<SEC-DOCUMENT>0001683168-25-009030.txt : 20251210
<SEC-HEADER>0001683168-25-009030.hdr.sgml : 20251210
<ACCEPTANCE-DATETIME>20251210080318
ACCESSION NUMBER:		0001683168-25-009030
CONFORMED SUBMISSION TYPE:	424B3
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20251210
DATE AS OF CHANGE:		20251210

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
		EIN:				204118216
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		424B3
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-291653
		FILM NUMBER:		251560868

	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
</SEC-HEADER>
<DOCUMENT>
<TYPE>424B3
<SEQUENCE>1
<FILENAME>kartoon_424b3.htm
<DESCRIPTION>FORM 424B3
<TEXT>
<HTML>
<HEAD>
     <TITLE>KARTOON STUDIOS, INC. S-1</TITLE>

</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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: 35%; text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>PROSPECTUS</B></FONT></TD>
    <TD STYLE="width: 30%">&nbsp;</TD>
    <TD STYLE="width: 35%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Filed Pursuant to Rule 424(b)(3) </B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Registration No. 333-291653 </B></P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;<IMG SRC="kartoonlogo.jpg" ALT="" STYLE="height: 70px; width: 175px"></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>10,596,262 Shares of Common Stock</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">This prospectus relates to the resale from time to
time of up to 10,596,262 shares of common stock, par value $0.001 per share (the &#8220;Common Stock&#8221;), of Kartoon Studios, Inc.
by the selling stockholders identified in this prospectus, including their pledgees, assignees, donees, transferees or their respective
successors-in-interest consisting of: (i) 9,903,049 shares of Common Stock (the &#8220;Common Warrant Shares&#8221;) issuable upon exercise
of warrants (the &#8220;Common Warrants&#8221;) <FONT STYLE="color: #212529; background-color: white">purchased by an institutional investor
(the &#8220;Investor&#8221;) in a private placement transaction (the &#8220;October 2025 Private Placement&#8221;) pursuant to the terms
of a securities purchase agreement, dated as of October 20, 2025 (the &#8220;Purchase Agreement&#8221;), between us and the Investor</FONT>;
and (ii) 693,213 shares of Common Stock (the &#8220;Placement Agent Warrant Shares&#8221;) issuable upon the exercise of warrants (the
&#8220;Placement Agent Warrants&#8221;) issued to Dawson James Securities, Inc. (&#8220;Dawson James&#8221;) and its designees as partial
compensation for Dawson James acting as exclusive placement agent in connection with the <FONT STYLE="color: #212529; background-color: white">October
2025 Private Placement</FONT>. The <FONT STYLE="color: #212529; background-color: white">October 2025 Private Placement</FONT> closed
on October 22, 2025 (the &#8220;Closing Date&#8221;). The Investor, Dawson James and the designees of Dawson James that received Placement
Agent Warrants are collectively referred to herein as the &#8220;Selling Stockholders.&#8221; The Common Warrants and the Placement Agent
Warrants are collectively referred to herein as the &#8220;Warrants.&#8221; The Common Warrant Shares and the Placement Agent Warrant
Shares are collectively referred to herein as the &#8220;Warrant Shares.&#8221;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We are filing this registration statement on Form
S-1 (the &#8220;Resale Registration Statement&#8221;), of which this prospectus forms a part, to fulfill our contractual obligations with
the Investor to provide for the registration of the resale of the Common Warrant Shares by the Investor, as well as to provide for the
registration of the resale of the Placement Agent Warrant Shares by Dawson James and its designees. See &#8220;<A HREF="#s1_012">Selling Stockholders</A>&#8221;
beginning on page 17 of this prospectus for more information about the Selling Stockholders. The registration of the shares of
Common Stock to which this prospectus relates does not require the Selling Stockholders to sell any of their shares of our Common Stock.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We are not offering any shares of Common Stock under
this prospectus and will not receive any proceeds from the sale or other disposition of the Warrant Shares covered hereby. However, we
will receive the proceeds from any exercise of the Warrants for cash. See &#8220;<A HREF="#s1_008">Use of Proceeds</A>&#8221; beginning on page 11 of
this prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Selling Stockholders identified in this
prospectus, or their pledgees, assignees, donees, transferees or their respective successors-in-interest, from time to time may
offer and sell through public or private transactions at prevailing market prices, at prices related to prevailing market prices or
at privately negotiated prices the shares held by them directly or through underwriters, agents or broker-dealers on terms to be
determined at the time of sale, as described in more detail in this prospectus. See &#8220;<A HREF="#s1_013">Plan of
Distribution</A>&#8221; beginning on page 20 of this prospectus for more information about how the Selling Stockholders may sell
their respective shares of Common Stock. The Selling Stockholders may be deemed &#8220;underwriters&#8221; within the meaning of
Section 2(a)(11) of the Securities Act of 1933, as amended.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We have agreed pursuant to the Purchase Agreement
to bear all of the expenses in connection with the registration of the Common Warrant Shares pursuant to this prospectus and we will also
bear all of the expenses in connection with the registration of the Placement Agent Warrant Shares. The Selling Stockholders will pay
or assume all commissions, discounts, fees of underwriters, agents, selling brokers or dealer managers and similar expenses, if any, attributable
to their respective sales of the Warrant Shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our Common Stock is listed on the NYSE American,
LLC (the &ldquo;NYSE American&rdquo;) under the symbol &ldquo;TOON&rdquo;. On December 8, 2025, the last reported sale price of our Common
Stock on the NYSE American was $0.7433 per share. There is no established public trading market for any of the Warrants and we do not
expect a market to develop.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Investing in our securities involves risks. You
should review carefully the risks and uncertainties described under the heading &#8220;<I><A HREF="#s1_006">Risk Factors</A></I>&#8221; contained in this prospectus,
as described beginning on page</B> 7 <B>of this prospectus.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Neither the Securities and Exchange Commission
nor any state securities commission has approved or disapproved of these securities or passed upon the adequacy or accuracy of this prospectus.
Any representation to the contrary is a criminal offense. The securities are not being offered in any jurisdiction where the offer is
not permitted.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">The date of this prospectus is December 9, 2025</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><FONT ID="s1_001"></FONT>TABLE OF CONTENTS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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; background-color: rgb(238,238,238)">
    <TD STYLE="width: 95%"><A HREF="#s1_002"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ABOUT THIS PROSPECTUS</FONT></A></TD>
    <TD STYLE="width: 5%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><A HREF="#s1_003"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS</FONT></A></TD>
    <TD STYLE="text-align: right">2</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD><A HREF="#s1_004"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PROSPECTUS SUMMARY</FONT></A></TD>
    <TD STYLE="text-align: right">4</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><A HREF="#s1_005"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">THE OFFERING</FONT></A></TD>
    <TD STYLE="text-align: right">6</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD><A HREF="#s1_006"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">RISK FACTORS</FONT></A></TD>
    <TD STYLE="text-align: right">7</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><A HREF="#s1_007"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DESCRIPTION OF REGISTERED DIRECT OFFERING AND CONCURRENT PRIVATE PLACEMENT</FONT></A> </TD>
    <TD STYLE="text-align: right">8</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD><A HREF="#s1_008"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">USE OF PROCEEDS</FONT></A></TD>
    <TD STYLE="text-align: right">11</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><A HREF="#s1_009"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DIVIDEND POLICY</FONT></A></TD>
    <TD STYLE="text-align: right">11</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#s1_010">DILUTION</A></FONT></TD>
    <TD STYLE="text-align: right">12</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><A HREF="#s1_011"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DESCRIPTION OF OUR CAPITAL STOCK</FONT></A></TD>
    <TD STYLE="text-align: right">13</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD><A HREF="#s1_012"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SELLING STOCKHOLDERS</FONT></A></TD>
    <TD STYLE="text-align: right">17</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><A HREF="#s1_013"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PLAN OF DISTRIBUTION</FONT></A></TD>
    <TD STYLE="text-align: right">20</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD><A HREF="#s1_014"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">LEGAL MATTERS</FONT></A></TD>
    <TD STYLE="text-align: right">22</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#s1_015">EXPERTS</A></FONT></TD>
    <TD STYLE="text-align: right">22</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD><A HREF="#s1_016"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHERE YOU CAN FIND ADDITIONAL INFORMATION</FONT></A></TD>
    <TD STYLE="text-align: right">22</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><A HREF="#s1_017"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">INCORPORATION OF CERTAIN INFORMATION BY REFERENCE</FONT></A></TD>
    <TD STYLE="text-align: right">23</TD></TR>
  </TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><FONT ID="s1_002"></FONT>ABOUT THIS PROSPECTUS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">You should rely only on the information that we have
provided or incorporated by reference in this prospectus. Neither we nor the Selling Stockholders have 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: 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">This prospectus and the documents incorporated by
reference into this prospectus include statistical and other industry and market data that we obtained from industry publications and
research, surveys and studies conducted by third parties. Industry publications and third-party research, surveys and studies generally
indicate that their information has been obtained from sources believed to be reliable, although they do not guarantee the accuracy or
completeness of such information. Although we believe these third-party sources are reliable as of their respective dates, neither we
nor the Selling Stockholders have independently verified the accuracy or completeness of this information.&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Selling Stockholders are offering the shares of
Common Stock only in jurisdictions where such issuances are permitted. The distribution of this prospectus and the issuance of the shares
of Common Stock in certain jurisdictions may be restricted by law. Persons outside the United States who come into possession of this
prospectus must inform themselves about, and observe any restrictions relating to, the issuance of the shares and the distribution of
this prospectus outside the United States. This prospectus does not constitute, and may not be used in connection with, an offer to sell,
or a solicitation of an offer to buy, the shares of Common Stock offered by this prospectus by any person in any jurisdiction in which
it is unlawful for such person to make such an offer or solicitation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">This prospectus contains summaries of certain provisions
contained in some of the documents described herein, but reference is made to the actual documents for complete information. All of the
summaries are qualified in their entirety by the actual documents. Copies of some of the documents referred to herein have been filed,
will be filed or will be incorporated by reference as exhibits to the registration statement of which this prospectus is a part, and you
may obtain copies of those documents as described below under the sections entitled &#8220;Where You Can Find Additional Information&#8221;
and &#8220;Incorporation of Certain Information By Reference.&#8221;&#160;&#160;&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Except as otherwise indicated herein or as the context
otherwise requires, references in this prospectus to &#8220;Kartoon Studios,&#8221; &#8220;the Company,&#8221; &#8220;we,&#8221; &#8220;us,&#8221;
&#8220;our&#8221; and similar references refer to Kartoon Studios, Inc., an entity incorporated under the laws of the State of Nevada.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><FONT ID="s1_003"></FONT>SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">This prospectus and the documents incorporated by
reference into this prospectus contain &#8220;forward-looking statements&#8221; within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, 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. Such forward-looking statements concern our anticipated results and progress of our operations
in future periods, planned exploration and, if warranted, development of our properties, plans related to our business and other matters
that may occur in the future. These statements relate to analyses and other information that are based on forecasts of future results,
estimates of amounts not yet determinable and assumptions of management. All statements contained herein that are not clearly historical
in nature are forward-looking, and the words &#8220;anticipate,&#8221; &#8220;believe,&#8221; &#8220;expect,&#8221; &#8220;estimate,&#8221;
&#8220;may,&#8221; &#8220;will,&#8221; &#8220;could,&#8221; &#8220;leading,&#8221; &#8220;intend,&#8221; &#8220;contemplate,&#8221; &#8220;shall&#8221;
and similar expressions are generally intended to identify forward-looking statements. Forward-looking statements are subject to a variety
of known and unknown risks, uncertainties and other factors which could cause actual events or results to differ from those expressed
or implied by the forward-looking statements. The section in this prospectus entitled &#8220;<I><A HREF="#s1_006">Risk Factors</A></I>&#8221; and the sections
in our periodic reports, including the section in our most recent Annual Report on Form 10-K entitled &#8220;<I>Business</I>,&#8221; and
the section in such Form 10-K and any future Quarterly Report on Form 10-Qs incorporated herein by reference entitled &#8220;<I>Management&#8217;s
Discussion and Analysis of Financial Condition and Results of Operations</I>,&#8221; 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.
Forward-looking statements in this prospectus and the documents incorporated by reference herein and therein include, but are not limited
to, statements with respect to:</P>

