<SEC-DOCUMENT>0001214659-25-009262.txt : 20250616
<SEC-HEADER>0001214659-25-009262.hdr.sgml : 20250616
<ACCEPTANCE-DATETIME>20250616163032
ACCESSION NUMBER:		0001214659-25-009262
CONFORMED SUBMISSION TYPE:	424B3
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20250616
DATE AS OF CHANGE:		20250616

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Hyperscale Data, Inc.
		CENTRAL INDEX KEY:			0000896493
		STANDARD INDUSTRIAL CLASSIFICATION:	OIL & GAS FILED MACHINERY & EQUIPMENT [3533]
		ORGANIZATION NAME:           	01 Energy & Transportation
		EIN:				941721931
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		424B3
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-286788
		FILM NUMBER:		251050569

	BUSINESS ADDRESS:	
		STREET 1:		11411 SOUTHERN HIGHLANDS PARKWAY
		STREET 2:		SUITE 240
		CITY:			LAS VEGAS
		STATE:			NV
		ZIP:			89141
		BUSINESS PHONE:		(949) 444-5464 3679

	MAIL ADDRESS:	
		STREET 1:		11411 SOUTHERN HIGHLANDS PARKWAY
		STREET 2:		SUITE 240
		CITY:			LAS VEGAS
		STATE:			NV
		ZIP:			89141

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Ault Alliance, Inc.
		DATE OF NAME CHANGE:	20230103

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BitNile Holdings, Inc.
		DATE OF NAME CHANGE:	20211213

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Ault Global Holdings, Inc.
		DATE OF NAME CHANGE:	20210119
</SEC-HEADER>
<DOCUMENT>
<TYPE>424B3
<SEQUENCE>1
<FILENAME>f613250424b3.htm
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<P STYLE="margin: 0"><B>&nbsp;</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>&nbsp;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. 333-286788</B></P>

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


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

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Hyperscale Data, Inc.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Up to 10,881,178 shares of Class A Common Stock
Issuable upon Conversion of Certain Convertible Notes</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This prospectus relates to
the resale or other disposition from time to time in one or more offerings (the &ldquo;Note Offering&rdquo;) of up to 10,881,178 shares
(the &ldquo;Conversion Shares&rdquo;) of our class A common stock, par value $0.001 per share (&ldquo;Common Stock&rdquo;), issuable
upon the conversion of certain convertible notes (the &ldquo;Convertible Notes&rdquo;), as described below, to be offered by the Selling
Stockholders. &ldquo;Selling Stockholders&rdquo; refers to the Selling Stockholders named in this prospectus, or certain transferees,
assignees or other successors-in-interest that may receive our securities from the Selling Stockholders.</P>

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

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

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



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On February 25, 2025, we
issued to Esousa Group Holdings, LLC (<FONT STYLE="background-color: white">&ldquo;Esousa&rdquo;) an amended and restated convertible
promissory note </FONT>in the amount of $3.5 million <FONT STYLE="background-color: white">(the &ldquo;A&amp;R Forbearance Note&rdquo;),
</FONT>consisting of (i) the amount then due under a forbearance note in the amount of $887,985, (ii) a forbearance extension fee of
$311,917 and (iii) a true-up amount of $2,300,098. <FONT STYLE="background-color: white">The A&amp;R Forbearance Note is convertible
into shares of </FONT>Common Stock <FONT STYLE="background-color: white">(the &ldquo;Esousa Conversion Shares&rdquo;) at a conversion
price equal to $2.00. As a result, we are required to issue up to an aggregate of </FONT>1,750,000 <FONT STYLE="background-color: white">Esousa
Conversion Shares upon conversion of the A&amp;R Forbearance Note</FONT>, plus such number of Esousa Conversion Shares issuable upon
conversion of accrued but unpaid interest, to Esousa in connection with the conversion of the A&amp;R Forbearance Note. The A&amp;R Forbearance
Note matured on May 15, 2025; on such date, the A&amp;R Forbearance Note was convertible into 1,818,178 Esousa Conversion Shares. On
June 3, 2025, the Company and Esousa entered into an amendment to the A&amp;R Forbearance Note, pursuant to which the maturity date of
the A&amp;R Forbearance Note was extended until June 30, 2025.</P>



