<SEC-DOCUMENT>0001683168-24-006720.txt : 20240927
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ACCESSION NUMBER:		0001683168-24-006720
CONFORMED SUBMISSION TYPE:	S-1
PUBLIC DOCUMENT COUNT:		18
FILED AS OF DATE:		20240927
DATE AS OF CHANGE:		20240927

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Kartoon Studios, Inc.
		CENTRAL INDEX KEY:			0001355848
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-MOTION PICTURE & VIDEO TAPE PRODUCTION [7812]
		ORGANIZATION NAME:           	07 Trade & Services
		IRS NUMBER:				204118216
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		S-1
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-282385
		FILM NUMBER:		241335802

	BUSINESS ADDRESS:	
		STREET 1:		190 N. CANON
		STREET 2:		4TH FLOOR
		CITY:			BEVERLY HILLS
		STATE:			CA
		ZIP:			90210
		BUSINESS PHONE:		310-273-4222

	MAIL ADDRESS:	
		STREET 1:		190 N. CANON
		STREET 2:		4TH FLOOR
		CITY:			BEVERLY HILLS
		STATE:			CA
		ZIP:			90210

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Genius Brands International, Inc.
		DATE OF NAME CHANGE:	20111109

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PACIFIC ENTERTAINMENT CORP
		DATE OF NAME CHANGE:	20060310
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<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 7pt"><a href="#toc">Table of Contents</a></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><b>As filed with the
Securities and Exchange Commission on September 27, 2024</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><b>Registration No.&#160;333-</b></p>


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

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>UNITED STATES</b></p>

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

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

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

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

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

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

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

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>(Exact name of registrant as specified in its
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Andy Heyward</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Chief Executive Officer </b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>190 N. Canon Drive, 4<sup>th</sup> Fl</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Beverly Hills, CA 90210</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>(310) 273-4222</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>(Name, address, including zip code, and telephone
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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

<!-- Field: Rule-Page --><div style="margin: 3pt auto; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt">&#160;</div></div><!-- Field: /Rule-Page -->

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><i>Copies to:</i></b></p>

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

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    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>New York, New York 10020</b></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<!-- Field: Rule-Page --><div style="margin: 3pt auto; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt">&#160;</div></div><!-- Field: /Rule-Page -->

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Approximate date of commencement of proposed
sale to the public:</b> From time to time after the date this registration statement becomes effective.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If any of the securities being registered on
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following box.&#160;&#160;&#9746;</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If this Form&#160;is filed to register additional
securities for an offering pursuant to Rule&#160;462(b)&#160;under the Securities Act, please check the following box and list the Securities
Act registration statement number of the earlier effective registration statement for the same offering.&#160;&#160;&#9744;</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If this Form&#160;is a post-effective amendment
filed pursuant to Rule&#160;462(c)&#160;under the Securities Act, check the following box and list the Securities Act registration statement
number of the earlier effective registration statement for the same offering.&#160;&#160;&#9744;</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If this Form&#160;is a post-effective amendment
filed pursuant to Rule&#160;462(d)&#160;under the Securities Act, check the following box and list the Securities Act registration statement
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Indicate by check mark whether the registrant
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See the definitions of &#8220;large accelerated filer,&#8221; &#8220;accelerated filer&#8221;, &#8220;smaller reporting company&#8221;
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If an emerging growth company, indicate by check
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>The Registrant hereby amends this Registration
Statement on such date or dates as may be necessary to delay its effective date until the Registrant shall file a further amendment which
specifically states that this Registration Statement shall thereafter become effective in accordance with Section&#160;8(a)&#160;of the
Securities Act of 1933, as amended, or until the Registration Statement shall become effective on such date as the Commission, acting
pursuant to said Section&#160;8(a), may determine.</b></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: red"><b>The information in this prospectus
is not complete and may be changed. These securities may not be sold until the registration statement filed with the Securities and Exchange
Commission is effective. This prospectus is not an offer to sell these securities and it is not soliciting an offer to buy these securities
in any jurisdiction where the offer or sale is not permitted.</b></p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 35%"><span style="font-size: 10pt; color: red"><b>PRELIMINARY PROSPECTUS</b></span></td>
    <td style="width: 31%; text-align: center"><span style="font-size: 10pt; color: red"><b>SUBJECT TO COMPLETION</b></span></td>
    <td style="width: 34%; text-align: right"><span style="font-size: 10pt; color: red"><b>DATED SEPTEMBER 27, 2024</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><img src="image_002.jpg" alt="A logo with red and black text&#10;&#10;Description automatically generated" style="height: 80px; width: 200px"/></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Up to </b>[&#9679;] <b>Shares of Common Stock</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Pre-Funded Warrants to Purchase Up to </b>[&#9679;]
<b>Shares of Common Stock</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Up to </b>[&#9679;] <b>Shares of Common Stock
Underlying the Pre-Funded Warrants</b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are offering on a best efforts basis up to
[&#9679;] shares of our common stock, par value $0.001 (the &#8220;Common Stock&#8221;). The assumed public offering price for each share
of Common Stock is $[&#9679;], which was the closing price of our Common Stock on the NYSE American LLC (&#8220;NYSE American&#8221;)
on September [&#9679;], 2024.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are also offering to certain purchasers whose
purchase of shares of Common Stock in this offering would otherwise result in the purchaser, together with its affiliates and certain
related parties, beneficially owning more than 4.99% (or, at the election of the purchaser, 9.99%) of our outstanding Common Stock immediately
following the consummation of this offering, the opportunity to purchase, if any such purchaser so chooses, pre-funded warrants (the &#8220;Pre-Funded
Warrants&#8221;), in lieu of shares of Common Stock that would otherwise result in such purchaser&#8217;s beneficial ownership exceeding
4.99% (or, at the election of the purchaser, 9.99%) of our outstanding Common Stock. The public offering price of each Pre-Funded Warrant
will be equal to the price at which one share of Common Stock is sold to the public in this offering, minus $0.001, and the exercise price
of each Pre-Funded Warrant will be $0.001 per share. The Pre-Funded Warrants will be immediately exercisable and may be exercised at any
time until all of the Pre-Funded Warrants are exercised in full. For each Pre-Funded Warrant we sell, the number of shares of Common Stock
we are offering will be decreased on a one-for-one basis. This prospectus also covers the shares of Common Stock issuable from time to
time upon the exercise of the Pre-Funded Warrants.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have engaged Roth Capital Partners, LLC (&#8220;Roth&#8221;
or the &#8220;Placement Agent&#8221;), to act as our exclusive placement agent, to use its reasonable best efforts to arrange for the
sale of the securities offered by this prospectus. The Placement Agent is not purchasing or selling any of the securities we are offering,
and the Placement Agent is not required to arrange the purchase or sale of any specific number or dollar amount of securities.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The securities will be offered at a fixed price
and are expected to be issued in a single closing. The offering will terminate on [<span style="font-family: Symbol">&#183;</span>],
2024, unless (i)&#160;the closing occurs prior thereto or (ii)&#160;we decide to terminate the offering prior thereto (which we may do
at any time in our discretion). Investors purchasing securities offered hereby will have the option to execute a securities purchase agreement
with us. We expect that the closing of the offering will occur one trading day after we price the securities offered hereby. When we price
the securities, we will simultaneously enter into securities purchase agreements relating to the offering with those investors who so
choose. The offering will settle delivery versus payment (&#8220;DVP&#8221;)/receipt versus payment (&#8220;RVP&#8221;). That is, on the
closing date, we will issue the shares of Common Stock directly to the account(s)&#160;at the Placement Agent identified by each purchaser;
upon receipt of such shares, the Placement Agent shall promptly electronically deliver such shares to the applicable purchaser, and payment
therefor shall be made by the Placement Agent (or its clearing firm) by wire transfer to us.</p>

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

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Since we will deliver the securities to be issued
in this offering upon our receipt of investor funds, we and the Placement Agent have not made any arrangements to place investor funds
in an escrow account or trust account. Because this is a best-efforts offering, the Placement Agent does not have an obligation to purchase
any securities, and, as a result, there is a possibility that we may not be able to sell the securities. There is no minimum offering
requirement as a condition of closing of this offering. Because there is no minimum offering amount required as a condition to closing
this offering, we may sell fewer than all of the securities offered hereby, which may significantly reduce the amount of proceeds received
by us, and investors in this offering will not receive a refund in the event that we do not sell an amount of securities sufficient to
pursue our business goals described in this prospectus. In addition, because there is no escrow account and no minimum offering amount,
investors could be in a position where they have invested in our company, but we are unable to fulfill all of our contemplated objectives
due to a lack of interest in this offering. Further, any proceeds from the sale of securities offered by us will be available for our
immediate use, despite uncertainty about whether we would be able to use such funds to effectively implement our business plan. See the
section entitled &#8220;<a href="#s_005">Risk Factors</a>&#8221; for more information.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our Common Stock is listed on the NYSE American
under the symbol &#8220;TOON.&#8221; On September [&#9679;], 2024, the last reported sale price of our Common Stock on the NYSE American
was $[&#9679;] per share. The actual public offering price per share of Common Stock and per Pre-Funded Warrant, will be determined between
us, the Placement Agent and the investors in this offering at the time of pricing, and may be at a discount to the current market price
for the Common Stock. Therefore, the recent market price used throughout this preliminary prospectus as an assumed offering price per
share of Common Stock may not be indicative of the final offering price. There is no established public trading market for the Pre-Funded
Warrants, and we do not expect such a market to develop. Without an active trading market, the liquidity of the Pre-Funded Warrants will
be limited. In addition, we do not intend to list the Pre-Funded Warrants on NYSE American, any other national securities exchange or
any other trading system.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Investing in our securities involves risks.
You should review carefully the risks and uncertainties described under the heading &#8220;<i><a href="#s_005">Risk Factors</a></i>&#8221;
contained in this prospectus and under similar headings in the other documents that are incorporated by reference into this prospectus,
as described beginning on page 7 of this prospectus.</b></p>

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

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

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

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <td>&#160;</td>
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    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Per Share of</b></p>
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    <td>&#160;</td>
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    <td>&#160;</td>
    <td style="border-bottom: black 1pt solid">&#160;</td>
    <td style="border-bottom: black 1pt solid; text-align: center"><span style="font-size: 10pt"><b>Total</b></span></td>
    <td>&#160;</td></tr>
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    <td style="width: 1%"><span style="font-size: 10pt">$</span></td>
    <td style="width: 10%; text-align: right">&#160;</td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 1%"><span style="font-size: 10pt">$</span></td>
    <td style="width: 10%; text-align: right">&#160;</td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 1%"><span style="font-size: 10pt">$</span></td>
    <td style="width: 10%; text-align: right">&#160;</td>
    <td style="width: 1%">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: white">
    <td style="text-align: justify"><span style="font-size: 10pt">Placement agent fees<sup>(1)</sup></span></td>
    <td>&#160;</td>
    <td><span style="font-size: 10pt">$</span></td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td><span style="font-size: 10pt">$</span></td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td><span style="font-size: 10pt">$</span></td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td style="text-align: justify"><span style="font-size: 10pt">Proceeds to us, before expenses<sup>(2)</sup></span></td>
    <td>&#160;</td>
    <td><span style="font-size: 10pt">$</span></td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td><span style="font-size: 10pt">$</span></td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td><span style="font-size: 10pt">$</span></td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-size: 10pt">(1)</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">Represents a cash fee equal to 7% of the aggregate purchase price paid by investors in this offering. See &#8220;</span><span style="font-size: 10pt"><i><a href="#s_013">Plan of Distribution</a></i></span><span style="font-size: 10pt">&#8221; for additional disclosure regarding compensation payable to the Placement Agent. </span></td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-size: 10pt">(2)</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">Does not include proceeds from the exercise of the Pre-Funded Warrants in cash, if any.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Delivery of the Common Stock and any Pre-Funded Warrants to the purchasers
is expected to be made on or about <span style="text-decoration: underline">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</span>,
2024.</p>

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

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

<p style="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Roth Capital Partners</b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>The date of this prospectus is&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
, 2024</b></p>

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><span id="toc"></span>TABLE OF CONTENTS</b></p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="width: 95%"><a href="#s_001"><span style="font-size: 10pt">ABOUT THIS PROSPECTUS</span></a></td>
    <td style="width: 5%; text-align: right"><span style="font-size: 10pt">1</span></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td><a href="#s_002"><span style="font-size: 10pt">SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS</span></a></td>
    <td style="text-align: right"><span style="font-size: 10pt">1</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><a href="#s_003"><span style="font-size: 10pt">PROSPECTUS SUMMARY</span></a></td>
    <td style="text-align: right"><span style="font-size: 10pt">3</span></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td><a href="#s_004"><span style="font-size: 10pt">THE OFFERING</span></a></td>
    <td style="text-align: right"><span style="font-size: 10pt">5</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><a href="#s_005"><span style="font-size: 10pt">RISK FACTORS</span></a></td>
    <td style="text-align: right"><span style="font-size: 10pt">7</span></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td><a href="#s_006"><span style="font-size: 10pt">USE OF PROCEEDS</span></a></td>
    <td style="text-align: right"><span style="font-size: 10pt">11</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><a href="#s_007"><span style="font-size: 10pt">DIVIDEND POLICY</span></a></td>
    <td style="text-align: right"><span style="font-size: 10pt">12</span></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td><a href="#s_008">CAPITALIZATION</a></td>
    <td style="text-align: right">13</td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><a href="#s_009">DILUTION</a></td>
    <td style="text-align: right">15</td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td><a href="#s_010"><span style="font-size: 10pt">DESCRIPTION OF OUR CAPITAL STOCK</span></a></td>
    <td style="text-align: right"><span style="font-size: 10pt">17</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><a href="#s_011"><span style="font-size: 10pt">DESCRIPTION OF SECURITIES WE ARE OFFERING</span></a></td>
    <td style="text-align: right"><span style="font-size: 10pt">22</span></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td><a href="#s_012"><span style="font-size: 10pt">MATERIAL UNITED STATES FEDERAL INCOME TAX CONSIDERATIONS</span></a></td>
    <td style="text-align: right"><span style="font-size: 10pt">24</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><a href="#s_013"><span style="font-size: 10pt">PLAN OF DISTRIBUTION</span></a></td>
    <td style="text-align: right"><span style="font-size: 10pt">30</span></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td><a href="#s_014"><span style="font-size: 10pt">LEGAL MATTERS</span></a></td>
    <td style="text-align: right"><span style="font-size: 10pt">33</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-size: 10pt"><a href="#s_015">EXPERTS</a></span></td>
    <td style="text-align: right"><span style="font-size: 10pt">33</span></td></tr>
  <tr style="vertical-align: top; background-color: White">
    <td><a href="#s_016"><span style="font-size: 10pt">WHERE YOU CAN FIND ADDITIONAL INFORMATION</span></a></td>
    <td style="text-align: right"><span style="font-size: 10pt">33</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><a href="#s_017"><span style="font-size: 10pt">INCORPORATION OF CERTAIN INFORMATION BY REFERENCE</span></a></td>
    <td style="text-align: right"><span style="font-size: 10pt">34</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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

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

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

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

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

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><span id="s_001"></span>ABOUT THIS PROSPECTUS</b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">You should rely only on the information that we
have provided or incorporated by reference in this prospectus. We have not authorized anyone to provide you with different or additional
information. If anyone provides you with different or additional information, you should not rely on it. You should assume that the information
in this prospectus is accurate only as of the date on the cover of the document and that any information we have incorporated by reference
is accurate only as of the date of the document incorporated by reference, regardless of the time of delivery of this prospectus or any
sale of a security. Our business, financial condition, results of operations and prospects may have changed since those dates.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We urge you to carefully read this prospectus,
together with the information incorporated herein by reference as described under the heading &#8220;<i><a href="#s_016">Where You Can Find Additional Information</a></i>.&#8221;</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In this prospectus, unless otherwise specified
or the context requires otherwise, we use the terms &#8220;Company,&#8221; &#8220;we,&#8221; &#8220;us&#8221; and &#8220;our&#8221; or
similar references to refer to Kartoon Studios,&#160;Inc., a Nevada corporation, together with its consolidated subsidiaries.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span id="s_002"></span><b>SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS</b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This prospectus and the documents incorporated
by reference into this prospectus include forward-looking statements within the meaning of Section&#160;27A of the Securities Act of 1933,
as amended, or the Securities Act, and Section&#160;21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act, that
relate to future events or our future financial performance and involve 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 these forward-looking statements. Words such as, but not limited to, &#8220;anticipate,&#8221;
&#8220;aim,&#8221; &#8220;believe,&#8221; &#8220;contemplate,&#8221; &#8220;continue,&#8221; &#8220;could,&#8221; &#8220;design,&#8221;
&#8220;estimate,&#8221; &#8220;expect,&#8221; &#8220;intend,&#8221; &#8220;may,&#8221; &#8220;might,&#8221; &#8220;plan,&#8221; &#8220;predict,&#8221;
&#8220;poise,&#8221; &#8220;project,&#8221; &#8220;potential,&#8221; &#8220;suggest,&#8221; &#8220;should,&#8221; &#8220;strategy,&#8221;
&#8220;target,&#8221; &#8220;will,&#8221; &#8220;would,&#8221; 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 prospectus and incorporated
by reference into this prospectus, we caution you that these statements are based on our projections of the future that are subject to
known and unknown risks and uncertainties and other factors that may cause our actual results, level of activity, performance or achievements
expressed or implied by these forward-looking statements, to differ. The section in this prospectus entitled &#8220;<i>Risk Factors</i>&#8221;
and the sections in our periodic reports, including the Annual Report on Form 10-K&#160;for the year ended December 31, 2023 filed with
the Securities and Exchange Commission (the &#8220;SEC&#8221;) on April 9, 2024 entitled &#8220;Business,&#8221; &#8220;Risk Factors&#8221;
and &#8220;Management&#8217;s Discussion and Analysis of Financial Condition and Results of Operations,&#8221; the Quarterly Report on
Form 10-Q for the quarter ended March 31, 2024 filed with the SEC on May 15, 2024, the Quarterly Report for the quarter ended June 30,
2024 filed with the SEC on August 14, 2024, as well as other sections in this prospectus and the documents or reports incorporated by
reference into this prospectus, discuss some of the factors that could contribute to these differences.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Please consider our forward-looking
statements in light of those risks as you read this prospectus and the documents incorporated by reference into this prospectus. It is
not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which
any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements
we may make. Given these uncertainties, you should not place undue reliance on these forward-looking statements.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">You should not assume
that the information contained in this prospectus is accurate as of any date other than as of the date of this prospectus, or that any
information incorporated by reference into this prospectus is accurate as of any date other than the date of the document so incorporated
by reference. Except as required by law, we assume no obligation to update these forward-looking statements publicly, or to update the
reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes
available in the future. Thus, you should not assume that our silence over time means that actual events are bearing out as expressed
or implied in such forward-looking statements.</p>

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

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">If one or more of these
or other risks or uncertainties materializes, or if our underlying assumptions prove to be incorrect, actual results may vary materially
from what we anticipate. All subsequent written and oral forward-looking statements attributable to us or individuals acting on our behalf
are expressly qualified in their entirety by this Note. Before purchasing any securities, you should consider carefully all of the factors
set forth or referred to in this prospectus and the documents incorporated by reference that could cause actual results to differ.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We may not actually achieve the plans, intentions
or expectations disclosed in our forward-looking statements, and you should not place undue reliance on our forward-looking statements.
Forward-looking statements should be regarded solely as our current plans, estimates and beliefs. We have included important factors in
the cautionary statements included in this document, particularly in the section entitled &#8220;<i>Risk Factors</i>&#8221; of this prospectus
that we believe could cause actual results or events to differ materially from the forward-looking statements that we make. Moreover,
we operate in a very competitive and rapidly changing environment. New risks emerge from time to time. It is not possible for our management
to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of
factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. Given these
risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. All forward-looking statements
are qualified in their entirety by this cautionary statement. Our forward-looking statements do not reflect the potential impact of any
future acquisitions, mergers, dispositions, joint ventures or investments we may make. You should read this prospectus and the documents
that we have filed as exhibits to this prospectus and incorporated by reference herein completely and with the understanding that our
actual future results may be materially different from the plans, intentions and expectations disclosed in the forward-looking statements
we make. The forward-looking statements contained in this prospectus are made as of the date of this prospectus and we do not assume any
obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required
by applicable law.</p>