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adverse effects of public health epidemics, including the recent coronavirus outbreak, on our business, results of operations and financial
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 76pt">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 76pt">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 76pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Any or all of our forward-looking statements in this
prospectus may turn out to be wrong. They can be affected by inaccurate assumptions we might make or by known or unknown risks and uncertainties.
Consequently, no forward-looking statement can be guaranteed. Actual results may vary materially from those set forth in forward-looking
statements. The uncertainties that may cause differences include, but are not limited to: our need for additional funds to finance our
operations; our history of losses; anticipated continuing losses and uncertainty of future financing; market acceptance of our services;
the sufficiency of our existing capital resources; competition from other companies; the risk of technological obsolescence; uncertainties
related to our ability to obtain intellectual property protection for our technology; and dependence on officers, directors and other
individuals.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We will not update forward-looking statements, whether
as a result of new information, future events or otherwise, unless required by law. You are advised to consult any further disclosures
we make in our reports to the SEC, including our reports on Forms 10-K, 10-Q and 8-K. Our filings list various important factors that
could cause actual results to differ materially from expected results. We note these factors for investors as permitted by the Private
Securities Litigation Reform Act of 1995. You should understand that it is not possible to predict or identify all such factors. Consequently,
you should not consider any such list to be a complete set of all potential risks or uncertainties.</P>

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><FONT ID="s1_004"></FONT>PROSPECTUS SUMMARY</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>This summary contains basic information
about us and this offering. This summary highlights selected information contained elsewhere in, or incorporated by reference into, this
prospectus. This summary is not complete and may not contain all of the information that is important to you and that you should consider
before deciding whether or not to invest in our securities. For a more complete understanding of our Company and this offering, you should
carefully read this prospectus, including any information incorporated by reference herein in its entirety. Investing in our securities
involves risks that are described in this prospectus under the heading &#8220;Risk Factors,&#8221; under the headings &#8220;Item 1A.
Risk Factors&#8221; in our Annual Report on Form 10-K for the year ended December 31, 2024, in our Quarterly Reports on Form 10-Q and
in our other filings with the SEC.</I></P>