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

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

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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On March 14, 2025, we issued
to Orchid Finance LLC (<FONT STYLE="background-color: white">&ldquo;Orchid&rdquo;) a convertible promissory note </FONT>in the amount
of $4,193,315 <FONT STYLE="background-color: white">(the &ldquo;Orchid Exchange Note&rdquo;) in exchange for Orchid&rsquo;s surrender
to the Company of three outstanding notes previously issued to it by the Company.</FONT> The indebtedness with respect to the three outstanding
notes were originally incurred in April and May of 2024. As of the date of this prospectus, the outstanding principal balance of the
<FONT STYLE="background-color: white">Orchid Exchange Note</FONT> was $3,680,594. <FONT STYLE="background-color: white">The Orchid Exchange
Note is convertible into shares of </FONT>Common Stock <FONT STYLE="background-color: white">(the &ldquo;Orchid Exchange Conversion Shares&rdquo;),
at a conversion price </FONT>equal to the greater of (i) $0.40 per share (the &ldquo;Orchid Floor Price&rdquo;), and (ii) the lesser
of 75% of the VWAP (as defined in the Orchid Exchange Note) of the Common Stock during the five (5) trading days immediately prior to
(A) March 14, 2025 or (B) the date of conversion into shares of Common Stock<FONT STYLE="background-color: white">. As a result, we are
required to issue up to an aggregate of </FONT>2,015,702 <FONT STYLE="background-color: white">Orchid Exchange Conversion Shares upon
conversion of the Orchid Exchange Note (assuming conversion at a conversion price of $1.9415, which is </FONT>75% of the VWAP of the
Common Stock during the five (5) trading days immediately prior to March 14, 2025<FONT STYLE="background-color: white">)</FONT>, plus
such number of Orchid Exchange Conversion Shares issuable upon conversion of accrued but unpaid interest, to Orchid in connection with
the conversion of the Orchid Exchange Note. The Orchid Exchange Note matures on June 30, 2025; on such date, based on a conversion price
of 75% of the VWAP of the Common Stock during the five (5) trading days immediately prior to March 14, 2025, the Orchid Exchange Note
will be convertible into 2,062,153 Orchid Exchange Conversion Shares.<P STYLE="font: 10pt Times New Roman; margin: 0pt">&nbsp;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On March 21, 2025, we entered
into an Exchange Agreement (the &ldquo;SJC Exchange Agreement&rdquo;) with SJC Lending, LLC, a Delaware limited liability company (the
&ldquo;SJC&rdquo;), pursuant to which we issued to SJC a 15% convertible note in the principal amount of $4,909,411 (the &ldquo;SJC Convertible
Note&rdquo;) in exchange for the cancellation of the following notes issued by the Company to Steve J. Caspi, the sole member of SJC,
who transferred such notes to SJC: (i) a term note issued on January 14, 2025 in the principal face amount of $2,500,000 (&ldquo;Note
1&rdquo;), (ii) a promissory note issued on March 7, 2025 in the principal face amount of $500,000 (&ldquo;Note 2&rdquo;), (iii) a promissory
note issued on March 12, 2025 in the principal face amount of $1,500,000 (&ldquo;Note 3&rdquo;) and (iv) a promissory note issued on
March 13, 2025 in the principal face amount of $300,000 (&ldquo;Note 4&rdquo; and collectively with Note 1, Note 2 and Note 3, the &ldquo;Original
Notes&rdquo;), which Note 1, Note 2, Note 3 and Note 4, as of March 21, 2025, had outstanding principal and accrued but unpaid interest
of $2,600,000, $502,877, $1,505,548 and $300,986, respectively. The SJC Convertible Note is convertible into shares of Common Stock (the
&ldquo;SJC Conversion Shares&rdquo;) at a conversion price equal to the greater of (i) $0.40 per share (the &ldquo;SJC Floor Price&rdquo;),
which SJC Floor Price shall not be adjusted for stock dividends, stock splits, stock combinations and other similar transactions and
(ii) the lesser of 75% of the VWAP (as defined in the SJC Convertible Note) of the Common Stock during the five (5) trading days immediately
prior to (A) March 21, 2025 or (B) the date of conversion into shares of Common Stock, but not greater than $10.00 per share (the &ldquo;Maximum
Price&rdquo;), which Maximum Price shall be adjusted for stock dividends, stock splits, stock combinations and other similar transactions.
The conversion price is only subject to adjustment in the event that the Company does a stock split or similar transaction of the Common
Stock.&nbsp;As a result, we are required to issue up to an aggregate of 2,902,573 SJC Conversion Shares upon conversion of the SJC Convertible
Note (assuming conversion at a conversion price of $1.6914, which is 75% of the VWAP of the Common Stock during the five (5) trading
days immediately prior to March 21, 2025), plus such number of SJC Conversion Shares issuable upon conversion of accrued but unpaid interest,
to SJC in connection with the conversion of the SJC Convertible Note. The SJC Convertible Note will mature on December 31, 2025; on such
date, based on a conversion price of 75% of the VWAP of the Common Stock during the five (5) trading days immediately prior to March
21, 2025, the SJC Convertible Note will be convertible into 3,264,155 SJC Conversion Shares.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On April 1, 2025, we issued
to Orchid <FONT STYLE="background-color: white">a convertible promissory note </FONT>in the amount of $1,650,000 <FONT STYLE="background-color: white">(the
&ldquo;Orchid Note&rdquo;) in consideration for an advance previously made to the Company in the amount of $1,500,000. The Orchid Note
is convertible into shares of </FONT>Common Stock <FONT STYLE="background-color: white">(the &ldquo;Orchid Conversion Shares&rdquo;),
at a conversion price </FONT>equal to the greater of (i) the Orchid Floor Price, and (ii) the lesser of 75% of the VWAP (as defined in
the Orchid Note) of the Common Stock during the five (5) trading days immediately prior to (A) April 1, 2025 or (B) the date of conversion
into shares of Common Stock<FONT STYLE="background-color: white">. As a result, we are required to issue up to an aggregate of </FONT>855,056
<FONT STYLE="background-color: white">Orchid Conversion Shares upon conversion of the Orchid Note (assuming conversion at a conversion
price of $1.9297, which is </FONT>75% of the VWAP of the Common Stock during the five (5) trading days immediately prior to April 1,
2025<FONT STYLE="background-color: white">)</FONT>, plus such number of Orchid Conversion Shares issuable upon conversion of accrued
but unpaid interest, to Orchid in connection with the conversion of the Orchid Note. The Orchid Note matures on September 30, 2025; on
such date, based on a conversion price of 75% of the VWAP of the Common Stock during the five (5) trading days immediately prior to April
1, 2025, the Orchid Note will be convertible into 920,265 Orchid Conversion Shares.</P>