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

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

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

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span id="s_003"></span><b>PROSPECTUS SUMMARY</b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>This summary contains basic information about
us and this offering. Because it is a summary, it does not contain all of the information that you should consider before deciding to
invest in our securities. Before you decide to invest in our securities, you should read this entire prospectus carefully and the documents
incorporated by reference herein, including the information included under the heading titled &#8220;<a href="#s_005">Risk Factors</a>.&#8221; </i></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b>The Company</b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Overview</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Kartoon Studios, Inc. (formerly
known as Genius Brands International, Inc.) (the &#8220;Company&#8221; or &#8220;we,&#8221; &#8220;us&#8221; or &#8220;our&#8221;) is
a global content and brand management company that creates, produces, licenses, and broadcasts timeless and educational, multimedia animated
content for children. Led by experienced industry personnel, we distribute our content primarily on streaming platforms and television
and license our properties for a broad range of consumer products based on our characters. We are a &#8220;work for hire&#8221; producer
for many of the streaming outlets and animated content intellectual property (&#8220;IP&#8221;) holders. In the children&#8217;s media
sector, our portfolio features &#8220;content with a purpose&#8221; for toddlers to tweens, providing enrichment as well as entertainment.
With the exception of selected WOW Unlimited Media Inc. (&#8220;Wow&#8221;) titles, our programs, along with licensed programs, are being
broadcast in the United States on our wholly-owned advertisement supported video on demand (&#8220;AVOD&#8221;) service, its free ad supported
TV channels and subscription video on demand (&#8220;SVOD&#8221;) outlets, Kartoon Channel! and Ameba TV (as defined below), as well as
linear streaming platforms. These streaming platforms include Comcast, Cox, DISH, Sling TV, Amazon Prime Video, Amazon Fire, Roku, Apple
TV, Apple iOS, Android TV, Android mobile, Pluto TV, Xumo, Tubi, Youtube, and Youtube Kids and via KartoonChannel.com, as well as Samsung
and LG smart TVs. Our in-house owned and produced animated shows include Stan Lee&#8217;s Superhero Kindergarten starring Arnold Schwarzenegger,
Llama starring Jennifer Garner, Rainbow Rangers, KC Pop Quiz and Shaq&#8217;s Garage starring Shaquille O&#8217;Neal. Our library titles
include the award-winning Baby Genius, adventure comedy Thomas Edison&#8217;s Secret Lab&#174;, and Warren Buffett&#8217;s Secret Millionaires
Club, created with and starring iconic investor Warren Buffett, Team Zenko Go!, Reboot, Bee &amp; PuppyCat: Lazy in Space and Castlevania.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We also license our programs
to other services worldwide, in addition to the operation of our own channels, including but not limited to Netflix, Paramount+, Max,
Nickelodeon, and satellite, cable and terrestrial broadcasters around the world.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Through our investments in
Germany&#8217;s Your Family Entertainment AG, a publicly traded company on the Frankfurt Stock Exchange (RTV-Frankfurt), we have gained
access to one of the largest animation catalogues in Europe with over 50 titles consisting of over 1,600 episodes, and a global distribution
network which currently covers over 60 territories worldwide.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Through the ownership of Wow,
we established an affiliate relationship with Mainframe Studios, which is one of the largest animation producers in the world. In addition,
Wow owns Frederator Networks Inc. (&#8220;Frederator&#8221;) and its Channel Frederator Network (together with Kartoon Channel! and Ameba
TV (the &#8220;TOON Media Networks&#8221;), the largest animation focused multi-channel network on YouTube with over 2,500 channels. Frederator
also owns Frederator Studios, focused on developing and producing shorts and series for and with partners, including Nickelodeon, Nick
Jr., Netflix, Sony Pictures Animation and Amazon.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have rights to a select
amount of valuable IP, including among them a controlling interest in Stan Lee Universe, LLC (&#8220;SLU&#8221;), through which we control
the name, likeness, signature, and all consumer product and IP rights to Stan Lee (the &#8220;Stan Lee Assets&#8221;).</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We also own Beacon Media Group,
LLC (&#8220;Beacon Media Group&#8221;) and Beacon Communications, Ltd. (&#8220;Beacon Communications,&#8221; together with Beacon Media
Group, &#8220;Beacon&#8221;), a leading North American marketing and media agency and its first-class media research, planning and buying
division. Beacon represents over 30 major toy companies, including Playmobil, Bandai Namco, Bazooka Candy Brands, and Moose Toys.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, we own the Canadian
company Ameba Inc., which distributes SVOD service for kids (&#8220;Ameba TV&#8221;) and has become the focal point of revenue growth
for our TOON Media Networks&#8217; subscription offering.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We and our affiliates provide
world class animation production studios a catalogue representing thousands of hours of premium global content for children, a broadcast
system for delivering that content and an in-house consumer products licensing infrastructure to fully exploit the content.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On June 23, 2023, we were
renamed Kartoon Studios, Inc. On June 26, 2023, we transferred our listing to NYSE American LLC (&#8220;NYSE American&#8221;). In connection
with listing on NYSE American, we voluntarily delisted from the Nasdaq Capital Market (&#8220;Nasdaq&#8221;). Our common stock began trading
on NYSE American under the new symbol &#8220;TOON&#8221; on June 26, 2023.&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Historically, we have incurred
net losses. For the years ended December 31, 2023 and 2022, we reported net losses of $77.2 million and $44.5 million, respectively and
for the six months ended June 30, 2024 and 2023, we reported net losses of $13.0 million and $37.2 million, respectively. We reported
net cash used in operating activities of $16.1 million and $25.9 million for the years ended December 31, 2023 and 2022, respectively
and $2.7 million and $10.6 million for the six months ended June 30, 2024 and 203, respectively. As of June 30, 2024, we had an accumulated
deficit of $731.5 and total stockholders&#8217; equity of $44.4 million. As of June 30, 2024, we had current assets of $38.8 million,
including cash of $2.7 million and marketable securities of $6.5 million, and current liabilities of $33.6 million. We had working capital
of $5.2 million as of June 30, 2024, compared to working capital of $11.5 million as of December 31, 2023. Management has evaluated the
significance of these conditions in relation to the Company&#8217;s ability to meet its obligations and noted the Company has sufficient
marketable securities and investments to fund operations for the next 12 months. In addition, the Company has the ability to reduce operating
costs and use equity and equity-linked instruments to pay for services and compensation.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Company Information</b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We were incorporated in California
on January 3, 2006 and reincorporated in Nevada in October 2011. We commenced operations in January 2006, assuming all of the rights and
obligations of our then Chief Executive Officer, under an Asset Purchase Agreement between us and Genius Products, Inc., in which we obtained
all rights, copyrights, and trademarks to the brands &#8220;Baby Genius,&#8221; &#8220;Kid Genius,&#8221; &#8220;123 Favorite Music&#8221;
and &#8220;Wee Worship,&#8221; and all then existing productions under those titles. In October 2011, we (i) changed our domicile to Nevada
from California, and (ii) changed our name to Genius Brands International, Inc. from Pacific Entertainment Corporation (the &#8220;Reincorporation&#8221;).
In connection with the Reincorporation, we changed our trading symbol from &#8220;PENT&#8221; to &#8220;GNUS.&#8221; In June 2023, we
changed our name to Kartoon Studios, Inc. from Genius Brands International, Inc. along with our trading symbol &#8220;GNUS&#8221; to &#8220;TOON.&#8221;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our principal executive offices
are located at 190 N Canon Drive, 4th Floor, Beverly Hills, California 90210. Our telephone number is 310-273-4222. We maintain an Internet
website at www.kartoonstudios.com. The information contained on, connected to or that can be accessed via our website is not part of this
prospectus.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Smaller Reporting Company</b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are a &#8220;smaller reporting
company&#8221; as defined in the Securities Exchange Act of 1934, as amended (the &#8220;Exchange Act&#8221;). As a result, we may take
advantage of certain reduced disclosure obligations available to smaller reporting companies, including the exemption from compliance
with the auditor attestation requirements pursuant to the Sarbanes-Oxley Act of 2022, reduced disclosure about our executive compensation
arrangements and the requirements to provide only two years of audited financial statements in our annual reports and registration statements.
We will continue to be a &#8220;smaller reporting company&#8221; as long as (1)&#160;we have a public float (i.e., the market value of
our common stock held by non-affiliates) less than $250 million calculated as of the last business day of our most recently completed
second fiscal quarter, or (2)&#160;our annual revenues are less than $100 million for our previous fiscal year and we have either no public
float or a public float of less than $700 million as of the end of that fiscal year&#8217;s second fiscal quarter. Decreased disclosures
in our SEC filings due to our status as a &#8220;smaller reporting company&#8221; may make it harder for investors to analyze our results
of operations and financial prospects.</p>

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

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

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><span id="s_004"></span>THE OFFERING</b></p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 23%"><span style="font-size: 10pt"><b>Securities offered by us:</b></span></td>
    <td style="width: 77%; text-align: justify"><span style="font-size: 10pt">Up to [&#9679;] shares of Common Stock, or up to [&#9679;] Pre-Funded Warrants to purchase shares of Common Stock on a reasonable &#8220;best efforts&#8221; basis. This prospectus also relates to the offering of the shares of Common Stock issuable upon exercise of the Pre-Funded Warrants. For more information regarding the Pre-Funded Warrants, you should carefully read the section titled &#8220;<i><a href="#s_011">Description of Securities to be Registered</a></i>&#8221; in this prospectus.</span></td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: top">
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    <td style="text-align: justify"><span style="font-size: 10pt">We are also offering to each purchaser whose purchase of shares of Common Stock in this offering would otherwise result in the purchaser, together with its affiliates and certain related parties, beneficially owning more than 4.99% (or, at the election of the purchaser, 9.99%) of our outstanding Common Stock immediately following the consummation of this offering, the opportunity to purchase, if the purchaser so chooses, Pre-Funded Warrants (each Pre-Funded Warrant to purchase one share of our Common Stock) in lieu of shares that would otherwise result in the purchaser&#8217;s beneficial ownership exceeding 4.99% of our outstanding Common Stock (or, at the election of the purchaser, 9.99%). The purchase price of each Pre-Funded Warrant will equal the price at which one share of Common Stock are being sold to the public in this offering, minus $0.001, and the exercise price of each Pre-Funded Warrant will be $0.001 per share. The Pre-Funded Warrants will be exercisable immediately and may be exercised at any time until all of the Pre-Funded Warrants are exercised in full. For each Pre-Funded Warrant we sell, the number of shares of Common Stock we are offering will be decreased on a one-for-one basis. This prospectus also covers the shares of Common Stock issuable from time to time upon the exercise of the Pre-Funded Warrants.</span></td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
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  <tr style="vertical-align: top">
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    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Reasonable Best Efforts Offering</b></p></td>
    <td>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have agreed to issue and sell the securities
offered hereby to the purchasers through the Placement Agent. The Placement Agent is not required to buy or sell any specific number
or dollar amount of the securities offered hereby, but will use its reasonable best efforts to solicit offers to purchase the securities
offered by this prospectus. See &#8220;<i><a href="#s_013">Plan of Distribution</a></i>&#8221; beginning on page&#160;29 of this prospectus.</p></td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: top">
    <td><b>Common Stock outstanding before this offering </b></td>
    <td>39,555,161 shares</td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
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  <tr style="vertical-align: top">
    <td style="padding-left: 0.45pt"><span style="font-size: 10pt"><b>Common Stock to be outstanding after this offering</b></span></td>
    <td>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">[&#9679;] shares (assuming all of the securities
    we are offering under this prospectus are sold, and assuming no sale of Pre-Funded Warrants, which, if sold, would reduce the number of
    shares of Common Stock that we are offering on a one-for-one basis).</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45pt; text-align: justify">&#160;</p></td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-size: 10pt"><b>Use of proceeds</b></span></td>
    <td>
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    under this prospectus are sold at an assumed public offering price of $[&#9679;] per share of Common Stock, we estimate that we will receive
    approximately $[&#9679;] million in net proceeds from this offering, after deducting the estimated placement agent fees and estimated
    offering expenses. However, this is a reasonable best efforts offering with no minimum number of securities or amount of proceeds as a
    condition to closing, and we may not sell all or any of the securities offered pursuant to this prospectus; as a result, we may receive
    significantly less in net proceeds.</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.45pt; text-align: justify">&#160;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We currently intend to use the net proceeds from
    this offering primarily for working capital and general corporate purposes, including for research and development. We may also use a
    portion of the net proceeds to invest in or acquire other products, businesses or technologies, although we have no commitments or agreements
    with respect to any such investments or acquisitions as of the date of this prospectus. See &#8220;<i><a href="#s_006">Use of Proceeds</a></i>&#8221; for additional
    information.</p></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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

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

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

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <td style="width: 77%">
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our directors and officers have agreed with
the Placement Agent, subject to certain exceptions, not to sell, transfer or dispose of, directly or indirectly, any of the Common Stock
or securities convertible into or exercisable or exchangeable for the Common Stock for a period of 90 days after the completion of this
offering. See &#8220;<i><a href="#s_013">Plan of Distribution</a></i>&#8221; for more information.</p></td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-size: 10pt"><b>Risk Factors</b></span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">You should carefully read and consider the information set forth under &#8220;<i><a href="#s_005">Risk Factors</a></i>,&#8221; together with all of the other information set forth in this prospectus, before deciding to invest in shares of the Common Stock.</span></td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
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  <tr style="vertical-align: top">
    <td><span style="font-size: 10pt"><b>NYSE American symbol</b></span></td>
    <td>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our Common Stock is listed on the NYSE American
under the symbol &#8220;TOON.&#8221;</p></td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-size: 10pt"><b>Placement Agent Warrants</b></span></td>
    <td style="text-align: justify"><span style="font-size: 10pt; background-color: white">We have agreed to issue to the Placement
    Agent warrants to purchase up to </span><span style="font-size: 10pt">[&#9679;] shares of Common Stock as part of the compensation
    payable to the Placement Agent in connection with this offering (the &#8220;Placement Agent Warrants&#8221;), which number of shares
    is equal to seven percent (7%) of the number of shares of Common Stock and Pre-Funded Warrants sold in the offering. See
    &#8220;<i><a href="#s_013">Plan of Distribution</a></i>.&#8221; This prospectus also covers the shares of Common Stock issuable upon exercise of the
    Placement Agent Warrants.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Except as otherwise indicated, the number of
shares of Common Stock to be outstanding immediately after this offering is based on 39,555,161 shares of Common Stock outstanding
as of September 27, 2024 and excludes:</p>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><span style="font-family: Symbol">&#183;</span></td><td style="text-align: justify">983,973 shares of Common Stock issuable upon vesting of restricted stock units outstanding;</td></tr>
<tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><span style="font-family: Symbol">&#183;</span></td><td style="text-align: justify">953,640 shares of Common Stock issuable upon exercise of outstanding options, at a weighted average exercise
price of $12.77 per share; and</td></tr>
<tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><span style="font-family: Symbol">&#183;</span></td><td style="text-align: justify">6,926,952 shares of Common Stock issuable upon exercise of outstanding warrants, at a weighted average
exercise price of $6.98 per share; </td></tr>
<tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><span style="font-family: Symbol">&#183;</span></td><td style="text-align: justify">1,781,140 shares of Common Stock reserved for future issuance under our 2020 Incentive Plan; and</td></tr>
<tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><span style="font-family: Symbol">&#183;</span></td><td style="text-align: justify">Up
                                            to 3,000,000 shares of Common Stock and/or pre-funded warrants that we are obligated to sell
                                            to the investor in the April 18, 2024 offering, at the sole option of the investor to make
                                            such purchase, until October 15, 2024 at a price of $1.00 per share of Common Stock and $0.99
                                            per pre-funded warrant.</td></tr></table>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="background-color: white">Unless otherwise indicated, all
information in this prospectus assumes no exercise of the outstanding options or warrants described above, no sale of any&#160;Pre-Funded&#160;Warrants
in this offering and no exercise of the Placement Agent Warrants.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b></b></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span id="s_005"></span><b>RISK FACTORS</b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Our business, results of operations and financial
condition and the industry in which we operate are subject to various risks. Accordingly, investing in our securities involves a high
degree of risk. This prospectus does not describe all of those risks. You should consider the risk factors described in this prospectus
below, as well as those described under the caption &#8220;<a href="#s_005">Risk Factors</a>&#8221; in the documents incorporated by reference herein, including
our Annual Report on Form 10-K for the year ended December 31, 2023, the Quarterly Report on Form 10-Q for the quarter ended March 31,
2024 and the Quarterly Report for the quarter ended June 30, 2024, together with the other information contained or incorporated by reference
in this prospectus.</i></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>We have described below and in the documents
incorporated by reference herein the most significant risk factors applicable to us, but they do not constitute all of the risks that
may be applicable to us. New risks may emerge from time to time, and it is not possible for us to predict all potential risks or to assess
the likely impact of all risks. Before making an investment decision, you should carefully consider these risks as well as other information
we include or incorporate by reference in this prospectus. This prospectus also contains forward-looking statements that involve risks
and uncertainties. Our actual results could differ materially from those anticipated in the forward-looking statements as a result of
a number of factors, including the risks described below. See the section titled &#8220;<a href="#s_002">Special Note Regarding Forward-Looking Statements.</a>&#8221;</i></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Risks Related to this Offering</b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>We have broad discretion
in the use of the net proceeds from this offering and may not use them effectively.</i></b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">We will have broad discretion
in the application of the net proceeds from this offering and could spend the proceeds in ways that do not improve our results of operations
or enhance the value of the Common Stock. Our failure to apply these funds effectively could result in financial losses that could have
a material adverse effect on our business, cause the price of our shares of Common Stock to decline and delay the development of our product
candidates. Pending their use, we may invest the net proceeds from this offering in a manner that does not produce income or that loses
value.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>This is a reasonable best efforts offering,
with no minimum amount of securities required to be sold, and we may sell fewer than all of the securities offered hereby.</i></b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Placement Agent has agreed to use its reasonable
best efforts to solicit offers to purchase the securities in this offering. The Placement Agent has no obligation to buy any of the securities
from us or to arrange for the purchase or sale of any specific number or dollar amount of the securities. There is no required minimum
number of securities that must be sold as a condition to completion of this offering, and there can be no assurance that the offering
contemplated hereby will ultimately be consummated. Even if we sell securities offered hereby, because there is no minimum offering amount
required as a condition to closing of this offering, the actual offering amount is not presently determinable and may be substantially
less than the maximum amount set forth on the cover page&#160;of this prospectus. We may sell fewer than all of the securities offered
hereby, which may significantly reduce the amount of proceeds received by us. Thus, we may not raise the amount of capital we believe
is required for our operations in the short-term and may need to raise additional funds, which may not be available or available on terms
acceptable to us.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Because there is no minimum required for
the offering to close, investors in this offering will not receive a refund in the event that we do not sell an amount of securities sufficient
to pursue the business goals outlined in this prospectus.</i></b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have not specified a minimum offering amount
nor have or will we establish an escrow account in connection with this offering. Because there is no escrow account and no minimum offering
amount, investors could be in a position where they have invested in our company, but we are unable to fulfill our objectives due to a
lack of interest in this offering. Further, because there is no escrow account in operation and no minimum investment amount, any proceeds
from the sale of securities offered by us will be available for our immediate use, despite uncertainty about whether we would be able
to use such funds to effectively implement our business plan. Investor funds will not be returned under any circumstances whether during
or after the offering.</p>

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

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Our stock price may be subject to substantial volatility, and
stockholders may lose all or a substantial part of their investment.</i></b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our Common Stock currently trades on NYSE American. There is limited
public float, and trading volume historically has been low and sporadic. As a result, the market price for our Common Stock may not necessarily
be a reliable indicator of our fair market value. The price at which our Common Stock trades may fluctuate as a result of a number of
factors, including the number of shares available for sale in the market, quarterly variations in our operating results, actual or anticipated
announcements of new releases by us or competitors, the gain or loss of significant customers, changes in the estimates of our operating
performance, market conditions in our industry and the economy as a whole.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>We do not intend to pay dividends on the
Common Stock, so any returns will be limited to increases, if any, in the Common Stock&#8217;s value. Your ability to achieve a return
on your investment will depend on appreciation, if any, in the price of the Common Stock.</i></b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We currently anticipate that we will retain future
earnings for the development, operation and expansion of our business and do not anticipate declaring or paying any cash dividends for
the foreseeable future. Any future determination to declare dividends will be made at the discretion of our board of directors and will
depend on, among other factors, our financial condition, operating results, capital requirements, general business conditions and other
factors that our board of directors may deem relevant. Any return to stockholders will therefore be limited to the appreciation in the
value of their stock, if any.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>There is no public market for the Pre-Funded
Warrants to purchase shares of the Common Stock being offered by us in this offering.</i></b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">There is no established public trading market
for the Pre-Funded Warrants to purchase shares of the Common Stock that are being offered as part of this offering, and we do not expect
a market to develop. In addition, we do not intend to apply to list the Pre-Funded Warrants on any national securities exchange or other
nationally recognized trading system, including the NYSE American. Without an active market, the liquidity of the Pre-Funded Warrants
will be limited.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>The Pre-Funded Warrants are speculative
in nature.</i></b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Pre-Funded Warrants offered hereby do not
confer any rights of Common Stock ownership on their holders except as specified therein, such as the right to participate in distributions
or dividends paid on Common Stock, but rather merely represent the right to acquire shares of the Common Stock at a fixed price. Specifically,
commencing on the date of issuance, holders of the Pre-Funded Warrants may exercise their right to acquire the shares of the Common Stock
upon the payment of an exercise price of $0.001 per share. Moreover, following this offering, the market value of the Pre-Funded Warrants
is uncertain and there can be no assurance that the market value of the Pre-Funded Warrants will equal or exceed their imputed public
offering prices. Furthermore, each Pre-Funded Warrant will not expire until it has been exercised in full. There is no established public
trading market for the Pre-Funded Warrants being offered in this offering, and we do not expect a market to develop. In addition, we do
not intend to apply to list the Pre-Funded Warrants on any securities exchange or nationally recognized trading system, including NYSE
American. Without an active market, the liquidity of the Pre-Funded Warrants will be limited.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Holders of the Pre-Funded Warrants will
have no rights as a common stockholder until they acquire shares of the Common Stock.</i></b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Pre-Funded Warrants in this offering do not
confer any rights of share ownership on their holders except as specified therein, such as the right to participate in distributions or
dividends paid on Common Stock, but rather merely represent the right to acquire shares of the Common Stock at a fixed price. Until holders
of the Pre-Funded Warrants acquire shares of the Common Stock upon exercise of the Pre-Funded Warrants, as applicable, holders of Pre-Funded
Warrants will have no rights with respect to our shares of Common Stock underlying such Pre-Funded Warrants except as specified therein.</p>

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

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Provisions of the Pre-Funded Warrants offered
by this prospectus could discourage an acquisition of us by a third party.</i></b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition to the provisions of our articles
of incorporation, as amended (the &#8220;Articles of Incorporation&#8221;), and our bylaws, as amended (the &#8220;Bylaws&#8221;), certain
provisions of the Pre-Funded Warrants offered by this prospectus could make it more difficult or expensive for a third party to acquire
us. The Pre-Funded Warrants prohibit us from engaging in certain transactions constituting &#8220;fundamental transactions&#8221; unless,
among other things, the surviving entity assumes our obligations under the Pre-Funded Warrants, as applicable. These and other provisions
of the Pre-Funded Warrants offered by this prospectus could prevent or deter a third party from acquiring us even where the acquisition
could be beneficial to you.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>We will not receive any meaningful amount
of additional funds upon the exercise of&#160;the&#160;Pre-Funded&#160;Warrants.</i></b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Each&#160;Pre-Funded&#160;Warrant will be exercisable until it is fully
exercised and by means of payment of the nominal cash purchase price upon exercise or through a &#8220;cashless exercise&#8221; procedure.
Accordingly, we will not receive any meaningful additional funds upon the exercise of the Pre-Funded&#160;Warrants.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>You will experience immediate and substantial dilution in the
net tangible book value of the shares you purchase in this offering and may experience additional dilution in the future.</i></b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The public offering price per share of Common
Stock and the public offering price of each Pre-Funded Warrant, will be substantially higher than the pro forma as adjusted net tangible
book value per share of our Common Stock after giving effect to this offering. Assuming the sale of [&#9679;] shares of our Common Stock
at an assumed public offering price of $[&#9679;]&#8239;per share, (which is the closing sale price per share of our Common Stock on the
NYSE American on [&#9679;], 2024, assuming no sale of any Pre-Funded Warrants in this offering, and after deducting the Placement Agent
fees and commissions and estimated offering expenses payable by us, you will incur immediate dilution in pro forma as adjusted net tangible
book value of approximately $[&#9679;]&#8239;per share. As a result of the dilution to investors purchasing securities in this offering,
investors may receive significantly less than the purchase price paid in this offering, if anything, in the event of the liquidation of
our company. See the section entitled &#8220;<i><a href="#s_009">Dilution</a></i>&#8221; below for a more detailed discussion of the dilution you will incur
if you participate in this offering. To the extent shares are issued under outstanding options and warrants at exercise prices lower than
the public offering price of our Common Stock in this offering, you will incur further dilution.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Purchasers who purchase our securities in
this offering pursuant to a securities purchase agreement may have rights not available to purchasers that purchase without the benefit
of a securities purchase agreement.</i></b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">In addition to rights
and remedies available to all purchasers in this offering under federal securities and state law, the purchasers that enter into a securities
purchase agreement will also be able to bring claims of breach of contract against us. The ability to pursue a claim for breach of contract
provides those investors with the means to enforce the covenants uniquely available to them under the securities purchase agreement including,
but not limited to: (i)&#160;timely delivery of securities; (ii)&#160;agreement to not enter into any financings for 60 days from closing;
and (iii)&#160;indemnification for breach of contract.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b>Risks Related to Our
Common Stock</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>If we sell Common Stock or preferred stock
in the future, stockholders may experience immediate dilution and, as a result, our stock price may decline.</i></b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We may from time-to-time issue additional shares
of Common Stock or preferred stock at a discount from the current trading price of the Common Stock. As a result, our stockholders could
experience immediate dilution upon the purchase of any shares sold at such discount. In addition, as opportunities present themselves,
we may enter into financing or similar arrangements in the future, including the issuance of debt securities, Common Stock or preferred
stock. If we issue Common Stock or securities convertible into Common Stock, the holders of the Common Stock could experience additional
dilution and, as a result, our stock price may decline.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, to the extent that any Pre-Funded
Warrants or options are exercised, new options or restricted stock units are issued under our equity incentive plans, or we otherwise
issue additional shares of Common Stock in the future, at a price less than the public offering price, our stockholders could experience
dilution.</p>