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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 educational, multimedia animated content for children. Led by experienced
industry personnel, we distribute our content primarily on streaming platforms and television, and license 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,&#160;our free ad supported TV (&#8220;FAST&#8221;) channels and
subscription video on demand (&#8220;SVOD&#8221;) outlets,&#160;<I>Kartoon Channel!</I>&#160;and&#160;<I>Ameba TV,&#160;</I>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, YouTube Kids, and Samsung and LG smart TVs. Our in-house owned
and produced animated shows include&#160;<I>Stan Lee&#8217;s Superhero Kindergarten</I>&#160;starring Arnold Schwarzenegger,&#160;<I>Llama
Llama</I>&#160;starring Jennifer Garner,<I>Rainbow Rangers, KC! Pop Quiz</I>&#160;and&#160;<I>Shaq&#8217;s Garage</I> starring Shaquille
O&#8217;Neal. Our library titles include the award-winning&#160;<I>Baby Genius</I>, adventure comedy <I>Thomas Edison&#8217;s Secret
Lab&#174;,</I>&#160;and&#160;<I>Warren Buffett&#8217;s Secret Millionaires Club</I>, created with and starring iconic investor Warren
Buffett,&#160;<I>Team Zenko Go!, Reboot</I>, <I>Bee &amp; PuppyCat: Lazy in Space</I>&#160;and&#160;<I>Castlevania</I>.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In addition to operating our own channels,
we license our programs to other services worldwide, including Netflix, Paramount+, Max, Nickelodeon, and satellite, cable and terrestrial
broadcasters around the world.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Through our investments in Germany&#8217;s
Your Family Entertainment AG (&#8220;YFE&#8221;), a publicly traded company on the Frankfurt Stock Exchange (RTV-Frankfurt), we have gained
access to a leading producer and distributor of high-quality children&#8217;s and family programming. YFE owns and operates one of Europe&#8217;s
largest channel-independent libraries of around 150 titles and 3,500 half-hour episodes.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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&#160;<I>Channel Frederator Network</I>, the largest animation focused creator
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. Over the past 20 years, Frederator Studios has partnered with Cartoon Network, Nickelodeon, Nick Jr., Netflix,
Sony Pictures Animation and Amazon.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We have rights to certain select valuable IP,
through our ownership of a controlling interest in Stan Lee Universe, LLC (&#8220;SLU&#8221;), an entity we control and 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: 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We also own The Beacon Media Group, LLC and
The Beacon Communications Group, Ltd. (collectively, &#8220;Beacon&#8221;), a leading North American media and marketing agency, celebrated
for its innovative, tailored strategies and unmatched expertise in reaching kids, parents, and families with precision and impact. Beacon
represents over 20 kids and family clients, including Bandai Namco, Moose Toys, Bazooka Brands, Goliath Games, Playmates Toys, Cepia LLC,
and Zebra Pens.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In addition, we own the Canadian company Ameba
Inc. (&#8220;Ameba&#8221;), which operates a premier subscription-based streaming service specializing in younger children&#8217;s entertainment.
As a cornerstone of our subscription offerings, Ameba delivers a vast library of engaging and educational content, accessible across multiple
platforms. We believe that Ameba significantly enhances our digital footprint and revenue streams.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On June 23, 2023, we changed our name from
Genius Brands International, Inc. to Kartoon Studios, Inc. through our merger with and into our wholly owned subsidiary. On June 26, 2023,
we transferred the listing of our common stock from the Nasdaq Capital Market to the NYSE American. Our common stock began trading on
NYSE American under the new symbol &#8220;TOON&#8221; on June 26, 2023.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Implications of Being a Smaller Reporting
Company</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We are a &#8220;smaller reporting company&#8221;
as defined in the Exchange Act, and have elected to take advantage of certain of the scaled disclosures available to smaller reporting
companies. To the extent that we continue to qualify as a &#8220;smaller reporting company&#8221; as such term is defined in Rule 12b-2
under the Exchange Act we may take advantage of specified reduced reporting requirements and other burdens that are otherwise applicable
generally to other public companies including exemption from compliance with the auditor attestation requirements pursuant to SOX and
reduced disclosure about our executive compensation arrangements. We will continue to be a &#8220;smaller reporting company&#8221; until
we have $250 million or more in public float (based on our common stock) measured as of the last business day of our most recently completed
second fiscal quarter or, in the event we have no public float (based on our common stock) or a public float (based on our common stock)
that is less than $700 million, annual revenues of $100 million or more during the most recently completed fiscal year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 6.2pt; text-align: justify"></P>

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><FONT ID="s1_005"></FONT>THE OFFERING</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">This prospectus relates to the resale or other disposition
from time to time by the Selling Stockholders identified of up to 10,596,262 shares of our Common Stock. None of the shares registered
hereby are being offered for sale by us.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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  <TR>
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    <TD STYLE="vertical-align: top; text-align: justify">&#160;</TD>
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  <TR>
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  <TR>
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    <TD STYLE="vertical-align: top; text-align: justify">&#160;</TD>
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  <TR>
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    <TD STYLE="vertical-align: top; text-align: justify">&#160;</TD>
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  <TR>
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    <TD STYLE="vertical-align: top; text-align: justify">&#160;</TD>
    <TD STYLE="vertical-align: bottom">&#160;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Use of Proceeds</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">&#160;</TD>
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    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.8pt 0 0; text-align: justify">The Selling Stockholders will receive all
    of the proceeds of the sale of shares of Warrant Shares offered from time to time pursuant to this prospectus. Accordingly, we will not
    receive any proceeds from the sale of the Warrant Shares that may be sold from time to time pursuant to this prospectus; however, we will
    receive proceeds from any cash exercise of the Warrants. See &#8220;<A HREF="#s1_008">Use of Proceeds</A>.&#8221; We intend to use the proceeds from any cash
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    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.8pt 0 0; text-align: justify">&#160;</P></TD></TR>
  <TR>
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    <TD STYLE="vertical-align: top; text-align: justify">&#160;</TD>
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<TR>
    <TD STYLE="vertical-align: top">&#160;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&#160;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&#160;</TD></TR>
<TR>
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  <TR>
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    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.8pt 0 0; text-align: justify"><B>NYSE American</B></P>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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 53,905,697 shares of Common Stock outstanding as of November 14, 2025 and excludes,
as of such date, the following:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 76pt">&#160;</P>

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units outstanding;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 76pt">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
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Incentive Plan;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 76pt">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
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warrants, at a weighted-average exercise price of $1.52 per share; and</FONT></TD></TR></TABLE>

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><FONT ID="s1_006"></FONT>RISK FACTORS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>Our Annual Report on Form 10-K for the year ended December 31, 2024,
which is incorporated by reference into this prospectus, our subsequent Quarterly Reports on Form 10-Q as well as our other filings with
the SEC, include material risk factors relating to our business. Those risks and uncertainties and the risks and uncertainties described
below are not the only risks and uncertainties that we face. Additional risks and uncertainties that are not presently known to us or
that we currently deem immaterial or that are not specific to us, such as general economic conditions, may also materially and adversely
affect our business and operations. If any of those risks and uncertainties or the risks and uncertainties described below actually occurs,
our business, financial condition or results of operations could be harmed substantially. In such a case, you may lose all or part of
your investment. You should carefully consider the risks and uncertainties described below and those risks and uncertainties incorporated
by reference into this prospectus, as well as the other information included in this prospectus, before making an investment decision
with respect to our common stock.</I>&#160;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>The number of Warrant Shares being registered
for resale is significant in relation to the number of our outstanding shares of Common Stock.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We have filed a registration statement of which this
prospectus forms a part to register the Warrant Shares offered hereunder for sale into the public market by the Selling Stockholders.
These shares represent a large number of shares of our outstanding shares of Common Stock, and if sold in the market all at once or at
about the same time, could depress the market price of our Common Stock during the period the registration statement remains effective
and could also affect our ability to raise equity capital.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Resales of our Common Stock in the public market
by our stockholders as a result of this offering may cause the market price of our Common Stock to fall.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We are registering the Warrant Shares. Sales of substantial
amounts of our Common Stock in the public market, or the perception that such sales might occur, could adversely affect the market price
of our Common Stock. The issuance of new shares of Common Stock could result in resales of our Common Stock by our current stockholders
concerned about the potential ownership dilution of their holdings. Furthermore, in the future, we may issue additional shares of Common
Stock or other equity or debt securities exercisable or convertible into Common Stock. Any such issuance could result in substantial dilution
to our existing stockholders and could cause our stock price to decline.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Investors who buy shares at different times
will likely pay different prices.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Investors who purchase shares in this offering at
different times will likely pay different prices, and so may experience different levels of dilution and different outcomes in their investment
results.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Our management will have broad discretion over
the use of the proceeds from the exercise of the Warrants, you may not agree with how we use the proceeds, and the proceeds may not be
invested successfully.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">The Selling Stockholders
will receive all of the proceeds of the sale of shares of Common Stock offered from time to time pursuant to this prospectus. Accordingly,
we will not receive any proceeds from the sale of shares of Common Stock that may be sold from time to time pursuant to this prospectus;
however, we will receive proceeds from the cash exercise of the Warrants. We intend to use the proceeds from any cash exercise of
the Warrants for working capital and general corporate purposes. However, we have not designated any portion of the proceeds received
from the exercise of Warrants to be used for any particular purpose. Accordingly, our management will have broad discretion as to the
use of such proceeds and you will be relying on the judgment of our management with regard to the use of these proceeds, and you will
not have the opportunity, as part of your investment decision, to assess whether the proceeds are being used appropriately. It is possible
that, pending their use, we may invest the proceeds received from the exercise of the Warrants in a way that does not yield a favorable,
or any, return for our company. Our management&#8217;s judgment may not result in positive returns on your investment and you will not
have the opportunity to evaluate the economic, financial or other information upon which our management bases its decisions.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>We do not intend to pay dividends in the foreseeable
future on our Common Stock.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We have never paid cash dividends on our Common Stock.
We currently intend to retain our future earnings, if any, to finance the operation and growth of our business and currently do not plan
to pay any cash dividends in the foreseeable future. If we do not pay dividends, our Common Stock may be less valuable because a return
on your investment will only occur if the market price of our Common Stock price appreciates.</P>

