or (iii) in a transaction that, in accordance with article L.411-2-II-1&deg;-or-2&deg;-or
3&deg; of the French Code mon&eacute;taire et financier and article 211-2 of the General Regulations (<I>R&egrave;glement G&eacute;n&eacute;ral</I>)
<I>of the Autorit&eacute; des march&eacute;s financiers</I>, does not constitute a public offer (appel public &agrave; l&rsquo;&eacute;pargne).
Such shares of Common Stock may be resold only in compliance with Articles L.411-1, L.411-2, L.412-1 and L.621-8 through L.621-8-3
of the French Code <I>mon&eacute;taire et financier</I>.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">This prospectus
does not constitute a prospectus under the Israeli Securities Law, 5728-1968, or the Securities Law, and has not been filed with
or approved by the Israel Securities Authority. In the State of Israel, this document is being distributed only to, and is
directed only at, and any offer of the shares of Common Stock is directed only at, investors listed in the first addendum to the
Israeli Securities Law, or the Addendum, consisting primarily of joint investment in trust funds, provident funds, insurance companies,
banks, portfolio managers, investment advisors, members of the Tel Aviv Stock Exchange, underwriters, venture capital funds, entities
with equity in excess of NIS 50 million and &ldquo;qualified individuals&rdquo;, each as defined in the Addendum (as it may be
amended from time to time), collectively referred to as qualified investors (in each case purchasing for their own account or,
where permitted under the Addendum, for the accounts of their clients who are investors listed in the Addendum). Qualified
investors will be required to submit written confirmation that they fall within the scope of the Addendum, are aware of the meaning
of same and agree to it.</FONT></P>

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


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">The offering
of the shares of Common Stock offered hereby in Italy has not been registered with the <I>Commissione Nazionale per la Societ&agrave;
e la Borsa</I>, or CONSOB, pursuant to Italian securities legislation and, accordingly, the shares of Common Stock offered hereby
cannot be offered, sold or delivered in the Republic of Italy, or Italy, nor may any copy of this prospectus or any other document
relating to the shares of Common Stock offered hereby be distributed in Italy other than to professional investors (<I>operatori
qualificati</I>) as defined in Article 31, second paragraph, of CONSOB Regulation No. 11522 of 1 July, 1998 as subsequently amended.
Any offer, sale or delivery of the shares of Common Stock offered hereby or distribution of copies of this prospectus or any other
document relating to the shares of Common Stock offered hereby in Italy must be made:</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 73px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">(a)</FONT></td>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">by
    an investment firm, bank or intermediary permitted to conduct such activities in Italy in accordance with Legislative Decree
    No. 58 of 24 February 1998 and Legislative Decree No. 385 of 1 September 1993, or the Banking Act;</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 73px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">(b)</FONT></td>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">in
    compliance with Article 129 of the Banking Act and the implementing guidelines of the Bank of Italy; and</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">(c)</FONT></td>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">in
    compliance with any other applicable laws and regulations and other possible requirements or limitations which may be imposed
    by Italian authorities.</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">This prospectus
has not been nor will it be registered with or approved by Finansinspektionen (the Swedish Financial Supervisory Authority). Accordingly,
this prospectus may not be made available, nor may the shares of Common Stock offered hereunder be marketed and offered for sale
in Sweden, other than under circumstances which are deemed not to require a prospectus under the Financial Instruments Trading
Act (1991: 980).</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">The shares
of Common Stock offered pursuant to this prospectus will not be offered, directly or indirectly, to the public in Switzerland
and this prospectus does not constitute a public offering prospectus as that term is understood pursuant to art. 652a or art.
1156 of the Swiss Federal Code of Obligations. The company has not applied for a listing of the shares of Common Stock being offered
pursuant to this prospectus on the SWX Swiss Exchange or on any other regulated securities market, and consequently, the information
presented in this prospectus does not necessarily comply with the information standards set out in the relevant listing rules.
The shares of Common Stock being offered pursuant to this prospectus have not been registered with the Swiss Federal Banking Commission
as foreign investment funds, and the investor protection afforded to acquirers of investment fund certificates does not extend
to acquirers of shares of Common Stock.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">Investors
are advised to contact their legal, financial or tax advisers to obtain an independent assessment of the financial and tax consequences
of an investment in shares of Common Stock.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B><I>European
Economic Area and the United Kingdom</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">In relation
to each Member State of the European Economic Area and the United Kingdom, each referred to as a Relevant State, no shares of
Common Stock have been offered or will be offered pursuant to the offering to the public in that Relevant State prior to the publication
of a prospectus in relation to the shares of Common Stock which has been approved by the competent authority in that Relevant
State or, where appropriate, approved in another Relevant State and notified to the competent authority in that Relevant State,
all in accordance with the Prospectus Regulation), except that offers of shares of Common Stock may be made to the public in that
Relevant State at any time under the following exemptions under the Prospectus Regulation:</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 73px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">(a)</FONT></td>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">to
    any legal entity which is a qualified investor as defined under the Prospectus Regulation;</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">(b)</FONT></td>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">to
    fewer than 150 natural or legal persons (other than qualified investors as defined under the Prospectus Regulation), subject
    to obtaining the prior consent of the underwriters for any such offer; or</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">(c)</FONT></td>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">in
    any other circumstances falling within Article 1(4) of the Prospectus Regulation,</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">provided
that no such offer of shares of Common Stock shall require us or any of underwriters to publish a prospectus pursuant to Article
3 of the Prospectus Regulation or supplement a prospectus pursuant to Article 23 of the Prospectus Regulation.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">Each person
in a Relevant State who initially acquires any shares of Common Stock or to whom any offer is made will be deemed to have represented,
acknowledged and agreed to and with us and the underwriters that it is a qualified investor within the meaning of the Prospectus
Regulation.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">In the case
of any shares of Common Stock being offered to a financial intermediary as that term is used in Article 5(1) of the Prospectus
Regulation, each such financial intermediary will be deemed to have represented, acknowledged and agreed that the shares of Common
Stock acquired by it in the offer have not been acquired on a non-discretionary basis on behalf of, nor have they been acquired
with a view to their offer or resale to, persons in circumstances which may give rise to an offer to the public other than their
offer or resale in a Relevant State to qualified investors, in circumstances in which the prior consent of the underwriters has
been obtained to each such proposed offer or resale.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">We, the underwriters
and their affiliates will rely upon the truth and accuracy of the foregoing representations, acknowledgements and agreements.</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="border-top: black 1.5pt solid; border-right: black 1.5pt solid; border-left: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding: 5.75pt 5.75pt 0.25pt; text-align: justify"><FONT STYLE="font-size: 10pt"><I>For
    the purposes of this provision, the expression an &ldquo;offer to the public&rdquo; in relation to any shares of Common Stock
    in any Relevant State means the communication in any form and by any means of sufficient information on the terms of the offer
    and any shares of Common Stock to be offered so as to enable an investor to decide to purchase or subscribe for any shares
    of Common Stock, and the expression &ldquo;Prospectus Regulation&rdquo; means Regulation (EU) 2017/1129.</I></FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="border-left: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0.25pt 5.75pt; border-right: black 1.5pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; border-left: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0.25pt 5.75pt 5.75pt; text-align: justify"><FONT STYLE="font-size: 10pt"><I>References
    to the Prospectus Regulation includes, in relation to the United Kingdom, the Prospectus Regulation as it forms part of UK
    domestic law by virtue of the European Union (Withdrawal) Act 2018.</I>&nbsp;</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">The above selling
restriction is in addition to any other selling restrictions set out below.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">This document
is for distribution only to persons who (i) have professional experience in matters relating to investments and who qualify as
investment professionals within the meaning of Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion)
Order 2005 (as amended, the Financial Promotion Order), (ii) are persons falling within Article 49(2)(a) to (d), or high net worth
companies, unincorporated associations etc., of the Financial Promotion Order, (iii) are outside the United Kingdom, or (iv) are
persons to whom an invitation or inducement to engage in investment activity (within the meaning of Section 21 of the Financial
Services and Markets Act 2000, as amended, or FSMA,) in connection with the issue or sale of any securities may otherwise lawfully
be communicated or caused to be communicated (all such persons together being referred to as &ldquo;relevant persons&rdquo;).
This document is directed only at relevant persons and must not be acted on or relied on by persons who are not relevant persons.
Any investment or investment activity to which this document relates is available only to relevant persons and will be engaged
in only with relevant persons.</FONT></P>

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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B><A NAME="modulara018"></A>LEGAL
MATTERS</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">The validity
of the shares of Common Stock and Warrants offered by this prospectus has been passed upon for us by Lucosky Bookman LLP, Woodbridge,
New Jersey. Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C., New York, New York, is acting as counsel for the underwriters
in connection with this offering.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B><A NAME="modulara019"></A>EXPERTS</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">The consolidated
balance sheets of Modular Medical, Inc. as of March 31, 2021 and March 31, 2020, and the related consolidated statements of operations,
changes in stockholders&rsquo; equity (deficit) and cash flows for the years then ended have been audited by Farber Hass Harley
LLP, an independent registered public accounting firm, as stated in their report which is incorporated herein. Such consolidated
financial statements have been incorporated herein in reliance on the report of such firm given upon their authority as experts
in accounting and auditing.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><A NAME="modulara020"></A><FONT STYLE="font-size: 10pt"><B>WHERE YOU
CAN FIND MORE INFORMATION</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">We have filed
with the SEC a registration statement on Form S-1, including exhibits and schedules, under the Securities Act that registers the
securities to be sold in this offering. This prospectus does not contain all of the information contained in the registration
statement and the exhibits and schedules filed as part of the registration statement. For further information with respect
to us and our Common Stock, we refer you to the registration statement and the exhibits and schedules filed as part of the registration
statement. Statements contained in this prospectus as to the contents of any contract or any other document are not necessarily
complete. If a contract or document has been filed as an exhibit to the registration statement, we refer you to the copies of
the contract or document that has been filed. Each statement in this prospectus relating to a contract or document filed as an
exhibit is qualified in all respects by the filed exhibit.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">You may read
and copy all materials that we file with the SEC, including the registration statement and its exhibits and schedules, on the
website maintained by the SEC at www.sec.gov. Information contained on any website referenced in this prospectus does not and
will not constitute a part of this prospectus or the registration statement on Form S-1 of which this prospectus is a part.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">In addition,
upon the closing of this offering, we will be subject to the information reporting requirements of the Exchange Act and we will
file periodic reports, proxy statements and other information with the SEC. These periodic reports, proxy statements and other
information will be available for inspection and copying at the public reference room and the website of the SEC referred to above.
We also maintain a website at <U>www.modular-medical.com</U>, at which you may access
these materials free of charge as soon as reasonably practicable after they are electronically filed with, or furnished to, the
SEC. The information contained in, or that can be accessed through, our website is not a part of, and is not incorporated into,
this prospectus. Additionally, you may request a copy of any of our filings with the SEC at no cost, by writing or telephoning
us at the following address:</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">16772 W. Bernardo
Drive</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">San Diego, California
92127</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">(858) 800-3500</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">You should rely
only on the information contained in this prospectus or to which we have referred you. We have not and the underwriters have not
authorized any person to provide you with different information or to make any representation not contained in this prospectus.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><A NAME="modulara021"></A><FONT STYLE="font-size: 10pt"><B>INDEX
TO FINANCIAL STATEMENTS</B></FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; width: 95%; padding: 0.25pt 0.25pt 1.25pt 8.9pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; width: 5%; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0.25pt 0.25pt 0.5pt; text-align: center"><FONT STYLE="font-size: 10pt">Page</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 8.9pt; font: 10pt Times New Roman, Times, Serif; text-indent: -8.65pt"><FONT STYLE="font-size: 10pt"><B>Six
    Months ended September 30, 2021 and September 30, 2020</B></FONT></td>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td></tr>
<TR STYLE=" font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 8.9pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 8.9pt; font: 10pt Times New Roman, Times, Serif; text-indent: -8.65pt"><FONT STYLE="font-size: 10pt"><B><A HREF="#modularb001">Condensed
    Consolidated Balance Sheets as of September 30, 2021 (Unaudited) and March 31, 2021 </A></B></FONT></td>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">F-2</FONT></td></tr>
<TR STYLE=" font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 8.9pt; font: 10pt Times New Roman, Times, Serif; text-indent: -8.65pt"><FONT STYLE="font-size: 10pt"><B><A HREF="#modularb002">Condensed
    Consolidated Statements of Operations for the Three and Six Months Ended September 30, 2021 and 2020 (Unaudited)</A></B></FONT></td>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">F-3</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 8.9pt; font: 10pt Times New Roman, Times, Serif; text-indent: -8.65pt"><FONT STYLE="font-size: 10pt"><B><A HREF="#modularb003">Condensed
    Consolidated Statements of Stockholders&rsquo; Equity (Deficit) for the Three and Six Months Ended September 30, 2021 and
    2020 (Unaudited)</A></B></FONT></td>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">F-4</FONT></td></tr>
<TR STYLE=" font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 8.9pt; font: 10pt Times New Roman, Times, Serif; text-indent: -8.65pt"><FONT STYLE="font-size: 10pt"><B><A HREF="#modularb004">Condensed
    Consolidated Statements of Cash Flows for the Six Months Ended September 30, 2021 and 2020 (Unaudited)</A></B></FONT></td>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">F-5</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 8.9pt; font: 10pt Times New Roman, Times, Serif; text-indent: -8.65pt"><FONT STYLE="font-size: 10pt"><B><A HREF="#modularb005">Notes
    to Condensed Consolidated Financial Statements (Unaudited)</A></B></FONT></td>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">F-6</FONT></td></tr>
<TR STYLE=" font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 8.9pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 8.9pt; font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: -8.65pt"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: -8.65pt"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: -8.65pt"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: -8.65pt"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: -8.65pt"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: -8.65pt"><FONT STYLE="font-size: 10pt"><B>Years
        ended March 31, 2021 and March 31, 2020</B></FONT></P></td>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td></tr>
<TR STYLE=" font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 8.9pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 8.9pt; font: 10pt Times New Roman, Times, Serif; text-indent: -8.65pt"><FONT STYLE="font-size: 10pt"><A HREF="#modularb006"><B>Report
    of Independent Registered Public Accounting Firm</B></A></FONT></td>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">F-15</FONT></td></tr>
<TR STYLE=" font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 8.9pt; font: 10pt Times New Roman, Times, Serif; text-indent: -8.65pt"><FONT STYLE="font-size: 10pt"><A HREF="#modularb007"><B>Consolidated
    Balance Sheets as of March 31, 2021 and March 31, 2020 </B></A></FONT></td>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">F-17</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 8.9pt; font: 10pt Times New Roman, Times, Serif; text-indent: -8.65pt"><FONT STYLE="font-size: 10pt"><A HREF="#modularb008"><B>Consolidated
    Statements of Operations for the Years Ended March 31, 2021 and March 31, 2020</B></A></FONT></td>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">F-18</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 8.9pt; font: 10pt Times New Roman, Times, Serif; text-indent: -8.65pt"><FONT STYLE="font-size: 10pt"><A HREF="#modularb009"><B>Consolidated
    Statements of Stockholders&rsquo; Equity (Deficit) for the Years Ended March 31, 2021 and March 31, 2020 </B></A></FONT></td>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">F-19</FONT></td></tr>
<TR STYLE=" font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 8.9pt; font: 10pt Times New Roman, Times, Serif; text-indent: -8.65pt"><FONT STYLE="font-size: 10pt"><A HREF="#modularb010"><B>Consolidated
    Statements of Cash Flows for the Years Ended March 31, 2021 and March 31,2020, </B></A></FONT></td>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">F-20</FONT></td></tr>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: top; padding: 0.25pt 0.25pt 0.25pt 8.9pt; font: 10pt Times New Roman, Times, Serif; text-indent: -8.65pt"><FONT STYLE="font-size: 10pt"><A HREF="#modularb011"><B>Notes
    to Consolidated Financial Statements</B></A></FONT></td>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">F-21</FONT></td></tr>
</table>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; "><FONT STYLE="font-size: 10pt"><B>Modular Medical,
Inc.</B><BR>
<A NAME="modularb001"></A><B>Condensed Consolidated Balance Sheets</B></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0"  STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; padding-left: 8.65pt; text-indent: -8.65pt">&#160;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&#160;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">September
    30,<BR> 2021<BR> (Unaudited)</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font-weight: bold">&#160;</TD><TD STYLE="white-space: nowrap; font-weight: bold; padding-bottom: 1pt">&#160;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">March
    31,<BR> 2021</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&#160;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="font-weight: bold; padding-left: 8.65pt; text-indent: -8.65pt">ASSETS</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 8.65pt; text-indent: -8.65pt">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 8.65pt; text-indent: -8.65pt">CURRENT ASSETS</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
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    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 8%; text-align: right">798,161</TD><TD STYLE="width: 1%; text-align: left">&#160;</TD><TD STYLE="width: 3%">&#160;</TD>
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<TR STYLE="vertical-align: bottom; background-color: White">
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    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">43,580</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">178,158</TD><TD STYLE="text-align: left">&#160;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt">Other current assets</TD><TD STYLE="padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2,920</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&#160;</TD><TD STYLE="padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2,466</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&#160;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -8.65pt; padding-left: 34.6pt">TOTAL CURRENT ASSETS</TD><TD STYLE="padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">844,661</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&#160;</TD><TD STYLE="padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,649,089</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&#160;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 8.65pt; text-indent: -8.65pt">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
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    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">268,138</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
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<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
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<TR STYLE="vertical-align: bottom">
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<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
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<TR STYLE="vertical-align: bottom">
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<TR STYLE="vertical-align: bottom; background-color: White">
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<TR STYLE="vertical-align: bottom">
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<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
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<TR STYLE="vertical-align: bottom; background-color: White">
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<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
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<TR STYLE="vertical-align: bottom; background-color: White">
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<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
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<TR STYLE="vertical-align: bottom; background-color: White">
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<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
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<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 8.65pt; text-indent: -8.65pt">&#160;</TD><TD>&#160;</TD>
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    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
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    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
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<TR STYLE="vertical-align: bottom; background-color: White">
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<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
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<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 8.65pt; text-indent: -8.65pt">&#160;</TD><TD>&#160;</TD>
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<TR STYLE="vertical-align: bottom; background-color: White">
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<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 8.65pt; text-indent: -8.65pt">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
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<TR STYLE="vertical-align: bottom; background-color: White">
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<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
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<TR STYLE="vertical-align: bottom; background-color: White">
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<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
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    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(15,947,010</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -8.65pt; padding-left: 34.6pt">TOTAL STOCKHOLDERS&#8217; DEFICIT</TD><TD STYLE="padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(5,100,814</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(1,275,149</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -8.65pt; padding-left: 25.95pt">TOTAL LIABILITIES AND STOCKHOLDERS&#8217;
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    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">1,374,838</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&#160;</TD><TD STYLE="padding-bottom: 2.5pt">&#160;</TD>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-size: 10pt">The
accompanying notes are an integral part of these condensed consolidated financial statements.</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>Modular Medical,
Inc.</B><BR>
<B><A NAME="modularb002"></A>Condensed Consolidated Statements of Operations</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&#160;</FONT></P>