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

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>We have identified material weaknesses in
our internal control over financial reporting. As a result of such material weaknesses, our management has concluded that our disclosure
controls and procedures, as defined in Rule 13a-15(e), were not effective at the reasonable assurance level. Failure to remediate the
material weaknesses or any other material weaknesses that we identify in the future could result in material misstatements in our financial
statements.</i></b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to Section 404 of the Sarbanes-Oxley
Act of 2002, as amended, our management is required to report on the effectiveness of our internal control over financial reporting. The
rules governing the standards that must be met for management to assess our internal control over financial reporting are complex and
require significant documentation, testing and possible remediation. Annually, we perform activities that include reviewing, documenting
and testing our internal control over financial reporting. In addition, if we fail to maintain the adequacy of our internal control over
financial reporting, we will not be able to conclude on an ongoing basis that we have effective internal control over financial reporting
in accordance with Section 404 of the Sarbanes-Oxley Act of 2002. If we fail to achieve and maintain an effective internal control environment,
we could suffer misstatements in our financial statements and fail to meet our reporting obligations, which would likely cause investors
to lose confidence in our reported financial information. This could result in significant expenses to remediate any internal control
deficiencies and lead to a decline in our stock price.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A material weakness is a deficiency, or a combination
of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement
of a company&#8217;s annual or interim financial statements will not be prevented or detected on a timely basis. We have identified material
weaknesses in our internal control over financial reporting, including inadequate design of user access provisioning/deprovisioning controls
and inadequate segregation of duties on certain controls or processes; lack of specialized experts related to income tax areas; and inappropriate
application of accounting standards related to warrant modifications.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the course of our financial reporting close
for the 2023 financial statements, we identified various errors associated with our 2022 annual and 2023 previously reported unaudited
consolidated financial statements. Our consolidated financial statements, including the unaudited condensed consolidated balance sheets
as of June 30, 2022 and September 30, 2022 and the unaudited condensed consolidated financial statements as of and for the three months
ended March 31, 2023, as of and for the three and six months ended June 30, 2023 and as of and for the nine months ended September 30,
2023, were restated in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023 to correct such errors related to deferred
tax liabilities and a warrant modification.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Additionally, we maintain disclosure controls
and procedures designed to provide reasonable assurance that information required to be disclosed in reports filed or submitted under
the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC&#8217;s rules and forms
and accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, or persons performing
similar functions, as appropriate to allow timely decisions regarding required disclosures. We carried out an evaluation, under the supervision
and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, of the effectiveness
of the design and operation of our disclosure controls and procedures, as defined in Rules 13a-15(e) Exchange Act. Based upon our evaluation,
our Chief Executive Officer and Chief Financial Officer concluded that that as June 30, 2024, our disclosure controls and procedures,
as defined in Rule 13a-15(e), were not effective at the reasonable assurance level due to material weaknesses in our internal control
over financial reporting which were disclosed in our Annual Report on Form 10-K for the year ended December 31, 2023. Our management,
including our Chief Executive Officer and Chief Financial Officer, has also concluded that as of December 31, 2023 and March 31, 2024
our disclosure controls and procedures, as defined in Rule 13a-15(e), were not effective at the reasonable assurance level due to material
weaknesses in our internal control over financial reporting which were disclosed in our Annual Report on Form 10-K for the year ended
December 31, 2023.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We cannot provide assurance that we have identified
all, or that we will not in the future have additional, material weaknesses in our internal control over financial reporting. As a result,
we may be required to implement further remedial measures and to design enhanced processes and controls to address deficiencies. If we
do not effectively remediate the material weaknesses identified by management and maintain adequate internal controls over financial reporting
in the future, we may not be able to prepare reliable financial reports and comply with our reporting obligations under the Exchange Act
on a timely basis. Any such delays in the preparation of financial reports and the filing of our periodic reports may result in a loss
of public confidence in the reliability of our financial statements, which, in turn, could materially adversely affect our business, the
market value of our common stock and our access to capital markets.</p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b></b></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><span id="s_006"></span>USE OF PROCEEDS</b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We estimate that we will receive net proceeds
from this offering of approximately $[&#9679;] million (assuming the sale of the maximum number of securities offered hereby), based upon
an assumed public offering price of $[&#9679;] per share of Common Stock (which is the last reported sale price of the Common Stock on
the NYSE American on September&#160;[&#9679;], 2024), after deducting the estimated Placement Agent fees and estimated offering expenses
payable by us and assuming no sale of any Pre-Funded Warrants. However, because this is a reasonable best efforts offering with no minimum
number of securities or amount of proceeds as a condition to closing, the actual offering amount, Placement Agent fees, and net proceeds
to us are not presently determinable and may be substantially less than the maximum amounts set forth on the cover page&#160;of this prospectus,
and we may not sell all or any of the securities we are offering. As a result, we may receive significantly less in net proceeds. Based
on the assumed offering price set forth above, we estimate that our net proceeds from the sale of 75%, 50%, and 25% of the securities
offered in this offering would be approximately $[&#9679;] million, $[&#9679;] million, and $[&#9679;] million, respectively, after deducting
the estimated Placement Agent fees and estimated offering expenses payable by us, and assuming no sale of any Pre-Funded Warrants.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Each $0.10 increase (decrease) in the assumed
public offering price of $[&#9679;] per share of Common Stock (which is the last reported sale price of the Common Stock on the NYSE American
on September [&#9679;], 2024) would increase (decrease) the net proceeds to us from this offering by approximately $[&#9679;] million,
assuming the number of securities offered, as set forth on the cover page&#160;of this prospectus, remains the same, and after deducting
estimated offering expenses payable by us and assuming no sale of any Pre-Funded Warrants.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Each 500,000 share increase (decrease) in the
number of securities offered by us in this offering would increase (decrease) the net proceeds to us from this offering by approximately
$[&#9679;] million, assuming that the price per share of Common Stock for the offering remains at $[&#9679;] (which is the last reported
sale price of the Common Stock on the NYSE American on September [&#9679;], 2024), and after deducting the estimated offering expenses
payable by us.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We currently intend to use the net proceeds from
this offering primarily for working capital and general corporate purposes, including for research and development. We may also use a
portion of the net proceeds to invest in or acquire other products, businesses or technologies, although we have no commitments or agreements
with respect to any such investments or acquisitions as of the date of this prospectus.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The amounts and timing of any expenditures will
vary depending on the amount of cash generated by our operations, and the rate of growth, if any, of our business, and our plans and business
conditions. The foregoing represents our intentions as of the date of this prospectus based upon our current plans and business conditions
to use and allocate the net proceeds of the offering. However, our management will have significant flexibility and discretion in the
timing and application of the net proceeds of the offering. Unforeseen events or changed business conditions may result in application
of the proceeds of the offering in a manner other than as described in this prospectus.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">To the extent that the net proceeds we receive
from the offering are not immediately applied for the above purposes, we plan to invest the net proceeds in short-term, investment-grade,
interest-bearing instruments and U.S. government securities.</p>

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

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

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

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

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

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span id="s_007"></span><b>DIVIDEND POLICY</b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have never declared or paid any cash dividends
on the Common Stock and we do not currently intend to pay any cash dividends on the Common Stock in the foreseeable future. We expect
to retain all available funds and future earnings, if any, to fund the development and growth of our business. Any future determination
to pay dividends, if any, on the Common Stock will be at the discretion of our board of directors and will depend on, among other factors,
the terms of any outstanding preferred stock, our results of operations, financial condition, capital requirements and contractual restrictions.</p>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span id="s_008"></span><b>CAPITALIZATION</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The following table sets forth our cash and our capitalization as of
June 30, 2024:</p>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><span style="font-family: Symbol">&#183;</span></td><td>on an actual basis;</td></tr>
<tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><span style="font-family: Symbol">&#183;</span></td><td style="text-align: justify">on a pro forma basis, giving effect to the issuance of 91,644 shares of Common Stock upon vesting of restricted stock units; and</td></tr>
<tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><span style="font-family: Symbol">&#183;</span></td><td style="text-align: justify">on a pro forma as adjusted basis, giving effect to the pro forma adjustments set forth above and our issuance and sale of [&#9679;]
shares of our Common Stock in this offering based on an assumed public offering price of $[&#9679;] per share (which is the last reported
sale price of our Common Stock on the NYSE American on September [&#9679;], 2024) and assuming no sale of Pre-Funded Warrants, after deducting
estimated Placement Agent fees and estimated offering expenses payable by us.</td></tr></table>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The pro forma as adjusted information set forth in the table below
is illustrative only and will be adjusted based on the actual public offering price and other terms of this offering as determined at
pricing. You should read the information in this table together with our consolidated financial statements and related notes and &#8220;Management&#8217;s
Discussion and Analysis of Financial Condition and Results of Operations&#8221; in the Company&#8217;s Quarterly Report on Form 10-Q for
the quarter ended June 30, 2024, incorporated by reference in this prospectus.&#160;</p>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A $0.10 increase or decrease in the assumed public
offering price of $[&#9679;] per share (which is based upon the last reported sale price of our Common Stock on NYSE American on September
[&#9679;], 2024) and assuming no sale of Pre-Funded Warrants, would increase or decrease the pro forma as adjusted amount of each of cash,
additional paid-in capital, total stockholders&#8217; equity and total capitalization by approximately $[&#9679;] million, assuming that
the number of shares of Common Stock offered by us, as set forth on the cover page of this prospectus, remains the same and after deducting
the estimated Placement Agent fees and estimated offering expenses payable by us and assuming no sale of Pre-Funded Warrants.</p>

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

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">An increase or decrease of 500,000 shares in the
number of shares of Common Stock offered by us, as set forth on the cover page of this prospectus, would increase or decrease the pro
forma as adjusted amount of each of cash and cash equivalents, additional paid-in capital, total stockholders&#8217; equity and total
capitalization by approximately $[&#9679;] million, assuming no change in the assumed public offering price per share and after deducting
the estimated Placement Agent fees and estimated offering expenses payable by us and assuming no sale of Pre-Funded Warrants.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The table above is based on 39,498,401 shares
of Common Stock outstanding as of June 30, 2024 and gives effect to the pro forma adjustments described above and excludes as June 30,
2024 the following:</p>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><span style="font-family: Symbol">&#183;</span></td><td style="text-align: justify">983,973 shares of Common Stock issuable upon vesting of restricted stock units outstanding;</td></tr>
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<td style="width: 0.25in"/><td style="width: 0.25in"><span style="font-family: Symbol">&#183;</span></td><td style="text-align: justify">953,640 shares of Common Stock issuable upon exercise of outstanding options, at a weighted average exercise
price of $12.75 per share; and</td></tr>
<tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><span style="font-family: Symbol">&#183;</span></td><td style="text-align: justify">6,926,952 shares of Common Stock issuable upon exercise of outstanding warrants, at a weighted average
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<tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><span style="font-family: Symbol">&#183;</span></td><td style="text-align: justify">1,781,140 shares of Common Stock reserved for future issuance under our 2020 Incentive Plan; and</td></tr>
<tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><span style="font-family: Symbol">&#183;</span></td><td style="text-align: justify">Up to 3,000,000 shares of Common Stock and/or pre-funded warrants that we
are obligated to sell to the investor in the April 18, 2024 offering, at the sole option of the investor to make such purchase, until
October 15, 2024 at a price of $1.00 per share of Common Stock and $0.99 per pre-funded warrant.</td></tr></table>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><span id="s_009"></span>DILUTION</b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If you invest in our securities
in this offering, your interest will be diluted immediately to the extent of the difference between the public offering price paid by
the purchasers of the shares of Common Stock sold in this offering and the pro forma as adjusted net tangible book value per shares of
Common Stock after this offering.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our historical net tangible book value of our Common Stock as of June 30, 2024, was approximately $22.9
million, or approximately $0.58 per share of Common Stock. Net tangible book value per share represents the amount of our total tangible
assets less total liabilities divided by the total number of our shares of Common Stock outstanding as of June 30, 2024.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="background-color: white">Our
pro forma net tangible book value as of June 30, 2024 was approximately $</span>22.9 <span style="background-color: white">million, or
approximately $</span>0.58 <span style="background-color: white">per share of Common Stock. Pro forma net tangible book value represents
the amount of our tangible book value as adjusted to take into account the issuance of </span>[&#9679;] <span style="background-color: white">shares
of Common Stock upon vesting of restricted stock units subsequent to June 30, 2024.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="background-color: white"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">After giving effect to the
pro forma adjustments set forth above and the sale by us in this offering of [&#9679;] &#8239;shares of Common Stock, or up to [&#9679;]
Pre-Funded Warrants in lieu of shares of Common Stock, at a price per share of $[&#9679;] and assuming the exercise in full of Pre-Funded
Warrants issued in this offering, our pro forma as adjusted net tangible book value as of June 30, 2024, would have been approximately
$[&#9679;] million, or approximately $[&#9679;] per share of Common Stock. This represents an immediate increase in net tangible book
value of approximately $[&#9679;] per share of Common Stock to our existing security holders and an immediate dilution in as adjusted
net tangible book value of approximately $[&#9679;]&#8239;per share of Common Stock to purchasers of Common Stock in this offering. The
final public offering price will be determined through negotiation between us, the Placement Agent, and prospective investors in the offering
and may be at a discount to the current market price. Therefore, the assumed public offering price used throughout this prospectus may
not be indicative of the final public offering price. The following table illustrates this per share dilution:</p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: #CCEEFF; border-collapse: collapse">
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    <td style="width: 1%">&#160;</td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 13%; text-align: right">&#160;</td>
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    <td>&#160;</td>
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    <td>&#160;</td>
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    <td>&#160;</td>
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    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
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  <tr style="vertical-align: bottom">
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    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
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    <td>&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Each $0.10 increase or decrease
in the assumed public offering price of $[&#9679;]&#8239;per share, which was the last reported sale price of our Common Stock on the
NYSE American on June 30, 2024, would increase or decrease the as adjusted net tangible book value per share by $[&#9679;]&#8239;per share
and the dilution per share to investors participating in this offering by $[&#9679;]&#8239;per share, assuming that the number of shares
of Common Stock offered by us, as set forth on the cover page of this prospectus, remains the same and after deducting the Placement Agent
fees and commissions and estimated offering expenses payable by us.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We may also increase or decrease
the number of shares we are offering. A 500,000&#8239;increase in the number of shares of Common Stock offered by us, as set forth on
the cover page of this prospectus, would increase the pro forma as adjusted net tangible book value per share by approximately $[&#9679;]
and decrease the dilution per share to new investors participating in this offering by approximately $[&#9679;], based on an assumed public
offering price of $[&#9679;] per share, which was the last reported sale price of our Common Stock on the NYSE American on [&#9679;],
2024, remaining the same and after deducting the Placement Agent fees and commissions and estimated offering expenses payable by us. Similarly,
a 500,000 decrease in the number of shares of Common Stock offered by us, as set forth on the cover page of this prospectus, would decrease
the as adjusted net tangible book value per share by approximately $[&#9679;] and increase the dilution per share to new investors participating
in this offering by approximately $[&#9679;], based on an assumed public offering price of $[&#9679;] per share of Common Stock, which
was the last reported sale price of our Common Stock on the NYSE American on [&#9679;], 2024, remaining the same and after deducting the
Placement Agent fees and commissions and estimated offering expenses payable by us.</p>

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

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

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

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The table and discussion above
are based on 39,463,517 shares of Common Stock outstanding as of June 30, 2024, and excludes, as of that date, the following:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><span style="font-family: Symbol">&#183;</span></td><td style="text-align: justify">977,500 shares of Common Stock issuable upon vesting of restricted stock units outstanding;</td></tr>
<tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><span style="font-family: Symbol">&#183;</span></td><td style="text-align: justify">958,806 shares of Common Stock issuable upon exercise of outstanding options, at a weighted average exercise
price of $ 12.81 per share; and</td></tr>
<tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><span style="font-family: Symbol">&#183;</span></td><td style="text-align: justify">6,926,952 shares of Common Stock issuable upon exercise of outstanding warrants, at a weighted average
exercise price of $ 6.98 per share; and</td></tr>
<tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><span style="font-family: Symbol">&#183;</span></td><td style="text-align: justify">1,781,140 shares of Common Stock reserved for future issuance under our 2020 Incentive Plan; and</td></tr>
<tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><span style="font-family: Symbol">&#183;</span></td><td style="text-align: justify">Up to 3,000,000 shares of Common Stock and/or pre-funded warrants that we are obligated to sell to
                                                                                                             the investor in the April 18, 2024 offering, at the sole option of the investor to make such purchase, until October 15, 2024 at a
                                                                                                             price of $1.00 per share of Common Stock and $0.99 per pre-funded warrant.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The information discussed
above is illustrative only and will adjust based on the actual public offering price, the actual number of shares of Common Stock that
we offer in this offering, and other terms of this offering determined at pricing. Except as indicated otherwise, the discussion and table
above assumes no sale of Pre-Funded Warrants, which, if sold, would reduce the number of shares of Common Stock that we are offering on
a one-for-one basis.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b></b></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span id="s_010"></span><b>DESCRIPTION OF OUR CAPITAL STOCK</b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>The following is a description of the material
terms of our capital stock. This is a summary only and does not purport to be complete. It is subject to and qualified in its entirety
by reference to our Articles of Incorporation and our Bylaws, each of which are incorporated by reference as an exhibit 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 Statute (the &#8220;NRS&#8221;), for additional information.</i></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Authorized Capital Stock</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our authorized capital stock
consists of 200,000,000 shares of capital stock, of which 190,000,000 are shares of Common Stock, and 10,000,000 are shares of preferred
stock, par value $0.001 per share.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Capital Stock Issued and Outstanding</b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As of September 27, 2024,
we have issued and outstanding:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><span style="font-family: Symbol">&#183;</span></td><td style="text-align: justify">39,555,161 shares of Common Stock;</td></tr>
<tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><span style="font-family: Symbol">&#183;</span></td><td style="text-align: justify">977,500 unvested restricted stock units;</td></tr>
<tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><span style="font-family: Symbol">&#183;</span></td><td style="text-align: justify">options to purchase 953,640 shares of Common Stock, at a weighted average exercise price of $12.75 per
share; and</td></tr>
<tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><span style="font-family: Symbol">&#183;</span></td><td style="text-align: justify">warrants to purchase 6,926,952 shares of Common Stock, at a weighted average exercise price of $6.98 per
share.</td></tr></table>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Common Stock</b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The holders of our Common
Stock are entitled to one vote per share. In addition, the holders of our Common Stock will be entitled to receive ratably such dividends,
if any, as may be declared by our Board of Directors out of legally available funds; however, the current policy of our Board of Directors
is to retain earnings, if any, for operations and growth. Upon liquidation, dissolution or winding-up, the holders of our Common Stock
will be entitled to share ratably in all assets that are legally available for distribution. The holders of our Common Stock will have
no preemptive, subscription, redemption or conversion rights. The rights, preferences and privileges of holders of our Common Stock will
be subject to, and may be adversely affected by, the rights of the holders of any series of preferred stock, which may be designated solely
by action of our board of directors and issued in the future.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Preferred Stock</b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our Board of Directors is authorized, subject to
any limitations prescribed by law, without further vote or action by our stockholders, to issue from time to time shares of preferred
stock in one or more series. Each series of preferred stock will have such number of shares, designations, preferences, voting powers,
qualifications and special or relative rights or privileges as shall be determined by our Board of Directors, which may include, among
others, dividend rights, voting rights, liquidation preferences, conversion rights and preemptive rights.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Board of
Directors&#8217; authority to issue up to 10,000,000 shares of preferred stock without stockholder approval could make it more
difficult for a third-party to acquire control of our company and could discourage such attempt. We have 6,000 shares of preferred
stock designated as 0% Series A Convertible Preferred Stock, 1 share of preferred stock designated as Series&#160;B Preferred Stock,
and 50,000 shares of preferred stock designated as Series&#160;C Preferred Stock. We currently do not have any shares of preferred
stock outstanding and have no present plans to issue any additional shares of preferred stock.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Nevada Anti-Takeover Law and Certain Charter
and Bylaw Provisions</b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Some features of the Nevada
Revised Statutes, which are further described below, may have the effect of deterring third parties from making takeover bids for control
of our company or may be used to hinder or delay a takeover bid. This would decrease the chance that our stockholders would realize a
premium over market price for their shares of Common Stock as a result of a takeover bid.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Acquisition of Controlling Interest</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Nevada Revised Statutes
contain provisions governing acquisition of a controlling interest of a Nevada corporation. These provisions provide generally that any
person or entity that acquires a certain percentage of the outstanding voting shares of a Nevada corporation may be denied voting rights
with respect to the acquired shares, unless the holders of a majority of the voting power of the corporation, excluding shares as to which
any of such acquiring person or entity, an officer or a director of the corporation, or an employee of the corporation exercises voting
rights, elect to restore such voting rights in whole or in part. These provisions apply whenever a person or entity acquires shares that,
but for the operation of these provisions, would bring voting power of such person or entity in the election of directors within any of
the following three ranges:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><span style="font-family: Symbol">&#183;</span></td><td style="text-align: justify">20% or more but less than 33 1/3%;</td></tr>
<tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><span style="font-family: Symbol">&#183;</span></td><td style="text-align: justify">33 1/3% or more but less than or equal to 50%; or</td></tr>
<tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><span style="font-family: Symbol">&#183;</span></td><td style="text-align: justify">more than 50%.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The stockholders or board
of directors of a corporation may elect to exempt the stock of the corporation from these provisions through adoption of a provision to
that effect in the articles of incorporation or bylaws of the corporation.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">These provisions are applicable
only to a Nevada corporation, which:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><span style="font-family: Symbol">&#183;</span></td><td style="text-align: justify">has 200 or more stockholders of record, at least 100 of whom have addresses in Nevada appearing on the
stock ledger of the corporation; and</td></tr>
<tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><span style="font-family: Symbol">&#183;</span></td><td style="text-align: justify">does business in Nevada directly or through an affiliated corporation.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our Bylaws, as amended in
November 2013, provide that the provisions of NRS 78.378 and 78.3793 (&#8220;Acquisition of a Controlling Interest&#8221;) shall not apply
to the Company or to any acquisition of a controlling interest in the Company by any existing or future stockholder.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Combination with Interested Stockholder</i></b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Nevada Revised Statutes
contain provisions governing combination of a Nevada corporation that has 200 or more stockholders of record with an interested stockholder.
As of September 27, 2024, we had 189 stockholders of record, not including persons or entities that hold our stock in nominee or &#8220;street
name&#8221; through various brokerage firms.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A corporation affected by
these provisions may not engage in a combination within two years after the interested stockholder first became an interested stockholder,
unless either (i) the combination or transaction by which the interested stockholder first became an interested stockholder is approved
by the board of directors before the interested stockholder first became an interested stockholder, or (ii) the combination is approved
by the board of directors and by the affirmative vote of the corporation&#8217;s stockholders representing at least 60% of the outstanding
voting power of the corporation not beneficially owned by the interested stockholder or the interested stockholder&#8217;s affiliates.
Generally, if approval is not obtained, then after the expiration of the two-year period, the business combination may be consummated
with the approval of the board of directors of the combination or transaction by which the interested stockholder first became an interested
stockholder before the person became an interested stockholder, or a majority of the voting power held by disinterested stockholders,
or if the consideration to be received per share by disinterested stockholders is at least equal to the highest of:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><span style="font-family: Symbol">&#183;</span></td><td style="text-align: justify">the highest price per share paid by the interested stockholder within the two years immediately preceding
the date of the announcement of the combination or within two years immediately before, or in the transaction in which he, she or it became
an interested stockholder, whichever is higher;</td></tr>
<tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><span style="font-family: Symbol">&#183;</span></td><td style="text-align: justify">the market value per share on the date of announcement of the combination or the date the person became
an interested stockholder, whichever is higher; or</td></tr>
<tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><span style="font-family: Symbol">&#183;</span></td><td style="text-align: justify">if higher for the holders of preferred stock, the highest liquidation value of the preferred stock, if
any.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Generally, these provisions
define an interested stockholder as a person who is the beneficial owner, directly or indirectly, of 10% or more of the voting power of
the outstanding voting shares of a corporation. Generally, these provisions define combination to include any merger or consolidation
with an interested stockholder, or any sale, lease, exchange, mortgage, pledge, transfer or other disposition, in one transaction or a
series of transactions, with an interested stockholder of assets of the corporation having:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><span style="font-family: Symbol">&#183;</span></td><td style="text-align: justify">an aggregate market value equal to 5% or more of the aggregate market value of the assets of the corporation;</td></tr>
<tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><span style="font-family: Symbol">&#183;</span></td><td style="text-align: justify">an aggregate market value equal to 5% or more of the aggregate market value of all outstanding shares
of the corporation; or</td></tr>
<tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><span style="font-family: Symbol">&#183;</span></td><td style="text-align: justify">representing 10% or more of the earning power or net income of the corporation.</td></tr></table>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Articles of Incorporation and Bylaws</i></b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to our Articles of
Incorporation, the existence of authorized but unissued Common Stock and undesignated preferred stock may enable our board of directors
to make more difficult or to discourage an attempt to obtain control of our Company by means of a merger, tender offer, proxy contest
or otherwise, and thereby to protect the continuity of management. If, in the due exercise of its fiduciary obligations, the board of
directors were to determine that a takeover proposal was not in our best interest, such shares could be issued by the board of directors
without stockholder approval in one or more transactions that might prevent or render more difficult or costly the completion of the takeover
transaction by diluting the voting or other rights of the proposed acquirer or insurgent stockholder group, by putting a substantial voting
block in institutional or other hands that might undertake to support the position of the incumbent board of directors, by effecting an
acquisition that might complicate or preclude the takeover, or otherwise.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, our Articles
of Incorporation grants our board of directors broad power to establish the rights and preferences of authorized and unissued shares of
preferred stock. The issuance of shares of preferred stock could decrease the amount of earnings and assets available for distribution
to holders of shares of Common Stock. The issuance also may adversely affect the rights and powers, including voting rights, of those
holders and may have the effect of delaying, deterring or preventing a change in control of our Company.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Limitations of Director Liability and Indemnification of Directors,
Officers and Employees</b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">NRS 78.138 provides that directors of a corporation
is not individually liable to the corporation or its stockholders or creditors for any damages as a result of any act or failure to act
in his or her capacity as a director or officer unless: (a)&#160;the presumption that directors and officers acted in good faith on an
informed basis with a view toward the best interest of the corporation has been rebutted and (b)&#160;it is proven that:</p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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    <td style="text-align: justify"><span style="font-size: 10pt">The director&#8217;s or officer&#8217;s act or failure to act constituted a breach of his or her fiduciary duties as a director or officer; and</span></td></tr>

<tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
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    <td style="text-align: justify"><span style="font-size: 10pt">such breach involved intentional misconduct, fraud or a knowing violation of law.</span></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our articles of incorporation provide that every
person who was or is a party to, or is threatened to be made a party to, or is involved in any action, suit or proceeding, whether civil,
criminal, administrative or investigative, by reason of the fact that he, or a person of whom he is the legal representative, is or was
a director or officer of our company, or is or was serving at our request as a director or officer of another corporation, or as our representative
in a partnership, joint venture, trust or other enterprise, shall be indemnified and held harmless to the fullest extent legally permissible
under the laws of the State of Nevada from time to time against all expenses, liability and loss (including attorneys' fees, judgments,
fines and amounts paid or to be paid in settlement) reasonably incurred or suffered by him in connection therewith. The expenses of officers
and directors incurred in defending a civil or criminal action, suit or proceeding must be paid by us as they are incurred and in advance
of the final disposition of the action, suit or proceeding, upon receipt of an undertaking by or on behalf of the director or officer
to repay the amount if it is ultimately determined by a court of competent jurisdiction that he is not entitled to be indemnified by us.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our Bylaws provide that our directors and officers
shall have no personal liability to us or our stockholders for damages for breach of fiduciary duty as a director or officer, except for
damages for breach of fiduciary duty resulting from (a) acts or omissions which involve intentional misconduct, fraud, or a knowing violation
of law, or (b) the payment of dividends in violation of section 78.3900 of the Nevada Revised Statutes as it may from time to time be
amended or any successor provision thereto.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have obtained a policy of directors&#8217;
and officers&#8217; liability insurance.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have entered into separate indemnification
agreements with certain of our directors and officers. These agreements, among other things, require us to indemnify our directors and
officers for any and all expenses (including reasonable attorneys&#8217; fees, retainers, court costs, transcript costs, fees of experts,
witness fees, travel expenses, duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees) judgments,
fines and amounts paid in settlement actually and reasonably incurred by such directors or officers or on his or her behalf in connection
with any action or proceeding arising out of their services as one of our directors or officers, or any of our subsidiaries or any other
company or enterprise to which the person provides services at our request provided that such person follows the procedures for determining
entitlement to indemnification and advancement of expenses set forth in the indemnification agreement. We believe that these bylaw provisions
and indemnification agreements are necessary to attract and retain qualified persons as directors and officers.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The limitation of liability and indemnification
provisions in our Articles of Incorporation and Bylaws may discourage stockholders from bringing a lawsuit against directors for breach
of their fiduciary duties. They may also reduce the likelihood of derivative litigation against directors and officers, even though an
action, if successful, might provide a benefit to us and our stockholders. Our results of operations and financial condition may be harmed
to the extent we pay the costs of settlement and damage awards against directors and officers pursuant to these indemnification provisions.</p>

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

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

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Insofar as indemnification for liabilities arising
under the Securities Act may be permitted to directors, officers or persons controlling us, we have been informed that, in the opinion
of the SEC, such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable.</p>


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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">At present, there is no pending litigation or
proceeding involving any of our directors or officers as to which indemnification is required or permitted, and we are not aware of any
threatened litigation or proceeding that may result in a claim for indemnification.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Listing of the Common Stock on the NYSE American
LLC</b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Common Stock is listed for trading on the
NYSE American LLC under the symbol &#8220;TOON.&#8221;</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Transfer Agent and Registrar</b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The transfer agent and registrar for the Common
Stock is VStock Transfer LLC.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Stock Options</b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of September&#160;27, 2024, we had options
outstanding to purchase an aggregate of 953,640 shares of Common Stock that were issued under our equity compensation plans. As of September&#160;27,
2024, there were 1,746,256 shares of Common Stock reserved for future issuance under our 2020 Incentive Plan.</p>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span id="s_011"></span><b>DESCRIPTION OF SECURITIES WE ARE OFFERING</b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are offering up to [&#9679;] shares of Common
Stock, or Pre-Funded Warrants in lieu of shares of Common Stock. For each Pre-Funded Warrant we sell, the number of shares of Common Stock
we are offering will be decreased on a one-for-one basis. We are also registering the shares of Common Stock issuable from time to time
upon exercise of the Pre-Funded Warrants offered hereby .</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Common Stock.</b> See the description above
under &#8220;<a href="#s_010">Description of our Capital Stock- Common Stock</a>.&#8221;</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Pre-Funded Warrants to be Issued in this Offering</b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>The following summary of certain terms and
provisions of the Pre-Funded Warrants that are being offered hereby is not complete and is subject to, and qualified in its entirety by,
the provisions of the Pre-Funded Warrant, the form of which is filed as an exhibit to our registration statement of which this prospectus
forms a part. Prospective investors should carefully review the terms and provisions of the form of Pre-Funded Warrant for a complete
description of the terms and conditions of the Pre-Funded Warrants.</i></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Duration, Exercise Price and Form</i></b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Each Pre-Funded Warrant offered hereby will have
an initial exercise price per share equal to $0.001. The Pre-Funded Warrants will be immediately exercisable and will expire when exercised
in full. The exercise price and number of shares of Common Stock issuable upon exercise is subject to appropriate adjustment in the event
of share dividends, share splits, reorganizations or similar events affecting our shares of Common Stock and the exercise price. Subject
to the rules&#160;and regulations of the applicable trading market, we may at any time during the term of the Pre-Funded Warrant, subject
to the prior written consent of the holders, reduce the then current exercise price to any amount and for any period of time deemed appropriate
by our board of directors. The Pre-Funded Warrants will be issued in certificated form only.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Exercisability</i></b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Pre-Funded 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 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 Pre-Funded Warrant to the extent that the holder would own more than
4.99% of the outstanding shares of the Common Stock immediately after exercise, except that upon at least 61 days&#8217; prior notice
from the holder to us, the holder may increase the amount of beneficial ownership of outstanding shares after exercising the holder&#8217;s
Pre-Funded Warrants up to 9.99% of the number of our shares outstanding immediately after giving effect to the exercise, as such percentage
ownership is determined in accordance with the terms of the Pre-Funded Warrants. Purchasers of Pre-Funded Warrants in this offering may
also elect prior to the issuance of the Pre-Funded Warrants to have the initial exercise limitation set at 9.99% of our outstanding shares
of Common Stock.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Cashless Exercise</i></b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If, at the time a holder exercises its Pre-Funded
Warrants, a registration statement registering the issuance of the shares of Common Stock underlying the Pre-Funded Warrants under the
Securities Act is not then effective or 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 Pre-Funded Warrants.</p>

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

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Fractional Shares</i></b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">No fractional shares of Common Stock or scrip
representing fractional shares will be issued upon the exercise of the Pre-Funded Warrants. Rather, the number of shares of Common Stock
to be issued will, at our election, either be rounded up to the next whole share or we will pay a cash adjustment in respect of such final
fraction in an amount equal to such fraction multiplied by the exercise price.&#160;</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Transferability</i></b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Subject to applicable laws, a Pre-Funded Warrant
may be transferred at the option of the holder upon surrender of the Pre-Funded Warrant to us together with the appropriate instruments
of transfer and funds sufficient to pay any transfer taxes payable upon such transfer.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Trading Market</i></b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">There is no trading market available for the Pre-Funded
Warrants on any securities exchange or nationally recognized trading system, and we do not expect a trading market to develop. We do not
intend to list the Pre-Funded Warrants on any securities exchange or nationally recognized trading market. Without a trading market, the
liquidity of Pre-Funded Warrants will be extremely limited. The shares of Common Stock issuable upon exercise of the Pre-Funded Warrants
are currently traded on the NYSE American.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Right as a Stockholder</i></b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Except as otherwise provided in the Pre-Funded
Warrants or by virtue of such holder&#8217;s ownership of Common Stock, the holders of the Pre-Funded Warrants do not have the rights
or privileges of holders of the Common Stock, including any voting rights, until they exercise their Pre-Funded Warrants. The Pre-Funded
Warrants will provide that holders have the right to participate in distributions or dividends paid on Common Stock.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Fundamental Transaction</i></b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the event of a fundamental transaction, as
described in the Pre-Funded Warrants and generally including (i)&#160;our merger or consolidation with or into another person, (ii)&#160;the
sale, lease, license, assignment, transfer, conveyance or other disposition of all or substantially all of our assets, (iii)&#160;any
purchase offer, tender offer or exchange offer pursuant to which holders of the Common Stock are permitted to sell, tender or exchange
their shares for other securities, cash or property and has been accepted by the holders of 50% or more of our outstanding Common Stock
or 50% or more of the voting power of our common equity, (iv)&#160;any reclassification, reorganization or recapitalization of our shares
of Common Stock or any compulsory share exchange or (v)&#160;any stock or share purchase agreement or other business combination with
another person or group of persons whereby such other person or group acquires 50% or more of our outstanding shares of Common Stock or
50% or more of the voting power of our common equity, the holders of the Pre-Funded Warrants will be entitled to receive upon exercise
of the Pre-Funded Warrants the kind and amount of securities, cash or other property that the holders would have received had they exercised
the Pre-Funded Warrants immediately prior to such fundamental transaction on a net exercise basis.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Waivers and Amendments</i></b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Pre-Funded Warrants may be modified or amended or the provisions
of the Pre-Funded Warrants waived with the written consent of us and the holder.</p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span id="s_012"></span><b>MATERIAL UNITED STATES FEDERAL INCOME TAX CONSIDERATIONS</b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following discussion describes the material
U.S. federal income tax consequences of the acquisition, ownership and disposition of the common stock and Pre-Funded Warrants acquired
in this offering. This discussion is based on the current provisions of the Internal Revenue Code of 1986, as amended, referred to as
the Code, existing and proposed U.S. Treasury regulations promulgated thereunder, and administrative rulings and court decisions in effect
as of the date hereof, all of which are subject to change at any time, possibly with retroactive effect. No ruling has been or will be
sought from the Internal Revenue Service, or IRS, with respect to the matters discussed below, and there can be no assurance the IRS will
not take a contrary position regarding the tax consequences of the acquisition, ownership or disposition of the common stock or Pre-Funded
Warrants, or that any such contrary position would not be sustained by a court.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We assume in this discussion that the shares of
common stock and Pre-Funded Warrants will be held as capital assets (generally, property held for investment). This discussion does not
address all aspects of U.S. federal income taxes, does not discuss the potential application of the Medicare contribution tax or the alternative
minimum tax and does not address state or local taxes or U.S. federal gift and estate tax laws, except as specifically provided below
with respect to non-U.S. holders, or any non-U.S. tax consequences that may be relevant to holders in light of their particular circumstances.
This discussion also does not address the special tax rules applicable to particular holders, such as:</p>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><span style="font-family: Symbol">&#183;</span></td><td style="text-align: justify">persons who acquired our common stock or Pre-Funded Warrants as compensation for services;</td></tr>
<tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><span style="font-family: Symbol">&#183;</span></td><td style="text-align: justify">traders in securities that elect to use a mark-to-market method of accounting for their securities holdings;</td></tr>
<tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><span style="font-family: Symbol">&#183;</span></td><td style="text-align: justify">persons that own, or are deemed to own, more than 5% of our common stock (except to the extent specifically
set forth below);</td></tr>
<tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><span style="font-family: Symbol">&#183;</span></td><td style="text-align: justify">persons required for U.S. federal income tax purposes to conform the timing of income accruals to their
financial statements under Section 451(b) of the Code (except to the extent specifically set forth below);</td></tr>
<tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><span style="font-family: Symbol">&#183;</span></td><td style="text-align: justify">persons for whom our common stock constitutes &#8220;qualified small business stock&#8221; within the
meaning of Section 1202 of the Code or &#8220;Section 1244 stock&#8221; for purposes of Section 1244 of the Code;</td></tr>
<tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><span style="font-family: Symbol">&#183;</span></td><td style="text-align: justify">persons deemed to sell our common stock or Pre-Funded Warrants under the constructive sale provisions
of the Code;</td></tr>
<tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><span style="font-family: Symbol">&#183;</span></td><td style="text-align: justify">banks or other financial institutions;</td></tr>
<tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><span style="font-family: Symbol">&#183;</span></td><td style="text-align: justify">brokers or dealers in securities or currencies;</td></tr>
<tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><span style="font-family: Symbol">&#183;</span></td><td style="text-align: justify">tax-exempt organizations or tax-qualified retirement plans;</td></tr>
<tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><span style="font-family: Symbol">&#183;</span></td><td style="text-align: justify">pension plans;</td></tr>
<tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><span style="font-family: Symbol">&#183;</span></td><td style="text-align: justify">regulated investment companies or real estate investment trusts;</td></tr>
<tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><span style="font-family: Symbol">&#183;</span></td><td style="text-align: justify">persons that hold the common stock or Pre-Funded Warrants as part of a straddle, hedge, conversion transaction,
synthetic security or other integrated investment;</td></tr>
<tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><span style="font-family: Symbol">&#183;</span></td><td style="text-align: justify">insurance companies;</td></tr>
<tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><span style="font-family: Symbol">&#183;</span></td><td style="text-align: justify">controlled foreign corporations, passive foreign investment companies, or corporations that accumulate
earnings to avoid U.S. federal income tax; and</td></tr>
<tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><span style="font-family: Symbol">&#183;</span></td><td style="text-align: justify">certain U.S. expatriates, former citizens, or long-term residents of the United States.</td></tr></table>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, this discussion does not address
the tax treatment of partnerships (including any entity or arrangement classified as a partnership for U.S. federal income tax purposes)
or other pass-through entities or persons who hold shares of common stock or Pre-Funded Warrants through such partnerships or other entities
which are pass-through entities for U.S. federal income tax purposes. If such a partnership or other pass-through entity holds shares
of common stock or Pre-Funded Warrants, the treatment of a partner in such partnership or investor in such other pass-through entity generally
will depend on the status of the partner or investor and upon the activities of the partnership or other pass-through entity. A partner
in such a partnership and an investor in such other pass-through entity that will hold shares of common stock or Pre-Funded Warrants should
consult his, her or its own tax advisor regarding the tax consequences of the ownership and disposition of shares of common stock or Pre-Funded
Warrants through such partnership or other pass-through entity, as applicable.</p>

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

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

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

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>This discussion of U.S. federal income tax
considerations is for general information purposes only and is not tax advice. Prospective investors should consult their own tax advisors
regarding the U.S. federal, state, local and non-U.S. income and other tax considerations of acquiring, holding and disposing of our common
stock, and Pre-Funded Warrants.</b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the purposes of this discussion, a &#8220;U.S.
Holder&#8221; means a beneficial owner of shares of common stock or Pre-Funded Warrants that is for U.S. federal income tax purposes (a)
an individual citizen or resident of the United States, (b) a corporation (or other entity taxable as a corporation for U.S. federal income
tax purposes), created or organized in or under the laws of the United States, any state thereof or the District of Columbia, (c) an estate
the income of which is subject to U.S. federal income taxation regardless of its source, or (d) a trust if it (1) is subject to the primary
supervision of a court within the United States and one or more U.S. persons (within the meaning of Section 7701(a)(30) of the Code) has
the authority to control all substantial decisions of the trust or (2) has a valid election in effect under applicable U.S. Treasury regulations
to be treated as a domestic trust. A &#8220;Non-U.S. Holder&#8221; is, for U.S. federal income tax purposes, a beneficial owner of shares
of common stock or, Pre-Funded Warrants that is not a U.S. Holder or a partnership for U.S. federal income tax purposes.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Potential Acceleration of Income</b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under tax legislation signed into law in December
2017 commonly known as the Tax Cuts and Jobs Act of 2017, U.S. Holders that use an accrual method of accounting for tax purposes and have
certain financial statements generally will be required to include certain amounts in income no later than the time such amounts are taken
into account as revenue in such financial statements.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, under the Inflation Reduction Act
signed into law on August 16, 2022, certain large corporations (generally, corporations reporting at least $1 billion average adjusted
pre-tax net income on their consolidated financial statements) are potentially subject to a 15% alternative minimum tax on the &#8220;adjusted
financial statement income&#8221; of such large corporations for tax years beginning after December 31, 2022. The U.S. Treasury Department,
the IRS, and other standard-setting bodies are expected to issue guidance on how the alternative minimum tax provisions of the Inflation
Reduction Act will be applied or otherwise administered.</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The application of these rules thus may require
the accrual of income earlier than would be the case under the general tax rules described below, although the precise application of
these rules is unclear at this time. U.S. Holders that use an accrual method of accounting should consult with their tax advisors regarding
the potential applicability of this legislation to their particular situation.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Treatment of Pre-Funded Warrants</b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Although it is not entirely free from doubt, a
pre-funded warrant should be treated as a share of common stock for U.S. federal income tax purposes and a holder of Pre-Funded Warrants
should generally be taxed in the same manner as a holder of common stock, as described below. Accordingly, no gain or loss should be recognized
upon the exercise of a Pre-Funded Warrant and, upon exercise, the holding period of a Pre-Funded Warrant should carry over to the share
of common stock received. Similarly, the tax basis of the Pre-Funded Warrant should carry over to the share of common stock received upon
exercise, increased by the exercise price of $0.0002 per share. Each holder should consult his, her or its own tax advisor regarding the
risks associated with the acquisition of Pre-Funded Warrants pursuant to this offering (including potential alternative characterizations).
The balance of this discussion generally assumes that the characterization described above is respected for U.S. federal income tax purposes.</p>

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

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

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Tax Considerations Applicable to U.S. Holders</b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Distributions</i></b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As discussed above, we currently anticipate that
we will retain future earnings, if any, to finance the growth and development of our business and do not intend to pay cash dividends
in respect of shares of common stock in the foreseeable future. In the event that we do make distributions on our common stock to a U.S.
Holder, those distributions generally will constitute dividends for U.S. tax purposes to the extent paid out of our current or accumulated
earnings and profits (as determined under U.S. federal income tax principles). Distributions in excess of our current and accumulated
earnings and profits will constitute a return of capital that is applied against and reduces, but not below zero, a U.S. Holder&#8217;s
adjusted tax basis in our common stock. Any remaining excess will be treated as gain realized on the sale or exchange of shares of common
stock as described below under the section titled &#8220;&#8212;Disposition of Common Stock or Pre-Funded Warrants.&#8221;</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Certain Adjustments to Pre-Funded Warrants</i></b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The number of shares of common stock issued upon
the exercise of the Pre-Funded Warrants and the exercise price of Pre-Funded Warrants are subject to adjustment in certain circumstances.
Adjustments (or failure to make adjustments) that have the effect of increasing a U.S. Holder&#8217;s proportionate interest in our assets
or earnings and profits may, in some circumstances, result in a constructive distribution to the U.S. Holder. Adjustments to the conversion
rate made pursuant to a bona fide reasonable adjustment formula which has the effect of preventing the dilution of the interest of the
holders of Pre-Funded Warrants generally should not be deemed to result in a constructive distribution. If an adjustment is made that
does not qualify as being made pursuant to a bona fide reasonable adjustment formula, a U.S. Holder of Pre-Funded Warrants may be deemed
to have received a constructive distribution from us, even though such U.S. Holder has not received any cash or property as a result of
such adjustment. The tax consequences of the receipt of a distribution from us are described above under &#8220;Distributions.&#8221;</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Disposition of Common Stock or Pre-Funded
Warrants</i></b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Upon a sale or other taxable disposition (other
than a redemption treated as a distribution, which will be taxed as described above under &#8220;Distributions&#8221;) of shares of common
stock or Pre-Funded Warrants, a U.S. Holder generally will recognize capital gain or loss in an amount equal to the difference between
the amount realized and the U.S. Holder&#8217;s adjusted tax basis in the common stock or Pre-Funded Warrants sold. Capital gain or loss
will constitute long-term capital gain or loss if the U.S. Holder&#8217;s holding period for the common stock or Pre-Funded Warrants exceeds
one year. The deductibility of capital losses is subject to certain limitations. U.S. Holders who recognize losses with respect to a disposition
of shares of Common Stock or Pre-Funded Warrants should consult their own tax advisors regarding the tax treatment of such losses.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Information Reporting and Backup Reporting</i></b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Information reporting requirements generally will
apply to payments of distributions (including constructive distributions) on the common stock and Pre-Funded Warrants and to the proceeds
of a sale or other disposition of common stock and Pre-Funded Warrants paid by us to a U.S. Holder unless such U.S. Holder is an exempt
recipient, such as a corporation. Backup withholding will apply to those payments if the U.S. Holder fails to provide the holder&#8217;s
taxpayer identification number, or certification of exempt status, or if the holder otherwise fails to comply with applicable requirements
to establish an exemption.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Backup withholding is not an additional tax. Rather,
any amounts withheld under the backup withholding rules will be allowed as a refund or a credit against the U.S. Holder&#8217;s U.S. federal
income tax liability provided the required information is timely furnished to the IRS. U.S. Holders should consult their own tax advisors
regarding their qualification for exemption from information reporting and backup withholding and the procedure for obtaining such exemption.</p>