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; color: #0F4761; text-align: center"><FONT STYLE="text-transform: uppercase; color: Black"><B><FONT ID="s1_007"></FONT>description
of Registered Direct Offering and Concurrent Private Placement</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On October 20, 2025, we entered into the Purchase
Agreement with the Investor, pursuant to which we agreed to issue to the Investor, (i) in a registered direct offering (the &#8220;October
2025 Registered Direct Offering&#8221; and, together with the October 2025 Private Placement, the &#8220;October Offerings&#8221;), 3,000,000&#160;shares
of our Common Stock and pre-funded warrants (&#8220;Pre-Funded Warrants&#8221;) to purchase up to 6,903,049 shares of Common Stock (the
&#8220;Pre-Funded Warrant Shares&#8221;), and (ii)&#160;in the October 2025 Private Placement, Common Warrants to purchase up to an aggregate
of 9,903,049 Common Warrant Shares, with an exercise price of $0.738. The October Offerings closed on October 22, 2025, and we received
aggregate gross proceeds of approximately $7.3 million in connection therewith, excluding any proceeds that may be received upon the exercise
of the Common Warrants and before deducting fees payable to Dawson James and other offering expenses payable by us. Each share of Common
Stock and privately placed Common Warrant was sold at a public offering price of $0.738. Each Pre-Funded Warrant and privately placed
Common Warrant was sold at a public offering price of $0.737.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The shares of Common Stock, Pre-Funded Warrants
and Pre-Funded Warrant Shares were offered by us pursuant to a shelf registration statement on Form S-3 (File No. 333-276259), which was
declared effective by the SEC on January 5, 2024 (the &#8220;Shelf Registration Statement&#8221;). The Common Warrants and the Common
Warrant Shares were not registered under the Securities Act at the time of issuance, and were instead offered pursuant to the exemption
provided in Section 4(a)(2) under the Securities Act and/or Rule 506(b) promulgated thereunder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Pursuant to the terms of the Purchase Agreement,
until January 31, 2026, we agreed that neither we nor any of our subsidiaries will issue (or enter into any agreement to issue) any shares
of Common Stock or Common Stock Equivalents (as defined in the Purchase Agreement) or file any registration statement or any amendment
or supplement thereto, subject to certain limited exceptions, including (i)&#160;the prospectus supplement relating to the October 2025
Registered Direct Offering, (ii)&#160;this Resale Registration Statement and (iii) certain limited exceptions. We further agreed, subject
to limited exceptions, for a period from the date of the Purchase Agreement until October 20, 2027, not to issue, enter into any agreement
to issue or announce the issuance or proposed issuance of any shares of Common Stock or Common Stock Equivalents involving a Variable
Rate Transaction (as defined in the Purchase Agreement), provided however that commencing October 20, 2026, we are allowed to enter into,
and issue shares pursuant to, an &#8220;at the market&#8221; offering.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Dawson James acted as the exclusive placement
agent on a &#8220;reasonable best efforts&#8221; basis, in connection with the October Offerings and received a cash fee of 7.0% of the
aggregate gross proceeds paid to us for the securities sold in the October Offerings and reimbursement of certain out-of-pocket expenses
of $75,000. Dawson James is also entitled to receive a cash fee of 7.0% of the gross proceeds received from the exercise of any Common
Warrants. As additional compensation to Dawson James, in connection with the October Offerings, we issued to Dawson James and its designees,
Placement Agent Warrants to purchase an aggregate of 693,213&#160;Placement Agent Warrant Shares with substantially the same terms as
the Common Warrants, except that they have an exercise price per share equal to $0.8118. The Placement Agent Warrants were offered pursuant
to the exemption provided in Section 4(a)(2) under the Securities Act and/or Rule 506(b) promulgated thereunder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Pursuant to the Purchase Agreement, we agreed
to file, as soon as practicable (and in any event within thirty (30) calendar days of the date of the Purchase Agreement), this Resale
Registration Statement providing for the resale by the Investor of the Common Warrant Shares. In addition, we agreed to use commercially
reasonable efforts to cause the Resale Registration Statement to become effective within ninety (90) days following the Closing Date and
to keep the Resale Registration Statement effective at all times until the Investor does not own any Common Warrants or Common Warrant
Shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Pursuant to the Purchase Agreement, the Investor
has the right to participate in certain subsequent financings by us in an amount equal to 50% of such subsequent financings for 12 months
following the Closing Date.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Pursuant to the Purchase Agreement, the Investor
agreed that it neither it nor any affiliate will execute any sales of any of the Company&#8217;s securities: (i) with respect to all such
sales (other than Short Sales (as such term is defined in the Purchase Agreement)), during the period commencing on the date of the Purchase
Agreement and ending at December 31, 2025, and (ii) with respect to Short Sales) only, during the period commencing on the date of the
Purchase Agreement and ending at December 31, 2025; provided that the foregoing restrictions shall not apply to any sales of any of the
Company&#8217;s securities at a sale price per share of Common Stock greater than $1.00.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>Terms of the Pre-Funded Warrants</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Pre-Funded Warrants will be immediately
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The exercise price of the Pre-Funded Warrants,
and the number of Pre-Funded Warrant Shares, will be subject to adjustment in the event of any stock dividend or split, reverse stock
split, recapitalization, reorganization or similar transaction, as described in the Pre-Funded Warrants.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">A holder will not have the right to exercise
any portion of the Pre-Funded Warrants if the holder (together with its affiliates) would beneficially own in excess of 4.99% (or, upon
election of the holder, 9.99%) of the number of shares of Common Stock outstanding immediately after giving effect to the exercise, as
such percentage ownership is determined in accordance with the terms of such warrants. However, any holder may increase or decrease such
percentage, provided that any increase will not be effective until the 61st day after such election.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In the event of a Fundamental Transaction (as
such term is defined in the Pre-Funded Warrants), then the successor entity will succeed to, and be substituted for the Company, and may
exercise every right and power that the Company may exercise and will assume all of the Company&#8217;s obligations under the Pre-Funded
Warrants with the same effect as if such successor entity had been named in the Pre-Funded Warrant itself. If holders of the Common Stock
are given a choice as to the securities, cash or property to be received in a Fundamental Transaction, then the holder will be given the
same choice as to the consideration it receives upon any exercise of the Pre-Funded Warrant following such Fundamental Transaction.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Except as otherwise provided in the Pre-Funded
Warrants or by virtue of such holder&#8217;s ownership of shares of Common Stock, the holder of a Pre-Funded Warrants will not have the
rights or privileges of a holder of Common Stock, including any voting rights, until the holder exercises such warrant.&#160;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Common Warrants will be exercisable commencing
after the six month anniversary of their issue date (the &#8220;Initial Exercise Date&#8221;) and will expire on the fifth anniversary
of the Initial Exercise Date.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If at the time of exercise of the Common Warrants
a registration statement registering the issuance of the Common Warrant Shares under the Securities Act is not effective or available,
the holder may, in its sole discretion, elect to exercise the Common Warrants through a cashless exercise, in which case the holder would
receive upon such exercise the net number of shares of Common Stock determined according to the formula set forth in the Common Warrants.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The exercise price of the Common Warrants,
and the number of Common Warrant Shares, will be subject to adjustment in the event of any stock dividend or split, reverse stock split,
recapitalization, reorganization or similar transaction, as described in the Common Warrants.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">A holder will not have the right to exercise
any portion of the Common Warrants if the holder (together with its affiliates) would beneficially own in excess of 4.99% (or, upon election
of the holder, 9.99%) of the number of shares of Common Stock outstanding immediately after giving effect to the exercise, as such percentage
ownership is determined in accordance with the terms of such warrants. However, any holder may increase or decrease such percentage, provided
that any increase will not be effective until the 61st day after such election.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In the event of a Fundamental Transaction (as
such term is defined in the Common Warrants), then the successor entity will succeed to, and be substituted for the Company, and may exercise
every right and power that the Company may exercise and will assume all of the Company&#8217;s obligations under the Common Warrants with
the same effect as if such successor entity had been named in the Common Warrant itself. If holders of the Common Stock are given a choice
as to the securities, cash or property to be received in a Fundamental Transaction, then the holder will be given the same choice as to
the consideration it receives upon any exercise of the Common Warrant following such Fundamental Transaction. In addition, the successor
entity, at the request of holders of Common Warrants, will be obligated to purchase any unexercised portion of the Common Warrants in
accordance with the terms thereof. Notwithstanding the foregoing, in the event of a Fundamental Transaction, the holders of the Common
Warrants have the right to require the Company or a successor entity to redeem the Common Warrants for cash in the amount of the Black
Scholes Value (as defined in the Common Warrants) of the unexercised portion of the Common Warrants concurrently with or within thirty
(30) days following the consummation of a Fundamental Transaction. However, in the event of a Fundamental Transaction which is not in
the Company&#8217;s control, including a Fundamental Transaction not approved by the Company&#8217;s board of directors, the holders of
the Common Warrants will only be entitled to receive from the Company or its successor entity the same type or form of consideration (and
in the same proportion), at the Black Scholes Value of the unexercised portion of the Common Warrant that is being offered and paid to
the holders of Common Stock in connection with the Fundamental Transaction, whether that consideration is in the form of cash, stock or
any combination of cash and stock, or whether the holders of Common Stock are given the choice to receive alternative forms of consideration
in connection with the Fundamental Transaction.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;Except as otherwise provided in the Common
Warrants or by virtue of such holder&#8217;s ownership of shares of Common Stock, the holder of a Common Warrants will not have the rights
or privileges of a holder of Common Stock, including any voting rights, until the holder exercises such warrant.</P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><FONT ID="s1_008"></FONT>USE OF PROCEEDS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Selling Stockholders will receive all of the proceeds
of the sale of Warrant Shares offered from time to time pursuant to this prospectus. Accordingly, we will not receive any proceeds from
the sale of Warrant Shares that may be sold from time to time pursuant to this prospectus; however, we will receive proceeds from the
cash exercise of the Warrants. We currently intend to use the net proceeds from such cash exercises for working capital and general corporate
purposes.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The expected use of net proceeds from the cash exercise
of the Warrants represents our intentions based upon our current plans and business conditions, which could change in the future as our
plans and business conditions evolve and change. The amounts and timing of our actual expenditures, specifically with respect to working
capital, may vary significantly depending on numerous factors. As a result, our management will retain broad discretion over the allocation
of the net proceeds from such cash exercise, if any. We have no current agreements, commitments or understandings for any material acquisitions
or licenses of any products, businesses or technologies that are definitive or probable to close.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><FONT ID="s1_009"></FONT>DIVIDEND POLICY</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We have never declared or paid
any cash dividends on shares of Common Stock and we do not currently intend to pay any cash dividends on our 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 our shares of 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: 0; text-align: justify">&#160;</P>