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<TR STYLE="vertical-align: bottom">
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    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center"></TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font-weight: bold"></TD><TD STYLE="white-space: nowrap; font-weight: bold; padding-bottom: 1pt"></TD>
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    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center"></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center"></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center"></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center"></TD>
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<TR STYLE="vertical-align: bottom">
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<TR STYLE="vertical-align: bottom">
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<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
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    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
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<TR STYLE="vertical-align: bottom; background-color: White">
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<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
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<TR STYLE="vertical-align: bottom; background-color: White">
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<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
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    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">(3,694,412</TD><TD STYLE="text-align: left">)</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">(1,859,178</TD><TD STYLE="text-align: left">)</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">(7,068,000</TD><TD STYLE="text-align: left">)</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">(3,733,390</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
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    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">48</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
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<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="text-align: left; padding-left: 8.65pt">Interest expense</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">(685,793</TD><TD STYLE="text-align: left">)</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#8212;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">(1,194,670</TD><TD STYLE="text-align: left">)</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#8212;</TD><TD STYLE="text-align: left">&#160;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 8.65pt">Loss on debt extinguishment</TD><TD STYLE="padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&#8212;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&#160;</TD><TD STYLE="padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&#8212;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&#160;</TD><TD STYLE="padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(1,321,450</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&#8212;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&#160;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="text-align: left; padding-left: 17.3pt">Loss before income taxes</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">(4,380,157</TD><TD STYLE="text-align: left">)</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">(1,859,129</TD><TD STYLE="text-align: left">)</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">(9,215,248</TD><TD STYLE="text-align: left">)</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">(3,733,286</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
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    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,600</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&#160;</TD><TD STYLE="padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,600</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&#160;</TD><TD STYLE="padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,600</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&#160;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt; padding-left: 17.3pt">Net Loss</TD><TD STYLE="padding-bottom: 2.5pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(4,381,757</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 2.5pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(1,860,729</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 2.5pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(9,216,848</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 2.5pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(3,734,886</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold">Net loss per share</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; padding-left: 8.65pt">Basic and diluted</TD><TD STYLE="padding-bottom: 2.5pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(0.69</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 2.5pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(0.30</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 2.5pt">&#160;</TD>
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<TR STYLE="vertical-align: bottom">
    <TD>&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Shares used in computing net loss per share</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="text-align: left; padding-left: 8.65pt">Basic and diluted</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">6,323,925</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
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</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-size: 10pt">The
accompanying notes are an integral part of these condensed consolidated financial statements.</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>Modular Medical,
Inc.</B><BR>
<B><A NAME="modularb003"></A>Condensed Consolidated Statements of Stockholders&#8217; Equity (Deficit)</B><BR>
<B>(Unaudited)</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&#160;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; padding-left: 8.65pt; text-indent: -8.65pt">&#160;</TD><TD STYLE="white-space: nowrap">&#160;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: center">&#160;</TD><TD STYLE="white-space: nowrap">&#160;</TD><TD STYLE="white-space: nowrap">&#160;</TD>
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    <TD COLSPAN="2" STYLE="white-space: nowrap; font-weight: bold; text-align: center">Additional</TD><TD STYLE="white-space: nowrap; font-weight: bold">&#160;</TD><TD STYLE="white-space: nowrap; font-weight: bold">&#160;</TD>
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    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: center">&#160;</TD><TD STYLE="white-space: nowrap">&#160;</TD><TD STYLE="white-space: nowrap">&#160;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: center">&#160;</TD><TD STYLE="white-space: nowrap">&#160;</TD></TR>
<TR STYLE="vertical-align: bottom">
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<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: center; padding-left: 8.65pt; text-indent: -8.65pt">&#160;</TD><TD STYLE="white-space: nowrap; font-weight: bold; padding-bottom: 1pt">&#160;</TD>
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<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
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<TR STYLE="vertical-align: bottom; background-color: White">
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<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
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<TR STYLE="vertical-align: bottom; background-color: White">
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<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
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    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&#8212;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&#160;</TD><TD STYLE="padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&#8212;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&#160;</TD><TD STYLE="padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&#8212;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&#160;</TD><TD STYLE="padding-bottom: 1pt">&#160;</TD>
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    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(4,835,091</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
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    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(20,782,101</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 2.5pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(1,581,488</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -8.65pt; padding-left: 8.65pt">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="text-indent: -8.65pt; padding-left: 8.65pt">Stock-based compensation</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">3,365</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">4</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">862,427</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#8212;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#8212;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">862,431</TD><TD STYLE="text-align: left">&#160;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 8.65pt">Net loss</TD><TD STYLE="padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&#8212;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&#160;</TD><TD STYLE="padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&#8212;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&#160;</TD><TD STYLE="padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&#8212;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&#160;</TD><TD STYLE="padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&#8212;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&#160;</TD><TD STYLE="padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(4,381,757</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(4,381,757</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="text-indent: -8.65pt; padding-left: 8.65pt">Balance as of September 30, 2021</TD><TD STYLE="padding-bottom: 2.5pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">6,327,521</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&#160;</TD><TD STYLE="padding-bottom: 2.5pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">6,328</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&#160;</TD><TD STYLE="padding-bottom: 2.5pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">20,056,716</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&#160;</TD><TD STYLE="padding-bottom: 2.5pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">&#8212;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&#160;</TD><TD STYLE="padding-bottom: 2.5pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(25,163,858</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 2.5pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(5,100,814</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -8.65pt; padding-left: 8.65pt">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD></TR>