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







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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On April 8, 2025, we issued
to Jorico, LLC (<FONT STYLE="background-color: white">&ldquo;Jorico&rdquo;) a convertible promissory note </FONT>in the amount of $110,000
<FONT STYLE="background-color: white">(the &ldquo;Jorico Note&rdquo;) in consideration for $100,000 paid to the Company. The Jorico Note
is convertible into shares of </FONT>Common Stock <FONT STYLE="background-color: white">(the &ldquo;Jorico Conversion Shares&rdquo;),
at a conversion price </FONT>equal to the greater of (i) $0.45 per share (the &ldquo;Jorico Floor Price&rdquo;), and (ii) the lesser
of (A) 75% of the VWAP (as defined in the Jorico Note) of the Common Stock during the five (5) trading days immediately prior to April
18, 2025 or (B) 75% of the lowest daily VWAP of the Common Stock during the five (5) trading days immediately prior to the date of conversion
into shares of Common Stock<FONT STYLE="background-color: white">. As a result, we are required to issue up to an aggregate of </FONT>58,811
<FONT STYLE="background-color: white">Conversion Shares upon conversion of the </FONT>Jorico <FONT STYLE="background-color: white">Note
(assuming conversion at a conversion price of $1.8704, which is </FONT>75% of the VWAP of the Common Stock during the five (5) trading
days immediately prior to April 18, 2025<FONT STYLE="background-color: white">)</FONT>, plus such number of Jorico Conversion Shares
issuable upon conversion of accrued but unpaid interest, to Jorico in connection with the conversion of the Jorico Note. The Jorico Note
matures on September 30, 2025; on such date, based on a conversion price of 75% of the VWAP of the Common Stock during the five (5) trading
days immediately prior to April 18, 2025, the Jorico Note will be convertible into 63,123 Jorico Conversion Shares.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Target Capital Convertible Note</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On April 15, 2025, we issued
to Target Capital 14 LLC (<FONT STYLE="background-color: white">&ldquo;Target Capital&rdquo;) a convertible promissory note </FONT>in
the amount of $3,750,000 <FONT STYLE="background-color: white">(the &ldquo;Target Capital Note&rdquo;) in consideration for $3,000,000
paid to the Company. The Target Capital Note is convertible into shares of </FONT>Common Stock <FONT STYLE="background-color: white">(the
&ldquo;Target Capital Conversion Shares&rdquo;), at a conversion price </FONT>equal to the greater of (i) $0.40 per share (the &ldquo;Target
Capital Floor Price&rdquo;), and (ii) 80% of the lowest closing price of the Common Stock during the five (5) trading days immediately
prior to the date of conversion into shares of Common Stock<FONT STYLE="background-color: white">. As a result, we are required to issue
up to an aggregate of 2,064,978 Target Capital Conversion Shares upon conversion of the Target Capital Note (assuming conversion at a
conversion price of $1.816, which is </FONT>80% of the lowest closing price of the Common Stock during the five (5) trading days immediately
prior to April 15, 2025, and that no event of default has occurred<FONT STYLE="background-color: white">)</FONT>, plus such number of
Target Capital Conversion Shares issuable upon conversion of accrued but unpaid interest, to Target Capital in connection with the conversion
of the Target Capital Note. The Target <FONT STYLE="background-color: white">Capital Note</FONT> matures on September 30, 2025; on such
date, based on a conversion price of $1.816, <FONT STYLE="background-color: white">which is </FONT>80% of the lowest closing price of
the Common Stock during the five (5) trading days immediately prior to April 15, 2025, and assuming no event of default has occurred,
the Target Capital Note will be convertible into 2,064,978 Target <FONT STYLE="background-color: white">Capital Conversion Shares</FONT>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Secure Net Capital Convertible Note</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On April 15, 2025, we issued
to Secure Net Capital LLC (&ldquo;Secure Net Capital,&rdquo; and together with Esousa, Orchid. SJC, Jorico and Target Capital, collectively,
<FONT STYLE="background-color: white">the &ldquo;Selling Stockholders&rdquo; and individually, a &ldquo;Selling Stockholder&rdquo;) a
convertible promissory note </FONT>in the amount of $1,250,000 <FONT STYLE="background-color: white">(the &ldquo;Secure Net Capital Note&rdquo;)
in consideration for $1,000,000 paid to the Company. The Secure Net Capital Note is convertible into shares of </FONT>Common Stock <FONT STYLE="background-color: white">(the
&ldquo;Secure Net Capital Conversion Shares&rdquo;), at a conversion price </FONT>equal to the greater of (i) $0.40 per share (the &ldquo;Secure
Net Capital Floor Price&rdquo;), and (ii) 80% of the lowest closing price of the Common Stock during the five (5) trading days immediately
prior to the date of conversion into shares of Common Stock<FONT STYLE="background-color: white">. As a result, we are required to issue
up to an aggregate of 688,326 Secure Net Capital Conversion Shares upon conversion of the Secure Net Capital Note (assuming conversion
at a conversion price of $1.816, which is </FONT>80% of the lowest closing price of the Common Stock during the five (5) trading days
immediately prior to April 15, 2025, and that no event of default has occurred<FONT STYLE="background-color: white">)</FONT>, plus such
number of <FONT STYLE="background-color: white">Secure Net Capital Conversion Shares</FONT> issuable upon conversion of accrued but unpaid
interest, to Secure Net Capital in connection with the conversion of the <FONT STYLE="background-color: white">Secure Net Capital Note</FONT>.
The <FONT STYLE="background-color: white">Secure Net Capital Note</FONT> matures on September 30, 2025; on such date, based on a conversion
price of $1.816<FONT STYLE="background-color: white">, which is </FONT>80% of the lowest closing price of the Common Stock during the
five (5) trading days immediately prior to April 15, 2025, and assuming no event of default has occurred, the Secure Net Capital Note
will be convertible into 688,326 <FONT STYLE="background-color: white">Secure Net Capital Conversion Shares</FONT>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="background-color: white">Consequently,
we may be required to issue up to an aggregate of 10,881,178 Conversion Shares upon conversion of the Convertible Notes</FONT> (assuming
the Convertible Notes are converted at the applicable floor price, to the Selling Stockholders in connection with the conversion of the
Convertible Notes).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Selling Stockholders
may sell or otherwise dispose of the shares of our Common Stock included in this prospectus in a number of different ways and at varying
prices. See the section titled &ldquo;<I>Plan of Distribution</I>&rdquo; for more information about how the Selling Stockholders may
sell or otherwise dispose of the Common Stock being offered in this prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Each Selling Stockholder
is an &ldquo;underwriter&rdquo; within the meaning of Section&nbsp;2(a)(11) of the Securities Act of 1933, as amended (the &ldquo;Securities
Act&rdquo;).&nbsp;</P>