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

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white; color: #212529"><B><FONT ID="s1_010"></FONT>DILUTION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white; color: #212529"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white; color: #212529">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 Warrant Shares 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: 0; background-color: white; color: #212529">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white; color: #212529">Our historical
net tangible book value of our Common Stock as of September 30, 2025, was approximately $5.3 million, or approximately $0.11 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 September 30, 2025.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white; color: #212529">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><FONT STYLE="color: #212529">Our
pro forma net tangible book value as of September 30, 2025 was approximately $13.1 million, or approximately $0.24 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,
subsequent to September 30, 2025, of: (i) 3,000,000 shares of Common Stock in a registered direct offering and our receipt of approximately
$6.6 million in net proceeds; (ii) </FONT>1,967,580 <FONT STYLE="color: #212529">shares of Common Stock pursuant to&#160;Section 3(a)(10)
of the Securities Act and the decrease in liabilities of approximately $1.1 million related thereto; and (iii) an aggregate of 24,487
shares of Common Stock issued to directors, consultants and employees pursuant to the 2020 Incentive Plan.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white; color: #212529">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><FONT STYLE="color: #212529">After
giving effect to the pro forma adjustments set forth above and (a) the issuance of </FONT>9,903,049 <FONT STYLE="color: #212529">shares
of Common Stock upon the assumed exercise of the Common Warrants and our assumed receipt of approximately $6.8 million in estimated net
proceeds from the exercise thereof, after the payment of the 7% commission to Dawson James; and (b) the issuance of 693,213 shares of
Common Stock upon the assumed exercise of the Placement Agent Warrants and our assumed receipt of approximately $0.6 million in estimated
net proceeds from the exercise of the Placement Agent Warrants,&#160;our pro forma as adjusted net tangible book value as of September
30, 2025, would have been approximately $20.4 million, or approximately $0.32 per share of Common Stock. Assuming the sale price of the
Warrant Shares in this offering is their respective exercise price, this represents an immediate increase in net tangible book value of
approximately $0.08 per share of Common Stock to our existing security holders and an immediate dilution in as adjusted net tangible book
value of approximately $0.418 per share of Common Stock to purchasers of Common Warrant Shares Stock and $0.4918 to purchasers of Placement
Agent Warrant Shares in this offering. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white; color: #212529">&#160;</P>