<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; padding-left: 8.65pt; text-indent: -8.65pt">&#160;</TD><TD STYLE="white-space: nowrap">&#160;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: center">&#160;</TD><TD STYLE="white-space: nowrap">&#160;</TD><TD STYLE="white-space: nowrap">&#160;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: center">&#160;</TD><TD STYLE="white-space: nowrap">&#160;</TD><TD STYLE="white-space: nowrap; font-weight: bold">&#160;</TD>
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    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: center">&#160;</TD><TD STYLE="white-space: nowrap">&#160;</TD><TD STYLE="white-space: nowrap">&#160;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: center">&#160;</TD><TD STYLE="white-space: nowrap">&#160;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: center; padding-left: 8.65pt; text-indent: -8.65pt">&#160;</TD><TD STYLE="white-space: nowrap; font-weight: bold; padding-bottom: 1pt">&#160;</TD>
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<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: center; padding-left: 8.65pt; text-indent: -8.65pt">&#160;</TD><TD STYLE="white-space: nowrap; font-weight: bold; padding-bottom: 1pt">&#160;</TD>
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<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
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    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">5,957</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">10,517,505</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">923,994</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(8,569,034</TD><TD STYLE="text-align: left">)</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">2,878,422</TD><TD STYLE="text-align: left">&#160;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
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    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">243</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
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    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">(923,994</TD><TD STYLE="text-align: left">)</TD><TD>&#160;</TD>
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<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="text-indent: -8.65pt; padding-left: 8.65pt">Stock-based compensation</TD><TD>&#160;</TD>
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    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">344,716</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
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<TR STYLE="vertical-align: bottom; background-color: White">
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    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&#8212;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&#160;</TD><TD STYLE="padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&#8212;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&#160;</TD><TD STYLE="padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&#8212;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&#160;</TD><TD STYLE="padding-bottom: 1pt">&#160;</TD>
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    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(1,874,157</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="text-indent: -8.65pt; padding-left: 8.65pt">Balance as of June 30, 2020</TD><TD STYLE="padding-bottom: 2.5pt">&#160;</TD>
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    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">&#8212;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&#160;</TD><TD STYLE="padding-bottom: 2.5pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(10,443,191</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 2.5pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">2,467,615</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&#160;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -8.65pt; padding-left: 8.65pt">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -8.65pt; padding-left: 8.65pt">Stock-based compensation</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#8212;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#8212;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">300,604</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#8212;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#8212;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">300,604</TD><TD STYLE="text-align: left">&#160;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 8.65pt">Net loss</TD><TD STYLE="padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&#8212;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&#160;</TD><TD STYLE="padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&#8212;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&#160;</TD><TD STYLE="padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&#8212;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&#160;</TD><TD STYLE="padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&#8212;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&#160;</TD><TD STYLE="padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(1,860,729</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(1,860,729</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -8.65pt; padding-left: 8.65pt">Balance as of September 30, 2020</TD><TD STYLE="padding-bottom: 2.5pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">6,200,053</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&#160;</TD><TD STYLE="padding-bottom: 2.5pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">6,200</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&#160;</TD><TD STYLE="padding-bottom: 2.5pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">13,205,210</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&#160;</TD><TD STYLE="padding-bottom: 2.5pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">&#8212;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&#160;</TD><TD STYLE="padding-bottom: 2.5pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(12,303,920</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 2.5pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">907,490</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&#160;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-size: 10pt">The
accompanying notes are an integral part of these condensed consolidated financial statements.</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>Modular Medical,
Inc.</B><BR>
<B><A NAME="modularb004"></A>Condensed Consolidated Statements of Cash Flows</B></FONT></P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center"></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center"></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center"></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center"></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center"></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center"></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center"></TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font-weight: bold"></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&#160;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&#160;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">Six Months
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<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: center">&#160;</TD><TD STYLE="white-space: nowrap; font-weight: bold; padding-bottom: 1pt">&#160;</TD>
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<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="width: 74%; text-align: left">Net loss</TD><TD STYLE="width: 3%">&#160;</TD>
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<TR STYLE="vertical-align: bottom; background-color: White">
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<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
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<TR STYLE="vertical-align: bottom; background-color: White">
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<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
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<TR STYLE="vertical-align: bottom; background-color: White">
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<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
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<TR STYLE="vertical-align: bottom; background-color: White">
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<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
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    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">(61,032</TD><TD STYLE="text-align: left">)</TD><TD>&#160;</TD>
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<TR STYLE="vertical-align: bottom; background-color: White">
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<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
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<TR STYLE="vertical-align: bottom; background-color: White">
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    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">(7,941</TD><TD STYLE="text-align: left">)</TD><TD>&#160;</TD>
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<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
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<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Net cash used in operating activities</TD><TD>&#160;</TD>
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    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">(3,029,671</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
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<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
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<TR STYLE="vertical-align: bottom; background-color: White">
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<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
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    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">(22,779</TD><TD STYLE="text-align: left">)</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">(93,303</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">CASH FLOWS FROM FINANCING ACTIVITIES</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="text-align: left; padding-left: 8.65pt">Proceeds from private placement, net of issuance costs</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#8212;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">1,118,634</TD><TD STYLE="text-align: left">&#160;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 8.65pt">Proceeds from issuance of convertible notes, net of placement fees</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">4,137,200</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#8212;</TD><TD STYLE="text-align: left">&#160;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="text-align: left; padding-left: 8.65pt">Proceeds from issuance of PPP note payable</TD><TD STYLE="padding-bottom: 1pt">&#160;</TD>
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<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Net cash provided by financing activities</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">4,137,200</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">1,487,414</TD><TD STYLE="text-align: left">&#160;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="text-align: left">Net decrease in cash and cash equivalents</TD><TD>&#160;</TD>
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    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">(1,635,560</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Cash and cash equivalents at beginning of period</TD><TD STYLE="padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,468,465</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&#160;</TD><TD STYLE="padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">3,122,134</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&#160;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="font-weight: bold; text-align: left">Cash and cash equivalents at end of period</TD><TD STYLE="padding-bottom: 2.5pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">798,161</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&#160;</TD><TD STYLE="padding-bottom: 2.5pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">1,486,574</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&#160;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Supplemental disclosure:</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="text-align: left">Noncash investing and financing activities:</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Fair value of detachable warrants issued with convertible notes</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">3,700,632</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">&#8212;</TD><TD STYLE="text-align: left">&#160;</TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-size: 10pt">The
accompanying notes are an integral part of these unaudited condensed consolidated financial statements.</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>MODULAR MEDICAL,
INC.</B><BR>
<B>F/K/A BEAR LAKE RECREATION, INC.</B><BR>
<B><A NAME="modularb005"></A>NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS</B><BR>
<B>(UNAUDITED)</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"><B>NOTE
1 &#8211; THE COMPANY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">Modular Medical,
Inc. (the Company) was incorporated in Nevada in October 1998 under the name Bear Lake Recreation, Inc. The Company had no material business
operations from 2002 until approximately 2017 when it acquired all of the issued and outstanding shares of Quasuras, Inc., a Delaware
corporation (Quasuras). As the major shareholder of Quasuras retained control of both the Company and Quasuras, the share exchange was
accounted for as a reverse merger. As such, the Company recognized the assets and liabilities of Quasuras acquired in the merger, at
their historical carrying amounts. Prior to the acquisition of Quasuras and since at least 2002, the Company was a shell company, as
defined in Rule 12b-2 promulgated under the Securities Exchange Act of 1934 (the Exchange Act). In June 2017, the Company changed its
name from Bear Lake Recreation, Inc. to Modular Medical, Inc.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><FONT STYLE="font-size: 10pt">The
Company is a development-stage, medical-device company focused on the design, development, and commercialization of an innovative insulin
pump using modernized technology to increase pump adoption in the diabetes marketplace. Through the creation of a novel two-part, patch
pump product, the Company seeks to fundamentally alter the trade-offs between cost and complexity and access to the higher standards
of care that presently available insulin pumps provide. By simplifying and streamlining the user experience from introduction, prescription,
reimbursement, training and day-to-day use, the Company seeks to expand the wearable insulin delivery device market beyond the highly
motivated &#8220;super users&#8221; and expand the category into the mass market. The Company&#8217;s pump product seeks to serve both
the type 1 and type 2 diabetes markets.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-size: 10pt">Financial
Accounting Standards Board (FASB) Accounting Standard Update (ASU) No. 2014-15 (ASU 2014-15),&#160;<I>Going Concern</I>, requires management
to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the entity&#8217;s
ability to continue as a going concern within one year after the date that the financial statements are issued.&#160;If management identifies
conditions or events that raise substantial doubt about an entity&#8217;s ability to continue as a going concern, management must consider
if there are plans that are probable to be implemented, and whether it is probable that the plans will mitigate the conditions or events
raising the substantial doubt about the entity&#8217;s ability to continue as a going concern.&#160;If the substantial doubt is not alleviated
after consideration of management&#8217;s plans, the entity must include a statement in the notes to the financial statements indicating
that there is substantial doubt about the entity&#8217;s ability to continue as a going concern within one year after the date that the
financial statements are issued including: 1) the principal conditions or events that raise substantial doubt about the entity&#8217;s
ability to continue as a going concern, 2) management&#8217;s evaluation of the significance of those conditions or events in relation
to the entity&#8217;s ability to meet its obligations, and 3) management&#8217;s plans to attempt to mitigate the conditions or events
causing the substantial doubt about the entity&#8217;s ability to continue as a going concern.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">The Company expects
to continue to incur operating losses for the foreseeable future and incur cash outflows from operations as it continues to invest in
the development and subsequent commercialization of its product. The Company expects that its research and development and general and
administrative expenses will continue to increase, and, as a result, it will eventually need to generate significant product revenues
to achieve profitability. The Company&#8217;s expected operating losses and cash burn and the need to repay the convertible promissory
notes and accrued interest in the first half of 2022 raise substantial doubt about the Company&#8217;s ability to continue as a going
concern within one year after the date that these financial statements are issued. Implementation of the Company&#8217;s plans and its
ability to continue as a going concern will depend upon the Company&#8217;s ability to raise additional capital, through the sale of
additional equity or debt securities, to support its future operations. There can be no assurance that such additional capital, whether
in the form of debt or equity financing, will be sufficient or available and, if available, that such capital will be offered on terms
and conditions acceptable to the Company.&#160;As disclosed in note 9, the Company recently sold shares of its common stock to two of
its officers, obtained access to a credit facility and filed a registration statement to offer shares of its common stock.</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">The Company&#8217;s
operating needs include the planned costs to operate its business, including amounts required to repay its convertible promissory notes
(if not converted), fund working capital and capital expenditures. The Company&#8217;s future capital requirements and the adequacy of
its available funds will depend on many factors, including the Company&#8217;s ability to successfully commercialize its product, competing
technological and market developments, and the need to enter into collaborations with other companies or acquire other companies or technologies
to enhance or complement its product offering. If the Company is unable to secure additional capital, it may be required to curtail its
research and development initiatives and take additional measures to reduce costs in order to conserve its cash. These condensed consolidated
financial statements do not include any adjustments that might result from this uncertainty.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"><B>Basis
of Presentation</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify"><FONT STYLE="font-size: 10pt">The Company&#8217;s
fiscal year ends on March 31 of each calendar year. Each reference to a fiscal year in these notes to the condensed consolidated financial
statements refers to the fiscal year ended March 31 of the calendar year indicated (for example, fiscal 2022 refers to the fiscal year
ending March 31, 2022). The condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary,
Quasuras. All significant intercompany transactions and balances have been eliminated in consolidation.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify"><FONT STYLE="font-size: 10pt">The accompanying
condensed consolidated financial statements of the Company have been prepared without audit. The condensed consolidated balance sheet
as of March 31, 2021 has been derived from the audited consolidated financial statements at that date. Certain information and disclosures
normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States (GAAP)
have been condensed or omitted in accordance with these rules and regulations of the Securities and Exchange Commission (SEC). The information
in this report should be read in conjunction with the Company&#8217;s consolidated financial statements and notes thereto included in
its most recent annual report on Form 10-K filed with the SEC.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify"><FONT STYLE="font-size: 10pt">In the opinion
of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments (consisting only of normal
recurring adjustments) necessary to summarize fairly the Company&#8217;s financial position, results of operations and cash flows for
the interim periods presented. The operating results for the three months ended September 30, 2021 are not necessarily indicative of
the results that may be expected for the year ending March 31, 2022 or for any other future period.&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify">All share and per share amounts have been
presented to give retroactive effect to a 1-for-3 reverse stock split that occurred in November 2021.</P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify"><FONT STYLE="font-size: 10pt">The preparation
of the accompanying consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated
financial statements and the reported amount of revenues and expenses during the reporting period. Estimates may include those pertaining
to accruals, stock-based compensation and income taxes. Actual results could differ from those estimates.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0"><FONT STYLE="font-size: 10pt">The Company operates in one business segment and uses one measurement of profitability for its business.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0"><FONT STYLE="font-size: 10pt"><B>Research
and Development</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify"><FONT STYLE="font-size: 10pt">The Company
expenses research and development expenditures as incurred.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify"><FONT STYLE="font-size: 10pt">General and
administrative expenses consist primarily of payroll and benefit costs, rent, stock-based compensation, legal and accounting fees, and
office and other administrative expenses.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Financial instruments
that potentially subject the Company to concentration of credit risk consist primarily of cash. The Company maintains its cash balances
at high-quality financial institutions within the United States, which are insured by the Federal Deposit Insurance Corporation up to
limits of approximately $250,000. No reserve has been made in the financial statements for any possible loss due to financial institution
failure.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">The Company is subject
to risks from, among other things, competition associated with the industry in general, other risks associated with financing, liquidity
requirements, rapidly changing technology and customer requirements, limited operating history and the volatility of public markets.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"><I>COVID-19</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">The global outbreak
of the coronavirus disease 2019 (COVID-19) was declared a pandemic by the World Health Organization and a national emergency by the U.S.
government in March 2020. This has negatively affected the U.S. and global economy, disrupted global supply chains, significantly
restricted travel and transportation, resulted in mandated closures and orders to &#8220;shelter-in-place&#8221; and created significant
disruption of the financial markets. The full extent of the COVID-19 impact on the Company&#8217;s operational and financial performance
will depend on future developments, including the duration and spread of the pandemic and related actions taken by U.S. and foreign government
agencies to prevent disease spread, all of which are uncertain, out of the Company&#8217;s control, and cannot be predicted.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&#160;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><B>Cash
and Cash Equivalents</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Cash and
cash equivalents include cash on hand and cash in demand deposits, certificates of deposit and highly liquid debt instruments with original
maturities of three months or less.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><B>Property
&amp; Equipment</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">Property and equipment
are originally recorded at cost. Depreciation is computed using the straight-line method over the estimated useful lives of the assets,
generally three
to five
years. Depreciation is recorded in operating expenses in the condensed consolidated
statements of operations. Leasehold improvements and assets acquired through capital leases are amortized over the shorter of their estimated
useful life or the lease term, and amortization is recorded in operating expenses in the condensed consolidated statements of operations.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><B>Fair
Value of Financial Instruments</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">The Company measures
the fair value of financial instruments using a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure
fair value into three broad levels:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&#160;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 3%"><FONT STYLE="font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 3%"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 94%; text-align: justify"><FONT STYLE="font-size: 10pt">Level 1 inputs
    to the valuation methodology are quoted prices for identical assets or liabilities in active markets.</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">Level 2 inputs to the
    valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable
    for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt">Level 3 inputs to the
    valuation methodology are unobservable and significant to the fair value measurement.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Due to their
short-term nature, the carrying values of cash equivalents, accounts payable and accrued expenses approximate fair value.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt"><FONT STYLE="font-size: 10pt"><B>Per-Share
Amounts</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"><FONT STYLE="font-size: 10pt">Basic net
loss per share is computed by dividing loss for the period by the weighted-average number of shares of common stock outstanding during
the period. Diluted net loss per share gives effect to all potentially dilutive common shares outstanding during the period. For the
six months ended September 30, 2021 and 2020, outstanding options to purchase 1,597,650
and 1,160,030
shares of common stock, respectively, were excluded from the calculation of diluted
net loss per share because their effect would be anti-dilutive.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt"><FONT STYLE="font-size: 10pt"><B>Reclassification</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Certain prior
year amounts have been reclassified for consistency with the current period presentation. These reclassifications had no effect on the
reported results of operations or cash flows.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Comprehensive
Loss</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">Comprehensive loss
represents the changes in equity of an enterprise, other than those resulting from stockholder transactions. Accordingly, comprehensive
loss may include certain changes in equity that are excluded from net loss. For the three and six months ended September 30, 2021 and
2020, the Company&#8217;s comprehensive loss was the same as its net loss.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">In August 2020,
the FASB issued ASU No. 2020-06, <I>Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging-Contracts in
Entity&#8217;s Own Equity (Subtopic 815-40)-Accounting For Convertible Instruments and Contracts in an Entity&#8217;s Own Equity </I>(ASU
2020-06)<I>.</I> ASU 2020-06 simplifies the accounting for convertible instruments by removing major separation models required under
current GAAP. Consequently, more convertible debt instruments will be reported as a single liability instrument with no separate accounting
for embedded conversion features. ASU 2020-06 removes certain settlement conditions that are required for equity contracts to qualify
for the derivative scope exception, which will permit more equity contracts to qualify for it. ASU 2020-06 also simplifies the diluted
net income per share calculation in certain areas. The new guidance is effective for annual and interim periods beginning after December
15, 2021, and early adoption is permitted for fiscal years beginning after December 15, 2020, and interim periods within those fiscal
years. The Company early adopted ASU 2020-06 effective April 1, 2021, and the impact of the adoption was not material to the Company&#8217;s
consolidated financial statements.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B>&#160;</B></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"><B>NOTE
2 &#8211; LEASES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B>&#160;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Effective April 1, 2019, the Company adopted
ASU No. 2016-02, <I>Leases </I>(ASC 842), and related ASUs, as amended, using the alternative transition method, which allowed the
Company to initially apply the new lease standard at the adoption date (the &#8220;effective date method&#8221;). In January 2020,
the Company executed a lease for a new, larger corporate facility in San Diego, California and paid a $100,000 security deposit. The 39-month
lease term commenced April 1, 2020, and the lease provides for an initial monthly rent of approximately $12,400 annual
rent increases of approximately 3%.
In addition to the minimum lease payments, the Company is responsible for property taxes, insurance and certain other operating
costs. The right-to-use asset and corresponding liability for the facility lease have been measured at the present value of the
future minimum lease payments. A discount rate of 11%, which approximated the Company&#8217;s incremental borrowing rate, was used
to measure the lease asset and liability. Lease expense is recognized on a straight line basis over the lease term.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">The Company obtained
a right-of-use asset of $270,950
in exchange for its obligations under the operating lease. The landlord also provided
a lease incentive of approximately $139,000,
which was paid to the Company in June 2020, for the Company to make improvements to the leased space.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">Future
minimum payments under the facility operating lease, as of September 30, 2021, are listed in the table below.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&#160;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: center">&#160;</TD><TD STYLE="white-space: nowrap; font-weight: bold">&#160;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-weight: bold; text-align: center">Operating</TD><TD STYLE="white-space: nowrap; font-weight: bold">&#160;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: left">Annual Fiscal Years</TD><TD STYLE="white-space: nowrap; font-weight: bold; padding-bottom: 1pt">&#160;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">lease</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&#160;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="width: 87%; text-align: left">2022</TD><TD STYLE="width: 3%">&#160;</TD>
    <TD STYLE="width: 1%; text-align: left">&#160;</TD><TD STYLE="width: 8%; text-align: right">76,716</TD><TD STYLE="width: 1%; text-align: left">&#160;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">2023</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">158,028</TD><TD STYLE="text-align: left">&#160;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="text-align: left">2024</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">40,692</TD><TD STYLE="text-align: left">&#160;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Less:</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&#160;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="text-align: left; padding-left: 8.65pt">Imputed interest</TD><TD STYLE="padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(26,613</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Present value of lease liabilities</TD><TD STYLE="padding-bottom: 2.5pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">248,823</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&#160;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B>&#160;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">Cash paid for amounts
included in the measurement of lease liabilities was $76,716 for the six months ended September 30, 2021. Rent expense was $53,768
and $53,768 for the six months ended September 30, 2021 and 2020, respectively, and $26,884
and $26,844for the three months ended September 30, 2021 and 2020, respectively.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>NOTE
3 &#8211; PPP NOTE</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">On April 24, 2020,
the Company received a $368,780 unsecured
loan (the PPP Note) under the Paycheck Protection Program (the PPP), which was established under the U.S. government&#8217;s Coronavirus
Aid, Relief, and Economic Security Act (the CARES Act). The PPP Note to the Company was made through Silicon Valley Bank (the Lender),
and the Company entered into a U.S. Small Business Administration Paycheck Protection Program Note with the Lender evidencing the PPP
Note. The full amount of the PPP Note was due in April 2022 and interest accrued on the outstanding principal balance of the PPP Note
at a fixed rate of 1.0% per annum, which was deferred for 10 months after the covered period during which the Company used the proceeds.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">The Company applied
to the Lender for forgiveness of the PPP Note in October 2020, and, in May 2021, the Company was notified by the Lender and the U.S.
Small Business Administration that the outstanding principal and accrued interest for the PPP Note was forgiven in full. The Company
accounted for the forgiveness of the PPP Note in accordance with Accounting Standards Codification Topic 470: Debt (ASC 470), and the
amount forgiven was recorded as a gain on extinguishment and recognized in the other income line of the condensed consolidated statement
of operations.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>NOTE
4 &#8211; CONVERTIBLE PROMISSORY NOTES</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">From February through
April 2021, the Company sold $2,310,000 of convertible promissory notes (each an Original Notes and, collectively, the Original Notes),
at par in a private placement transaction effected pursuant to an exemption from the registration requirements under the Securities Act
of 1933, as amended. Effective April 30, 2021, pursuant to a revocation and replacement agreement between each holder of an Original
Note and the Company (the Revocation Agreement), the $2,310,000 of Original Notes and accrued interest thereon as of April 30, 2021 were
replaced with $2,360,550 aggregate principal amount of new Notes (as defined below). The Company accounted for the replacement of the
Original Notes in accordance with ASC 470 and recorded a loss on extinguishment of $1,321,450 and interest expense of $70,647
for unamortized debt issuance costs as of April 30, 2021.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">In April and May
2021, pursuant to a Securities Purchase Agreement by and between the Company and each investor (the SPA), the Company sold to investors
$4,250,000
aggregate principal amount of convertible promissory notes (the Notes) and warrants
to purchase shares of its common stock (the Warrants). The Notes are unsecured obligations of the Company with each Note having a stated
maturity date of 12 months from its issue date (the Issue Date). The Notes bear interest at a rate of 12% per annum, payable on maturity,
provided that, if the Company fails to pay any amounts when due under a Note, the interest rate increases to the greater of 16% or the
maximum amount permitted by law. Each Note may be prepaid at the Company&#8217;s option during the first 270 calendar days following
its Issue Date (the 270<SUP>th</SUP> day, the Trigger Date), subject to a 110% prepayment penalty on outstanding principal and accrued
interest then outstanding. No Note may be prepaid in whole or in part after the Trigger Date.</FONT></P>