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



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Common Stock trades on
the NYSE American LLC (&ldquo;NYSE American&rdquo;) under the symbol &ldquo;GPUS.&rdquo; On June 12, 2025, the last reported sales price
of the Common Stock, as reported by NYSE American, was $4.44 per share.</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;Each Selling Stockholder
may, from time to time, sell, transfer or otherwise dispose of any or all of its shares of our Common Stock on any stock exchange, market
or trading facility on which the shares are traded or in private transactions. These dispositions may be at fixed prices, at prevailing
market prices at the time of sale, at prices related to the prevailing market price, at varying prices determined at the time of sale,
or at negotiated prices. See &ldquo;<I>Plan of Distribution</I>&rdquo; on page 52.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are a &ldquo;smaller reporting
company&rdquo; as defined under the federal securities laws and, as such, have elected to comply with certain reduced public company
reporting requirements for this prospectus and may elect to do so in future filings.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Investing in the Common Stock
is highly speculative and involves a high degree of risk. You should review carefully the risks and uncertainties described in the section
titled &ldquo;<I>Risk Factors&rdquo;</I> beginning on page&nbsp;26 of this prospectus, and under similar headings in any amendments or
supplements to this prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Neither the SEC nor any
state securities commission has approved or disapproved of the Common Stock or determined if this prospectus is truthful or complete.
Any representation to the contrary is a criminal offense.</B></P>

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

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: center"><B>The date of this prospectus is June 13, 2025</B></P>

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="width: 94%"><A HREF="#ABOUTTHISPROSPECTUS">ABOUT THIS PROSPECTUS</A></TD>
    <TD STYLE="width: 6%; text-align: right">ii</TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD><A HREF="#MARKETANDINDUSTRYDATA">MARKET AND INDUSTRY DATA</A></TD>
    <TD STYLE="text-align: right">iii</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD><A HREF="#CAUTIONARYNOTE">CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS</A></TD>
    <TD STYLE="text-align: right">iv</TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD><A HREF="#PROSPECTUSSUMMARY">PROSPECTUS SUMMARY</A></TD>
    <TD STYLE="text-align: right">1</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD><A HREF="#THEOFFERING">THE OFFERING</A></TD>
    <TD STYLE="text-align: right">25</TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD><A HREF="#RISKFACTORS">RISK FACTORS</A></TD>
    <TD STYLE="text-align: right">26</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD><A HREF="#THECONVERTIBLENOTE">THE CONVERTIBLE NOTE FINANCINGS</A></TD>
    <TD STYLE="text-align: right">44</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><A HREF="#USEOFPROCEEDS">USE OF PROCEEDS</A></TD>
    <TD STYLE="text-align: right">48</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD><A HREF="#DESCRIPTIONOFOURSECURITIES">DESCRIPTION OF OUR SECURITIES</A></TD>
    <TD STYLE="text-align: right">49</TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD><A HREF="#SELLINGSTOCKHOLDERS">SELLING STOCKHOLDERS</A></TD>
    <TD STYLE="text-align: right">50</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD><A HREF="#PLANOFDISTRIBUTION">PLAN OF DISTRIBUTION</A></TD>
    <TD STYLE="text-align: right">52</TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD><A HREF="#LEGALMATTERS">LEGAL MATTERS</A></TD>
    <TD STYLE="text-align: right">54</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD><A HREF="#EXPERTS">EXPERTS</A></TD>
    <TD STYLE="text-align: right">54</TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD><A HREF="#INFORMATIONINCORPORATED">INFORMATION INCORPORATED BY REFERENCE</A></TD>
    <TD STYLE="text-align: right">54</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD><A HREF="#WHEREYOUCANFIND">WHERE YOU CAN FIND MORE INFORMATION</A></TD>
    <TD STYLE="text-align: right">55</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman; margin: 0pt">&nbsp;</P>