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    <TD STYLE="width: 1%">&#160;</TD>
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    <TD STYLE="width: 9%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #212529">0.738</FONT></TD>
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    <TD>&#160;</TD>
    <TD>&#160;</TD>
    <TD>&#160;</TD>
    <TD STYLE="text-align: right">&#160;</TD>
    <TD>&#160;</TD>
    <TD>&#160;</TD>
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    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #212529">0.8118</FONT></TD>
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    <TD>&#160;</TD>
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    <TD>&#160;</TD>
    <TD>&#160;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #212529">$</FONT></TD>
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    <TD>&#160;</TD>
    <TD>&#160;</TD>
    <TD>&#160;</TD>
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    <TD>&#160;</TD></TR>
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    <TD>&#160;</TD>
    <TD>&#160;</TD>
    <TD>&#160;</TD>
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    <TD>&#160;</TD>
    <TD>&#160;</TD>
    <TD>&#160;</TD>
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    <TD>&#160;</TD>
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    <TD>&#160;</TD>
    <TD>&#160;</TD>
    <TD>&#160;</TD>
    <TD STYLE="text-align: right">&#160;</TD>
    <TD>&#160;</TD>
    <TD>&#160;</TD>
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    <TD>&#160;</TD></TR>
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    <TD STYLE="text-indent: -10pt; padding-left: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #212529">Dilution in net tangible book value per share to investors purchasing of Placement Agent Warrant Shares in this offering</FONT></TD>
    <TD>&#160;</TD>
    <TD>&#160;</TD>
    <TD>&#160;</TD>
    <TD STYLE="text-align: right">&#160;</TD>
    <TD>&#160;</TD>
    <TD>&#160;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #212529">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #212529">0.4918</FONT></TD>
    <TD>&#160;</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white; color: #212529">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white; color: #212529"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><FONT STYLE="color: #212529">The
table and discussion above are based on </FONT>48,913,630 <FONT STYLE="color: #212529">shares of Common Stock outstanding as of September
30, 2025, and excludes, as of that date, the following:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white; color: #212529">&#160;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%">&#160;</TD>
    <TD STYLE="width: 3%"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
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  <TR STYLE="vertical-align: top">
    <TD>&#160;</TD>
    <TD><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">973,980 </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #212529">shares of Common Stock issuable upon exercise of outstanding options, at a weighted average exercise price of $11.56 per share;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&#160;</TD>
    <TD><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
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  <TR STYLE="vertical-align: top">
    <TD>&#160;</TD>
    <TD><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">9,422,971 </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #212529">shares of Common Stock reserved for future issuance under our 2020 Incentive Plan; and</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&#160;</TD>
    <TD><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black">1,967,580 shares of Common Stock which may be issued to Continuation Capital, Inc. pursuant to Section 3(a)(10) of the Securities Act.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white; color: #212529">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white; color: #212529">To the extent
that any outstanding options or warrants are exercised, new options or shares of restricted stock units are issued under our equity incentive
plans, or we otherwise issue additional shares of Common Stock in the future, there will be further dilution to our investors. In addition,
we may choose to raise additional capital due to market conditions or strategic considerations even if we believe we have sufficient funds
for our current or future operating plans. To the extent that additional capital is raised through the sale of equity or convertible debt
securities, the issuance of these securities could result in further dilution to our stockholders.<B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; color: #212529"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; color: #212529"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; color: #212529"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; color: #212529"><B></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; color: #212529"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white; color: #212529"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white; color: #212529"><B><FONT ID="s1_011"></FONT>DESCRIPTION
OF OUR CAPITAL STOCK</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white; color: #212529">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white; color: #212529"><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: 0; background-color: white; color: #212529">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white; color: #212529"><B>Authorized Capital Stock</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white; color: #212529"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white; color: #212529">Our authorized
capital stock consists of (i)190,000,000 shares of Common Stock, par value $0.001 per share; and (ii) 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: 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: 0; text-align: justify; background-color: white; color: #212529"><B>Capital
Stock Issued and Outstanding</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white; color: #212529"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white; color: #212529">As of November
14, 2025, we have issued and outstanding (i) 53,905,697 shares of Common Stock; and (ii) 0 shares of preferred stock outstanding. &#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white; color: #212529">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white; color: #212529"><B>Common
Stock</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white; color: #212529">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white; color: #212529">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. In the event of our 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 are not entitled to 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: 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: 0; background-color: white; color: #212529"><B>Preferred Stock</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white; color: #212529">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white; color: #212529">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: 0; text-indent: 0.5in; background-color: white; color: #212529">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white; color: #212529">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: 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: 0; text-align: justify; background-color: white; color: #212529"><B>Nevada
Anti-Takeover Law and Certain Charter and Bylaw Provisions</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white; color: #212529">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white; color: #212529">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: 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: 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: 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: 0; text-align: justify; text-indent: 0.5in; background-color: white; color: #212529"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white; color: #212529">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white; color: #212529"><B><I>Acquisition
of Controlling Interest</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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: 0; text-align: justify; background-color: white; color: #212529">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: 0; text-align: justify; text-indent: 0.5in; background-color: white; color: #212529">&#160;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%">&#160;</TD>
    <TD STYLE="width: 3%"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
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  <TR STYLE="vertical-align: top">
    <TD>&#160;</TD>
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  <TR STYLE="vertical-align: top">
    <TD>&#160;</TD>
    <TD><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white; color: #212529">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white; color: #212529">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: 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: 0; text-align: justify; background-color: white; color: #212529">These provisions
are applicable only to a Nevada corporation, which:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white; color: #212529">&#160;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%">&#160;</TD>
    <TD STYLE="width: 3%"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD STYLE="width: 94%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #212529">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</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&#160;</TD>
    <TD><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #212529">does business in Nevada directly or through an affiliated corporation.</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white; color: #212529">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white; color: #212529">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: 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: 0; text-align: justify; background-color: white; color: #212529"><B><I>Combination
with Interested Stockholder</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white; color: #212529">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white; color: #212529">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 November&#160;14, 2024, we had 188 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: 0; text-align: justify; text-indent: 0.5in; background-color: white; color: #212529">&#160;&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white; color: #212529">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: 0; text-align: justify; text-indent: 0.5in; background-color: white; color: #212529">&#160;</P>

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    <TD STYLE="width: 94%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #212529">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;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
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    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #212529">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</FONT></TD></TR>
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    <TD><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #212529">if higher for the holders of preferred stock, the highest liquidation value of the preferred stock, if any.</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white; color: #212529">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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: 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: 0; text-align: justify; text-indent: 0.5in; background-color: white; color: #212529"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white; color: #212529">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white; color: #212529">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: 0; text-align: justify; text-indent: 0.5in; background-color: white; color: #212529">&#160;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
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    <TD STYLE="width: 94%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #212529">an aggregate market value equal to 5% or more of the aggregate market value of the assets of the corporation;</FONT></TD></TR>
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    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #212529">an aggregate market value equal to 5% or more of the aggregate market value of all outstanding shares of the corporation; or</FONT></TD></TR>
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    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #212529">representing 10% or more of the earning power or net income of the corporation.</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white; color: #212529"><B><I>Articles
of Incorporation and Bylaws</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white; color: #212529">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white; color: #212529">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: 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: 0; text-align: justify; background-color: white; color: #212529">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: 0; text-align: justify; text-indent: 0.5in; background-color: white; color: #212529">&#160;&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white; color: #212529"><B>Limitations of Director Liability
and Indemnification of Directors, Officers and Employees</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white; color: #212529">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white; color: #212529">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: 0; background-color: white; color: #212529">&#160;</P>