<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">Notes outstanding
after the Trigger Date may be converted into shares of the Company&#8217;s common stock at an initial conversion price of $8.61 per share;
provided that a Note holder may not convert any portion of its Note that would cause it to beneficially own in excess of 4.99% of the
Company&#8217;s outstanding common stock. The conversion price and number of shares of Company common stock issuable upon conversion
of the Notes are subject to adjustment from time to time for subdivisions and consolidations of shares and other standard dilutive and
corporate events, as provided in the Notes. Subject to certain Exempt Issuances (as defined in the Notes), if while a Note is outstanding,
the Company sells, issues or grants any shares of its common stock or other securities to acquire shares of common stock at a price per
share less than the then conversion price, such conversion price shall be reduced to such lesser price, and the number of conversion
shares issuable upon conversion of the Notes shall be increased, as provided in the Notes.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">If the Company completes
an offering of its common stock or other securities in excess of $12,000,000 of gross proceeds (a Qualified Capital Raise, as defined
in the Notes), each Note holder will be required to convert its Adjusted Note Amount (as defined below) into the securities of such Qualified
Capital Raise. Adjusted Note Amount equals the product of (i) the sum of all outstanding principal plus accrued interest on a Note, multiplied
by (ii) 1.25.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">The Notes contain
a number of Company events of default (Events of Default) including, without limitation (i) failure to pay any principal or interest
thereon when due, (ii) failure to timely deliver shares upon conversions, (iii) failure to comply with SEC reporting requirements under
the Exchange Act, (iv) certain breaches of the SPA, the Notes, the Warrants, and the Registration Rights Agreement, (v) material restatements
of the Company&#8217;s consolidated financial statements filed with the SEC, (vi) a holder&#8217;s inability to rely on Rule 144 for
sales of shares underlying the Notes, (vii) the Company&#8217;s common stock is suspended or halted from trading and/or fails to be quoted
or listed (as applicable) on the OTCQB, OTCQX, any tier of the Nasdaq Stock Market, the New York Stock Exchange, or the NYSE American
within 10 days thereafter, (viii) failure to file with the SEC a registration statement covering the resale of shares of common stock
underlying the Notes and Warrants within 60 calendar days following the Issue Date, (ix) failure to cause such registration statement
to become effective within 120 calendar days following the Issue Date, or (x) certain mergers consolidations, business combinations and
sales of all or substantially all of the Company&#8217;s assets in the event the Company is not the survivor of such transaction.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">Upon an Event of
Default, a Note holder may declare all amounts under its Note(s) due and payable, in which event the Company will be required to pay
such Note holder the sum of (i) the product of (a) all then outstanding principal amount and accrued interest thereon, multiplied by
(b) 125%; and (ii) all collection costs including legal fees and expenses in connection therewith. At the option of a Note holder, in
the event the Company receives cash proceeds as a result of certain events, including, but not limited to, payments from customers, issuances
of debt or equity securities, exercise of warrants or asset sales, the Company will be required to use such proceeds to repay all or
any lesser outstanding amounts due under such holder&#8217;s Note.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">The Notes include
covenants, representations, warranties, other payment obligations and agreements by the Company including, without limitation, most-favored
nation rights, rights of participation and first refusal and exchange rights.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">In connection with
the issuance of the Notes, the Company issued Warrants to purchase in the aggregate 767,783 shares of its common stock at an initial
exercise price of $24.00 per share. The Warrants may be exercised for a period of five years from the Trigger Date, provided that, if
prior to the Trigger Date, the Company (i) completes a Qualified Capital Raise, the outstanding Warrants shall be cancelled or (ii) prepays
a holder&#8217;s Note(s) in whole or in part, such holder&#8217;s pro-rata number of Warrants shall be cancelled. The fair value of the
Warrants was $3,700,632, of which $2,379,182 was recorded as a debt discount, which is being amortized to interest expense over the term
of the Warrants, and $1,321,450 was recorded as a loss on debt extinguishment. The Company calculated the fair value of the Warrants
utilizing the Black-Scholes valuation model with the following assumptions: volatility of 88.98%,
risk-free interest rate of 0.86%,
a term of 5.75 years and a dividend yield of zero.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">In connection with
the April and May 2021 sales of the $4,250,000 aggregate principal amount of the Notes, the Company incurred debt issuance costs of $116,000,
which were recorded as a debt discount and are being amortized to interest expense over the term of the Notes using the effective interest
rate method. The interest expense attributable to the debt discount, comprising the debt issuance costs and Warrants, during the three
and six months ended September 30, 2021 was $485,820 and $824,439, respectively.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">The $6,610,550 aggregate
principal amount of Notes are due and payable in full in the first quarter of fiscal 2023. Subsequent to the Trigger Date, the Notes
can be converted into 767,783
shares of common stock at a conversion price of $8.61 per share.&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0"><FONT STYLE="font-size: 10pt"><B>NOTE
5 &#8211; STOCKHOLDERS&#8217; EQUITY (DEFICIT) &amp; STOCK-BASED COMPENSATION</B></FONT><B><FONT STYLE="font-size: 10pt">&#160;</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify"><FONT STYLE="font-size: 10pt">During the
six months ended September 30, 2021, the Company issued 20,000
shares of common stock to a service provider and issued 5,472
shares to its non-employee directors under the Company&#8217;s outside director compensation
plan.</FONT></P>

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




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"><B>Amended 2017 Equity Incentive Plan&#160;</B>&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">In October 2017,
the Company&#8217;s board of directors (the Board) approved the 2017 Equity Incentive Plan (the Plan) with 1,000,000
shares of common stock reserved for issuance. In January 2020 and August 2021, the
Board approved increases in the number of shares reserved for issuance under the Plan by 333,334
and 1,333,334
shares, respectively. Under the Plan, eligible employees, directors and consultants
may be granted a broad range of awards, including stock options, stock appreciation rights, restricted stock, performance-based awards
and restricted stock units. The Plan is administered by the Board or, in the alternative, a committee designated by the Board.&#160;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">The expense relating
to stock options is recognized on a straight-line basis over the requisite service period, usually the vesting period, based on the grant
date fair value. The unamortized compensation cost, as of September 30, 2021, was $5,988,541
related to stock options and is expected to be recognized as expense over a weighted-average
period of approximately three
years.&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">During the
six months ended September 30, 2021, the Company granted options to purchase 457,157
shares of its common stock to employees, directors and consultants. The options had
10-year terms, and 43,039
options vested immediately when granted. The fair value of the options was determined
to be $5,464,619
of which $845,979
was recorded as stock-based compensation expense and included in the condensed consolidated
statement of operations for the six months ended September 30, 2021.&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">The
following assumptions were used in the fair value method calculations:</FONT></P>















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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Schedule of Fair Value Assumptions</P>



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<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
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<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
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<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,204)">
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<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</P>









<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-size: 10pt">&#160;The
fair values of options at the grant date were estimated utilizing the Black-Scholes valuation model, which includes simplified methods
to establish the fair term of options as well as average volatility of three comparable organizations. The risk-free interest rate was
derived from the Daily Treasury Yield Curve Rates, as published by the U.S. Department of the Treasury as of the grant date for terms
equal to the expected terms of the options. A dividend yield of zero was applied because the Company has never paid dividends and has
no intention to pay dividends in the foreseeable future. In accordance with ASU No. 2016-09, the Company accounts for forfeitures as
they occur.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">A
summary of stock option activity under the Plan is presented below:</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 6.95pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">There were no stock
options exercised during the six months ended September 30, 2021 and 2020.&#160;</FONT></P>







<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">The
following table summarizes the range of outstanding and exercisable options as of September 30, 2021: </FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Schedule of Outstanding
and Exercisable Option, Range</P>





<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&#160;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&#160;</TD>
    <TD COLSPAN="10" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">Options Outstanding</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font-weight: bold">&#160;</TD><TD STYLE="white-space: nowrap; font-weight: bold; padding-bottom: 1pt">&#160;</TD>
    <TD COLSPAN="10" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">Options Exercisable</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font-weight: bold">&#160;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: left">Range of Exercise Price</TD><TD STYLE="white-space: nowrap; font-weight: bold; padding-bottom: 1pt">&#160;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">Number<BR>
    Outstanding</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font-weight: bold">&#160;</TD><TD STYLE="white-space: nowrap; font-weight: bold; padding-bottom: 1pt">&#160;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">Weighted<BR>
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    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">Aggregate<BR>
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<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="width: 22%; padding-bottom: 1pt; text-indent: -8.65pt; padding-left: 8.65pt">$1.98
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<TR STYLE="vertical-align: bottom">
    <TD>&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD></TR>
</TABLE>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">The intrinsic value
per share is calculated as the excess of the closing price of the common stock on the Company&#8217;s principal trading market over the
exercise price of the option at September 30, 2021.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">The Company
is required to present the tax benefits resulting from tax deductions in excess of the compensation cost recognized from the exercise
of stock options as financing cash flows in the consolidated statements of cash flows. For the six months ended September 30, 2021 and
2020, there were no such tax benefits associated with the exercise of stock options.<B>&#160;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><B>NOTE
6 &#8211; INCOME TAXES</B>&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">The Company determines
deferred tax assets and liabilities based upon the differences between the financial statement and tax bases of the Company&#8217;s assets
and liabilities using tax rates in effect for the year in which the Company expects the differences to affect taxable income. A valuation
allowance is established for any deferred tax assets for which it is more likely than not that all or a portion of the deferred tax assets
will not be realized. Based on the available information and other factors, management believes it is more likely than not that its federal
and state net deferred tax assets will not be fully realized, and the Company has recorded a full valuation allowance.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">The Company files
U.S. federal and state income tax returns in jurisdictions with varying statutes of limitations. All tax returns for fiscal 2016 to fiscal
2020 may be subject to examination by the U.S. federal and state tax authorities. As of September 30, 2021, the Company has not recorded
any liability for unrecognized tax benefits related to uncertain tax positions.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><B>NOTE
7 &#8211; RELATED PARTY TRANSACTIONS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">In February 2021,
the Company&#8217;s chairman of the Board and president and an existing investor, who is represented by a member of the Company&#8217;s
board of directors, purchased $100,000 and $1,000,000, aggregate principal amount of the Original Notes, respectively. Effective April
30, 2021, the related party holders entered into revocation agreements with the Company pursuant to which their collective $1,100,000
aggregate principal amount of Original Notes and accrued interest of $50,091
were replaced with Notes. At September 30, 2021, the investor and executive officer
held Notes in an aggregate principal amount of $1,026,630
</FONT><FONT STYLE="font-size: 10pt; background-color: white">and $102,663</FONT><FONT STYLE="font-size: 10pt; background-color: white">,
respectively, with $51,640
</FONT><FONT STYLE="font-size: 10pt; background-color: white">and $5,164
</FONT><FONT STYLE="font-size: 10pt; background-color: white">of interest payable thereon. For the three months ended September
30, 2021, the Company incurred interest expense of approximately $31,105
</FONT><FONT STYLE="font-size: 10pt; background-color: white">and $3,100</FONT><FONT STYLE="font-size: 10pt; background-color: white">,
respectively, and for the six months ended September 30, 2021, the Company incurred interest expense of approximately $51,600
</FONT><FONT STYLE="font-size: 10pt; background-color: white">and $5,160</FONT><FONT STYLE="font-size: 10pt; background-color: white">,
respectively, on the related party holder Notes.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">In May 2021, a member
of the Board purchased $200,000
aggregate principal amount of Notes (the Director Note). For the three and six months
ended September 30, 2021, the Company incurred expense of approximately $4,000
and $10,060,
respectively, on the Director Note. At September 30, 2021, approximately $10,060
</FONT> <FONT STYLE="font-size: 10pt">of interest was payable by the Company on the Director Note.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>NOTE
8 &#8211; COMMITMENTS AND CONTINGENCIES</B></FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">In the normal course
of business, the Company may be involved in legal proceedings, claims and assessments arising in the ordinary course of business. The
Company records legal costs associated with loss contingencies as incurred and accrues for all probable and estimable settlements.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&#160;</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">In the ordinary
course of business, the Company enters into contractual arrangements under which it may agree to indemnify the counterparties from any
losses incurred relating to breach of representations and warranties, failure to perform certain covenants, or claims and losses arising
from certain events as outlined within the particular contract, which may include, for example, losses arising from litigation or claims
relating to past performance. Such indemnification clauses may not be subject to maximum loss clauses. The Company has also entered into
indemnification agreements with its officers and directors. No amounts were reflected in the Company&#8217;s consolidated financial statements
for the six months ended September&#160;30, 2021 and 2020 related to these indemnifications. The Company has not estimated the maximum
potential amount of indemnification liability under these agreements due to the limited history of prior claims and the unique facts
and circumstances applicable to each particular agreement. To date, the Company has not made any payments related to these indemnification
agreements, and no claims for payment have been made under such agreements.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>NOTE
9 &#8211; SUBSEQUENT EVENTS</B></FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><FONT STYLE="font-size: 10pt">On
October 28, 2021, the Company entered into purchase agreements with two of its executive officers, providing for the sale and issuance
by the Company of 30,864
shares of the Company&#8217;s common stock at the closing market price on October
28, 2021 of $8.10 per share. The Company received proceeds of approximately $250,000
from the sale of the shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><FONT STYLE="font-size: 10pt"><I>Credit
Facility and Security Agreement</I></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><FONT STYLE="font-size: 10pt">On
October 28, 2021, the Company issued a secured promissory note (the Bridge Note) to Manchester Explorer, L.P. (Manchester) that provides
the Company with a $3,000,000
revolving credit facility with all amounts being drawn down by the Company thereunder
being due and payable, subject to acceleration in the event of a default, on March 15, 2022 (the Maturity Date). Interest at the rate
of 12% is payable on each drawn down without regard to the draw down date or the date when interest is paid.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><FONT STYLE="font-size: 10pt">The
principal amount of the Bridge Note and interest due thereon is payable to Manchester no later than the earlier of: (i) the Maturity
Date and (ii) the date on which the Company has received proceeds in excess of $12,000,000 from a transaction or series of related transactions
occurring prior to the Maturity Date, which such transactions constitute equity financings or other issuances of the Company's equity
securities. Provided that no Event of Default (as such term is defined in the Bridge Note) has occurred, on any date prior to the Maturity
Date, upon no less than three days written notice by the Company specifying the draw amount, Manchester will advance the draw amount
to the Company. No draw amount can be in an amount less than $100,000 or exceed an amount equal to $3,000,000 minus the aggregate principal
amount outstanding under the Note at the time of such draw request. If an Event of Default occurs and is continuing, Manchester may declare
all of the Bridge Note, including any interest and other amounts due, to be due and payable immediately.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><FONT STYLE="font-size: 10pt">In
connection with the issuance of the Bridge Note, on October 28, 2021, the Company entered into a security agreement with Manchester under
which the Company granted Manchester a continuing and unconditional first priority security interest in and to any and all of the Company&#8217;s
property of any kind or description, tangible or intangible, wheresoever located and whether now existing or hereafter arising or acquired.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><FONT STYLE="font-size: 10pt">On
November 24, 2021 the Company filed an Amendment to the Articles of Incorporation to effectuate a reverse split of the Company&rsquo;s
issued and outstanding common stock at an exchange ratio of 1-for-3. The reverse stock split was effective as of November 29, 2021. All
share and per share data in the condensed consolidated financial statements and footnotes has been retroactively restated to reflect
the effects of the reverse stock split.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white"><FONT STYLE="font-size: 10pt"></FONT></P>