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

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

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Tax Considerations Applicable to Non-U.S. Holders</b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Certain Adjustments to Warrants</i></b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As described under &#8220;&#8212;U.S. Holders&#8212;Certain
Adjustments to Pre-Funded Warrants,&#8221; an adjustment to the Pre-Funded Warrants could result in a constructive distribution to a Non-U.S.
Holder, which would be treated as described under &#8220;Distributions&#8221; below. Any resulting withholding tax attributable to deemed
dividends would be collected from other amounts payable or distributable to the Non-U.S. Holder. Non-U.S. Holders should consult their
tax advisors regarding the proper treatment of any adjustments to the Pre-Funded Warrants.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, regulations governing &#8220;dividend
equivalents&#8221; under Section 871(m) of the Code may apply to the Pre-Funded Warrants. Under those regulations, an implicit or explicit
payment under Pre-Funded Warrants that references a dividend distribution on our common stock would possibly be taxable to a Non-U.S.
Holder as described under &#8220;Distributions&#8221; below. Such dividend equivalent amount would be taxable and subject to withholding
whether or not there is actual payment of cash or other property, and the Company may satisfy any withholding obligations it has in respect
of the Pre-Funded Warrants by withholding from other amounts due to the Non-U.S. Holder. Non-U.S. Holders are encouraged to consult their
own tax advisors regarding the application of Section 871(m) of the Code to the Pre-Funded Warrants.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Distributions</i></b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As discussed above, we currently anticipate that
we will retain future earnings, if any, to finance the growth and development of our business and do not intend to pay cash dividends
in respect of our common stock in the foreseeable future. In the event that we do make distributions on our common stock to a Non-U.S.
Holder, those distributions generally will constitute dividends for U.S. federal income tax purposes as described in &#8220;&#8212;U.S.
Holders&#8212;Distributions.&#8221; To the extent those distributions do not constitute dividends for U.S. federal income tax purposes
(i.e., the amount of such distributions exceeds both our current and our accumulated earnings and profits), they will constitute a return
of capital and will first reduce a Non-U.S. Holder&#8217;s basis in our common stock (determined separately with respect to each share
of common stock), but not below zero, and then will be treated as gain from the sale of that share of common stock as described below
under the section titled &#8220;&#8212;Disposition of Common Stock or Pre-Funded Warrants.&#8221;</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Any distribution (including constructive distributions)
on shares of common stock that is treated as a dividend paid to a Non-U.S. Holder that is not effectively connected with the holder&#8217;s
conduct of a trade or business in the United States will generally be subject to withholding tax at a 30% rate or such lower rate as may
be specified by an applicable income tax treaty between the United States and the Non-U.S. Holder&#8217;s country of residence. To obtain
a reduced rate of withholding under a treaty, a Non-U.S. Holder generally will be required to provide the applicable withholding agent
with a properly executed IRS Form W-8BEN, IRS Form W-8BEN-E or other appropriate form, certifying the Non-U.S. Holder&#8217;s entitlement
to benefits under that treaty. Such form must be provided prior to the payment of dividends and must be updated periodically. If a Non-U.S.
Holder holds stock through a financial institution or other agent acting on the holder&#8217;s behalf, the holder will be required to
provide appropriate documentation to such agent. The holder&#8217;s agent may then be required to provide certification to the applicable
withholding agent, either directly or through other intermediaries. If you are eligible for a reduced rate holding tax under an income
tax treaty, you should consult with your own tax advisor to determine if you are able to obtain a refund or credit of any excess amounts
withheld by timely filing an appropriate claim for a refund with the IRS.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We generally are not required to withhold tax
on dividends paid (or constructive dividends deemed paid) to a Non-U.S. Holder that are effectively connected with the holder&#8217;s
conduct of a trade or business within the United States (and, if required by an applicable income tax treaty, are attributable to a permanent
establishment or fixed base that the holder maintains in the United States) if a properly executed IRS Form W-8ECI, stating that the dividends
are so connected, is furnished to us (or, if stock is held through a financial institution or other agent, to the applicable withholding
agent). In general, such effectively connected dividends will be subject to U.S. federal income tax on a net income basis at the regular
tax rates applicable to U.S. persons. A corporate Non-U.S. Holder receiving effectively connected dividends may also be subject to an
additional &#8220;branch profits tax,&#8221; which is imposed, under certain circumstances, at a rate of 30% (or such lower rate as may
be specified by an applicable treaty) on the corporate Non-U.S. Holder&#8217;s effectively connected earnings and profits, subject to
certain adjustments.</p>

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">See also the sections below titled &#8220;&#8212;Backup
Withholding and Information Reporting&#8221; and &#8220;&#8212;Foreign Accounts&#8221; for additional withholding rules that may apply
to dividends paid to certain foreign financial institutions or non-financial foreign entities.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Disposition of Common Stock or Pre-Funded Warrants</i></b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Subject to the discussions below under the sections
titled &#8220;&#8212;Backup Withholding and Information Reporting&#8221; and &#8220;&#8212;Foreign Accounts,&#8221; a Non-U.S. Holder
generally will not be subject to U.S. federal income or withholding tax with respect to gain recognized on a sale or other disposition
(other than a redemption treated as a distribution, which will be taxable as described above under &#8220;Distributions&#8221;) of shares
of common stock or Pre-Funded Warrants unless:</p>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><span style="font-family: Symbol">&#183;</span></td><td style="text-align: justify">the gain is effectively connected with the Non-U.S. Holder&#8217;s conduct of a trade or business in the
United States, and if an applicable income tax treaty so provides, the gain is attributable to a permanent establishment or fixed base
maintained by the Non-U.S. Holder in the United States; in these cases, the Non-U.S. Holder will be taxed on a net income basis at the
regular tax rates and in the manner applicable to U.S. persons, and if the Non-U.S. Holder is a corporation, an additional branch profits
tax at a rate of 30%, or a lower rate as may be specified by an applicable income tax treaty, may also apply;</td></tr>
<tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><span style="font-family: Symbol">&#183;</span></td><td style="text-align: justify">the Non-U.S. Holder is a nonresident alien present in the United States for 183 days or more in the taxable
year of the disposition and certain other requirements are met, in which case the Non-U.S. Holder will be subject to a 30% tax (or such
lower rate as may be specified by an applicable income tax treaty between the United States and such holder&#8217;s country of residence)
on the net gain derived from the disposition, which may be offset by certain U.S.-source capital losses of the Non-U.S. Holder, if any;
or</td></tr>
<tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><span style="font-family: Symbol">&#183;</span></td><td style="text-align: justify">the common stock constitutes a U.S. real property interest because we are, or have been at any time during
the five-year period preceding such disposition (or the Non-U.S. Holder&#8217;s holding period of the common stock or Pre-Funded Warrants,
if shorter), a &#8220;U.S. real property holding corporation,&#8221; unless the common stock is regularly traded on an established securities
market, as defined by applicable Treasury Regulations, and the Non-U.S. Holder held no more than 5% of our outstanding common stock, directly
or indirectly, during the shorter of the five-year period ending on the date of the disposition or the period that the Non-U.S. Holder
held the common stock. Special rules may apply to the determination of the 5% threshold in the case of a holder of Pre-Funded Warrants.
Non-U.S. Holders are urged to consult their own tax advisors regarding the effect of holding Pre-Funded Warrants on the calculation of
such 5% threshold. Generally, a corporation is a &#8220;U.S. real property holding corporation&#8221; if the fair market value of its
&#8220;U.S. real property interests&#8221; (as defined in the Code and applicable regulations) equals or exceeds 50% of the sum of the
fair market value of its worldwide real property interests plus its other assets used or held for use in a trade or business. Although
there can be no assurance, we believe that we are not currently, and we do not anticipate becoming, a &#8220;U.S. real property holding
corporation&#8221; for U.S. federal income tax purposes. No assurance can be provided that the common stock will be regularly traded on
an established securities market for purposes of the rules described above. Non-U.S. Holders are urged to consult their own tax advisors
regarding the U.S. federal income tax considerations that could result if we are, or become a &#8220;U.S. real property holding corporation.&#8221;</td></tr></table>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">See the sections titled &#8220;&#8212;Backup Withholding
and Information Reporting&#8221; and &#8220;&#8212;Foreign Accounts&#8221; for additional information regarding withholding rules that
may apply to proceeds of a disposition of the common stock, Pre-Funded Warrants paid to foreign financial institutions or non-financial
foreign entities.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Backup Withholding and Information Reporting</i></b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We must report annually to the IRS and to each
Non-U.S. Holder the gross amount of the distributions (including constructive distributions) on the common stock or, Pre-Funded Warrants
paid to such holder and the tax withheld, if any, with respect to such distributions. Non-U.S. Holders may have to comply with specific
certification procedures to establish that the holder is not a U.S. person (as defined in the Code) in order to avoid backup withholding
at the applicable rate, currently 24%, with respect to dividends (or constructive dividends) on the common stock or Pre-Funded Warrants.
Generally, a holder will comply with such procedures if it provides a properly executed IRS Form W-8BEN (or other applicable Form W-8)
or otherwise meets documentary evidence requirements for establishing that it is a Non-U.S. Holder, or otherwise establishes an exemption.
Dividends paid to Non-U.S. Holders subject to withholding of U.S. federal income tax, as described above under the heading &#8220;<i>Distributions</i>,&#8221;
will generally be exempt from U.S. backup withholding.</p>

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

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Information reporting and backup withholding generally
will apply to the proceeds of a disposition of the common stock or Pre-Funded Warrants by a Non-U.S. Holder effected by or through the
U.S. office of any broker, U.S. or foreign, unless the holder certifies its status as a Non-U.S. Holder and satisfies certain other requirements,
or otherwise establishes an exemption. Generally, information reporting and backup withholding will not apply to a payment of disposition
proceeds to a Non-U.S. Holder where the transaction is effected outside the United States through a non-U.S. office of a broker. However,
for information reporting purposes, dispositions effected through a non-U.S. office of a broker with substantial U.S. ownership or operations
generally will be treated in a manner similar to dispositions effected through a U.S. office of a broker. Non-U.S. Holders should consult
their own tax advisors regarding the application of the information reporting and backup withholding rules to them.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Copies of information returns may be made available
to the tax authorities of the country in which the Non-U.S. Holder resides or is incorporated under the provisions of a specific treaty
or agreement.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Backup withholding is not an additional tax. Any
amounts withheld under the backup withholding rules from a payment to a Non-U.S. Holder can be refunded or credited against the Non-U.S.
Holder&#8217;s U.S. federal income tax liability, if any, provided that an appropriate claim is timely filed with the IRS.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Foreign Accounts</i></b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Foreign Account Tax Compliance Act, or FATCA,
generally imposes a 30% withholding tax on dividends (including constructive dividends) on the common stock and Pre-Funded Warrants if
paid to a non-U.S. entity unless (i) if the non-U.S. entity is a &#8220;foreign financial institution,&#8221; the non-U.S. entity undertakes
certain due diligence, reporting, withholding, and certification obligations, (ii) if the non-U.S. entity is not a &#8220;foreign financial
institution,&#8221; the non-U.S. entity identifies certain of its U.S. investors, if any, or (iii) the non-U.S. entity is otherwise exempt
under FATCA.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Withholding under FATCA generally will apply to
payments of dividends (including constructive dividends) on our common stock and Pre-Funded Warrants. While withholding under FATCA would
have also applied to payments of gross proceeds from a sale or other disposition of the common stock or Pre-Funded Warrants, under proposed
U.S. Treasury Regulations withholding on payments of gross proceeds is currently not required. Although such regulations are not final,
applicable withholding agents may rely on the proposed regulations until final regulations are issued.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">An intergovernmental agreement between the United
States and an applicable foreign country may modify the requirements described in this section. Under certain circumstances, a holder
may be eligible for refunds or credits of the tax. Holders should consult their own tax advisors regarding the possible implications of
FATCA on their investment in the common stock or Pre-Funded Warrants.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Federal Estate Tax</i></b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Common stock owned or treated as owned by an individual
who is not a citizen or resident of the United States (as specially defined for U.S. federal estate tax purposes) at the time of death
will be included in the individual&#8217;s gross estate for U.S. federal estate tax purposes and, therefore, may be subject to U.S. federal
estate tax, unless an applicable estate tax or other treaty provides otherwise. The foregoing may also apply to Pre-Funded Warrants. A
Non-U.S. Holder should consult his, her, or its own tax advisor regarding the U.S. federal estate tax consequences of the ownership or
disposition of shares of the common stock and Pre-Funded Warrants.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>The preceding discussion of material U.S. federal
tax considerations is for information only. It is not tax advice. Prospective investors should consult their own tax advisors regarding
the particular U.S. federal, state, local and non-U.S. tax consequences of purchasing, holding and disposing of the common stock or Pre-Funded
Warrants, including the consequences of any proposed changes in applicable laws.</b></p>

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

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

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

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

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;<br/>
</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span id="s_013"></span><b>PLAN OF DISTRIBUTION</b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Roth Capital Partners, LLC has agreed to act as
our exclusive Placement Agent in connection with this offering on a reasonable best efforts basis subject to the terms and conditions
of the placement agency agreement dated [&#9679;], 2024. The Placement Agent is not purchasing or selling any of the securities offered
by this prospectus, nor is it required to arrange for the purchase and sale of any specific number or dollar amount of such securities,
other than to use its reasonable &#8220;best efforts&#8221; to arrange for the sale of such securities by us. Therefore, we may not sell
all of the securities being offered pursuant to this prospectus. The securities will be offered at a fixed price and are expected to be
issued in a single closing. We will enter into a securities purchase agreement directly with certain investors, at the investor&#8217;s
option, who purchase our securities in this offering. Investors who do not enter into a securities purchase agreement shall rely solely
on this prospectus in connection with the purchase of our securities in this offering.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This offering will terminate&#8239;no later than
[&#9679;], 2024, unless we decide to terminate the offering (which we may do at any time in our discretion) prior to that date. We will
have one closing for all the securities purchased in this offering.&#160; We will deliver the securities being issued to the investors
upon receipt of investor funds for the purchase of the securities offered pursuant to this prospectus. We expect to deliver the securities
being offered pursuant to this prospectus on or about [&#9679;], 2024.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Fees and Expenses</b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have agreed to pay the Placement Agent an aggregate
fee equal to seven percent (7%) of the purchase price paid by all purchasers in this offering. In addition, we have agreed to reimburse
the Placement Agent for its legal fees in an amount up to $75,000.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We estimate the total expenses of this offering
paid or payable by us, exclusive of the Placement Agent fee, will be approximately $[&#9679;]. After deducting the fees due to the Placement
Agent and our estimated expenses in connection with this offering, we expect the net proceeds from this offering will be approximately
$[&#9679;] million (based on an assumed public offering price per share of Common Stock of $[&#9679;], which was the last reported sales
price of the Common Stock on the NYSE American on September [&#9679;], 2024).&#160;</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table shows the per share and total
cash fees we will pay to the Placement Agent in connection with the sale of the securities pursuant to this prospectus.</p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: bottom; background-color: white">
    <td>&#160;</td>
    <td>&#160;</td>
    <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><p style="margin-top: 0; margin-bottom: 0"><span style="font-size: 10pt"><b>Per Share of</b></span></p>
                                                                               <p style="margin-top: 0; margin-bottom: 0"><span style="font-size: 10pt"><b>Common<br/> Stock<br/> </b></span></p></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><p style="margin-top: 0; margin-bottom: 0"><span style="font-size: 10pt"><b>Per Pre-<br/> Funded</b></span></p>
                                                                               <p style="margin-top: 0; margin-bottom: 0"><span style="font-size: 10pt"><b>Warrant <br/> </b></span></p></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><span style="font-size: 10pt"><b>Total</b></span></td>
    <td>&#160;</td></tr>
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    <td style="width: 61%"><span style="font-size: 10pt">Offering price <sup>(1)</sup></span></td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 1%"><span style="font-size: 10pt">$</span></td>
    <td style="width: 10%; text-align: right">&#160;</td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 1%"><span style="font-size: 10pt">$</span></td>
    <td style="width: 10%; text-align: right">&#160;</td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 1%"><span style="font-size: 10pt">$</span></td>
    <td style="width: 10%; text-align: right">&#160;</td>
    <td style="width: 1%">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: white">
    <td><span style="font-size: 10pt">Placement Agent fees</span></td>
    <td>&#160;</td>
    <td><span style="font-size: 10pt">$</span></td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td><span style="font-size: 10pt">$</span></td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td><span style="font-size: 10pt">$</span></td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td><span style="font-size: 10pt">Proceeds before expenses to us <sup>(2)</sup></span></td>
    <td>&#160;</td>
    <td><span style="font-size: 10pt">$</span></td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td><span style="font-size: 10pt">$</span></td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td><span style="font-size: 10pt">$</span></td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 2%"><span style="font-size: 10pt">(1)</span></td>
    <td style="width: 98%; text-align: justify">We have agreed to pay to the Placement Agent a cash fee equal to seven percent (7%) of
the aggregate gross proceeds raised in this offering.</td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 2%"><span style="font-size: 10pt">(2)</span></td>
    <td style="width: 98%; text-align: justify"><span style="font-size: 10pt">Does not include proceeds from the exercise of the Pre-Funded Warrants, if any.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Placement Agent Warrants</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Placement Agent will receive warrants to purchase
up to seven percent (7%) of the number of shares of Common Stock and Pre-Funded Warrants sold in the offering, which Placement Agent Warrants
are exercisable at an exercise price equal to 125% of the public offering price with a term of five (5) years.</p>


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

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Tail</b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have also agreed to pay the Placement Agent
a tail fee equal to the compensation in this offering, if any investor, who was introduced to us by the Placement Agent or who had discussions
or negotiations regarding a transaction with us during the term of the Placement Agent&#8217;s engagement, provides us with capital in
any offering of our securities during the six (6) month period following expiration or termination of our engagement of the Placement
Agent.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Right of First Refusal</b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Provided the Placement Agent secures a bona fide
offer from an investor or investors of at least $7 million in the aggregate related to this offering that is accepted by us in our sole
discretion, then during the period of engagement of the Placement Agent and for a period of nine (9) months thereafter if we decide to
use a placement agent to pursue any private placement or any public offering of debt, equity, equity-linked or an at-the-market offering,
then we shall offer the Placement Agent the right to act as the exclusive placement agent or lead underwriter and sole book-runner, as
applicable, for such offering.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Indemnification</b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have agreed to indemnify the Placement Agent
and specified other persons against specified liabilities, including liabilities under the Securities Act, and to contribute to payments
the Placement Agent may be required to make in respect thereof.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Lock-Up Agreements</b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our directors and officers have entered into lock-up
agreements. Under these agreements, these individuals agreed, subject to specified exceptions, not to sell or transfer any shares of Common
Stock or securities convertible into, or exchangeable or exercisable for, Common Stock during a period ending 90 days after the completion
of this offering, without first obtaining the written consent of the Placement Agent. Specifically, these individuals agreed, in part,
subject to certain exceptions, not to:</p>

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

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<tr style="vertical-align: top">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Transfer Agent and Registrar</b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The transfer agent and registrar for our Common Stock is VStock Transfer
LLC.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Determination of Offering Price </b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our Common Stock is currently listed on the NYSE
American under the symbol &#8220;TOON.&#8221; On [&#9679;], 2024, the reported closing price per share of our Common Stock was $[&#9679;].
The final public offering price will be determined between us, the Placement Agent and the investors in the offering, and may be at a
discount to the current market price of our Common Stock. Therefore, the assumed public offering price used throughout this prospectus
may not be indicative of the final public offering price. There is no established public trading market for the Pre-Funded Warrants, and
we do not expect such markets to develop. In addition, we do not intend to apply for a listing of the Pre-Funded Warrants on any national
securities exchange or other nationally recognized trading system.</p>

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

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>No Sales of Similar Securities</b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have agreed, subject to certain exceptions,
not to issue, enter into any agreement to issue or announce the issuance or proposed issuance of, any shares of Common Stock (or securities
convertible into or exercisable for Common Stock) or, subject to certain exceptions, file any registration statement, including any amendments
or supplements thereto (other than the registration statement or amendment to the registration statement relating to the securities offered
hereunder and a registration statement on Form&#160;S-8), until 90 days after the completion of this offering. We have also agreed not
to enter into a variable rate transaction (as defined in the securities purchase agreement) for six months after the completion of this
offering.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Regulation M</b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Placement Agent may be deemed to be an underwriter
within the meaning of Section 2(a)(11) of the Securities Act, and any commissions received by it and any profit realized on the resale
of the shares sold by it while acting as principal might be deemed to be underwriting discounts or commissions under the Securities Act.
As an underwriter, the Placement Agent would be required to comply with the requirements of the Securities Act and the Exchange Act, including,
without limitation, Rule 415(a)(4) under the Securities Act and Rule 10b-5 and Regulation M under the Exchange Act. These rules and regulations
may limit the timing of purchases and sales of shares by the Placement Agent acting as principal. Under these rules and regulations, the
placement agents:</p>

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

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<tr style="vertical-align: top">
    <td>&#160;</td>
    <td><span style="font-family: Symbol; font-size: 10pt">&#183;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">may not bid for or purchase any of our securities or attempt to induce any person to purchase any of our securities, other than as permitted under the Exchange Act, until it has completed its participation in the distribution. </span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Electronic Distribution</b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A prospectus in electronic format may be made available on a website
maintained by the Placement Agent and the Placement Agent may distribute prospectuses electronically. Other than the prospectus in electronic
format, the information on these websites is not part of this prospectus or the registration statement of which this prospectus forms
a part, has not been approved and/or endorsed by us or the Placement Agent and should not be relied upon by investors.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Discretionary Accounts</b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Placement Agent does not intend to confirm
sales of the securities offered hereby to any accounts over which it has discretionary authority.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Other Activities and Relationships</b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Placement Agent and certain of its affiliates
are full service financial institutions engaged in various activities, which may include securities trading, commercial and investment
banking, financial advisory, investment management, investment research, principal investment, hedging, financing and brokerage activities.
The Placement Agent and certain of its affiliates may in the future perform, various commercial and investment banking and financial advisory
services for us and our affiliates, for which they received or will receive customary fees and expenses, but have performed no such services
for us or our affiliates prior to this offering.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the ordinary course of its various business
activities, the Placement Agent and certain of its affiliates may make or hold a broad array of investments and actively trade debt and
equity securities (or related derivative securities) and financial instruments (including bank loans) for its own account and for the
accounts of its customers, and such investment and securities activities may involve securities and/or instruments issued by us and our
affiliates. If the Placement Agent or its affiliates have a lending relationship with us, they routinely hedge their credit exposure to
us consistent with their customary risk management policies. The Placement Agent and its affiliates may hedge such exposure by entering
into transactions that consist of either the purchase of credit default swaps or the creation of short positions in our securities or
the securities of our affiliates, including potentially the Common Stock offered hereby. Any such short positions could adversely affect
future trading prices of the Common Stock offered hereby. The Placement Agent and certain of its affiliates may also communicate independent
investment recommendations, market color or trading ideas and/or publish or express independent research views in respect of such securities
or instruments and may at any time hold, or recommend to clients that they acquire, long and/or short positions in such securities and
instruments.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b></b></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span id="s_014"></span><b>LEGAL MATTERS</b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Blank Rome LLP, New York, New York will pass upon
certain legal matters relating to the sale of the Pre-Funded Warrants, offered hereby on our behalf and Flangas Law Group, Nevada will
pass on certain legal matters related to the issuance of the Common Stock and Pre-Funded Warrants offered hereby on our behalf.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Ellenoff Grossman &amp; Schole LLP, New York,
New York, is acting as counsel to the Placement Agent in connection with certain legal matters related to this offering.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><span id="s_015"></span>EXPERTS</b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The consolidated financial statements of Kartoon
Studios, Inc. as of December 31, 2023, and for the year ended December 31, 2023, incorporated by reference in this prospectus and in the
registration statement have been so incorporated in reliance on the report of WithumSmith+Brown, PC, independent registered public accounting
firm, given on the authority of such firm as experts in accounting and auditing.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Baker Tilly US, LLP, independent registered public
accounting firm, has audited our financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2022
(which report expresses an unqualified opinion), which is incorporated by reference in this prospectus and elsewhere in this Registration
Statement. Our financial statements are incorporated by reference in reliance on Baker Tilly US, LLP&#8217;s report, given on their authority
as experts in accounting and auditing.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><span id="s_016"></span>WHERE YOU CAN FIND ADDITIONAL INFORMATION</b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have filed with the SEC a registration statement
under the Securities Act for the securities offered by this prospectus. This prospectus, which constitutes a part of the registration
statement, does not contain all of the information set forth in the registration statement or the exhibits and schedules filed therewith.
For further information about us and the securities offered hereby, we refer you to the registration statement and the exhibits and schedules
filed thereto. Any statements made in this prospectus concerning legal documents are not necessarily complete and you should read the
documents that are filed as exhibits to the registration statement or otherwise filed with the SEC for a more complete understanding of
the document or matter.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We file annual, quarterly and current reports,
proxy statements and other information with the SEC. Our SEC filings are available to the public at the SEC&#8217;s website at <i>www.sec.gov</i>.
We are subject to the information and periodic reporting requirements of the Exchange Act, and we file periodic reports, proxy statements
and other information with the SEC. These periodic reports, proxy statements and other information are available at the website of the
SEC referred to above. We maintain a website at&#160;<i>www.kartoonstudios.com</i>. You may access our Annual Reports on Form&#160;10-K,
Quarterly Reports on Form&#160;10-Q, Current Reports on Form&#160;8-K and amendments to those reports filed or furnished pursuant to Section&#160;13(a)&#160;or
15(d)&#160;of the Exchange Act with the SEC free of charge at our website as soon as reasonably practicable after such material is electronically
filed with, or furnished to, the SEC. The information contained in, or that can be accessed through, our website is not incorporated by
reference in, and is not part of, this prospectus.</p>