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    <TD STYLE="width: 3%">&#160;</TD>
    <TD STYLE="width: 3%"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD STYLE="width: 94%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #212529">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</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&#160;</TD>
    <TD><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #212529">such breach involved intentional misconduct, fraud or a knowing violation of law.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in; background-color: white; color: #212529">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white; color: #212529">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: 0; text-align: justify; background-color: white; color: #212529">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white; color: #212529">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: 0; background-color: white; color: #212529">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white; color: #212529">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white; color: #212529">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white; color: #212529"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white; color: #212529">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white; color: #212529">We have obtained
a policy of directors&#8217; and officers&#8217; liability insurance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white; color: #212529">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white; color: #212529">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: 0; background-color: white; color: #212529">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white; color: #212529">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: 0; background-color: white; color: #212529">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white; color: #212529">&#160;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: 0; text-align: justify; background-color: white; color: #212529">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white; color: #212529">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: 0; background-color: white; color: #212529">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white; color: #212529"><B>Listing
of the Common Stock on the NYSE American LLC</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white; color: #212529">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white; color: #212529">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: 0; background-color: white; color: #212529">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white; color: #212529"><B>Transfer
Agent and Registrar</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white; color: #212529">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; color: #212529">The transfer agent and registrar for the Common Stock
is VStock Transfer LLC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; color: #212529">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; color: #212529">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; color: #212529">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; color: #212529">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; color: #212529">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; color: #212529"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; color: #212529"><BR>
</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><FONT ID="s1_012"></FONT>SELLING STOCKHOLDERS</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The shares of Common Stock being offered by the Selling
Stockholders are those issuable to the Selling Stockholders upon exercise of the Warrants. For additional information regarding the issuances
of the Warrants, see &#8220;<A HREF="#s1_007">Description of Registered Direct Offering and Concurrent Private Placement</A>&#8221; elsewhere in this prospectus.
We are registering the shares of Common Stock in order to permit the Selling Stockholders to offer the shares of Common Stock for resale
from time to time. Except for the entry into the Purchase Agreement, acquisition of shares of Common Stock, Pre-Funded Warrants and Warrants
in the October Offerings and ownership of the other securities listed in the table below, the Investor has not had any material relationship
with us within the past three (3) years. During the past three (3) years, Dawson James has not had any relationship with us other than
acting as our placement agent and/or underwriter in various offerings, including the October Offerings and a warrant inducement transaction
that was consummated in June 2023. The designees of Dawson James have not had any relationship with us during the past three (3) years
other than through their affiliation with Dawson James.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The table below lists the Selling Stockholders and
other information regarding the beneficial ownership of the shares of Common Stock by each of the Selling Stockholders. Beneficial ownership
is determined in accordance with the rules of the SEC and includes voting or investment power with respect to shares of our Common Stock
or if a person has the right to acquire beneficial ownership of our Common Stock within 60 days. Such table has been prepared based upon
information furnished to us by the Selling Shareholders. The Selling Stockholders identified below may have sold, transferred or otherwise
disposed of some or all of their shares of Common Stock since the date on which the information in the following table is presented in
transactions exempt from or not subject to the registration requirements of the Securities Act. Information concerning the Selling Stockholders
may change from time to time and, if necessary, we will amend or supplement this prospectus accordingly and as required.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Unless otherwise indicated below, to our knowledge,
the Selling Stockholders named in the table below have sole voting and investment power with respect to the shares of Common Stock beneficially
owned by them. The number of shares of Common Stock disclosed as beneficially owned in the table below includes (i) all shares of our
Common Stock held by such Selling Stockholder as of November 18, 2025, and (ii) all shares of our Common Stock issuable to such Selling
Stockholder upon the exercise in full of the Warrants, without regard to any limitations on exercise of the Warrants. The inclusion of
any shares in this table does not constitute an admission of beneficial ownership by the person named below.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The column in the table below titled &#8220;Number
of Shares of Common Stock Beneficially Owned Prior to Offering&#8221; lists the number of shares of Common Stock beneficially owned by
the Selling Stockholders, based on their respective ownership of shares of our Common Stock and the Warrants, as of November 18, 2025,
assuming exercise in full of the Warrants held by the Selling Stockholders on that date, without regard to any limitations on exercises.
As of November 14, 2025, we had <FONT STYLE="color: #212529">53,905,697 s</FONT>hares of our Common Stock outstanding.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The column in the table below titled &#8220;Maximum
Number of Shares of Common Stock to be Sold in this Offering&#8221; lists the maximum number of shares of Common Stock to be sold by this
prospectus by the Selling Stockholders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In accordance with the terms of the Purchase Agreement
with the Investor, this prospectus generally covers the resale of the maximum number of shares of Common Stock issuable upon exercise
of the Warrants, determined as if the outstanding Warrants were exercised in full as of the trading day immediately preceding the date
this Resale Registration Statement was initially filed with the SEC, , without regard to any limitations on the exercise of the Warrants.
The fourth and fifth columns in the table below titled &#8220;Number of Shares of Common Stock Beneficially Owned After Offering&#8221;
and &#8220;Percentage of Shares Beneficially Owned After Offering&#8221;, assume the exercise in full of all Warrants and the sale of
all of the Warrant Shares offered by the Selling Stockholders pursuant to this prospectus, and gives effect to limitations on exercise
of warrants held by the Selling Stockholders (other than the Warrants which are assumed for purposes of this prospectus to be exercised
in full), if any. Therefore, percentages in the fifth column are calculated based upon an outstanding number of shares of Common Stock
of 64,501,959 since the fifth column assumes the issuance of 10,596,262 Warrant Shares, which are not currently outstanding.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Under the terms of the Warrants, the Selling Stockholders
may not exercise the Warrants to the extent such exercise would cause such Selling Stockholder, together with its affiliates and attribution
parties, to beneficially own a number of shares of Common Stock that would exceed 4.99%, of our then outstanding Common Stock following
such exercise, excluding for purposes of such determination shares of Common Stock issuable upon exercise of such Warrants which have
not been exercised. The number of shares in the second and third columns do not reflect this limitation. The Selling Stockholders may
sell all, some or none of their shares in this offering. See &#8220;Plan of Distribution&#8221; section of this prospectus for more information.</P>

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

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

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    <TD>&#160;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Number of<BR>
Shares<BR>
of Common<BR>
Stock<BR>
Beneficially<BR>
Owned<BR>
Prior to<BR>
Offering<SUP>(1)</SUP></B></FONT></TD>
    <TD>&#160;</TD>
    <TD>&#160;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Maximum<BR>
Number of<BR>
Shares<BR>
of Common<BR>
Stock<BR>
to be Sold<BR>
in this<BR>
Offering</B></FONT></TD>
    <TD>&#160;</TD>
    <TD>&#160;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Number of<BR>
Shares<BR>
of Common<BR>
Stock<BR>
Beneficially<BR>
Owned After<BR>
Offering</B></FONT></TD>
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    <TD>&#160;</TD>
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of Shares<BR>
Beneficially<BR>
Owned after<BR>
Offering<SUP>(1)</SUP></B></FONT></TD>
    <TD>&#160;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 36%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Anson Investments Master Fund LP<SUP>(1)</SUP></FONT></TD>
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    <TD STYLE="width: 14%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">22,905,778</FONT></TD>
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    <TD STYLE="width: 1%">&#160;</TD>
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    <TD STYLE="width: 1%; text-align: center">&#160;</TD>
    <TD STYLE="width: 14%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6,637,320</FONT></TD>
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    <TD STYLE="width: 1%; text-align: center">&#160;</TD>
    <TD STYLE="width: 14%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.99%</FONT></TD>
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    <TD>&#160;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">138,643</FONT></TD>
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    <TD>&#160;</TD>
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    <TD STYLE="text-align: center">&#160;</TD>
    <TD STYLE="text-align: center">&#8211;</TD>
    <TD STYLE="text-align: center">&#160;</TD>
    <TD STYLE="text-align: center">&#160;</TD>
    <TD STYLE="text-align: center">&#8211;</TD>
    <TD>&#160;</TD></TR>
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    <TD>&#160;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">427,296</FONT></TD>
    <TD>&#160;</TD>
    <TD>&#160;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">271,740</FONT></TD>
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    <TD STYLE="text-align: center">&#160;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">155,556</FONT></TD>
    <TD STYLE="text-align: center">&#160;</TD>
    <TD STYLE="text-align: center">&#160;</TD>
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    <TD>&#160;</TD></TR>
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    <TD>&#160;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,282,830</FONT></TD>
    <TD>&#160;</TD>
    <TD>&#160;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">282,830</FONT></TD>
    <TD STYLE="text-align: center">&#160;</TD>
    <TD STYLE="text-align: center">&#160;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,000,000</FONT></TD>
    <TD STYLE="text-align: center">&#160;</TD>
    <TD STYLE="text-align: center">&#160;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.53%</FONT></TD>
    <TD>&#160;</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">___________________&#160;</P>