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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This prospectus is part of
a Registration Statement on Form S-1 that we filed with the SEC. The Selling Stockholders may, from time to time, sell up to 10,881,178
shares of our Common Stock, as described in this prospectus. We will not receive any proceeds from the sale by the Selling Stockholders
of the securities described in this prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">You should rely only on the
information contained in this prospectus, any supplement to this prospectus or in any free writing prospectus, filed with the SEC. Neither
we nor the Selling Stockholders have authorized anyone to provide you with additional information or information different from that
contained in this prospectus, or any applicable prospectus supplement or any free writing prospectuses prepared by us or on our behalf
and filed with the SEC. We take no responsibility for, and can provide no assurance as to the reliability of, any other information that
others may give you. The Selling Stockholders are offering to sell our securities only in jurisdictions where offers and sales are permitted.
The information contained in this prospectus is accurate only as of the date of this prospectus, regardless of the time of delivery of
this prospectus or any sale of our securities. Our business, financial condition, results of operations and prospects may have changed
since that date.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We may also file a prospectus
supplement or post-effective amendment to the registration statement of which this prospectus forms a part that may contain material
information relating to these offerings. The prospectus supplement or post-effective amendment, as the case may be, may add, update or
change information contained in this prospectus with respect to such offering. If there is any inconsistency between the information
in this prospectus and the applicable prospectus supplement or post-effective amendment, you should rely on the prospectus supplement
or post-effective amendment, as applicable. Before purchasing any shares of our Common Stock, you should carefully read this prospectus
and any prospectus supplement and/or post-effective amendment, as applicable, together with the additional information described under
&ldquo;<I>Where You Can Find More Information</I>.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For investors outside of
the United States: Neither we nor the Selling Stockholders have done anything that would permit this offering or possession or distribution
of this prospectus in any jurisdiction where action for that purpose is required, other than in the United States. Persons outside the
United States who come into possession of this prospectus must inform themselves about, and observe any restrictions relating to, the
offering of our securities and the distribution of this prospectus outside the United States.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This document includes trademarks,
tradenames and service marks, certain of which belong to the Company and others that are the property of other organizations. Solely
for convenience, trademarks, tradenames and service marks referred to in this document appear without the &reg;, TM and SM symbols, but
the absence of those symbols is not intended to indicate, in any way, that the Company will not assert its rights or that the applicable
owner will not assert its rights to these trademarks, tradenames and service marks to the fullest extent under applicable law. The Company
does not intend its use or display of other parties&rsquo; trademarks, trade names or service marks to imply, and such use or display
should not be construed to imply, a relationship with, or endorsement or sponsorship of the Company by, these other parties.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Unless the context indicates
otherwise, references in this prospectus to the &ldquo;Company,&rdquo; &ldquo;we,&rdquo; &ldquo;us,&rdquo; &ldquo;our company&rdquo;
and similar terms refer to Hyperscale Data, Inc. and its consolidated subsidiaries.</P>

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



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="MARKETANDINDUSTRYDATA"></A>MARKET
AND INDUSTRY DATA</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This prospectus contains
estimates, projections, and other information concerning our industry and business, as well as data regarding market research, estimates,
and forecasts prepared by our management. Information that is based on estimates, forecasts, projections, market research, or similar
methodologies is inherently subject to uncertainties, and actual events or circumstances may differ materially from events and circumstances
that are assumed in this information. The industry in which we operate is subject to a high degree of uncertainty and risk due to a variety
of factors, including those described in the section titled &ldquo;<I>Risk Factors</I>.&rdquo; Unless otherwise expressly stated, we
obtained this industry, business, market, and other data from reports, research surveys, studies, and similar data prepared by market
research firms and other third parties, industry and general publications, government data, and similar sources. In some cases, we do
not expressly refer to the sources from which this data is derived. In that regard, when we refer to one or more sources of this type
of data in any paragraph, you should assume that other data of this type appearing in the same paragraph is derived from sources which
we paid for, sponsored, or conducted, unless otherwise expressly stated or the context otherwise requires. While we have compiled, extracted,
and reproduced industry data from these sources, we have not independently verified the data. Forecasts and other forward-looking information
with respect to industry, business, market, and other data are subject to the same qualifications and additional uncertainties regarding
the other forward-looking statements in this document. See &ldquo;<I>Cautionary Note Regarding Forward-Looking Statements</I>.&rdquo;</P>