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

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><span id="s_017"></span>INCORPORATION OF CERTAIN INFORMATION BY REFERENCE</b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The SEC allows us to &#8220;incorporate by reference&#8221;
information from other documents that we file with it, which means that we can disclose important information to you by referring you
to those documents. The information incorporated by reference is considered to be part of this prospectus. Information in this prospectus
supersedes information incorporated by reference that we filed with the SEC prior to the date of this prospectus.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We incorporate by reference into this prospectus
and the registration statement of which this prospectus is a part the information or documents listed below that we have filed with the
SEC (Commission File No.&#160;001-37950):</p>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><span style="font-family: Symbol">&#183;</span></td><td style="text-align: justify">Our Annual Report on Form 10-K for the fiscal year ended <a href="https://www.sec.gov/Archives/edgar/data/1355848/000135584824000052/toon-20231231.htm" style="-sec-extract: exhibit">December 31, 2023</a> filed with the SEC on April
9, 2024;</td></tr>
<tr style="vertical-align: top">
<td/><td><span style="font-family: Symbol">&#183;</span></td><td style="text-align: justify">Our Quarterly Report on Form 10-Q for the quarters ended <a href="http://www.sec.gov/Archives/edgar/data/1355848/000135584824000071/toon-20240331.htm" style="-sec-extract: exhibit">March 31, 2024</a> filed with the SEC on May 15,
2024</td></tr>
<tr style="vertical-align: top">
<td/><td><span style="font-family: Symbol">&#183;</span></td><td style="text-align: justify">Our Quarterly Report on Form 10-Q for the quarter ended <a href="http://www.sec.gov/Archives/edgar/data/1355848/000135584824000113/toon-20240630.htm">June 30, 2024</a> filed with the SEC on August 14,
2024.</td></tr>
<tr style="vertical-align: top">
<td/><td><span style="font-family: Symbol">&#183;</span></td><td style="text-align: justify">Our Current Reports on Form 8-K (other than information furnished rather than filed) filed on <a href="http://www.sec.gov/Archives/edgar/data/1355848/000135584824000015/toon-20240124.htm" style="-sec-extract: exhibit">January
                                                                 30, 2024</a>, <a href="http://www.sec.gov/Archives/edgar/data/1355848/000135584824000018/toon-20240212.htm" style="-sec-extract: exhibit">February
                                                                 13, 2024</a>, as amended by Current Report on Form 8-K/A on <a href="http://www.sec.gov/Archives/edgar/data/1355848/000135584824000022/toon-20240212.htm" style="-sec-extract: exhibit">February
                                                                 13, 2024</a>, <a href="http://www.sec.gov/Archives/edgar/data/1355848/000135584824000049/toon-20240403.htm" style="-sec-extract: exhibit">April
                                                                 9, 2024</a> (Item 4.02), <a href="http://www.sec.gov/Archives/edgar/data/1355848/000135584824000059/toon-20240418.htm" style="-sec-extract: exhibit">April
                                                                 19, 2024</a>, <a href="http://www.sec.gov/Archives/edgar/data/1355848/000168316824002622/kartoon_8k.htm" style="-sec-extract: exhibit">April
                                                                 24, 2024</a>, <a href="http://www.sec.gov/Archives/edgar/data/1355848/000135584824000072/toon-20240515.htm" style="-sec-extract: exhibit"></a>and <a href="http://www.sec.gov/Archives/edgar/data/1355848/000135584824000075/toon-20240523.htm" style="-sec-extract: exhibit">May
                                                                 29, 2024</a>; and</td></tr>
<tr style="vertical-align: top">
<td/><td><span style="font-family: Symbol">&#183;</span></td><td style="text-align: justify">Our Definitive Proxy Statement on Schedule 14A for our Annual Meeting of Stockholders filed on <a href="http://www.sec.gov/Archives/edgar/data/1355848/000168316824002156/kartoon_def14a.htm" style="-sec-extract: exhibit">April 5,
2024</a>.</td></tr>
</table>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We also incorporate by reference any future filings
(other than current reports furnished under Item 2.02 or Item 7.01 of Form&#160;8-K and exhibits filed on such form that are related to
such items unless such Form&#160;8-K expressly provides to the contrary) made with the SEC pursuant to Sections 13(a), 13(c), 14 or 15(d)&#160;of
the Exchange Act, including those made (i)&#160;on or after the date of the initial filing of the registration statement of which this
prospectus forms a part and prior to effectiveness of such registration statement, and (ii)&#160;on or after the date of this prospectus
but prior to the termination of the offering (i.e., until the earlier of the date on which all of the securities registered hereunder
have been sold or the registration statement of which this prospectus forms a part has been withdrawn). Information in such future filings
updates and supplements the information provided in this prospectus. Any statements in any such future filings will automatically be deemed
to modify and supersede any information in any document we previously filed with the SEC that is incorporated or deemed to be incorporated
herein by reference to the extent that statements in the later filed document modify or replace such earlier statements.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We will furnish without charge to each person,
including any beneficial owner, to whom a prospectus is delivered, upon written or oral request, a copy of any or all of the documents
incorporated by reference into this prospectus but not delivered with the prospectus, including exhibits that are specifically incorporated
by reference into such documents. You should direct any requests for documents to:</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Kartoon Studios, Inc.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">190 N. Canon Drive, 4th Floor</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Beverly Hills, CA 90210</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Attn: Brian Parisi</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">You may also access these documents, free of charge,
on the SEC&#8217;s website at <i>www.sec.gov</i> or on our website at <i>www.kartoonstudios.com</i>. The information contained in, or
that can be accessed through, our website is not incorporated by reference in, and is not part of, this prospectus.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In accordance with Rule&#160;412 of the Securities
Act, any statement contained in a document incorporated by reference herein shall be deemed modified or superseded to the extent that
a statement contained herein or in any other subsequently filed document which also is or is deemed to be incorporated by reference herein
modifies or supersedes such statement.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">You should rely only on information contained
in, or incorporated by reference into, this prospectus and any prospectus supplement. We have not authorized anyone to provide you with
information different from that contained in this prospectus or incorporated by reference into this prospectus. We are not making offers
to sell the securities in any jurisdiction in which such an offer or solicitation is not authorized or in which the person making such
offer or solicitation is not qualified to do so or to anyone to whom it is unlawful to make such an offer or solicitation.</p>

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><img src="image_002.jpg" alt="A logo with red and black text&#10;&#10;Description automatically generated" style="height: 80px; width: 200px"/>&#160;</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>Up to </b>[&#9679;] <b>Shares of Common Stock</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>Pre-Funded Warrants to Purchase Up to </b>[&#9679;]
<b>Shares of Common Stock&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>Up to </b>[&#9679;] <b>Shares of Common Stock
Underlying Pre-Funded Warrants</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-variant: small-caps"><b>PROSPECTUS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p>

<p style="font: 18pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>Roth Capital Partners</b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<b>,
2024</b></p>

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

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

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

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

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

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

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

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

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>PART&#160;II</b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>INFORMATION NOT REQUIRED IN PROSPECTUS</b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Item 13. Other Expenses of Issuance and Distribution.</b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table sets forth all expenses to
be paid by the registrant, other than any Placement Agent fees, in connection with the offering and sale of the shares of Common Stock
being registered. All amounts shown are estimates except for the SEC registration fee.</p>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Amount</td><td style="padding-bottom: 1pt">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 83%; text-align: left">SEC registration fee</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 13%; text-align: right">1,204</td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">FINRA filing fee</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1,550</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Accounting fees and expenses</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">30,000</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Legal fees and expenses</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">275,000</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1pt">Other miscellaneous expenses</td><td style="padding-bottom: 1pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 2.5pt">Total expenses</td><td style="padding-bottom: 2.5pt">&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Item&#160;14. Indemnification of Directors and Officers.</b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Nevada Revised Statutes provide that:</p>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><span style="font-family: Symbol">&#183;</span></td><td style="text-align: justify">a corporation may indemnify any person who was or is a party or is threatened to be made a party to any
threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative, except an action
by or in the right of the corporation, by reason of the fact that he is or was a director, officer, employee or agent of the corporation,
or is or was serving at the request of the corporation as a director, officer, employee or agent of another corporation, partnership,
joint venture, trust or other enterprise, against expenses, including attorneys&#8217; fees, judgments, fines and amounts paid in settlement
actually and reasonably incurred by him in connection with the action, suit or proceeding if he or she acted in good faith and in a manner
which he or she reasonably believed to be in or not opposed to the best interests of the corporation, and, with respect to any criminal
action or proceeding, had no reasonable cause to believe his or her conduct was unlawful;</td></tr>
<tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><span style="font-family: Symbol">&#183;</span></td><td style="text-align: justify">a corporation may indemnify any person who was or is a party or is threatened to be made a party to any
threatened, pending or completed action or suit by or in the right of the corporation to procure a judgment in its favor by reason of
the fact that he or she is or was a director, officer, employee or agent of the corporation, or is or was serving at the request of the
corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise against
expenses, including amounts paid in settlement and attorneys&#8217; fees actually and reasonably incurred by him or her in connection
with the defense or settlement of the action or suit if he or she acted in good faith and in a manner which he or she reasonably believed
to be in or not opposed to the best interests of the corporation. Indemnification may not be made for any claim, issue or matter as to
which such a person has been adjudged by a court of competent jurisdiction, after exhaustion of all appeals therefrom, to be liable to
the corporation or for amounts paid in settlement to the corporation, unless and only to the extent that the court in which the action
or suit was brought or other court of competent jurisdiction determines upon application that in view of all the circumstances of the
case, the person is fairly and reasonably entitled to indemnity for such expenses as the court deems proper; and</td></tr>
<tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><span style="font-family: Symbol">&#183;</span></td><td style="text-align: justify">to the extent that a director, officer, employee or agent of a corporation has been successful on the
merits or otherwise in defense of any action, suit or proceeding, or in defense of any claim, issue or matter therein, the corporation
must indemnify him or her against expenses, including attorneys&#8217; fees, actually and reasonably incurred by him or her in connection
with the defense.</td></tr></table>

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

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Nevada Revised Statutes provide that we may
make any discretionary indemnification only as authorized in the specific case upon a determination that indemnification of the director,
officer, employee or agent is proper in the circumstances. The determination must be made:</p>

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

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><span style="font-family: Symbol">&#183;</span></td><td style="text-align: justify">by our stockholders;</td></tr>
<tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><span style="font-family: Symbol">&#183;</span></td><td style="text-align: justify">by our board of directors by majority vote of a quorum consisting of directors who were not parties to
the action, suit or proceeding;</td></tr>
<tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><span style="font-family: Symbol">&#183;</span></td><td style="text-align: justify">if a majority vote of a quorum consisting of directors who were not parties to the action, suit or proceeding
so orders, by independent legal counsel in a written opinion;</td></tr>
<tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><span style="font-family: Symbol">&#183;</span></td><td style="text-align: justify">if a quorum consisting of directors who were not parties to the action, suit or proceeding cannot be obtained,
by independent legal counsel in a written opinion; or</td></tr>
<tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><span style="font-family: Symbol">&#183;</span></td><td style="text-align: justify">by court order.</td></tr></table>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our articles of incorporation provide that every
person who was or is a party to, or is threatened to be made a party to, or is involved in any action, suit or proceeding, whether civil,
criminal, administrative or investigative, by reason of the fact that he, or a person of whom he is the legal representative, is or was
a director or officer of our company, or is or was serving at our request as a director or officer of another corporation, or as our representative
in a partnership, joint venture, trust or other enterprise, shall be indemnified and held harmless to the fullest extent legally permissible
under the laws of the State of Nevada from time to time against all expenses, liability and loss (including attorneys' fees, judgments,
fines and amounts paid or to be paid in settlement) reasonably incurred or suffered by him in connection therewith. The expenses of officers
and directors incurred in defending a civil or criminal action, suit or proceeding must be paid by us as they are incurred and in advance
of the final disposition of the action, suit or proceeding, upon receipt of an undertaking by or on behalf of the director or officer
to repay the amount if it is ultimately determined by a court of competent jurisdiction that he is not entitled to be indemnified by us.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Item&#160;15. Recent Sales of Unregistered Securities.</b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">During the last three
years, we have issued unregistered securities to the persons described below. None of these transactions involved any underwriters, underwriting
discounts or commissions, or any public offering. We believe that each transaction was exempt from the registration requirements of the
Securities Act by virtue of Section&#160;4(a)(2)&#160;thereof <span style="color: #212529">and/or Regulation S thereof </span>or Rule&#160;506(b)&#160;of
Regulation D thereunder as a transaction not involving a public offering other than exchanges of securities that were exempt from the
registration requirements of the Securities Act by virtue of Section&#160;3(a)(9) and Section 3(a)(10). The recipients both had access,
through their relationship with us, to information about us. All number and share prices have been adjusted for the 1-for-10 reverse stock
split effected on February 10, 2023.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">On
October 3, 2023, we issued 1,683 shares of Common Stock valued at $1.39 per share for production services.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">On
October 16, 2023, we issued 4,545 shares of Common Stock valued at $1.32 per share for production services.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">On
October 23, 2023, we issued 2,340 shares of Common Stock valued at $1.00 per share for production services.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">On
October 31, 2023, we issued 9,218 shares of Common Stock valued at $0.99 per share for production services.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">On
November 6, 2023, we issued 4,239 shares of Common Stock valued at $1.12 per share for production services.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">On
November 15, 2023, we issued 5,505 shares of Common Stock valued at $1.09 per share for production services.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">On
November 16, 2023, we issued 2,867 shares of Common Stock valued at $1.09 per share for production services.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p>

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">On
November 20, 2023, we issued 4,263 shares of Common Stock valued at $1.09 per share for production services.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">On
November 30, 2023, we issued 5,563 shares of Common Stock valued at $1.64 per share for production services.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">On
December 1, 2023, we issued 2,792 shares of Common Stock valued at $1.64 per share for production services.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">On
December 15, 2023, we issued 8,432 shares of Common Stock valued at $1.52 per share for production services.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; background-color: white"><br/>
On May&#160;17, 2023, we issued 450 shares of Common Stock valued at $2.78 per share for production services.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; background-color: white; color: #212529">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">On
May&#160;24, 2023, we issued 490 shares of Common Stock valued at $2.55 per share for production services.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white; color: #212529">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">On
June&#160;6, 2023, we issued 400,000 shares of Common Stock valued at $2.47 per share for consulting services.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white; color: #212529">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">On
June&#160;12, 2023, we issued 1,037 shares of Common Stock valued at $2.41 per share for production services.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white; color: #212529">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">On
June 27, 2023, we issued a total of 2,376,550 shares of Common Stock to existing institutional and accredited investors who exercised
their outstanding common stock purchase warrants in connection with a warrant exchange. The exercising holders received new unregistered
common stock purchase warrants to purchase up to 4,753,100 shares of common stock issued pursuant to the exercise of their warrants. The
Special Equities Group, a division of Dawson James, acted as warrant solicitation agent and was issued unregistered common stock purchase
warrants to purchase up to 166,359 shares of Common Stock.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white; color: #212529">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">On
June&#160;30, 2023, we issued 2,274 shares of Common Stock valued at $1.91 per share for production services.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; color: #212529">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white; color: #212529">On
February 18, 2022, we issued 35,000 shares of Common Stock valued at $8.90 per share to a consultant for advisory services (such share
number and price per share adjusted for .</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white; color: #212529">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white; color: #212529">On
February 24, 2022, we issued 3,620 shares of Common Stock valued at $18.10 per share, which were held in escrow as part of the ChizComm
acquisition.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white; color: #212529">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On October 26, 2021, we and
Wow Exchange Co. Inc. (formerly, 1326919 B.C. Ltd.), a corporation existing under the laws of the Province of British Columbia and, then,
a wholly owned subsidiary of ours (&#8220;Purchaser&#8221; or &#8220;Exchangeco&#8221;), entered into an Arrangement Agreement (the &#8220;Arrangement
Agreement&#8221;) to acquire all of the outstanding shares of Wow Unlimited Media Inc., a corporation existing under the laws of the Province
of British Columbia (&#8220;Wow&#8221;) such that Exchangeco will own 100% of the shares of Wow (the &#8220;Arrangement&#8221;). Pursuant
to the Arrangement Agreement, on April 6, 2022, we, through Exchangeco, acquired all of the shares of Wow not already owned by Genius
for an aggregate purchase price, which included the issuance of 1,036,582 shares of Common Stock.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">On
October 27, 2021, we issued 1,761 shares of Common Stock valued at $15.90 per share for production services.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="color: #212529">&#160;</span>On
December 1, 2021, we issued 228,127 shares of common stock valued at $14.90 as partial consideration for 3,000,000 shares in YFE.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p>

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

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Item&#160;16. Exhibits&#160;and Financial Statement Schedules.</b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The exhibits to this registration statement are
listed in the Exhibit&#160;Index to this registration statement, which immediately precedes the Signature Page&#160;and which Exhibit&#160;Index
is hereby incorporated by reference.</p>

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


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Item&#160;17. Undertakings.</b></p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px"><span style="font-size: 10pt">(a)</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">The undersigned registrant hereby undertakes:</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px"><span style="font-size: 10pt">(1)</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px"><span style="font-size: 10pt">(i)</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">To include any prospectus required by Section&#160;10(a)(3)&#160;of the Securities Act of 1933, as amended, or the Securities Act;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(ii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;To
reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective
amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration
statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities
offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range
may be reflected in the form of prospectus filed with the SEC pursuant to Rule&#160;424(b)&#160;if, in the aggregate, the changes in volume
and price represent no more than a 20% change in the maximum aggregate offering price set forth in the &#8220;Calculation of Registration
Fee&#8221; table in the effective registration statement; and</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(iii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;To
include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any
material change to such information in the registration statement.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">provided, however, that paragraphs (i), (ii)&#160;and
(iii)&#160;above do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained
in periodic reports filed with or furnished to the SEC by the registrant pursuant to Section&#160;13 or Section&#160;15(d)&#160;of the
Securities Exchange Act of 1934, as amended, or the Exchange Act, that are incorporated by reference in the registration statement, or
is contained in a form of prospectus filed pursuant to Rule&#160;424(b)&#160;that is a part of the registration statement;</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(2)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;That,
for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new
registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to
be the initial bona fide offering thereof.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(3)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;To
remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination
of the offering.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(4)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;That,
for the purpose of determining liability under the Securities Act of 1933 to any purchaser, each prospectus filed pursuant to Rule&#160;424(b)&#160;as
part of a registration statement relating to an offering, other than registration statements relying on Rule&#160;430B or other than prospectuses
filed in reliance on Rule&#160;430A, shall be deemed to be part of and included in the registration statement as of the date it is first
used after effectiveness. Provided, however, that no statement made in a registration statement or prospectus that is part of the registration
statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is
part of the registration statement will, as to a purchaser with a time of contract of sale prior to such first use, supersede or modify
any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such
document immediately prior to such date of first use.</p>

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

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

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(5)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;That,
for the purpose of determining liability under the Securities Act of 1933 to any purchaser in the initial distribution of the securities:
the undersigned registrant undertakes that in a primary offering of securities of the undersigned registrant pursuant to this registration
statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to
such purchaser by means of any of the following communications, the undersigned registrant will be a seller to the purchaser and will
be considered to offer or sell such securities to such purchaser: (i)&#160;any preliminary prospectus or prospectus of the undersigned
registrant relating to the offering required to be filed pursuant to Rule&#160;424; (ii)&#160;any free writing prospectus relating to
the offering prepared by or on behalf of the undersigned registrant or used or referred to by the undersigned registrant; (iii)&#160;the
portion of any other free writing prospectus relating to the offering containing material information about the undersigned registrant
or its securities provided by or on behalf of the undersigned registrant; and (iv)&#160;any other communication that is an offer in the
offering made by the undersigned registrant to the purchaser.</p>

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


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(6)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;That,
for purposes of determining any liability under the Securities Act, each filing of the registrant&#8217;s annual report pursuant to Section&#160;13(a)&#160;or
Section&#160;15(d)&#160;of the Exchange Act (and, where applicable, each filing of an employee benefit plan&#8217;s annual report pursuant
to Section&#160;15(d)&#160;of the Exchange Act) that is incorporated by reference in the registration statement shall be deemed to be
a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed
to be the initial bona fide offering thereof.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Insofar
as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of
the registrant pursuant to the foregoing provisions or otherwise, the registrant has been advised that in the opinion of the SEC such
indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim
for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer
or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer
or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the
matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification
by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.</p>