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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"><A NAME="modularb006"></A>REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">To the Audit Committee and<BR>
<BR>
Stockholders of Modular Medical, Inc.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Opinion on
the Financial Statements</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">We have audited
the accompanying consolidated balance sheets of Modular Medical, Inc. (the &ldquo;Company&rdquo;) as of March 31, 2021 and 2020,
and the related consolidated statements of operations, stockholders&rsquo; equity, and cash flows for the years then ended, and
the related notes (collectively referred to as the financial statements). In our opinion, the consolidated financial statements
present fairly, in all material respects, the financial position of the Company as of March 31, 2021 and 2020, and the results
of its operations and its cash flows for the years then ended, in conformity with accounting principles generally accepted in
the United States of America.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Emphasis
of Matter - Going Concern</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">The accompanying
consolidated financial statements have been prepared to assume the Company will continue as a going concern. As discussed in Note
1 to the financial statements, the Company expects to continue to incur operating losses for the foreseeable future and incur
cash outflows from operations as it continues to invest in the development and subsequent commercialization of its product. The
Company expects that its research and development and general and administrative expenses will continue to increase, and, as a
result, it will eventually need to generate significant product revenues to achieve profitability. These circumstances raise substantial
doubt about its ability to continue as a going concern. Management&rsquo;s plans in regard to these matters are also described
in Note 1. The consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">These consolidated
financial statements are the responsibility of the Company&rsquo;s management. Our responsibility is to express an opinion on
the Company&rsquo;s consolidated financial statements based on our audits. We are a public accounting firm registered with the
Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company
in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission
and the PCAOB.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">We conducted
our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain
reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error
or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial
reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but
not for the purpose of expressing an opinion on the effectiveness of the Company&rsquo;s internal control over financial reporting.
Accordingly, we express no such opinion.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">Our audits included
performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error
or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence
regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting
principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated
financial statements. We believe that our audits provide a reasonable basis for our opinion.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">The critical
audit matters communicated below are matters arising from the current period audit of the consolidated financial statements that
were communicated or required to be communicated to the audit committee and that (i) relate to accounts or disclosures that are
material to the consolidated financial statements and (ii) involved especially challenging, subjective, or complex judgment. The
communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken
as a whole, and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit
matters or on the accounts or disclosures to which they relate.</FONT></P>

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


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">As described
further in Note 1 to the financial statements, the Company has incurred losses since inception, and expects to continue to incur
operating losses for the foreseeable future and incur cash outflows from operations as it continues to invest in the development
and subsequent commercialization of its product. The Company expects that its research and development and general and administrative
expenses will continue to increase, and, as a result, it will eventually need to generate significant product revenues to achieve
profitability. These circumstances raise substantial doubt about the Company&rsquo;s ability to continue as a going concern within
one year after the date that these consolidated financial statements are issued.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">We identified
management&rsquo;s assessment of the Company&rsquo;s ability to continue as a going concern as a critical audit matter due to
inherent complexities and uncertainties related to the Company&rsquo;s projections of operations. Auditing management&rsquo;s
going concern assessment involved a high degree of auditor judgment and audit effort due to the impact of these assumptions on
the determination of the degree of doubt regarding the ability of the entity to continue as a going concern. The primary procedures
we performed to address this critical audit matter included:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="padding: 0.25pt; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">We
    evaluated the reasonableness of key assumptions underlying management&rsquo;s conclusion.</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="padding: 0.25pt; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">We
    evaluated that the disclosures included in the Form 10-K were complete and accurate and in accordance with accounting principles
    generally accepted in the United States of America.</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="padding: 0.25pt; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">We
    evaluated the impact of the Company&rsquo;s existing financing arrangements on their ability to continue as a going concern.</FONT></td></tr>
</table>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">As discussed
in Note 5, during the year ended March 31, 2021, the Company granted 163,492 options to purchase shares of its common stock
with 10-year terms and a grant-date fair value of $1,101,737 to employees, directors and consultants. Management is required
to analyze the fair value of each option granted and amortize it over its vesting period.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">We identified
the grant of stock options as a critical audit matter. Management&rsquo;s estimates regarding fair value of options result in
the application of a high degree of auditor judgment.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">The
primary procedures we performed to address this critical audit matter included the following:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="padding: 0.25pt; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">We
    gained an understanding of Company&rsquo;s processes and controls in place for determining the fair value of each granted
    option.</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="padding: 0.25pt; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">We
    evaluated the option price model the management selected to determine the fair value, and analyzed the underlying data used
    in the calculations.</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 25px; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></td>
    <TD STYLE="padding: 0.25pt; text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">We
    also recalculated the fair value of each option granted.</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="2" STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><I>/s/ Farber
    Hass Hurley LLP</I></FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 85%; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="width: 15%; padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="2" STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">We have served
    as the Company&rsquo;s auditor since 2018.</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="2" STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Chatsworth,
    California</FONT></td></tr>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">June 29, 2021</FONT></td>
    <TD STYLE="padding: 0.25pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></td></tr>
</table>


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B><A NAME="modularb007"></A>Consolidated
Balance Sheets</B></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
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    <TD STYLE="white-space: nowrap; font-weight: bold; text-align: center"></TD>
    <TD STYLE="white-space: nowrap; font-weight: bold; text-align: center"></TD>
    <TD STYLE="white-space: nowrap; font-weight: bold; text-align: center"></TD>
    <TD STYLE="white-space: nowrap; font-weight: bold; text-align: center"></TD>
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<TR STYLE="vertical-align: bottom">
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<TR STYLE="vertical-align: bottom">
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<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
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    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
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<TR STYLE="vertical-align: bottom; background-color: White">
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<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
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<TR STYLE="vertical-align: bottom; background-color: White">
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<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
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<TR STYLE="vertical-align: bottom">
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<TR STYLE="vertical-align: bottom; background-color: White">
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<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
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<TR STYLE="vertical-align: bottom; background-color: White">
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<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
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<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 8.65pt; text-indent: -8.65pt">&#160;</TD><TD>&#160;</TD>
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<TR STYLE="vertical-align: bottom; background-color: White">
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<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 8.65pt; text-indent: -8.65pt">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
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<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
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    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 8.65pt; text-indent: -8.65pt">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
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    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
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<TR STYLE="vertical-align: bottom; background-color: White">
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<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
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<TR STYLE="vertical-align: bottom; background-color: White">
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<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
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    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&#8212;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&#160;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
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<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 8.65pt; text-indent: -8.65pt">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
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<TR STYLE="vertical-align: bottom; background-color: White">
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<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 25.95pt; text-indent: -8.65pt">TOTAL LIABILITIES</TD><TD STYLE="padding-bottom: 1pt">&#160;</TD>
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<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 8.65pt; text-indent: -8.65pt">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
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<TR STYLE="vertical-align: bottom; background-color: White">
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<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 8.65pt; text-indent: -8.65pt">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
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<TR STYLE="vertical-align: bottom; background-color: White">
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<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
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<TR STYLE="vertical-align: bottom; background-color: White">
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<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
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<TR STYLE="vertical-align: bottom; background-color: White">
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<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
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<TR STYLE="vertical-align: bottom">
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<TR STYLE="vertical-align: bottom; background-color: White">
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<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 8.65pt; text-indent: -8.65pt">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
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</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-size: 10pt">The accompanying
notes are an integral part of these audited consolidated financial statements</FONT></P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B><FONT ID="modularb008"></FONT>Consolidated
Statements of Operations</B></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
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    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center"></TD>
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<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&#160;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&#160;</TD>
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<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: center">&#160;</TD><TD STYLE="white-space: nowrap; font-weight: bold; padding-bottom: 1pt">&#160;</TD>
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<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="font-weight: bold; text-align: left">Operating expenses</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
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<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
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<TR STYLE="vertical-align: bottom; background-color: White">
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<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
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    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">(7,336,715</TD><TD STYLE="text-align: left">)</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">(5,348,022</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
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<TR STYLE="vertical-align: bottom; background-color: White">
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    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="text-align: left; padding-left: 8.65pt">Interest income</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">130</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
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<TR STYLE="vertical-align: bottom; background-color: White">
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    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(39,791</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&#160;</TD>
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<TR STYLE="vertical-align: bottom">
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    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
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    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">(7,376,376</TD><TD STYLE="text-align: left">)</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">(5,319,273</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
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    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,600</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&#160;</TD><TD STYLE="padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,600</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&#160;</TD></TR>
<TR STYLE="vertical-align: bottom">
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    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 17.3pt">Net loss</TD><TD STYLE="padding-bottom: 2.5pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(7,377,976</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 2.5pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(5,320,873</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
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    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
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    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(1.19</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 2.5pt">&#160;</TD>
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<TR STYLE="vertical-align: bottom">
    <TD>&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
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    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
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    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">6,211,562</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
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<TR STYLE="vertical-align: bottom">
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</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-size: 10pt">The accompanying
notes are an integral part of these audited consolidated financial statements</FONT></P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B><FONT ID="modularb009"></FONT>Consolidated
Statements of Stockholders&#8217; Equity (Deficit)</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B>&#160;</B></FONT></P>

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<TR STYLE="vertical-align: bottom">
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<TR STYLE="vertical-align: bottom">
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<TR STYLE="vertical-align: bottom">
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<TR STYLE="vertical-align: bottom; background-color: White">
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<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
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<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
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<TR STYLE="vertical-align: bottom">
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    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
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<TR STYLE="vertical-align: bottom; background-color: White">
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    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">923,994</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(8,569,034</TD><TD STYLE="text-align: left">)</TD><TD>&#160;</TD>
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<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
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    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">(923,994</TD><TD STYLE="text-align: left">)</TD><TD>&#160;</TD>
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<TR STYLE="vertical-align: bottom; background-color: White">
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    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">210,945</TD><TD STYLE="text-align: left">&#160;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="text-indent: -8.65pt; padding-left: 8.65pt">Stock-based compensation</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#8212;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#8212;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">1,227,578</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#8212;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#8212;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">1,227,578</TD><TD STYLE="text-align: left">&#160;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
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    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&#8212;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&#160;</TD><TD STYLE="padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&#8212;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&#160;</TD><TD STYLE="padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&#8212;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&#160;</TD><TD STYLE="padding-bottom: 1pt">&#160;</TD>
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    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(7,377,976</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -8.65pt; padding-left: 8.65pt">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
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    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">&#8212;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&#160;</TD><TD STYLE="padding-bottom: 2.5pt">&#160;</TD>
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<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -8.65pt; padding-left: 8.65pt">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt">The accompanying
notes are an integral part of these audited consolidated financial statements</FONT></P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B><FONT ID="modularb010"></FONT>Consolidated
Statements of Cash Flows</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&#160;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
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<TR STYLE="vertical-align: bottom">
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<TR STYLE="vertical-align: bottom">
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<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
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<TR STYLE="vertical-align: bottom; background-color: White">
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<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
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<TR STYLE="vertical-align: bottom; background-color: White">
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<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
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<TR STYLE="vertical-align: bottom; background-color: White">
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<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
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<TR STYLE="vertical-align: bottom; background-color: White">
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<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
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<TR STYLE="vertical-align: bottom; background-color: White">
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<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
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<TR STYLE="vertical-align: bottom; background-color: White">
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<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
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<TR STYLE="vertical-align: bottom; background-color: White">
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<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
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<TR STYLE="vertical-align: bottom">
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<TR STYLE="vertical-align: bottom; background-color: White">
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<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
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<TR STYLE="vertical-align: bottom; background-color: White">
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<TR STYLE="vertical-align: bottom">
    <TD>&#160;</TD><TD>&#160;</TD>
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<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
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    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
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<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
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<TR STYLE="vertical-align: bottom; background-color: White">
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<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="font-weight: bold; text-align: left">Net cash provided by financing activities</TD><TD STYLE="padding-bottom: 1pt">&#160;</TD>
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<TR STYLE="vertical-align: bottom">
    <TD>&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
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<TR STYLE="vertical-align: bottom">
    <TD>&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
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<TR STYLE="vertical-align: bottom">
    <TD>&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
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<TR STYLE="vertical-align: bottom">
    <TD>&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="font-weight: bold; text-align: left">Supplemental disclosure:</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Cash paid for:</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="text-align: left; padding-left: 8.65pt">Income taxes</TD><TD STYLE="padding-bottom: 2.5pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">1,600</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&#160;</TD><TD STYLE="padding-bottom: 2.5pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">1,600</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&#160;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-size: 10pt">The accompanying
notes are an integral part of these audited consolidated financial statements</FONT></P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B><FONT ID="modularb011"></FONT>NOTES TO CONSOLIDATED
FINANCIAL STATEMENTS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B>&#160;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"><B>Note&#160;1 &#8211; THE COMPANY
AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">Modular Medical,
Inc. (the Company) was incorporated in Nevada in October 1998 under the name Bear Lake Recreation, Inc. The Company had no material
business operations from 2002 until approximately 2017 when it acquired all of the issued and outstanding shares of Quasuras,
Inc., a Delaware corporation (Quasuras). As the major shareholder of Quasuras retained control of both the Company and Quasuras,
the share exchange was accounted for as a reverse merger. As such, the Company recognized the assets and liabilities of Quasuras,
acquired in the merger, at their historical carrying amounts. Prior to the acquisition of Quasuras and, since at least 2002, the
Company was a shell company, as defined in Rule 12b-2 promulgated under the Securities Exchange Act of 1934 (the Exchange Act).
In June 2017, the Company changed its name from Bear Lake Recreation, Inc. to Modular Medical, Inc.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">The Company
is a development-stage medical device company focused on the design, development and eventual commercialization of an innovative
insulin pump to address shortcomings and problems represented by the relatively limited adoption of currently available pumps
for insulin-dependent people with diabetes. The Company has developed a hardware technology allowing people with insulin-dependent
diabetes to receive their daily insulin in two ways, through a continuous &#8220;basal&#8221; delivery allowing a small amount
of insulin to be in the blood at all times and a &#8220;bolus&#8221; delivery to address meal time glucose input and to address
when the blood glucose level becomes excessively high. By addressing the time and effort required to effectively treat their condition,
the Company believes it can address the less technically savvy, less motivated part of the market. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><FONT STYLE="font-size: 10pt">The consolidated
financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United
States of America. The following summarizes the more significant of such policies:&#160;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-size: 10pt">Financial
Accounting Standards Board (FASB) Accounting Standard Update (ASU) No. 2014-15 (ASU 2014-15),&#160;<I>Going&#160;</I>Concern,
requires management to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt
about the entity&#8217;s ability to continue as a going concern within one year after the date that the financial statements are
issued.&#160;If management identifies conditions or events that raise substantial doubt about an entity&#8217;s ability to continue
as a going concern, management must consider if there are plans that are probable to be implemented, and whether it is probable
that the plans will mitigate the conditions or events raising the substantial doubt about the entity&#8217;s ability to continue
as a going concern.&#160;If the substantial doubt is not alleviated after consideration of management&#8217;s plans, the entity
must include a statement in the notes to the financial statements indicating that there is substantial doubt about the entity&#8217;s
ability to continue as a going concern within one year after the date that the financial statements are issued including: 1) the
principal conditions or events that raise substantial doubt about the entity&#8217;s ability to continue as a going concern, 2)
management&#8217;s evaluation of the significance of those conditions or events in relation to the entity&#8217;s ability to meet
its obligations, and 3) management&#8217;s plans to attempt to mitigate the conditions or events causing the substantial doubt
about the entity&#8217;s ability to continue as a going concern.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">The Company
expects to continue to incur operating losses for the foreseeable future and incur cash outflows from operations as it continues
to invest in the development and subsequent commercialization of its product. The Company expects that its research and development
and general and administrative expenses will continue to increase, and, as a result, it will eventually need to generate significant
product revenues to achieve profitability. These circumstances raise substantial doubt about the Company&#8217;s ability to continue
as a going concern within one year after the date that these consolidated financial statements are issued. Implementation of the
Company&#8217;s plans and its ability to continue as a going concern will depend upon the Company&#8217;s ability to raise additional
capital, through the sale of additional equity or debt securities, to support its future operations. There can be no assurance
that such additional capital, whether in the form of debt or equity financing, will be sufficient or available and, if available,
that such capital will be offered on terms and conditions acceptable to the Company.&#160; As discussed in notes 3 and 11, in
February 2021, the Company commenced a private placement of its convertible promissory notes to investors to fund its operations.
In addition, during fiscal 2021, the Company obtained additional equity financing through a private placement of its common stock
(see note 6), and the Company obtained a loan from Silicon Valley Bank in April 2020 (see notes 3 and 12).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">The Company&#8217;s
operating needs include the planned costs to operate its business, including amounts required to fund working capital and capital
expenditures. The Company&#8217;s future capital requirements and the adequacy of its available funds will depend on many factors,
including the Company&#8217;s ability to successfully commercialize its product, competing technological and market developments,
and the need to enter into collaborations with other companies or acquire other companies or technologies to enhance or complement
its product offering. If the Company is unable to secure additional capital, it may be required to curtail its research and development
initiatives and take additional measures to reduce costs in order to conserve its cash. These consolidated financial statements
do not include any adjustments that might result from this uncertainty.</FONT></P>