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



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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This registration statement,
of which this prospectus forms a part, contains forward-looking statements. All statements other than statements of historical fact contained
herein, including statements regarding our business plans or strategies, projected or anticipated benefits or other consequences of our
plans or strategies are forward-looking statements. Words such as &ldquo;anticipates,&rdquo; &ldquo;assumes,&rdquo; &ldquo;believes,&rdquo;
&ldquo;can,&rdquo; &ldquo;could,&rdquo; &ldquo;estimates,&rdquo; &ldquo;expects,&rdquo; &ldquo;forecasts,&rdquo; &ldquo;guides,&rdquo;
&ldquo;intends,&rdquo; &ldquo;is confident that,&rdquo; &ldquo;may,&rdquo; &ldquo;plans,&rdquo; &ldquo;seeks,&rdquo; &ldquo;projects,&rdquo;
&ldquo;targets,&rdquo; and &ldquo;would,&rdquo; and their opposites and similar expressions, as well as statements in future tense, are
intended to identify forward-looking statements. Forward-looking statements should not be read as a guarantee of future performance or
results and may not be accurate indications of when such performance or results will actually be achieved. Forward-looking statements
are based on information we have when those statements are made or our management&rsquo;s good faith belief as of that time with respect
to future events and are subject to risks and uncertainties that could cause actual performance or results to differ materially from
those expressed in or suggested by the forward-looking statements. Important factors that could cause such differences include, but are
not limited to:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">we
                                            will need to raise additional capital to fund our operations in furtherance of our business
                                            plan;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">we
                                            have an evolving business model, which increases the complexity of our business;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our
                                            Bitcoin mining operations present a number of risks;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">we
                                            are highly reliant on the price of Bitcoin and the level of demand for, and financial performance
                                            of, Bitcoin;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our
                                            holding company model presents certain additional risks;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our
                                            growth strategy is subject to a significant degree of risk;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">we
                                            are heavily dependent on our senior management, and a loss of a member of our senior management
                                            team could cause our stock price to suffer;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">if
                                            we fail to anticipate and adequately respond to rapid technological changes in our industry,
                                            including evolving industry-wide standards, in a timely and cost-effective manner, our business,
                                            financial condition and results of operations would be materially and adversely affected;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">we
                                            are subject to risks related to governmental regulation and enforcement with respect to Bitcoin
                                            mining, including:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.25in">o</TD><TD STYLE="text-align: justify">regulatory changes or actions may
                                            restrict the use of bitcoins or the operation of the Bitcoin network in a manner that adversely
                                            affects an investment in our securities;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.25in">o</TD><TD STYLE="text-align: justify">due to the unregulated nature and
                                            lack of transparency surrounding the operations of many Bitcoin trading venues, they may
                                            experience fraud, security failures or operational problems, which may adversely affect the
                                            value of our bitcoin;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.25in">o</TD><TD STYLE="text-align: justify">if regulatory changes or interpretations
                                            require the regulation of bitcoins under the Securities Act and the Investment Company Act
                                            of 1940, as amended (the &ldquo;Investment Act&rdquo;) by the SEC, we may be required to
                                            register and comply with such regulations. To the extent we decide to continue operations,
                                            the required registrations and regulatory compliance steps may result in extraordinary, non-recurring
                                            expenses to us. We may also decide to cease certain operations. Any disruption of our operations
                                            in response to the changed regulatory circumstances may be at a time that is disadvantageous
                                            to investors. This would likely have a material adverse effect on us and investors may lose
                                            their investment; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.25in">o</TD><TD STYLE="text-align: justify">changing environmental regulation
                                            and public energy policy may expose our business to new risks;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">we
                                            may be significantly impacted by developments and changes in laws and regulations, including
                                            increased regulation of the industry in which we operate through legislative action and revised
                                            rules and standards applied by The Financial Crimes Enforcement Network under the authority
                                            of the U.S. Bank Secrecy Act;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">if
                                            we do not continue to satisfy the NYSE American continued listing requirements, our securities
                                            could be delisted from NYSE American;</TD></TR></TABLE>