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

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

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

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

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

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

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

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

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>EXHIBIT&#160;INDEX</b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following is a list of exhibits filed as a
part of this registration statement:</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The exhibits listed in the accompanying Exhibit&#160;Index
are filed or incorporated by reference as part of this registration statement.</p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr>
    <td style="width: 9%; padding-left: 0.9pt; text-align: center"><span style="font-size: 10pt">1.1&#x5E;</span></td>
    <td style="vertical-align: bottom; width: 91%; padding-left: 0.9pt; text-align: justify"><span style="font-size: 10pt">Form of Placement
    Agency Agreement</span></td></tr>
  <tr>
    <td style="padding-left: 0.9pt; text-align: center"><span style="font-size: 10pt">2.1</span></td>
    <td style="vertical-align: bottom; padding-left: 0.9pt; text-align: justify"><span style="font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1355848/000168316821005158/genius_ex0201.htm" style="-sec-extract: exhibit">Arrangement Agreement dated as of October 26, 2021 among the Company, 1326919 B.C. LTD. and Wow Unlimited Media Inc.</a> (Incorporated by reference to the Company&#8217;s Current Report on Form 8-K filed with the SEC on November 1, 2021)</span></td></tr>
  <tr>
    <td style="padding-left: 0.9pt; text-align: center"><span style="font-size: 10pt">2.2</span></td>
    <td style="vertical-align: bottom; padding-left: 0.9pt; text-align: justify"><span style="font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1355848/000168316823004433/kartoonstudios_ex0201.htm" style="-sec-extract: exhibit">Agreement and Plan of Merger dated June 21, 2023</a> (incorporated by reference to Exhibit 2.1 to the Company&#8217;s Current Report on Form 8-K filed on June 27, 2023)</span></td></tr>
  <tr>
    <td style="padding-left: 0.9pt; text-align: center"><span style="font-size: 10pt">3.1</span></td>
    <td style="vertical-align: bottom; padding-left: 0.9pt; text-align: justify"><span style="font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1355848/000168316821001169/genius_ex0301.htm" style="-sec-extract: exhibit">Articles of Incorporation of the Company, as amended</a> (incorporated by reference to Exhibit 3.1 to the Company's Annual Report on Form 10-K, filed with the SEC on March 31, 2021)</span></td></tr>
  <tr>
    <td style="padding-left: 0.9pt; text-align: center"><span style="font-size: 10pt">3.2</span></td>
    <td style="vertical-align: bottom; padding-left: 0.9pt; text-align: justify"><span style="font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1355848/000168316823000732/genius_ex0301.htm" style="-sec-extract: exhibit">Certificate of Change to the Articles of Incorporation of the Company, filed with the Secretary of State of the State of Nevada on February 9, 2023</a> (Incorporated by reference to the Company&#8217;s Current Report on Form 8-K, filed with the SEC on February 10, 2023)</span></td></tr>
  <tr>
    <td style="padding-left: 0.9pt; text-align: center"><span style="font-size: 10pt">3.3</span></td>
    <td style="vertical-align: bottom; padding-left: 0.9pt; text-align: justify"><span style="font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1355848/000168316819002705/genius_ex0302.htm" style="-sec-extract: exhibit">Bylaws of the Company, as amended</a> (incorporated by reference to Exhibit 3.2 to the Company&#8217;s Quarterly Report on Form 10-Q, filed with the SEC on August 19, 2019)</span></td></tr>
  <tr>
    <td style="padding-left: 0.9pt; text-align: center"><span style="font-size: 10pt">3.4</span></td>
    <td style="vertical-align: bottom; padding-left: 0.9pt; text-align: justify"><span style="font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1355848/000168316819003775/genius_ex0301.htm" style="-sec-extract: exhibit">Amended and Restated Certificate of Designations, Preferences and Rights of the 0% Series A Convertible Preferred Stock, filed with the Secretary of State of Nevada on November 21, 2019</a> (Incorporated by reference to the Company&#8217;s Current Report on Form 8-K, filed with the SEC on November 21, 2019)</span></td></tr>
  <tr>
    <td style="padding-left: 0.9pt; text-align: center"><span style="font-size: 10pt">3.5</span></td>
    <td style="vertical-align: bottom; padding-left: 0.9pt; text-align: justify"><span style="font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1355848/000168316822002514/genius_ex0301.htm" style="-sec-extract: exhibit">Certificate of Designation of Series B Preferred Stock</a> (Incorporated by reference to the Company&#8217;s Current Report on Form 8-K, filed with the SEC on April 12, 2022)</span></td></tr>
  <tr>
    <td style="padding-left: 0.9pt; text-align: center"><span style="font-size: 10pt">3.6</span></td>
    <td style="vertical-align: bottom; padding-left: 0.9pt; text-align: justify"><span style="font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1355848/000168316823004433/kartoonstudios_ex0301.htm" style="-sec-extract: exhibit">Articles of Merger of Kartoon Studios, Inc. into the Company</a> (incorporated by reference to Exhibit 3.1 to the Company&#8217;s Current Report on Form 8-K filed on June 27, 2023).</span></td></tr>
  <tr>
    <td style="padding-left: 0.9pt; text-align: center"><span style="font-size: 10pt">3.7</span></td>
    <td style="vertical-align: bottom; padding-left: 0.9pt; text-align: justify"><span style="font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1355848/000168316823006661/kartoon_ex0301.htm" style="-sec-extract: exhibit">Certificate of Designation of Series C Preferred Stock of the Company, dated September 25, 2023</a> (incorporated by reference to Exhibit 3.1 to the Company&#8217;s Registration Statement on Form 8-A, filed on September 25, 2023)</span></td></tr>
  <tr>
    <td style="padding-left: 0.9pt; text-align: center"><span style="font-size: 10pt">3.8</span></td>
    <td style="vertical-align: bottom; padding-left: 0.9pt; text-align: justify"><span style="font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1355848/000168316823006663/kartoonstudios_ex0302.htm" style="-sec-extract: exhibit">First Amendment to the Bylaws of the Company</a> (incorporated by reference to Exhibit 3.2 to the Company&#8217;s Current Report on Form 8-K, filed on September 25, 2023)</span></td></tr>
  <tr>
    <td style="padding-left: 0.9pt; text-align: center"><span style="font-size: 10pt">3.9</span></td>
    <td style="vertical-align: bottom; padding-left: 0.9pt; text-align: justify"><span style="font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1355848/000168316823008004/kartoon_ex0301.htm" style="-sec-extract: exhibit">Certificate of Change to the Articles of Incorporation of the Company, filed with the Secretary of State of the State of Nevada on November 9, 2023</a> (Incorporated by reference to Exhibit 3.1 to the Company&#8217;s Current Report on Form 8-K, filed with the SEC on November 14, 2023)</span></td></tr>
  <tr>
    <td style="padding-left: 0.9pt; text-align: center"><span style="font-size: 10pt">4.1</span></td>
    <td style="vertical-align: bottom; padding-left: 0.9pt; text-align: justify"><span style="font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1355848/000168316818002404/genius_ex0402.htm" style="-sec-extract: exhibit">Form of Common Stock Purchase Warrant</a> (Incorporated by reference to the Company&#8217;s Current Report on Form 8-K filed with the SEC on August 17, 2018)</span></td></tr>
  <tr>
    <td style="padding-left: 0.9pt; text-align: center"><span style="font-size: 10pt">4.2</span></td>
    <td style="vertical-align: bottom; padding-left: 0.9pt; text-align: justify"><span style="font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1355848/000168316819000420/genius_8k-ex0403.htm" style="-sec-extract: exhibit">Form of Waiver Warrant</a> (Incorporated by reference to the Company&#8217;s Current Report on Form 8-K filed with the SEC on February 15, 2019)</span></td></tr>
  <tr>
    <td style="padding-left: 0.9pt; text-align: center"><span style="font-size: 10pt">4.3</span></td>
    <td style="vertical-align: bottom; padding-left: 0.9pt; text-align: justify"><span style="font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1355848/000168316819003375/genius_ex0401.htm" style="-sec-extract: exhibit">Form of Investor Warrant</a> (Incorporated by reference to the Company&#8217;s Current Report on Form 8-K filed with the SEC on October 28, 2019)</span></td></tr>
  <tr>
    <td style="padding-left: 0.9pt; text-align: center"><span style="font-size: 10pt">4.4</span></td>
    <td style="vertical-align: bottom; padding-left: 0.9pt; text-align: justify"><span style="font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1355848/000168316819003974/genius_ex0401.htm" style="-sec-extract: exhibit">Form of Reload Warrant</a> (Incorporated by reference to the Company&#8217;s Current Report on Form 8-K filed with the SEC on December 16, 2019)</span></td></tr>
  <tr>
    <td style="padding-left: 0.9pt; text-align: center"><span style="font-size: 10pt">4.5</span></td>
    <td style="vertical-align: bottom; padding-left: 0.9pt; text-align: justify"><span style="font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1355848/000168316821000285/genius_ex0401.htm" style="-sec-extract: exhibit">Form of New Warrant</a> (Incorporated by reference to the Company&#8217;s Current Report on Form 8-K filed with the SEC on January 28, 2021)</span></td></tr>
  <tr>
    <td style="padding-left: 0.9pt; text-align: center"><span style="font-size: 10pt">4.6</span></td>
    <td style="vertical-align: bottom; padding-left: 0.9pt; text-align: justify"><span style="font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1355848/000168316823004433/kartoonstudios_ex0401.htm" style="-sec-extract: exhibit">Form of New Warrant</a> (incorporated by reference to Exhibit 4.1 to the Company&#8217;s Current Report on Form 8-K filed on June 27, 2023)</span></td></tr>
  <tr>
    <td style="padding-left: 0.9pt; text-align: center"><span style="font-size: 10pt">4.7</span></td>
    <td style="vertical-align: bottom; padding-left: 0.9pt; text-align: justify"><span style="font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1355848/000168316823009071/kartoon_ex0404.htm" style="-sec-extract: exhibit">Form of Indenture for Senior Debt Securities</a> (incorporated by reference to Exhibit 4.4 to the Company&#8217;s Form S-3, filed with the SEC on December 22, 2023)</span></td></tr>
  <tr>
    <td style="padding-left: 0.9pt; text-align: center"><span style="font-size: 10pt">4.8</span></td>
    <td style="vertical-align: bottom; padding-left: 0.9pt; text-align: justify"><span style="font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1355848/000168316823009071/kartoon_ex0405.htm" style="-sec-extract: exhibit">Form of Indenture for Subordinated Debt Securities</a> (incorporated by reference to Exhibit 4.5 to the Company&#8217;s Form S-3, filed with the SEC on December 22, 2023)</span></td></tr>
</table>

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<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr>
    <td style="padding-left: 0.9pt; text-align: center; width: 9%"><span style="font-size: 10pt">4.9</span></td>
    <td style="vertical-align: bottom; padding-left: 0.9pt; text-align: justify; width: 91%"><span style="font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1355848/000135584824000059/ex41formofpre-fundedwarrant.htm" style="-sec-extract: exhibit">Form of Pre-Funded
    Warrant</a> (incorporated by reference to Exhibit 4.1 to the Company&#8217;s Current Report on Form 8-K filed on April 19, 2024)</span></td></tr>
  <tr>
    <td style="padding-left: 0.9pt; text-align: center"><span style="font-size: 10pt">4.10&#x5E;</span></td>
    <td style="vertical-align: bottom; padding-left: 0.9pt; text-align: justify"><span style="font-size: 10pt">Form of Pre-Funded Warrant</span></td></tr>
  <tr>
    <td style="padding-left: 0.9pt; text-align: center"><span style="font-size: 10pt">4.11&#x5E;</span></td>
    <td style="vertical-align: bottom; padding-left: 0.9pt; text-align: justify"><span style="font-size: 10pt">Form of Placement Agent
    Warrant</span></td></tr>
  <tr style="vertical-align: top">
    <td style="padding-left: 0.9pt; text-align: center"><span style="font-size: 10pt">5.1(a)&#x5E;</span></td>
    <td style="padding-left: 0.9pt; text-align: justify"><span style="font-size: 10pt">Opinion of Flangas Law Group</span></td></tr>
  <tr style="vertical-align: top">
    <td style="padding-left: 0.9pt; text-align: center"><span style="font-size: 10pt">5.1(b)&#x5E;</span></td>
    <td style="padding-left: 0.9pt; text-align: justify"><span style="font-size: 10pt">Opinion of Blank Rome LLP</span></td></tr>
  <tr>
    <td style="padding-left: 0.9pt; text-align: center"><span style="font-size: 10pt">10.1&#8224;</span></td>
    <td style="vertical-align: bottom; padding-left: 0.9pt; text-align: justify"><span style="font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1355848/000168316820004269/genius_ex1005.htm" style="-sec-extract: exhibit">Form of Stock Option Grant Notice Pursuant to the Company's 2020 Incentive Plan</a> (Incorporated by reference to the Company's Current Report on Form 8-K filed with the SEC on December 11, 2020)</span></td></tr>
  <tr>
    <td style="padding-left: 0.9pt; text-align: center"><span style="font-size: 10pt">10.2&#8224;</span></td>
    <td style="vertical-align: bottom; padding-left: 0.9pt; text-align: justify"><span style="font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1355848/000168316820004269/genius_ex1004.htm" style="-sec-extract: exhibit">Form of Restricted Stock Unit Agreement Pursuant to the Company's 2020 Incentive Plan</a> (Incorporated by reference to the Company's Current Report on Form 8-K filed with the SEC on December 11, 2020)</span></td></tr>

  <tr>
    <td style="padding-left: 0.9pt; text-align: center"><span style="font-size: 10pt">10.3&#8224;</span></td>
    <td style="vertical-align: bottom; padding-left: 0.9pt; text-align: justify"><span style="font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1355848/000168316817003033/genius_ex1001.htm" style="-sec-extract: exhibit">2015 Incentive Plan of the Company, as amended</a> (Incorporated by reference to the Company&#8217;s Quarterly Report on Form 10-Q filed on November 14, 2017)</span></td></tr>
  <tr>
    <td style="padding-left: 0.9pt; text-align: center"><span style="font-size: 10pt">10.4</span></td>
    <td style="vertical-align: bottom; padding-left: 0.9pt; text-align: justify"><span style="font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1355848/000168316817000117/genius_ex1001.htm" style="-sec-extract: exhibit">Subscription Agreement dated January 17, 2017 between the Company and Sony DADC USA, Inc.</a> (Incorporated by reference to the Company&#8217;s Current Report on Form 8-K filed with the SEC on January 20, 2017)</span></td></tr>
  <tr>
    <td style="padding-left: 0.9pt; text-align: center"><span style="font-size: 10pt">10.5</span></td>
    <td style="vertical-align: bottom; padding-left: 0.9pt; text-align: justify"><span style="font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1355848/000168316818002404/genius_ex1002.htm" style="-sec-extract: exhibit">Registration Rights Agreement dated August 17, 2018</a> (Incorporated by reference to the Company&#8217;s Current Report on Form 8-K filed with the SEC on August 17, 2018)</span></td></tr>
  <tr>
    <td style="padding-left: 0.9pt; text-align: center"><span style="font-size: 10pt">10.6&#8224;</span></td>
    <td style="vertical-align: bottom; padding-left: 0.9pt"><span style="font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1355848/000168316820003914/genius_s8-ex9901.htm" style="-sec-extract: exhibit">2020 Incentive Plan of the Company</a> (Incorporated by reference to the Company&#8217;s Form S-8 filed with the SEC on November 16, 2020)</span></td></tr>
  <tr>
    <td style="padding-left: 0.9pt; text-align: center"><span style="font-size: 10pt">10.7&#8224;</span></td>
    <td style="vertical-align: bottom; padding-left: 0.9pt; text-align: justify"><span style="font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1355848/000168316820004269/genius_ex1002.htm" style="-sec-extract: exhibit">Amended and Restated Employment Agreement between the Company and Michael Jaffa, dated November 7, 2020</a> (Incorporated by reference to the Company&#8217;s Current Report on Form 8-K filed with the SEC on December 11, 2020)</span></td></tr>
  <tr>
    <td style="padding-left: 0.9pt; text-align: center"><span style="font-size: 10pt">10.8&#8224;</span></td>
    <td style="vertical-align: bottom; padding-left: 0.9pt; text-align: justify"><span style="font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1355848/000168316820004269/genius_ex1001.htm" style="-sec-extract: exhibit">Amended and Restated Employment Agreement between the Company and Andrew Heyward, dated December 7, 2020</a> (Incorporated by reference to the Company&#8217;s Current Report on Form 8-K filed with the SEC on December 11, 2020)</span></td></tr>
  <tr>
    <td style="padding-left: 0.9pt; text-align: center"><span style="font-size: 10pt">10.9&#8224;</span></td>
    <td style="vertical-align: bottom; padding-left: 0.9pt; text-align: justify"><span style="font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1355848/000135584823000011/ex-1027amend1totheemploy.htm" style="-sec-extract: exhibit">Amendment No. 1 to the Amended and Restated Employment Agreement between the Company and Andrew Heyward dated February 22, 2021</a> (incorporated by reference to Exhibit 10.27 to the Company's Annual Report on Form 10-K, filed with the SEC on April 13, 2023)</span></td></tr>
  <tr>
    <td style="padding-left: 0.9pt; text-align: center"><span style="font-size: 10pt">10.10&#8224;</span></td>
    <td style="vertical-align: bottom; padding-left: 0.9pt; text-align: justify"><span style="font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1355848/000135584823000011/ex-1028amendment2totheem.htm" style="-sec-extract: exhibit">Amendment No. 2 to the Amended and Restated Employment Agreement between the Company and Andrew Heyward dated June 23, 2021</a> (incorporated by reference to Exhibit 10.28 to the Company's Annual Report on Form 10-K, filed with the SEC on April 13, 2023)</span></td></tr>
  <tr>
    <td style="padding-left: 0.9pt; text-align: center"><span style="font-size: 10pt">10.11&#8224;</span></td>
    <td style="vertical-align: bottom; padding-left: 0.9pt; text-align: justify"><span style="font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1355848/000135584823000011/ex-1029amendment3totheem.htm" style="-sec-extract: exhibit">Amendment No. 3 to the Amended and Restated Employment Agreement between the Company and Andrew Heyward dated November 22, 2021</a> (incorporated by reference to Exhibit 10.29 to the Company's Annual Report on Form 10-K, filed with the SEC on April 13, 2023)</span></td></tr>
  <tr>
    <td style="padding-left: 0.9pt; text-align: center"><span style="font-size: 10pt">10.12</span></td>
    <td style="vertical-align: bottom; padding-left: 0.9pt; text-align: justify"><span style="font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1355848/000168316821006115/genius_ex1001.htm" style="-sec-extract: exhibit">Share Purchase Agreement, dated of December 1, 2021, by and the Company and F&amp;M Film-und Medien Beteiligungs GmbH</a> (Incorporated by reference to the Company&#8217;s Current Report on Form 8-K filed with the SEC on December 6, 2021)</span></td></tr>
  <tr>
    <td style="padding-left: 0.9pt; text-align: center"><span style="font-size: 10pt">10.13</span></td>
    <td style="vertical-align: bottom; padding-left: 0.9pt; text-align: justify"><span style="font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1355848/000168316821006115/genius_ex1002.htm" style="-sec-extract: exhibit">Shareholder Agreement, dated as of December 1, 2021 among the Company and F&amp;M Film-und Medien Beteiligungs GmbH</a> (Incorporated by reference to the Company&#8217;s Current Report on Form 8-K filed with the SEC on December 6, 2021)</span></td></tr>
  <tr>
    <td style="padding-left: 0.9pt; text-align: center"><span style="font-size: 10pt">10.14&#8224;</span></td>
    <td style="vertical-align: bottom; padding-left: 0.9pt; text-align: justify"><span style="font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1355848/000135584823000011/ex-1033amendment1totheem.htm" style="-sec-extract: exhibit">Amendment No. 1 to the Amended and Restated Employment Agreement between the Company and Michael Jaffa dated December 16, 2021</a> (incorporated by reference to Exhibit 10.33 to the Company's Annual Report on Form 10-K, filed with the SEC on April 13, 2023)</span></td></tr>
  <tr>
    <td style="padding-left: 0.9pt; text-align: center"><span style="font-size: 10pt">10.15&#8224;</span></td>
    <td style="vertical-align: bottom; padding-left: 0.9pt; text-align: justify"><span style="font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1355848/000135584823000011/ex-1034employmentagreeme.htm" style="-sec-extract: exhibit">Employment Agreement between Wow Unlimited Media Inc. and Michael Hirsh dated April 7, 2022</a> (incorporated by reference to Exhibit 10.34 to the Company's Annual Report on Form 10-K, filed with the SEC on April 13, 2023)</span></td></tr>
  <tr>
    <td style="padding-left: 0.9pt; text-align: center"><span style="font-size: 10pt">10.16&#8224;</span></td>
    <td style="vertical-align: bottom; padding-left: 0.9pt; text-align: justify"><span style="font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1355848/000135584823000011/ex-1035amendment4totheem.htm" style="-sec-extract: exhibit">Amendment No. 4 to the Amended and Restated Employment Agreement between the Company and Andrew Heyward dated August 25, 2022</a> (incorporated by reference to Exhibit 10.35 to the Company's Annual Report on Form 10-K, filed with the SEC on April 13, 2023)</span></td></tr>
  <tr>
    <td style="padding-left: 0.9pt; text-align: center"><span style="font-size: 10pt">10.17&#8224;</span></td>
    <td style="vertical-align: bottom; padding-left: 0.9pt; text-align: justify"><span style="font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1355848/000135584823000011/ex-1036amendment2totheem.htm" style="-sec-extract: exhibit">Amendment No. 2 to the Amended and Restated Employment Agreement between the Company and Michael Jaffa dated January 8, 2023</a> (incorporated by reference to Exhibit 10.36 to the Company's Annual Report on Form 10-K, filed with the SEC on April 13, 2023)</span></td></tr>
  <tr>
    <td style="padding-left: 0.9pt; text-align: center"><span style="font-size: 10pt">10.18&#8224;</span></td>
    <td style="vertical-align: bottom; padding-left: 0.9pt; text-align: justify"><span style="font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1355848/000135584823000011/ex-1037amendment5totheem.htm" style="-sec-extract: exhibit">Amendment No. 5 to the Amended and Restated Employment Agreement between the Company and Andrew Heyward dated February 27, 2023</a> (incorporated by reference to Exhibit 10.37 to the Company's Annual Report on Form 10-K, filed with the SEC on April 13, 2023)</span></td></tr>
  <tr>
    <td style="padding-left: 0.9pt; text-align: center"><span style="font-size: 10pt">10.19</span></td>
    <td style="vertical-align: bottom; padding-left: 0.9pt; text-align: justify"><span style="font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1355848/000168316823004433/kartoonstudios_ex1001.htm" style="-sec-extract: exhibit">Form of Letter Agreement</a> (incorporated by reference to Exhibit 10.1 to the Company&#8217;s Current Report on Form 8-K filed on June 27, 2023).</span></td></tr>
</table>

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<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr>
    <td style="padding-left: 0.9pt; text-align: center; width: 9%"><span style="font-size: 10pt">10.20</span></td>
    <td style="vertical-align: bottom; padding-left: 0.9pt; text-align: justify; width: 91%"><span style="font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1355848/000135584823000026/ex-102earlyterminationof.htm" style="-sec-extract: exhibit">Termination of Lease Agreement, dated July 26, 2023 by and between Lyndhurst Investments, LLC. and Beacon Media Group</a> (incorporated by reference to Exhibit 10.2 to the Company&#8217;s Form 10-Q, filed with the SEC on August 14, 2023)</span></td></tr>
  <tr>
    <td style="padding-left: 0.9pt; text-align: center"><span style="font-size: 10pt">10.21&#8224;</span></td>
    <td style="vertical-align: bottom; padding-left: 0.9pt; text-align: justify"><span style="font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1355848/000168316823006937/kartoonstudios_ex1001.htm" style="-sec-extract: exhibit">Employment
    Agreement between Kartoon Studios, Inc. and Brian Parisi, effective as of September 27, 2023</a> (incorporated by reference to
    Exhibit 10.1 to the Company&#8217;s Current Report on Form 8-K filed on October 3, 2023)</span></td></tr>
  <tr>
    <td style="padding-left: 0.9pt; text-align: center"><span style="font-size: 10pt">10.22&#8224;*</span></td>
    <td style="vertical-align: bottom; padding-left: 0.9pt; text-align: justify"><a href="kartoon_ex1022.htm"><span style="font-size: 10pt">Amendment No. 3 to the Amended and Restated Employment Agreement between the Company and Michael Jaffa dated November 13, 2023</span></a></td></tr>
  <tr>
    <td style="padding-left: 0.9pt; text-align: center"><span style="font-size: 10pt">10.23</span></td>
    <td style="vertical-align: bottom; padding-left: 0.9pt; text-align: justify"><span style="font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1355848/000135584824000059/ex102placementagentagreeme.htm" style="-sec-extract: exhibit">Placement Agent Agreement,
    dated as of April 18, 2024, by and between Kartoon Studios, Inc. and EF Hutton LLC</a> (incorporated by reference to Exhibit 10.2 to
    the Company&#8217;s Current Report on Form 8-K filed on April 19, 2024)</span></td></tr>
  <tr>
    <td style="padding-left: 0.9pt; text-align: center"><span style="font-size: 10pt">10.24</span></td>
    <td style="vertical-align: bottom; padding-left: 0.9pt; text-align: justify"><span style="font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1355848/000168316824002622/toon_ex1001.htm" style="-sec-extract: exhibit">Securities Purchase Agreement,
    dated April 18, 2024, by and between Kartoon Studios, Inc. and each purchaser identified therein</a> (incorporated by reference to Exhibit
    10.1 to the Company&#8217;s Current Report on Form 8-K filed on April 24, 2024)</span></td></tr>
  <tr>
    <td style="padding-left: 0.9pt; text-align: center"><span style="font-size: 10pt">10.25*</span></td>
    <td style="vertical-align: bottom; padding-left: 0.9pt; text-align: justify"><span style="font-size: 10pt">Form of Securities Purchase
    Agreement</span></td></tr>
  <tr>
    <td style="padding-left: 0.9pt; text-align: center"><span style="font-size: 10pt">16.1</span></td>
    <td style="vertical-align: bottom; padding-left: 0.9pt; text-align: justify"><span style="font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1355848/000168316823007470/kartoon_ex1601.htm" style="-sec-extract: exhibit">Letter from Baker Tilly US, LLP, dated October 27, 2023</a> (incorporated by reference to Exhibit 16.1 to the Company&#8217;s Current Report on Form 8-K filed on October 27, 2023)</span></td></tr>
  <tr>
    <td style="padding-left: 0.9pt; text-align: center"><span style="font-size: 10pt">16.2</span></td>
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<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">__________</p>