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">The consolidated
financial statements include the accounts of the Company and its wholly-owned subsidiary, Quasuras. All significant intercompany
transactions and balances have been eliminated in consolidation. The Company&#8217;s fiscal year ends on March 31 of each calendar
year.<B>&#160;</B>Certain prior year amounts have been reclassified for consistency with the current period presentation. These
reclassifications had no effect on the reported results of operations or cash flows.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&#160;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B>&#160;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">The preparation
of the accompanying consolidated financial statements in conformity with U.S. generally accepted accounting principles (GAAP)
requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure
of contingent assets and liabilities at the date of the consolidated financial statements and the reported amount of revenues
and expenses during the reporting period. Estimates may include those pertaining to accruals, stock-based compensation and income
taxes. Actual results could differ from those estimates.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&#160;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B>&#160;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">The Company operates in one business
segment and uses one measurement of profitability for its business.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&#160;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B>&#160;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">Financial instruments
that potentially subject the Company to concentration of credit risk consist primarily of cash and cash equivalents. Cash and
cash equivalents are deposited with high credit-quality institutions within the United States, which are insured by the Federal
Deposit Insurance Corporation (FDIC) up to limits of approximately $250,000.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&#160;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B>&#160;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">The Company
is subject to risks from, among other things, competition associated with the industry in general, other risks associated with
financing, liquidity requirements, rapidly changing customer requirements, limited operating history and the volatility of public
markets.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"><I>COVID-19</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">The global
outbreak of the coronavirus disease 2019 (COVID-19) was declared a pandemic by the World Health Organization and a national emergency
by the U.S. government in March 2020. This has negatively affected the U.S. and global economy, disrupted global supply
chains, significantly restricted travel and transportation, resulted in mandated closures and orders to &#8220;shelter-in-place&#8221;
and created significant disruption of the financial markets. The full extent of the COVID-19 impact on the Company&#8217;s operational
and financial performance will depend on future developments, including the duration and spread of the pandemic and related actions
taken by U.S. and foreign government agencies to prevent disease spread, all of which are uncertain, out of the Company&#8217;s
control, and cannot be predicted.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"><B>Cash and Cash Equivalents</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">Cash and cash
equivalents include cash in hand and cash in demand deposits, certificates of deposit and all highly liquid debt instruments with
original maturities of three months or less.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&#160;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">Property and
equipment are originally recorded at cost. Depreciation is computed using the straight-line method over the estimated useful lives
of the assets, generally three to five years. Depreciation is recorded in operating expenses in the consolidated statements of
operations. Leasehold improvements and assets acquired through capital leases are amortized over the shorter of their estimated
useful life or the lease term, and amortization is recorded in operating expenses in the consolidated statements of operations.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"><B>Fair Value of Financial Instruments</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">The Company
measures the fair value of financial instruments using a fair value hierarchy that prioritizes the inputs to valuation techniques
used to measure fair value into three broad levels:</FONT></P>


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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&#160;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&#160;</FONT></P>

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<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">Due to their
short-term nature, the carrying values of cash equivalents, accounts payable and accrued expenses, approximate fair value.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&#160;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">The Company
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&#160;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B>&#160;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">General and
administrative expense consists primarily of payroll and benefit related costs, rent, office expenses, equipment supplies and
meetings and travel.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&#160;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">The Company
recognizes stock-based compensation for stock options granted to employees and non-employees on a straight-line basis over the
requisite service period, usually the vesting period, based on the grant-date fair value. The Company estimates the value of stock
options on the date of grant using the Black-Scholes pricing model. The determination of fair value of share-based payment awards
on the date of grant using an option-pricing model is affected by the option price, as well as assumptions regarding a number
of highly complex and subjective variables. These variables include, but are not limited to, the expected stock price&#160;volatility
over the term of the awards, and projected stock option exercise behaviors.</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">Basic net loss
per share is computed by dividing net loss for the period by the weighted-average number of shares of common stock outstanding
during the period. Diluted net loss per share gives effect to all potentially dilutive common shares outstanding during the period.
For the years ended March 31, 2021 and 2020, 1,197,252 and 1,059,315 outstanding options to purchase common stock were excluded
from the calculation of diluted net loss per share because their effect would be anti-dilutive. &#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&#160;</FONT></P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">The Company
determines deferred tax assets and liabilities based upon the differences between the financial statement and tax bases of the
Company&#8217;s assets and liabilities using tax rates in effect for the year in which the Company expects the differences to
affect taxable income. A valuation allowance is established for any deferred tax assets for which it is more likely than not that
all or a portion of the deferred tax assets will not be realized. Based on the available information and other factors, management
believes it is more likely than not that its federal and state net deferred tax assets will not be fully realized, and the Company
has recorded a full valuation allowance.&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">The Company
accounts for uncertain tax positions in accordance with FASB Accounting Standards Codification (ASC) Topic 740,&#160;<I>Income
Taxes</I>. When tax returns are filed, it is likely that some positions taken would be sustained upon examination by the taxing
authorities, while others are subject to uncertainty about the merits of the position taken or the amount of the position that
would be ultimately sustained. The benefit of a tax position is recognized in the consolidated financial statements in the period
during which, based on all available evidence, management believes it is more likely than not that the position will be sustained
upon examination, including the resolution of appeals or litigation processes, if any. Tax positions taken are not offset or aggregated
with other positions. Tax positions that meet the more-likely-than-not recognition threshold are measured as the largest amount
of tax benefit that is more than 50 percent likely of being realized upon settlement with the applicable taxing authority. The
portion of the benefits associated with tax positions taken that exceeds the amount measured as described above is reflected as
a liability for unrecognized tax benefits in the accompanying consolidated balance sheets along with any associated interest and
penalties that would be payable to the taxing authorities upon examination. Interest associated with unrecognized tax benefits
is classified as interest expense and penalties are classified in selling, general and administrative expenses in the consolidated
statements of operations.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">The Company
files U.S. federal and state income tax returns in jurisdictions with varying statutes of limitations. All tax returns
from 2016 to 2020 may be subject to examination by the U.S. federal and state tax authorities.&#160; As of March 31, 2021, the
Company has not recorded any liability for unrecognized tax benefits related to uncertain tax positions.</FONT></P>


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">Comprehensive
loss represents the changes in equity of an enterprise, other than those resulting from stockholder transactions. Accordingly,
comprehensive loss may include certain changes in equity that are excluded from net loss. For the years ended March 31, 2021 and
2020, the Company&#8217;s comprehensive loss was the same as its net loss.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"><B>NOTE&#160;2 &#8211; CONSOLIDATED
BALANCE SHEET DETAIL</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B>&#160;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt"><FONT STYLE="font-size: 10pt"><FONT STYLE="display: none; font-family: Arial, Helvetica, Sans-Serif">Schedule of
Property Plant And Equipment</FONT></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center"></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"></TD>
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    <TD STYLE="white-space: nowrap; font-weight: bold; text-align: center"></TD>
    <TD STYLE="white-space: nowrap; font-weight: bold; text-align: center"></TD>
    <TD STYLE="white-space: nowrap; font-weight: bold; text-align: center"></TD>
    <TD STYLE="white-space: nowrap; font-weight: bold; text-align: center"></TD>
    <TD STYLE="white-space: nowrap; font-weight: bold; text-align: center"></TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font-weight: bold"></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&#160;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&#160;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">March 31,</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font-weight: bold">&#160;</TD></TR>
<TR STYLE="vertical-align: bottom">
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    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">2021</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font-weight: bold">&#160;</TD><TD STYLE="white-space: nowrap; font-weight: bold; padding-bottom: 1pt">&#160;</TD>
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<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
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<TR STYLE="vertical-align: bottom; background-color: White">
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<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
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<TR STYLE="vertical-align: bottom; background-color: White">
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<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
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<TR STYLE="vertical-align: bottom; background-color: White">
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<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD><FONT STYLE="display: none">Property and equipment, net</FONT></TD><TD STYLE="padding-bottom: 2.5pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">298,958</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&#160;</TD><TD STYLE="padding-bottom: 2.5pt">&#160;</TD>
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</TABLE>

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

<P STYLE="margin: 0"><FONT STYLE="display: none">Schedule of Accured Expenses</FONT></P>

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

<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&#160;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&#160;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">March 31,</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font-weight: bold">&#160;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-weight: bold; text-align: left; padding-bottom: 1pt">Accrued expenses:</TD><TD STYLE="white-space: nowrap; font-weight: bold; padding-bottom: 1pt">&#160;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">2021</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font-weight: bold">&#160;</TD><TD STYLE="white-space: nowrap; font-weight: bold; padding-bottom: 1pt">&#160;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2020</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&#160;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="width: 74%; text-align: left">Accrued wages and bonus</TD><TD STYLE="width: 3%">&#160;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 8%; text-align: right">372,563</TD><TD STYLE="width: 1%; text-align: left">&#160;</TD><TD STYLE="width: 3%">&#160;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 8%; text-align: right">198,160</TD><TD STYLE="width: 1%; text-align: left">&#160;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
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<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="text-align: left">Accrued interest</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">27,538</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#8212;</TD><TD STYLE="text-align: left">&#160;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
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    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">11,047</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&#160;</TD><TD STYLE="padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">4,000</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&#160;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="display: none">Accrued expenses</FONT></TD><TD STYLE="padding-bottom: 2.5pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">499,948</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&#160;</TD><TD STYLE="padding-bottom: 2.5pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">202,160</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&#160;</TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"><B>NOTE 3 &#8211; NOTES PAYABLE</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B>&#160;</B></FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">On April 24,
2020, the Company received a $368,780 unsecured loan (the PPP Note) under the Paycheck Protection Program (the PPP), which was
established under the U.S. government&#8217;s Coronavirus Aid, Relief, and Economic Security Act (the CARES Act). The PPP Note
to the Company was made through Silicon Valley Bank (the Lender), and the Company entered into a U.S. Small Business Administration
Paycheck Protection Program Note (the Agreement) with the Lender evidencing the PPP Note.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 73.35pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">The full amount
of the PPP Note is due in April 2022. Interest will accrue on the outstanding principal balance of the PPP Note at a fixed rate
of 1.0% per annum, which shall be deferred for 10 months after the covered period during which the Company used the proceeds.
The Company may prepay principal of the PPP Note at any time in any amount without penalty. The Agreement contains customary events
of default relating to, among other things, payment defaults, breach of representations and warranties or provisions of the PPP
Note. The occurrence of an event of default may result in the repayment of all amounts outstanding, collection of all amounts
owing from the Company, and/or filing suit and obtaining judgment against the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">The Company
applied to the Lender for forgiveness of the PPP Note in October 2020, and the amount which may be forgiven will be equal to the
sum of the payroll and benefit costs and covered rent and utility payments incurred by the Company, as calculated in accordance
with the terms of the CARES Act.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&#160;</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><FONT STYLE="font-size: 10pt">In
February and March 2021, the Company sold $2,210,000 of convertible promissory notes (the Notes), at par in a private placement
transaction effected pursuant to an exemption from the registration requirements under the Securities Act of 1933, as amended
(the 2021 Placement). The Notes bear interest at an annual rate of 12%, and interest is accrued or payable monthly in cash. The
Notes mature on September 30, 2021 (the Maturity Date) and may be prepaid prior to the Maturity Date.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><FONT STYLE="font-size: 10pt">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><FONT STYLE="font-size: 10pt">The
aggregate principal amount of the Notes plus accrued but unpaid interest thereon shall automatically convert upon the closing
of an offering of the Company&#8217;s equity securities to investors or a strategic corporate investor resulting in aggregate
gross proceeds to the Company of at least $5,000,000 (excluding conversion of the Notes or other convertible securities issued
for capital raising purposes) (a Qualified Financing). In the event of a Qualified Financing, all such outstanding principal and
accrued interest shall convert into the same equity securities purchased by and on the same terms and conditions as the other
investors in such Qualified Financing at a conversion price equal to 80% (a 20% discount) of the lowest price paid per unit or
share by investors in the Qualified Financing. In the event that additional bridge financing is obtained by the Company, the Notes
shall convert into the same securities and on the same terms and conditions as the other investors therein and all such purchases
will be treated as one, single round of financing going forward. As of March 31, 2021, the Notes could be converted into 770,305
shares of common stock, excluding the effects of any payments of interest in kind.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><FONT STYLE="font-size: 10pt">At
any time on or following the Maturity Date, the holders of the Notes may demand repayment of the Notes, and the Company shall
repay the outstanding aggregate principal amount plus accrued but unpaid interest thereon. The holders of the Notes, however,
retain the right for 30 days after the Maturity Date to convert all or part of the aggregate principal amount plus accrued but
unpaid interest on the Notes into the Company&#8217;s common stock at the conversion price of $2.87 per share or at a 20% discount
to any financing consummated during the 30-day period following the Maturity Date.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><FONT STYLE="font-size: 10pt">If
a Qualified Financing has not occurred immediately prior to the consummation of a Change of Control (as defined below), the Note
holders shall have the option of either (i) converting all or any portion of the aggregate principal amount of the Notes plus
accrued but unpaid interest thereon into common stock of the Company at a conversion price equal to $2.87 per share or (ii) having
the Company repay the aggregate principal amount of the Notes and accrued but unpaid interest. The term &#8220;Change of Control&#8221;
means (i) a consolidation or merger of the Company with or into any other corporation or other entity or person, or any other
corporate reorganization, other than any such consolidation, merger or reorganization in which the shares of capital stock of
the Company immediately prior to such consolidation, merger or reorganization continue to represent a majority of the voting power
of the surviving entity immediately after such consolidation, merger or reorganization; (ii) any transaction or series of related
transactions to which the Company is a party in which in excess of 50% of the Company&#8217;s voting power is transferred; (iii)
the sale or transfer of all or substantially all of the Company&#8217;s assets, or the exclusive license of all or substantially
all of the Company&#8217;s material intellectual property; or (iv) the dissolution and winding up of the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">The Company
incurred debt issuance costs of $88,800, which were recorded as a debt discount and are being amortized to interest expense over
the term of the Notes using the effective interest rate method. The interest expense related to the debt discount during
the year ended March 31, 2021 was approximately $13,000.</FONT></P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"><B>NOTE 4 &#8211; LEASES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B>&#160;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">Effective April 1,
2019, the Company adopted ASC No. 842, as amended, using the alternative transition method, which allowed the Company to initially apply
the new lease standard at the adoption date (the &#8220;effective date method&#8221;). In January 2020, the Company executed a lease
for a new, larger corporate facility in San Diego, California&#160;<FONT STYLE="background-color: white">and paid a $100,000 security
deposit.</FONT> The 39-month
lease term commenced April 1, 2020, and the lease provides for an initial monthly rent of approximately $12,400</FONT><FONT STYLE="font-size: 10pt; background-color: white">&#160;with
annual rent increases of approximately 3%</FONT><FONT STYLE="font-size: 10pt; background-color: white">.&#160;In
addition to the minimum lease payments, the Company is responsible for property taxes, insurance and certain other operating costs. The
right-to-use asset and corresponding liability for the facility lease have been measured at the present value of the future minimum lease
payments. A discount rate of 11%, which approximated the Company&#8217;s incremental borrowing rate, was used to measure the lease asset
and liability. Lease expense is recognized on a straight line basis over the lease term.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">The Company
obtained a right-of-use asset of $270,950 in exchange for its obligations under the operating lease. The landlord also provided
a lease incentive of approximately $139,000, which was paid to the Company in June 2020, for the Company to make improvements
to the leased space.</FONT></P>