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



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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our
                                            Common Stock price is volatile; and</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman; margin: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">other
                                            risks and uncertainties described in this prospectus, including those under the section entitled
                                            &ldquo;<I>Risk Factors</I>.&rdquo;</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Should one or more of these
risks or uncertainties materialize or should any of the assumptions made by the management of the Company prove incorrect, actual results
may vary in material respects from those projected in these forward-looking statements.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Except to the extent required
by applicable law or regulation, the Company undertakes no obligation to update these forward-looking statements to reflect events or
circumstances after the date hereof or to reflect the occurrence of unanticipated events.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>This summary highlights
certain information appearing elsewhere in this prospectus. Because it is only a summary, it does not contain all of the information
that you should consider before investing in our securities and it is qualified in its entirety by, and should be read in conjunction
with, the more detailed information appearing elsewhere in this prospectus. Before you decide to invest in our Common Stock, you should
read the entire prospectus carefully, including the section titled &ldquo;Risk Factors&rdquo; and our financial statements and related
notes thereto included elsewhere in this prospectus.</I></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Hyperscale
Data, Inc., a Delaware corporation formerly known as Ault Alliance, Inc., was incorporated in September 2017. Through our wholly and
majority owned subsidiaries and strategic investments, we own and/or operate data centers at which we mine Bitcoin and offer colocation
and hosting services for the emerging artificial intelligence (&ldquo;AI&rdquo;) ecosystems and other industries as well as provide mission-critical
products that support a diverse range of industries, including an artificial intelligence software platform, a social gaming platform,
equipment rental services, defense/aerospace, industrial, automotive, medical/biopharma and hotel operations. Our direct and indirect
wholly owned subsidiaries include (i) Sentinum, Inc. (&ldquo;Sentinum&rdquo;), (ii) Alliance Cloud Services, LLC (&ldquo;ACS&rdquo;)
and (iii) BNI Montana, LLC (&ldquo;BNI Montana&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We own Ault Capital Group,
Inc. (&ldquo;Ault Capital&rdquo;), which either wholly owns or has a direct controlling interest in, among other entities, (i) Ault Lending,
LLC (&ldquo;Ault Lending&rdquo;), (ii) RiskOn International, Inc., formerly known as BitNile Metaverse, Inc. (&ldquo;ROI&rdquo;), which
wholly owns BitNile.com, Inc. (&ldquo;BNC&rdquo;), (iii) askROI, Inc. (&ldquo;askROI&rdquo;), (iv) Ault Global Real Estate Equities,
Inc. (&ldquo;AGREE&rdquo;), (v) Ault Aviation, LLC (&ldquo;Ault Aviation&rdquo;), (vi) Circle 8 Holdco LLC (&ldquo;Circle 8 Holdco&rdquo;),
which wholly owns Circle 8 Crane Services, LLC (&ldquo;Circle 8&rdquo;) and (vii) TurnOnGreen, Inc. (&ldquo;TurnOnGreen&rdquo;), which
wholly owns TOG Technologies, Inc. (&ldquo;TOG Technologies&rdquo;) and Digital Power Corporation (&ldquo;Digital Power&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We were founded by Milton
C. (Todd) Ault, III, our Executive Chairman, and are led by Mr. Ault, William B. Horne, our Chief Executive Officer and Vice Chairman,
and Henry Nisser, our President and General Counsel. Together, they constitute the Executive Committee, which manages the day-to-day
operations of the holding company. Our long-term objective is to maximize per share intrinsic value. All major investment and capital
allocation decisions are made for us by Mr. Ault and the Executive Committee.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We currently have the following
reportable segments, though it should be noted that we are in the process of transitioning our data centers away from Bitcoin mining
to operations dedicated to high-performance computing (&ldquo;HPC&rdquo;) and AI purposes:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Technology
                                            and Finance (&ldquo;Fintech&rdquo;): commercial lending and trading through Ault Lending;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Sentinum:
                                            Bitcoin mining operation and data center operations through ACS;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">AGREE
                                            &ndash; hotel operations and other commercial real estate holdings;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Energy
                                            and Infrastructure (&ldquo;Energy&rdquo;): crane rental and lifting solutions provider for
                                            oilfield, construction, commercial and infrastructure markets through Circle 8;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">ROI:
                                            includes askROI, which operates a unique, generative AI-driven platform engineered to provide
                                            pertinent and unique data insights through integration with business specific data that pushes
                                            beyond the conventional uses of existing large language models as well as RiskOn, which owns
                                            100% of BNC, which operates a social gaming platform; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">TurnOnGreen:
                                            commercial electronics solutions with operations conducted by Digital Power, and electric
                                            vehicle (&ldquo;EV&rdquo;) charging solutions through TOG Technologies.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We operate as a holding company
with operations conducted primarily through our subsidiaries, which are described below.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On June 4, 2024, we entered
into a Loan Agreement (the &ldquo;2024 Credit Agreement&rdquo;) with OREE Lending Company, LLC and Helios Funds LLC, as lenders (&ldquo;Lenders&rdquo;).
Each Lender is a 50% member of (and thus affiliate of) Orion Equity Partners, LLC (&ldquo;Orion&rdquo;). The 2024 Credit Agreement provided
for an unsecured, non-revolving credit facility in an aggregate principal amount of up to $20.0 million, provided, however, that at no
point shall we be allowed to have outstanding loans under the 2024 Credit Agreement in a principal amount received of more than $2.0
million (unless otherwise allowed by Lenders in their sole discretion). All loans under the 2024 Credit Agreement were due December 4,
2024. The Lenders are not obligated to make any further loans under the 2024 Credit Agreement after the maturity date described above.
Loans under the 2024 Credit Agreement are evidenced by promissory notes (the &ldquo;Promissory Notes&rdquo;) and have an original issuance
discount of 20% to the amount of each loan and all Promissory Notes, originally bore interest at the rate of 15.0% per annum and may
be repaid at any time without penalty or premium.</P>