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

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

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

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

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

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the requirements of the Securities
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duly authorized, in the City of Beverly Hills, State of California, on this 27<sup>th</sup> day of September, 2024.</p>

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">KNOW ALL PERSONS BY THESE PRESENTS, that each
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lawful agent, proxy and attorney-in-fact, with full power of substitution and resubstitution, for him and in his name, place and stead,
in any and all capacities, to (i)&#160;act on, sign and file with the Securities and Exchange Commission any and all amendments (including
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end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.22
<SEQUENCE>3
<FILENAME>kartoon_ex1022.htm
<DESCRIPTION>AMENDMENT NO. 3 TO THE AMENDED AND RESTATED EMPLOYMENT AGREEMENT BETWEEN THE COMPANY AND MICHAEL JAFFA DATED NOVEMBER 13, 2023
<TEXT>
<HTML>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="text-align: right; margin: 0"><B>Exhibit 10.22</B></P>

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

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #262626">AMENDMENT #3 TO THE MICHAEL JAFFA AMENDED
AND RESTATED EMPLOYMENT AGREEMENT</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; color: #262626">Paragraph 2 of the Agreement shall be amended
and replaced with the following paragraph:</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><FONT STYLE="color: #262626">2. Term. Subject to
earlier termination as hereafter provided, the Executive shall be employed hereunder for a term commencing on the Effective Date and
ending four (4) years thereafter, which term shall only be extended by the written agreement of the parties; it being agreed, however,
that neither party is obligated to agree to an extension. The term of the Executive's employment under this Agreement, including any
mutually agreed upon extension, is hereafter referred to as &ldquo;the term of this Agreement&rdquo; or &ldquo;the term hereof.&rdquo; The
date of termination of the Executive's employment hereunder is hereinafter referred to as the &quot;Date of Termination.&quot;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><FONT STYLE="color: #262626">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; color: #262626">Amendment #3 is the
only change to the Amended And Restated Employment Agreement, as amended, between the Company and the Executive.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; color: #262626">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; color: #262626"><B>IN
WITNESS WHEREOF,</B> this Amendment #3 has been executed by the Company, by its duly authorized representative, and by the Executive
as of November 13, 2023.</P>

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

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

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

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

<P STYLE="margin: 0">GENIUS BRANDS INTERNATIONAL, INC.</P>

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

<P STYLE="margin: 0">By: <U>/s/ Andy Heyward&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>

<P STYLE="margin: 0">Andy Heyward, CEO</P>

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

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

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

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

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

<P STYLE="margin: 0"><U>/s/ Michael Jaffa&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>

<P STYLE="margin: 0">Michael Jaffa, COO</P>

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

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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>4
<FILENAME>kartoon_ex2301.htm
<DESCRIPTION>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit&nbsp;23.1</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>Consent of Independent Registered Public Accounting
Firm</U></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We hereby consent to the incorporation by reference
in the Prospectus constituting a part of this Registration Statement on Form S-1, of our report dated April 5, 2024, relating to the consolidated
financial statements of Kartoon Studios, Inc. as of and for the year ended December 31, 2023.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We also consent to the reference to us under the
heading &ldquo;Experts&rdquo; in such Registration Statement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ WithumSmith+Brown, PC</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">September 27, 2024</P>

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

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

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

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

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


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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.2
<SEQUENCE>5
<FILENAME>kartoon_ex2302.htm
<DESCRIPTION>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 23.2</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING
FIRM</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We consent to the incorporation by reference in this Prospectus included
in this Registration Statement on Form S-1 of Kartoon Studios, Inc. our report dated April 12, 2023, relating to the consolidated financial
statements of Genius Brands International, Inc. (n/k/a Kartoon Studios, Inc.) as of and for the year ended December 31, 2022, appearing
in the Annual Report on Form 10-K for the year ended December 31, 2023.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We also consent to the reference to us under the
heading &ldquo;Experts&rdquo; in such Registration Statement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ Baker Tilly US, LLP</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">September 27, 2024</P>

</BODY>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-FILING FEES
<SEQUENCE>6
<FILENAME>kartoon_ex107.htm
<DESCRIPTION>CALCULATION OF FILING FEE TABLE
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit&nbsp;107</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>S-1</B></FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>Kartoon Studios,&nbsp;Inc.</B></FONT></P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 7%; border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>Security<BR>
    Type</B></FONT></TD>
    <TD STYLE="width: 22%; border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>Security<BR>
    Class&nbsp;Title</B></FONT></TD>
    <TD STYLE="width: 10%; border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>Fee<BR>
    Calculation<BR>
    Rule</B></FONT></TD>
    <TD STYLE="width: 9%; border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>Amount
    to&nbsp;be<BR>
    Registered</B></FONT></TD>
    <TD STYLE="width: 9%; border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>Proposed<BR>
    Maximum<BR>
    Offering<BR>
    Price Per<BR>
    Unit</B></FONT></TD>
    <TD STYLE="width: 17%; border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>Proposed<BR>
    Maximum<BR>
    Aggregate<BR>
    Offering<BR>
    Price<SUP>(1)(2)</SUP></B></FONT></TD>
    <TD STYLE="width: 12%; border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>Fee<BR>
    Rate</B></FONT></TD>
    <TD STYLE="width: 14%; border: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>Amount of Registration<BR>
    Fee<SUP>(3)</SUP></B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">Equity</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;Common
    Stock, par value $0.001 per share</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">Rule&nbsp;457(o)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">$7,500,000<SUP>(3)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">$0.00014760</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">$1,107</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">Equity</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-size: 8pt">Pre-Funded&nbsp;Warrants
    to purchase Common Stock </FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">Rule&nbsp;457(o)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">Equity</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">Common Stock issuable upon exercise
    of the&nbsp;Pre-Funded&nbsp;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">Warrants<SUP>(3)</SUP></FONT></P></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">Rule&nbsp;457(o)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
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    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">Equity</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-size: 8pt">Placement Agent Warrants <SUP>(4)</SUP></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">Rule&nbsp;457(g)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">--</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
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    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">Equity</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-size: 8pt">Common Stock issuable upon
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    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">Rule&nbsp;457(g)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 8pt">$656,250</FONT></P></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 8pt">$0.00014760</FONT></P></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">$96.86</FONT></TD></TR>
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    <TD COLSPAN="4" STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>Total
    Offering Amounts</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;&#8239;&nbsp;&nbsp;&nbsp;$8,156,250&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">$1,203.86</FONT></TD></TR>
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    <TD COLSPAN="4" STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>Total
    Fees Previously Paid</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
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    <TD COLSPAN="4" STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>Total
    Fee Offsets</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
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    <TD COLSPAN="4" STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>Net
    Fee Due</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">$1,203.86</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="width: 5%"><FONT STYLE="font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="width: 95%; text-align: justify"><FONT STYLE="font-size: 10pt">Estimated solely for the purpose of calculating the registration fee pursuant to Rule&nbsp;457(o)&nbsp;under the Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;).</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="width: 5%"><FONT STYLE="font-size: 10pt">(2)</FONT></TD>
    <TD STYLE="width: 95%; text-align: justify"><FONT STYLE="font-size: 10pt">Pursuant to Rule 416(a) under the Securities Act,
    there are also being registered an indeterminable number of additional securities as may be issued to prevent dilution resulting
    from stock splits, stock dividends or similar transactions.</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="width: 5%"><FONT STYLE="font-size: 10pt">(3)</FONT></TD>
    <TD STYLE="width: 95%; text-align: justify"><FONT STYLE="font-size: 10pt">The proposed maximum aggregate offering price of the
    Common Stock proposed to be sold in the offering will be reduced on a dollar-for-dollar basis based on the offering price
    of any pre-funded warrants sold in the offering, and, as such, the proposed maximum aggregate offering price of the Common
    Stock and pre-funded warrants (including the Common Stock issuable upon exercise of the&nbsp;pre-funded&nbsp;warrants), if
    any, is $7,500,000.</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="width: 95%; text-align: justify"><FONT STYLE="font-size: 10pt">Pursuant to Rule 457(g) of the Securities Act, no
    separate registration fee is required for the Placement Agent Warrants because the warrants are being registered in the same
    registration statement as the Common Stock issuable upon exercise of the Placement Agent Warrants. The Placement Agent will receive
    warrants to purchase up to seven percent (7%) of the number of shares of Common Stock and Pre-Funded Warrants sold in the offering,
    which Placement Agent Warrants are exercisable at an exercise price equal to 125% of the public offering price.</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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


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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentQuarterlyReport" xlink:to="dei_DocumentQuarterlyReport_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentQuarterlyReport_lbl" xml:lang="en-US">Document Quarterly Report</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_DocumentTransitionReport" xlink:label="dei_DocumentTransitionReport" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentTransitionReport" xlink:to="dei_DocumentTransitionReport_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentTransitionReport_lbl" xml:lang="en-US">Document Transition Report</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_DocumentShellCompanyReport" xlink:label="dei_DocumentShellCompanyReport" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentShellCompanyReport" xlink:to="dei_DocumentShellCompanyReport_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentShellCompanyReport_lbl" xml:lang="en-US">Document Shell Company Report</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_DocumentShellCompanyEventDate" xlink:label="dei_DocumentShellCompanyEventDate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentShellCompanyEventDate" xlink:to="dei_DocumentShellCompanyEventDate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentShellCompanyEventDate_lbl" xml:lang="en-US">Document Shell Company Event Date</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_DocumentPeriodStartDate" xlink:label="dei_DocumentPeriodStartDate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentPeriodStartDate" xlink:to="dei_DocumentPeriodStartDate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentPeriodStartDate_lbl" xml:lang="en-US">Document Period Start Date</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_DocumentPeriodEndDate" xlink:label="dei_DocumentPeriodEndDate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentPeriodEndDate" xlink:to="dei_DocumentPeriodEndDate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentPeriodEndDate_lbl" xml:lang="en-US">Document Period End Date</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_DocumentFiscalPeriodFocus" xlink:label="dei_DocumentFiscalPeriodFocus" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentFiscalPeriodFocus" xlink:to="dei_DocumentFiscalPeriodFocus_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentFiscalPeriodFocus_lbl" xml:lang="en-US">Document Fiscal Period Focus</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_DocumentFiscalYearFocus" xlink:label="dei_DocumentFiscalYearFocus" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentFiscalYearFocus" xlink:to="dei_DocumentFiscalYearFocus_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentFiscalYearFocus_lbl" xml:lang="en-US">Document Fiscal Year Focus</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_CurrentFiscalYearEndDate" xlink:label="dei_CurrentFiscalYearEndDate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CurrentFiscalYearEndDate" xlink:to="dei_CurrentFiscalYearEndDate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_CurrentFiscalYearEndDate_lbl" xml:lang="en-US">Current Fiscal Year End Date</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityFileNumber" xlink:label="dei_EntityFileNumber" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityFileNumber" xlink:to="dei_EntityFileNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityFileNumber_lbl" xml:lang="en-US">Entity File Number</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityRegistrantName" xlink:label="dei_EntityRegistrantName" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityRegistrantName" xlink:to="dei_EntityRegistrantName_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityRegistrantName_lbl" xml:lang="en-US">Entity Registrant Name</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityCentralIndexKey" xlink:label="dei_EntityCentralIndexKey" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCentralIndexKey" xlink:to="dei_EntityCentralIndexKey_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityCentralIndexKey_lbl" xml:lang="en-US">Entity Central Index Key</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityPrimarySicNumber" xlink:label="dei_EntityPrimarySicNumber" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityPrimarySicNumber" xlink:to="dei_EntityPrimarySicNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityPrimarySicNumber_lbl" xml:lang="en-US">Entity Primary SIC Number</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityTaxIdentificationNumber" xlink:label="dei_EntityTaxIdentificationNumber" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityTaxIdentificationNumber" xlink:to="dei_EntityTaxIdentificationNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityTaxIdentificationNumber_lbl" xml:lang="en-US">Entity Tax Identification Number</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityIncorporationStateCountryCode" xlink:label="dei_EntityIncorporationStateCountryCode" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityIncorporationStateCountryCode" xlink:to="dei_EntityIncorporationStateCountryCode_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityIncorporationStateCountryCode_lbl" xml:lang="en-US">Entity Incorporation, State or Country Code</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityAddressAddressLine1" xlink:label="dei_EntityAddressAddressLine1" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressAddressLine1" xlink:to="dei_EntityAddressAddressLine1_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressAddressLine1_lbl" xml:lang="en-US">Entity Address, Address Line One</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityAddressAddressLine2" xlink:label="dei_EntityAddressAddressLine2" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressAddressLine2" xlink:to="dei_EntityAddressAddressLine2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressAddressLine2_lbl" xml:lang="en-US">Entity Address, Address Line Two</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityAddressAddressLine3" xlink:label="dei_EntityAddressAddressLine3" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressAddressLine3" xlink:to="dei_EntityAddressAddressLine3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressAddressLine3_lbl" xml:lang="en-US">Entity Address, Address Line Three</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityAddressCityOrTown" xlink:label="dei_EntityAddressCityOrTown" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressCityOrTown" xlink:to="dei_EntityAddressCityOrTown_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressCityOrTown_lbl" xml:lang="en-US">Entity Address, City or Town</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityAddressStateOrProvince" xlink:label="dei_EntityAddressStateOrProvince" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressStateOrProvince" xlink:to="dei_EntityAddressStateOrProvince_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressStateOrProvince_lbl" xml:lang="en-US">Entity Address, State or Province</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityAddressCountry" xlink:label="dei_EntityAddressCountry" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressCountry" xlink:to="dei_EntityAddressCountry_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressCountry_lbl" xml:lang="en-US">Entity Address, Country</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityAddressPostalZipCode" xlink:label="dei_EntityAddressPostalZipCode" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressPostalZipCode" xlink:to="dei_EntityAddressPostalZipCode_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressPostalZipCode_lbl" xml:lang="en-US">Entity Address, Postal Zip Code</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_CountryRegion" xlink:label="dei_CountryRegion" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CountryRegion" xlink:to="dei_CountryRegion_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_CountryRegion_lbl" xml:lang="en-US">Country Region</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_CityAreaCode" xlink:label="dei_CityAreaCode" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CityAreaCode" xlink:to="dei_CityAreaCode_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_CityAreaCode_lbl" xml:lang="en-US">City Area Code</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_LocalPhoneNumber" xlink:label="dei_LocalPhoneNumber" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_LocalPhoneNumber" xlink:to="dei_LocalPhoneNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_LocalPhoneNumber_lbl" xml:lang="en-US">Local Phone Number</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_Extension" xlink:label="dei_Extension" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_Extension" xlink:to="dei_Extension_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_Extension_lbl" xml:lang="en-US">Extension</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_WrittenCommunications" xlink:label="dei_WrittenCommunications" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_WrittenCommunications" xlink:to="dei_WrittenCommunications_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_WrittenCommunications_lbl" xml:lang="en-US">Written Communications</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_SolicitingMaterial" xlink:label="dei_SolicitingMaterial" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_SolicitingMaterial" xlink:to="dei_SolicitingMaterial_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_SolicitingMaterial_lbl" xml:lang="en-US">Soliciting Material</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_PreCommencementTenderOffer" xlink:label="dei_PreCommencementTenderOffer" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_PreCommencementTenderOffer" xlink:to="dei_PreCommencementTenderOffer_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_PreCommencementTenderOffer_lbl" xml:lang="en-US">Pre-commencement Tender Offer</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_PreCommencementIssuerTenderOffer" xlink:label="dei_PreCommencementIssuerTenderOffer" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_PreCommencementIssuerTenderOffer" xlink:to="dei_PreCommencementIssuerTenderOffer_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_PreCommencementIssuerTenderOffer_lbl" xml:lang="en-US">Pre-commencement Issuer Tender Offer</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_Security12bTitle" xlink:label="dei_Security12bTitle" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_Security12bTitle" xlink:to="dei_Security12bTitle_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_Security12bTitle_lbl" xml:lang="en-US">Title of 12(b) Security</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_NoTradingSymbolFlag" xlink:label="dei_NoTradingSymbolFlag" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_NoTradingSymbolFlag" xlink:to="dei_NoTradingSymbolFlag_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_NoTradingSymbolFlag_lbl" xml:lang="en-US">No Trading Symbol Flag</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_TradingSymbol" xlink:label="dei_TradingSymbol" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_TradingSymbol" xlink:to="dei_TradingSymbol_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_TradingSymbol_lbl" xml:lang="en-US">Trading Symbol</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_SecurityExchangeName" xlink:label="dei_SecurityExchangeName" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_SecurityExchangeName" xlink:to="dei_SecurityExchangeName_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_SecurityExchangeName_lbl" xml:lang="en-US">Security Exchange Name</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_Security12gTitle" xlink:label="dei_Security12gTitle" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_Security12gTitle" xlink:to="dei_Security12gTitle_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_Security12gTitle_lbl" xml:lang="en-US">Title of 12(g) Security</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_SecurityReportingObligation" xlink:label="dei_SecurityReportingObligation" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_SecurityReportingObligation" xlink:to="dei_SecurityReportingObligation_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_SecurityReportingObligation_lbl" xml:lang="en-US">Security Reporting Obligation</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_AnnualInformationForm" xlink:label="dei_AnnualInformationForm" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AnnualInformationForm" xlink:to="dei_AnnualInformationForm_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_AnnualInformationForm_lbl" xml:lang="en-US">Annual Information Form</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_AuditedAnnualFinancialStatements" xlink:label="dei_AuditedAnnualFinancialStatements" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AuditedAnnualFinancialStatements" xlink:to="dei_AuditedAnnualFinancialStatements_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_AuditedAnnualFinancialStatements_lbl" xml:lang="en-US">Audited Annual Financial Statements</link:label>
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<DOCUMENT>
<TYPE>EX-101.PRE
<SEQUENCE>9
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>11
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<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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<body>
<span style="display: none;">v3.24.3</span><table class="report" border="0" cellspacing="2" id="idm46570153310224">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Cover<br></strong></div></th>
<th class="th"><div>Sep. 27, 2024</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_CoverAbstract', window );"><strong>Cover [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentType', window );">Document Type</a></td>
<td class="text">S-1<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_AmendmentFlag', window );">Amendment Flag</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Entity Registrant Name</a></td>
<td class="text">KARTOON
STUDIOS, INC.<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Entity Central Index Key</a></td>
<td class="text">0001355848<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityTaxIdentificationNumber', window );">Entity Tax Identification Number</a></td>
<td class="text">20-4118216<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityIncorporationStateCountryCode', window );">Entity Incorporation, State or Country Code</a></td>
<td class="text">NV<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressAddressLine1', window );">Entity Address, Address Line One</a></td>
<td class="text">190 N. Canon Drive<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressAddressLine2', window );">Entity Address, Address Line Two</a></td>
<td class="text">4th Fl<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressCityOrTown', window );">Entity Address, City or Town</a></td>
<td class="text">Beverly Hills<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressStateOrProvince', window );">Entity Address, State or Province</a></td>
<td class="text">CA<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressPostalZipCode', window );">Entity Address, Postal Zip Code</a></td>
<td class="text">90210<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_CityAreaCode', window );">City Area Code</a></td>
<td class="text">(310)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_LocalPhoneNumber', window );">Local Phone Number</a></td>
<td class="text">273-4222<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityFilerCategory', window );">Entity Filer Category</a></td>
<td class="text">Non-accelerated Filer<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntitySmallBusiness', window );">Entity Small Business</a></td>
<td class="text">true<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityEmergingGrowthCompany', window );">Entity Emerging Growth Company</a></td>
<td class="text">false<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_AmendmentFlag">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_AmendmentFlag</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Area code of city</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CityAreaCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CoverAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Cover page.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CoverAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentType">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentType</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>dei:submissionTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Address Line 1 such as Attn, Building Name, Street Name</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine1</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Address Line 2 such as Street or Suite number</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine2</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressCityOrTown">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the City or Town</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressCityOrTown</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressPostalZipCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Code for the postal or zip code</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressPostalZipCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressStateOrProvince">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the state or province.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressStateOrProvince</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td><strong> Data Type:</strong></td>
<td>dei:stateOrProvinceItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCentralIndexKey</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td><strong> Data Type:</strong></td>
<td>dei:centralIndexKeyItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityEmergingGrowthCompany">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Indicate if registrant meets the emerging growth company criteria.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityEmergingGrowthCompany</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityFilerCategory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Indicate whether the registrant is one of the following: Large Accelerated Filer, Accelerated Filer, Non-accelerated Filer. Definitions of these categories are stated in Rule 12b-2 of the Exchange Act. This information should be based on the registrant's current or most recent filing containing the related disclosure.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityFilerCategory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:filerCategoryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityIncorporationStateCountryCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Two-character EDGAR code representing the state or country of incorporation.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityIncorporationStateCountryCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td><strong> Data Type:</strong></td>
<td>dei:edgarStateCountryItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityRegistrantName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityRegistrantName</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntitySmallBusiness">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Indicates that the company is a Smaller Reporting Company (SRC).</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntitySmallBusiness</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityTaxIdentificationNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityTaxIdentificationNumber</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td><strong> Data Type:</strong></td>
<td>dei:employerIdItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LocalPhoneNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Local phone number for entity.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<td style="white-space:nowrap;">dei_LocalPhoneNumber</td>
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    <dei:EntityAddressPostalZipCode contextRef="AsOf2024-09-27" id="Fact000017">90210</dei:EntityAddressPostalZipCode>
    <dei:CityAreaCode contextRef="AsOf2024-09-27" id="Fact000018">(310)</dei:CityAreaCode>
    <dei:LocalPhoneNumber contextRef="AsOf2024-09-27" id="Fact000019">273-4222</dei:LocalPhoneNumber>
    <dei:EntityFilerCategory contextRef="AsOf2024-09-27" id="Fact000020">Non-accelerated Filer</dei:EntityFilerCategory>
    <dei:EntitySmallBusiness contextRef="AsOf2024-09-27" id="Fact000021">true</dei:EntitySmallBusiness>
    <dei:EntityEmergingGrowthCompany contextRef="AsOf2024-09-27" id="Fact000022">false</dei:EntityEmergingGrowthCompany>
</xbrl>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