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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">Future minimum
payments under the facility operating lease, net of the lease incentive, as of March 31, 2021, are listed in the table below.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&#160;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&#160;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Operating</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><FONT STYLE="font-size: 10pt">&#160;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Annual
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&#160;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>lease</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&#160;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,204)">
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 3%"><FONT STYLE="font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
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<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2023</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">158,028</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&#160;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2024</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">40,692</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&#160;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Less:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&#160;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 17.3pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Imputed
    interest</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(42,297</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Present value
    of lease liabilities</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">309,855</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&#160;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B>&#160;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">Rent expense
was $107,540 and $35,766 for the years ended March&#160;31, 2021 and 2020, respectively.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>NOTE 5 &#8211;
STOCK-BASED COMPENSATION</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&#160;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">In October 2017,
the Company&#8217;s board of directors (the Board) approved the 2017 Equity Incentive Plan (the 2017 Plan) with 3,000,000 shares
of common stock reserved for issuance. In January 2020, the Board approved an amendment to the 2017 Plan to increase the number
of shares reserved for issuance by 1,000,000 shares. Under the 2017 Plan, eligible employees, directors and consultants may be
granted a broad range of awards, including stock options, stock appreciation rights, restricted stock, performance-based awards
and restricted stock units. The 2017 Plan is administered by the Board or, in the alternative, a committee designated by the Board.&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">The exercise
or purchase price of a stock option shall be calculated as follows:&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&#160;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 5%"><FONT STYLE="font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 5%; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(i)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 90%; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">In
    the case of an incentive stock option, (a) granted to employees, who, at the time of the grant of such incentive stock option
    own stock representing more than 10% of the voting power of all classes of stock of the Company, the per share exercise price
    shall be not less than 110% of the fair market value per share on the date of grant; or (b) granted to employees, other than
    to employees, described in the preceding clause, the per share exercise price shall be not less than 100% of the fair market
    value per share on the date of grant;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 5%"><FONT STYLE="font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 5%; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;(ii)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 90%; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">In
    the case of a non-qualified stock option, the per share exercise price shall be not less than 100% of the fair market value
    per share on the date of grant unless otherwise determined by the Board; and</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(iii) </FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">In
    the case of other grants, such price as determined by the Board.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">The Board
is responsible for determining the consideration to be paid for the shares of common stock to be issued upon exercise or purchase.
The 2017 Plan generally does not allow for the transfer of awards, and the Board may amend, suspend or terminate the 2017 Plan
at any time.&#160;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">The expense
relating to stock options is recognized on a straight-line basis over the requisite service period, usually the vesting period,
based on the grant date fair value. The unamortized compensation cost, as of March 31, 2021 was $2,242,352 related to stock options
and is expected to be recognized as expense over a weighted-average period of approximately 2 years.&#160;</FONT></P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">During
the year ended March 31, 2021, options granted to purchase shares of its common stock to employees, directors and consultants
had 10-year terms and a grant-date fair value of $1,101,737. Options to purchase 10,476 shares vested immediately on the respective
grant dates.&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">The following assumptions were used
in the fair-value method calculations:&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&#160;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><FONT STYLE="font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&#160;</FONT></TD>
    <TD COLSPAN="5" STYLE="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Year
    ended March 31,</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&#160;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><FONT STYLE="font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&#160;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>2021</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 10pt">&#160;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>2020</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&#160;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 75%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Risk-free
    interest rates</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 3%"><FONT STYLE="font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 1%"><FONT STYLE="font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 8%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0.28%
    - 0.71%</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 3%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 1%"><FONT STYLE="font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 8%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0.77%
    - 2.37%</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Volatility</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><FONT STYLE="font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><FONT STYLE="font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">87%
    - 127%</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><FONT STYLE="font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">86%
    - 103%</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Expected
    life (years)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><FONT STYLE="font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><FONT STYLE="font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5.0
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><FONT STYLE="font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><FONT STYLE="font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5.0
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><FONT STYLE="font-size: 10pt">&#160;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Dividend
    yield</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><FONT STYLE="font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><FONT STYLE="font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#8212;%</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><FONT STYLE="font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#8212;%</FONT></TD>
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</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">The fair values
of options at the grant date were estimated utilizing the Black-Scholes valuation model, which includes simplified methods to
establish the fair term of options as well as average volatility of three comparable organizations. The risk-free interest rate
was derived from the Daily Treasury Yield Curve Rates, as published by the U.S. Department of the Treasury as of the grant date
for terms equal to the expected terms of the options. A dividend yield of zero was applied because the Company has never paid
dividends and has no intention to pay dividends in the foreseeable future. In accordance with ASU No. 2016-09, the Company accounts
for forfeitures as they occur.</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">A summary of stock option activity
under the 2017 Plan is presented below:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&#160;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&#160;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&#160;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-weight: bold; text-align: center; padding-bottom: 1pt">Shares</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font-weight: bold">&#160;</TD><TD STYLE="white-space: nowrap; font-weight: bold; padding-bottom: 1pt">&#160;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">Options Outstanding</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font-weight: bold">&#160;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: center">&#160;</TD><TD STYLE="white-space: nowrap; font-weight: bold">&#160;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-weight: bold; text-align: center">Available</TD><TD STYLE="white-space: nowrap; font-weight: bold">&#160;</TD><TD STYLE="white-space: nowrap; font-weight: bold">&#160;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-weight: bold; text-align: center">Number of</TD><TD STYLE="white-space: nowrap; font-weight: bold">&#160;</TD><TD STYLE="white-space: nowrap; font-weight: bold">&#160;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-weight: bold; text-align: center">Weighted Average</TD><TD STYLE="white-space: nowrap; font-weight: bold">&#160;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: center">&#160;</TD><TD STYLE="white-space: nowrap; font-weight: bold; padding-bottom: 1pt">&#160;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">for Grant</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font-weight: bold">&#160;</TD><TD STYLE="white-space: nowrap; font-weight: bold; padding-bottom: 1pt">&#160;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">Shares</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font-weight: bold">&#160;</TD><TD STYLE="white-space: nowrap; font-weight: bold; padding-bottom: 1pt">&#160;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">Exercise Price</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&#160;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
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<TR STYLE="vertical-align: bottom; background-color: White">
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<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="text-align: left; padding-left: 8.65pt">Options granted</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">(572,402</TD><TD STYLE="text-align: left">)</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">572,402</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
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<TR STYLE="vertical-align: bottom; background-color: White">
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<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
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    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">274,019</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">1,059,315</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">4.74</TD><TD STYLE="text-align: left">&#160;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 8.65pt">Options granted</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">(163,492</TD><TD STYLE="text-align: left">)</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">163,492</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
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<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
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    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(25,555</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&#160;</TD>
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<TR STYLE="vertical-align: bottom; background-color: White">
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    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">1,197,252</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&#160;</TD><TD STYLE="padding-bottom: 2.5pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">5.25</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&#160;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">There were no
stock options exercised during the years ended March 31, 2021 and 2020.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">The following
table summarizes the range of outstanding and exercisable options as of March 31, 2021:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&#160;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&#160;</TD>
    <TD COLSPAN="10" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">Options Outstanding</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font-weight: bold">&#160;</TD><TD STYLE="white-space: nowrap; font-weight: bold; padding-bottom: 1pt">&#160;</TD>
    <TD COLSPAN="10" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">Options Exercisable</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font-weight: bold">&#160;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: left">Range of Exercise Price</TD><TD STYLE="white-space: nowrap; font-weight: bold; padding-bottom: 1pt">&#160;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">Number<BR> Outstanding</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font-weight: bold">&#160;</TD><TD STYLE="white-space: nowrap; font-weight: bold; padding-bottom: 1pt">&#160;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">Weighted<BR> Average<BR> Remaining<BR> Contractual<BR> Life<BR> (in Years)</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font-weight: bold">&#160;</TD><TD STYLE="white-space: nowrap; font-weight: bold; padding-bottom: 1pt">&#160;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">Weighted<BR> Average<BR> Exercise<BR> Price</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font-weight: bold">&#160;</TD><TD STYLE="white-space: nowrap; font-weight: bold; padding-bottom: 1pt">&#160;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">Number<BR> Exercisable</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font-weight: bold">&#160;</TD><TD STYLE="white-space: nowrap; font-weight: bold; padding-bottom: 1pt">&#160;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">Weighted<BR> Average<BR> Exercise<BR> Price</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font-weight: bold">&#160;</TD><TD STYLE="white-space: nowrap; font-weight: bold; padding-bottom: 1pt">&#160;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">Aggregate<BR> Intrinsic<BR> value</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&#160;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="width: 22%; padding-bottom: 2.5pt; text-indent: -8.65pt; padding-left: 8.65pt">$1.98 - $9.48</TD><TD STYLE="width: 3%; padding-bottom: 2.5pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; width: 1%; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 2.5pt double; width: 8%; text-align: right">1,197,252</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; text-align: left">&#160;</TD><TD STYLE="width: 3%; padding-bottom: 2.5pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; width: 1%; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 2.5pt double; width: 8%; text-align: right">8.25</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; text-align: left">&#160;</TD><TD STYLE="width: 3%; padding-bottom: 2.5pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; width: 1%; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; width: 8%; text-align: right">5.25</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; text-align: left">&#160;</TD><TD STYLE="width: 3%; padding-bottom: 2.5pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; width: 1%; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 2.5pt double; width: 8%; text-align: right">742,913</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; text-align: left">&#160;</TD><TD STYLE="width: 3%; padding-bottom: 2.5pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; width: 1%; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; width: 8%; text-align: right">3.96</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; text-align: left">&#160;</TD><TD STYLE="width: 3%; padding-bottom: 2.5pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; width: 1%; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; width: 8%; text-align: right">8,763,260</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; text-align: left">&#160;</TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">The intrinsic
value per share is calculated as the excess of the closing price of the common stock on the Company&#8217;s principal trading
market over the exercise price of the option.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">The Company
is required to present the tax benefits resulting from tax deductions in excess of the compensation cost recognized from the exercise
of stock options as financing cash flows in the consolidated statements of cash flows. For the years ended March 31, 2021 and
2020, there were no such tax benefits associated with the exercise of stock options.<B>&#160;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 6.95pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"><B>NOTE 6 &#8211; STOCKHOLDERS&#8217;
EQUITY</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B>&#160;</B></FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">Between March
and December 2020, the Company completed a private placement of shares of its common stock (the 2020 Placement). The Company sold
320,796 shares of common stock, at a purchase price of $8.61 per share, for gross proceeds of $2,762,054. The Company paid placement
agent fees on the 2020 Placement of $52,256 during fiscal 2021. Under the terms of the common stock purchase agreements between
the Company and the investors, the Company must use commercially reasonable efforts to file a registration statement with the
SEC to register for resale the shares of common stock sold.</FONT></P>


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

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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"><B>NOTE 7 &#8211; INCOME TAXES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0"><FONT STYLE="font-size: 10pt">The income tax provision (benefit)
consisted of the following:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&#160;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center"></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"></TD>
    <TD STYLE="white-space: nowrap; font-weight: bold; text-align: center"></TD>
    <TD STYLE="white-space: nowrap; font-weight: bold; text-align: center"></TD>
    <TD STYLE="white-space: nowrap; font-weight: bold; text-align: center"></TD>
    <TD STYLE="white-space: nowrap; font-weight: bold; text-align: center"></TD>
    <TD STYLE="white-space: nowrap; font-weight: bold; text-align: center"></TD>
    <TD STYLE="white-space: nowrap; font-weight: bold; text-align: center"></TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font-weight: bold"></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&#160;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&#160;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">Year Ended March 31,</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font-weight: bold">&#160;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: center">&#160;</TD><TD STYLE="white-space: nowrap; font-weight: bold; padding-bottom: 1pt">&#160;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">2021</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font-weight: bold">&#160;</TD><TD STYLE="white-space: nowrap; font-weight: bold; padding-bottom: 1pt">&#160;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">2020</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&#160;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="text-align: left">Current portion:</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 8.65pt">Federal</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">&#8212;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">&#8212;</TD><TD STYLE="text-align: left">&#160;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="width: 74%; padding-left: 8.65pt">State</TD><TD STYLE="width: 3%; padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 1%; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; width: 8%; text-align: right">1,600</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&#160;</TD><TD STYLE="width: 3%; padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 1%; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; width: 8%; text-align: right">1,600</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&#160;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="display: none">Current</FONT></TD><TD>&#160;</TD>
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<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="text-align: left">Deferred portion:</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">&#160;</TD><TD STYLE="text-align: left">&#160;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 8.65pt">Federal</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">(1,931,390</TD><TD STYLE="text-align: left">)</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">(1,180,434</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="padding-left: 8.65pt">State</TD><TD STYLE="padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(576,868</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(391,865</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="display: none">Deferred</FONT></TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">(2,508,258</TD><TD STYLE="text-align: left">)</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">(1,572,299</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="text-align: left">Change in valuation allowance</TD><TD STYLE="padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2,508,258</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&#160;</TD><TD STYLE="padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,572,299</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&#160;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Provision for income taxes</TD><TD STYLE="padding-bottom: 2.5pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">1,600</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&#160;</TD><TD STYLE="padding-bottom: 2.5pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">1,600</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&#160;</TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">As of March&#160;31,
2021, the Company had net operating loss carryforwards (NOLs) of approximately $13,954,000 for federal income tax purposes and
$14,019,000 for state income tax purposes. These NOLs are available to reduce future taxable income and will expire at various
times from 2037 through 2041, except federal NOLs from fiscal 2018, 2019 and 2020 which will never expire.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="font-size: 10pt">The Company
also had federal research and development tax credit carryforwards of approximately $535,000, which will begin expiring at various
times from 2038 through 2040, and state research and development credits of approximately $141,000, which do not have an expiration
date.&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">A reconciliation
of income taxes provided at the federal statutory rate (21% for fiscal 2021 and 2020) to the actual income tax provision is as
follows:&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&#160;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: center"></TD><TD STYLE="white-space: nowrap; font-weight: bold; padding-bottom: 1pt"></TD>
    <TD STYLE="white-space: nowrap; font-weight: bold; text-align: center"></TD>
    <TD STYLE="white-space: nowrap; font-weight: bold; text-align: center"></TD>
    <TD STYLE="white-space: nowrap; font-weight: bold; text-align: center"></TD>
    <TD STYLE="white-space: nowrap; font-weight: bold; text-align: center"></TD>
    <TD STYLE="white-space: nowrap; font-weight: bold; text-align: center"></TD>
    <TD STYLE="white-space: nowrap; font-weight: bold; text-align: center"></TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font-weight: bold"></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: center">&#160;</TD><TD STYLE="white-space: nowrap; font-weight: bold; padding-bottom: 1pt">&#160;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">Year Ended March 31,</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font-weight: bold">&#160;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: center">&#160;</TD><TD STYLE="white-space: nowrap; font-weight: bold; padding-bottom: 1pt">&#160;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">2021</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font-weight: bold">&#160;</TD><TD STYLE="white-space: nowrap; font-weight: bold; padding-bottom: 1pt">&#160;</TD>
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<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
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    <TD STYLE="white-space: nowrap; width: 1%; text-align: left">&#160;</TD><TD STYLE="white-space: nowrap; width: 8%; text-align: right">(21</TD><TD STYLE="white-space: nowrap; width: 1%; text-align: left">)%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
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<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="white-space: nowrap; text-align: left">Permanent differences</TD><TD STYLE="white-space: nowrap">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD><TD STYLE="white-space: nowrap; text-align: right">&#8212;</TD><TD STYLE="white-space: nowrap; text-align: left">%</TD><TD STYLE="white-space: nowrap">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD><TD STYLE="white-space: nowrap; text-align: right">&#8212;</TD><TD STYLE="white-space: nowrap; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
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<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="white-space: nowrap; text-align: left">Section 179 assets</TD><TD STYLE="white-space: nowrap">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD><TD STYLE="white-space: nowrap; text-align: right">&#8212;</TD><TD STYLE="white-space: nowrap; text-align: left">%</TD><TD STYLE="white-space: nowrap">&#160;</TD>
    <TD STYLE="white-space: nowrap; text-align: left">&#160;</TD><TD STYLE="white-space: nowrap; text-align: right">&#8212;</TD><TD STYLE="white-space: nowrap; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; text-align: left">Change in valuation allowance</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt">&#160;</TD>
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    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right">31</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="white-space: nowrap; text-align: left">Effective income tax rate</TD><TD STYLE="white-space: nowrap; padding-bottom: 2.5pt">&#160;</TD>
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    <TD STYLE="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: right">&#8212;</TD><TD STYLE="white-space: nowrap; padding-bottom: 2.5pt; text-align: left">%</TD></TR>
</TABLE>