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    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">less than 1%</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Shares listed in the column &#8220;Maximum Number
    of Shares of Common Stock to be Sold in this Offering&#8221; consist of 9,903,049 Common Warrant Shares issuable upon exercise of the
    Warrants. Shares listed in the column &#8220;Number of Shares of Common Stock Beneficially Owned Prior to Offering&#8221; consists of
    such aforementioned 9,903,049 Common Warrant Shares, as well as: (i) 3,000,000 shares of Common Stock purchased in the October 2025 Registered
    Direct Offering; (ii) 6,903,049 shares of Common Stock issuable upon exercise of the Pre-Funded Warrants purchased in the October 2025
    Registered Direct Offering; (iii) 1,699,632 shares of Common Stock that were not purchased in connection with the October Offerings; and
    (iv) 1,400,048 shares of Common Stock issuable upon exercise of warrants that were not purchased in connection with the October Offerings.
    Shares and percentages listed in the fourth and fifth columns include: (i) 4,699,632 shares of Common Stock; and (ii) 1,937,688 shares
    of Common Stock issuable upon exercise of Pre-Funded Warrants purchased in the October 2025 Registered Direct Offering, and do not include:
    (i) 4,965,361 shares of Common Stock issuable upon exercise of Pre-Funded Warrants purchased in the October 2025 Registered Direct Offering;
    and (ii) 1,400,048 shares of Common Stock issuable upon exercise of warrants that were not purchased in connection with the October Offerings,
    due to limitations on the exercise of such Pre-Funded Warrants and other warrants.</P>
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    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Anson Advisors Inc. and Anson Funds Management LP,
    the Co-Investment Advisers of Anson Investments Master Fund LP (&#8220;Anson Investments&#8221;), hold voting and dispositive power over
    our securities held by Anson Investments. Tony Moore is the managing member of Anson Management GP LLC, which is the general partner of
    Anson Funds Management LP. Moez Kassam and Amin Nathoo are directors of Anson Advisors Inc. Mr. Moore, Mr. Kassam and Mr. Nathoo each
    disclaim beneficial ownership of these securities except to the extent of their pecuniary interest therein. The principal business address
    of Anson Investments is Maples Corporate Services Limited, PO Box 309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands.</P>
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  <TR STYLE="vertical-align: top">
    <TD>&#160;</TD>
    <TD STYLE="text-align: justify">&#160;</TD></TR>
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<P STYLE="margin: 0">&#160;</P>

<P STYLE="margin: 0">&#160;</P>

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

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

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

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

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

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

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

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><FONT ID="s1_013"></FONT>PLAN OF DISTRIBUTION</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Each Selling Stockholder of the securities and any
of its pledgees, assignees and successors-in-interest may, from time to time, sell any or all of their securities covered hereby on the
NYSE American or any other stock exchange, market or trading facility on which the securities are traded or in private transactions. These
sales may be at fixed or negotiated prices. The Selling Stockholders may use any one or more of the following methods when selling securities:</P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Stockholders may also sell securities under Rule
144 or any other exemption from registration under the Securities Act, if available, rather than under this prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Broker-dealers engaged by the Selling Stockholders
may arrange for other brokers-dealers to participate in sales. Broker-dealers may receive commissions or discounts from the Selling Stockholders
(or, if any broker-dealer acts as agent for the purchaser of securities, from the purchaser) in amounts to be negotiated, but, except
as set forth in a supplement to this prospectus, in the case of an agency transaction not in excess of a customary brokerage commission
in compliance with FINRA Rule 2121; and in the case of a principal transaction a markup or markdown in compliance with FINRA Rule 2121.</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We are required to pay certain fees and expenses incurred
by us incident to the registration of the securities. We have agreed to indemnify the Investor against certain losses, claims, damages
and liabilities, including liabilities under the Securities Act.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We agreed to keep this prospectus effective until
the Investor does not own any Common Warrants or Common Warrant Shares, as applicable.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Pursuant to applicable rules and regulations under
the Exchange Act, any person engaged in the distribution of the resale securities may not simultaneously engage in market making activities
with respect to the Common Stock for the applicable restricted period, as defined in Regulation M, prior to the commencement of the distribution.
In addition, the Selling Stockholders will be subject to applicable provisions of the Exchange Act and the rules and regulations thereunder,
including Regulation M, which may limit the timing of purchases and sales of the Common Stock by the Selling Stockholders or any other
person. We will make copies of this prospectus available to the Selling Stockholders and have informed them of the need to deliver a copy
of this prospectus to each purchaser at or prior to the time of the sale (including by compliance with Rule 172 under the Securities Act).</P>

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><FONT ID="s1_014"></FONT>LEGAL MATTERS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Blank Rome LLP, New York, New York is representing
us in connection with the offering. The validity of the shares of common stock offered hereby will be passed upon for us by Flangas Law
Group, Las Vegas, Nevada.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><FONT ID="s1_015"></FONT>EXPERTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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, 2024 and 2023, and for the years ended December 31, 2024 and 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: 0; text-align: justify">&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><FONT ID="s1_016"></FONT>WHERE YOU CAN FIND ADDITIONAL INFORMATION</B></P>

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><FONT ID="s1_017"></FONT>INCORPORATION OF CERTAIN INFORMATION BY REFERENCE</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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: 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 STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 2%"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="width: 96%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our Annual Report on </FONT><A HREF="https://www.sec.gov/Archives/edgar/data/1355848/000168316825002049/kartoon_i10k-123124.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form 10-K</FONT></A> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">for the fiscal year ended December 31, 2024 filed with the SEC on March 31, 2025;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our Quarterly Report on </FONT><A HREF="https://www.sec.gov/Archives/edgar/data/1355848/000168316825003620/kartoon_i10q-033125.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form 10-Q</FONT></A> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">for the quarter ended March 31, 2025 filed with the SEC on May 15, 2025;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our Quarterly Report on </FONT><A HREF="https://www.sec.gov/Archives/edgar/data/1355848/000168316825006078/kartoon_i10q-063025.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form 10-Q</FONT></A> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">for the quarter ended June 30, 2025 filed with the SEC on August 14, 2025; </FONT></TD></TR>
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    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our Quarterly Report on </FONT><A HREF="https://www.sec.gov/Archives/edgar/data/1355848/000168316825008374/kartoon_i10q-093025.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form 10-Q</FONT></A> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">for the quarter ended September 30, 2025 filed with the SEC on November 14, 2025; </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our Current Reports on Form 8-K (other than information furnished rather than filed) filed on </FONT><A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1355848/000168316825000442/kartoon_8k.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">January 21, 2025</FONT></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">, </FONT><A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1355848/000168316825001498/kartoon_8k.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">March 11, 2025</FONT></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">, </FONT><A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1355848/000168316825003791/kartoon_8k.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">May 16, 2025</FONT></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">, </FONT><A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1355848/000168316825006589/kartoon_8k.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">August 29, 2025</FONT></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">, </FONT><A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1355848/000168316825006730/kartoon_8k.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">September 5, 2025</FONT></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">, </FONT><A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1355848/000168316825007617/kartoon_8k.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">October 17, 2025</FONT></A>, <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT><A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1355848/000168316825007700/kartoon_8k.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">October 21, 2025</FONT></A> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">and <A HREF="https://www.sec.gov/Archives/edgar/data/1355848/000168316825008726/kartoon_8k.htm">November 28, 2025</A>; </FONT></TD></TR>
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    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
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  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The description of our common stock set forth in (i) our registration statement on </FONT><A HREF="https://www.sec.gov/Archives/edgar/data/1355848/000168316823004357/genius_8a12b.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form 8-A12B</FONT></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">, filed with the SEC on June 22, 2023 (File No. 001-37950) and (ii) Exhibit 4.2&mdash;Description of Securities of Kartoon Studios, Inc. to our Annual Report on Form 10-K for the fiscal year ended December 31, 2024.</FONT></TD></TR>
  </TABLE>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">190 N. Canon Drive, 4th Floor</P>

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

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

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

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

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

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

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

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

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>December 9, 2025</B></P>

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