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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">Significant components of the Company&#8217;s
deferred tax assets and liabilities were:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&#160;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center"></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"></TD>
    <TD STYLE="white-space: nowrap; font-weight: bold; text-align: center"></TD>
    <TD STYLE="white-space: nowrap; font-weight: bold; text-align: center"></TD>
    <TD STYLE="white-space: nowrap; font-weight: bold; text-align: center"></TD>
    <TD STYLE="white-space: nowrap; font-weight: bold; text-align: center"></TD>
    <TD STYLE="white-space: nowrap; font-weight: bold; text-align: center"></TD>
    <TD STYLE="white-space: nowrap; font-weight: bold; text-align: center"></TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font-weight: bold"></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&#160;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&#160;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">March 31,</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font-weight: bold">&#160;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: center">&#160;</TD><TD STYLE="white-space: nowrap; font-weight: bold; padding-bottom: 1pt">&#160;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">2021</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font-weight: bold">&#160;</TD><TD STYLE="white-space: nowrap; font-weight: bold; padding-bottom: 1pt">&#160;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-weight: bold; text-align: center">2020</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&#160;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="width: 74%; text-align: left">Net operating loss carryforwards</TD><TD STYLE="width: 3%">&#160;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 8%; text-align: right">3,909,434</TD><TD STYLE="width: 1%; text-align: left">&#160;</TD><TD STYLE="width: 3%">&#160;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 8%; text-align: right">1,965,118</TD><TD STYLE="width: 1%; text-align: left">&#160;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Stock-based compensation expense</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">554,892</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
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<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="text-align: left">Property and equipment</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">(18,039</TD><TD STYLE="text-align: left">)</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">6,842</TD><TD STYLE="text-align: left">&#160;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Reserves, accruals &amp; other</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">(79,878</TD><TD STYLE="text-align: left">)</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">(7,181</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="text-align: left">Research and development tax credits</TD><TD STYLE="padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">646,296</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&#160;</TD><TD STYLE="padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">237,716</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&#160;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 8.65pt">Total deferred tax assets</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">5,012,705</TD><TD STYLE="text-align: left">&#160;</TD><TD>&#160;</TD>
    <TD STYLE="text-align: left">&#160;</TD><TD STYLE="text-align: right">2,567,484</TD><TD STYLE="text-align: left">&#160;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,204)">
    <TD STYLE="text-align: left">Less: valuation allowance</TD><TD STYLE="padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(5,012,705</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&#160;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(2,567,484</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 8.65pt">Deferred tax assets, net</TD><TD STYLE="padding-bottom: 2.5pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">&#8212;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&#160;</TD><TD STYLE="padding-bottom: 2.5pt">&#160;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">&#8212;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&#160;</TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">Based on the
available information and other factors, management believes it is more likely than not that the net deferred tax assets at March
31, 2021 and 2020, will not be fully realizable. Accordingly, management has recorded a full valuation allowance against its net
deferred tax assets at March 31, 2021 and 2020.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">Management has
evaluated and concluded that there were no material uncertain tax positions requiring recognition in the Company&#8217;s consolidated
financial statements at March 31, 2021 and 2020. The Company does not expect any significant changes in its unrecognized tax benefits
within twelve months of the reporting date.</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"><B>NOTE 8 &#8211; ROYALTY AGREEMENT</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">In July 2017,
the Company entered into a royalty agreement with its founder, chief executive officer and major shareholder (the Founder). Pursuant
to the agreement, the Founder assigned and transferred all of his rights in the intellectual property of Quasuras in return for
future royalty payments on the Company&#8217;s product. The Company is obligated to make royalty payments under the agreement
to the Founder on any sales of the royalty product sold or otherwise commercialized by the Company equal to (a) $0.75 on each
sale of a royalty product or (b) 5% of the gross sale price of the royalty product, whichever is less. The royalty payments will
cease, and the agreement will terminate, at such time as the total sum of royalty payments actually paid to the Founder, pursuant
to the agreement, reaches $10,000,000. The Company has the option to terminate the agreement at any time upon payment, to the
Founder, of the difference between total royalty payments actually made to him to date and the sum of $10,000,000. All payments
of the royalties, if due, for the preceding quarter, will be made by the Company to the Founder within thirty days after the end
of each calendar quarter.&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B>&#160;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"><B>NOTE 9 &#8211; RETIREMENT SAVINGS
PLAN</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B>&#160;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">Effective March
2020, the Company adopted the Modular Medical, Inc. 401(k) Plan (the Savings Plan), which qualifies as a thrift plan under Section&#160;401(k)
of the Internal Revenue Code. Full-time and part-time employees who are at least 21&#160;years of age are eligible to participate
in the Savings Plan at the time of hire. Participants may contribute up to 15% of their earnings to the Savings Plan. The Plan
became effective and began accepting participant contributions in April 2020.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>NOTE 10 &#8211;
COMMITMENTS AND CONTINGENCIES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&#160;</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">In the normal
course of business, the Company may be involved in legal proceedings, claims and assessments arising in the ordinary course of
business. The Company records legal costs associated with loss contingencies as incurred and accrues for all probable and estimable
settlements.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&#160;</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">In the ordinary
course of business, the Company enters into contractual arrangements under which it may agree to indemnify the counterparties
from any losses incurred relating to breach of representations and warranties, failure to perform certain covenants, or claims
and losses arising from certain events as outlined within the particular contract, which may include, for example, losses arising
from litigation or claims relating to past performance. Such indemnification clauses may not be subject to maximum loss clauses.
The Company has also entered into indemnification agreements with its officers and directors. No amounts were reflected in the
Company&#8217;s consolidated financial statements for the years ended March&#160;31, 2021 and 2020 related to these indemnifications.
The Company has not estimated the maximum potential amount of indemnification liability under these agreements due to the limited
history of prior claims and the unique facts and circumstances applicable to each particular agreement. To date, the Company has
not made any payments related to these indemnification agreements.</FONT></P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>NOTE&#160;11
&#8211; RELATED PARTY TRANSACTIONS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B>&#160;</B></FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">During the year
ended March 31, 2020, the Company entered into consulting agreements with a member of its board of directors. Under the consulting
agreements, during the year ended March 31, 2020, the Company paid the director consulting fees of $140,625<FONT STYLE="color: red">&#160;</FONT>in
cash, and the director was granted stock options with a fair value of $76,875. The options were for a total of 15,687 shares
of common stock, were fully vested on the grant dates and have terms of 10 years.<B>&#160;</B>&#160;The most recent consulting
agreement, which was entered into between the Company and the director in September 2019, was terminated in March 2020. At March
31, 2020, the Company had an outstanding payable to the director of $5,585, which was included in accounts payable in the consolidated
balance sheet. The Company paid the $5,585 to the director during fiscal 2021.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt"><I>2021 Placement</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><FONT STYLE="font-size: 10pt">The
Company&#8217;s chief executive officer and an existing investor, which is represented by a member of the Company&#8217;s board
of directors, purchased $100,000 and $1,000,000, respectively, aggregate principal amount of the Notes (the Related Party Notes)
in the 2021 Placement. As of March 31, 2021, $1,677 and $16,767 of interest was payable by the Company on the Related Party Notes
to its chief executive officer and to the investor, respectively.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>NOTE 12 &#8211;
SUBSEQUENT EVENTS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt"><I>Convertible
Promissory Notes</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt"><I>&#160;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">Subsequent to
March 31, 2021, the Company issued an additional $4,250,000 of the Notes in the 2021 Placement pursuant to a Securities Purchase
Agreement between the Company and each investor (the SPA) and warrants to purchase shares of its common stock (the Warrants).
The Notes are unsecured obligations of the Company with each Note having a stated maturity date of 12 months from its issue date
(the Issue Date). The Notes bear interest at a rate of 12% per annum, payable on maturity, provided that, if the Company fails
to pay any amounts when due under a Note, the interest rate increases to the greater of 16% or the maximum amount permitted by
law. Each Note may be prepaid at the Company&#8217;s option during the first 270 calendar days following its Issue Date (the 270<SUP>th</SUP>&#160;day,
the Trigger Date), subject to a 110% prepayment penalty on all principal and accrued but unpaid interest then outstanding. No
Notes may be prepaid in whole or in part after the Trigger Date.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">If the Notes
remain outstanding after the Trigger Date, the Notes may be converted into shares of the Company&#8217;s common stock at an initial
conversion price of $8.61 per share; provided, that a Note holder may not convert any portion of its Note that would cause it
to beneficially own in excess of 4.99% of the Company&#8217;s outstanding common stock. The conversion price and number of
shares of Company common stock issuable upon conversion of the Notes will be subject to adjustment from time to time for any subdivision
or consolidation of shares and other standard dilutive and certain other corporate events, as provided in the Notes. Subject to
certain Exempt Issuances (as defined in the Notes), if at any time while a Note is outstanding, the Company sells, issues or grants
any shares of its common stock or other securities entitling the holder to acquire shares of the Company&#8217;s common stock
at a price per share less than the then conversion price, such conversion price shall be reduced to such lesser price, and the
number of shares of the Company&#8217;s common stock issuable upon conversion of the Notes shall be increased, as provided in
the Notes.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">If the Company
completes an offering of its common stock or other securities in excess of $12,000,000 of gross proceeds (a Qualified Capital
Raise), each Note holder will be required to convert its Adjusted Note Amount into the securities of such Qualified Capital Raise.
For purposes hereof, Adjusted Note Amount equals the product of (i) the sum of all outstanding principal plus accrued but unpaid
interest on a Note, multiplied by (ii) 1.25.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">The Notes contain
a number of Company events of default (Events of Default) including, without limitation (i) failure to pay any principal or interest
thereon when due, (ii) failure to timely deliver shares upon conversions, (iii) failure to comply with SEC reporting requirements
under the Exchange Act, (iv) certain breaches of the SPA, the Notes, the Warrants, and the Registration Rights Agreement, (v)
material restatements of the Company&#8217;s consolidated financial statements filed with the SEC, (vi) a holder&#8217;s inability
to rely on Rule 144 for sales of shares underlying the Notes, (vii) the Company&#8217;s common stock is suspended or halted from
trading and/or fails to be quoted or listed (as applicable) on the OTCQB, OTCQX, any tier of the Nasdaq Stock Market, the New
York Stock Exchange, or the NYSE American within 10 days thereafter, (viii) failure to file with the SEC a registration statement
covering the resale of shares of common stock underlying the Notes and Warrants within 60 calendar days following the Issue Date,
(ix) failure to cause such registration statement to become effective within 120 calendar days following the Issue Date, or (x)
certain merger consolidations, business combinations and sales of all or substantially all of the Company&#8217;s assets in the
event the Company is not the survivor of such transaction.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">Upon an Event
of Default, a Note holder may declare all amounts under its Note(s) due and payable, in which event the Company will be required
to pay such Noteholder the product of (i) all then outstanding principal amount and accrued but unpaid interest thereon, multiplied
by (ii) 125%; and all collection costs including legal fees and expenses in connection therewith. At the option of a Note holder,
in the event the Company receive cash proceeds as a result of certain events including, but not limited to, from customers, issuances
of debt or equity securities, exercise of warrants or asset sales, the Company will be required to use such proceeds to repay
all or any lesser outstanding amounts due under such holder&#8217;s Note.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">The Notes also
includes various covenants, including negative covenants, representations, warranties, other payment obligations and agreements
by the Company including, without limitation, most-favored nation clauses, rights of participation and first refusal and exchange
rights. In connection with the issuance of the Notes, the Company issued Warrants to purchase 761,912 shares of its common
stock (Warrant Shares) at an initial exercise price of $24.00 per share. The Warrants may be exercised for a period of 5 years
from the Trigger Date.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">In the event
that, prior to the Trigger Date, the Company (i) completes a Qualified Capital Raise, the outstanding Warrants shall be cancelled
or (ii) prepays a holder&#8217;s Note(s) in whole or in part, such holder&#8217;s pro-rata number of its Warrants shall be cancelled.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">Effective April
30, 2021, each of the holders of the $2,210,000 of Notes outstanding at March 31, 2021 entered into a revocation and replacement
agreement with the Company (the Revocation Agreement). Under the terms of the Revocation Agreement, the $2,210,000 of Notes and
accrued interest of $50,091 were replaced with new Notes consistent with the terms described above.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">In May 2021,
a member of the Board purchased $200,000 of the Notes.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt"><I>PPP Note</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">As a result
of the Company&#8217;s request for loan forgiveness, on May 29, 2021, the Company was notified that the outstanding principal
and accrued interest for the PPP Note was forgiven in full by the U.S. Small Business Administration.</FONT></P>




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    <!-- Field: /Page -->



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt"><B>2,500,000
Units</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt"><B>Each Unit
Consisting of One Share of Common Stock and</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt"><B>One Warrant
to Purchase One Share of Common Stock</B></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; color: Red"><IMG SRC="modular012.jpg" ALT="(LOGO)"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; color: Red"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B></B></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 40%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 20%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 40%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B></B></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0pt; text-align: center"><B>PROSPECTUS</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 40%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 20%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 40%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B></B></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"><I>Sole Book-Running
Manager</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 18pt"><B>Oppenheimer
&amp; Co.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"><I>Co-Lead
Managers</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 67%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 14pt"><B>The Benchmark Company</B></FONT></TD>
    <TD STYLE="width: 33%; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 14pt"><B>Lake
    Street</B></FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt">February 9, 2022</FONT></P>





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end
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<DOCUMENT>
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<SEQUENCE>5
<FILENAME>modular004.jpg
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<SEQUENCE>10
<FILENAME>modular009.jpg
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</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>11
<FILENAME>modular010.jpg
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end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>12
<FILENAME>modular011.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
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#5__9

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