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



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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Under the 2024 Credit Agreement,
the Lenders loaned to us $1.5 million on June 4, 2024, $0.5 million on June 20, 2024 and $1.5 million on or about July 2, 2024. As of
the date of this prospectus, we have repaid all loans under the 2024 Credit Agreement to the Lenders. On January 9, 2025, we and each
Lender amended (a) the 2024 Credit Agreement whereby, among other things, upon the effectiveness of a registration statement, the 2024
Credit Agreement shall terminate and be of no further force and effect, (b) the notes whereby no additional interest (other than the 20%
OID) shall accrue on such notes. As a result of these amendments, the aggregate amount payable to the Lenders by us, above the principal
amount of $3.5 million under the 2024 Credit Agreement, is $0.7 million.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On June 20, 2024, we entered
into the ELOC Purchase Agreement, as amended (as amended, the "Purchase Agreement") with Orion, pursuant to which Orion has committed
to purchase up to an aggregate of $37.5 million of shares of 13.00% Series D Cumulative Redeemable Perpetual Preferred Stock, par value
$0.001 per share ("Series D Preferred Stock"), subject to certain limitations and conditions set forth in the Purchase Agreement. The
shares of our Series D Preferred Stock that may be issued under the Purchase Agreement may be sold by us to Orion at our discretion from
time to time during the term of the Purchase Agreement. On May 28, 2025, the Purchase Agreement was terminated. In aggregate, we sold
a total of 261,778 shares of Series D Preferred Stock for $3.45 million.</P>

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



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On July 18, 2024, we entered
into a note purchase agreement with an institutional investor pursuant to which the institutional investor agreed to acquire, and we
agreed to issue and sell in a registered direct offering to the institutional investor, a $5.4 million 10% OID Convertible Promissory
Note (the &ldquo;OID Note&rdquo;). The OID Note was sold to the institutional investor for a purchase price of $4.9&nbsp;million, an
original issue discount of $0.5 million. The OID Note will accrue interest at the rate of 15% per annum, unless an event of default occurs,
at which time the OID Note would accrue interest at 18% per annum. The OID Note matured on October 19, 2024. In addition, the OID Note
is convertible into shares of our Class A common stock at a conversion price of $5.867 per share (the &ldquo;OID Conversion Price&rdquo;),
subject to adjustment. On December 10, 2024, we entered into a forbearance agreement with the investor pursuant to which the investor
agreed to forebear through the close of business on December 31, 2024, from exercising the rights and remedies it is entitled to under
the OID Note, and we issued the investor a convertible promissory note in the amount of $0.9 million (the &ldquo;Forbearance Note&rdquo;).
The Forbearance Note was convertible into shares of Class A common stock at a conversion price equal to $5.47, subject to adjustment.
The Forbearance Note accrued interest at the rate of 18% per annum and matured on February 15, 2025. On February 25, 2025, pursuant to
an amended and restated forbearance agreement we entered into with the institutional investor, we issued to the investor an amended and
restated convertible promissory note&nbsp;in the amount of $3.5 million&nbsp;(the &ldquo;A&amp;R Forbearance Note&rdquo;),&nbsp;consisting
of (i) the amount then due under the forbearance note of $0.9 million, (ii) a forbearance extension fee of $0.3 million and (iii) a true-up
amount of $2.3 million.&nbsp;The A&amp;R Forbearance Note shall be convertible into shares of Class A common stock at a conversion price
equal to $2.00.&nbsp;The&nbsp;A&amp;R Forbearance&nbsp;Note will accrue interest at the rate of 18% per annum and matured on May 15,
2025. In exchange, the investor agreed to forbear through the close of business on May 15, 2025, from exercising any rights and remedies
under the $5.4 million 10% OID Convertible Promissory Note we previously issued to the investor on July 19, 2024 and any related transaction
documents. On June 3, 2025, the Company and the institutional investor entered into an amendment to the A&amp;R Forbearance Note, pursuant
to which the maturity date of the A&amp;R Forbearance Note was extended until June 30, 2025.</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In October 2024, pursuant
to the securities purchase agreement we entered into with Ault &amp; Company, dated as of November 6, 2023 (the &ldquo;November 2023
SPA&rdquo;), we sold an aggregate of 1,400 shares of Series C Convertible Preferred Stock and warrants to purchase an aggregate of 11,825
shares of Class A common stock to Ault &amp; Company, for an aggregate purchase price of $1.4 million.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In November 2024, pursuant
to the November 2023 SPA we entered into with Ault &amp; Company, we sold an aggregate of 1,280 shares of Series C Convertible Preferred
Stock and warrants to purchase an aggregate of 10,811 shares of Class A common stock to Ault &amp; Company, for an aggregate purchase
price of $1.3 million.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On December 9, 2024, we completed
the distribution of 650,000 shares of our 10% Series E Redeemable Perpetual Preferred Stock (the &ldquo;Series E Preferred Stock&rdquo;),
a $16.25 million stated value, to holders of Class A common stock and Series C Convertible Preferred Stock on an as-converted basis.
Dividends will accrue on the stated amount of $25.00 per share of the Series E Preferred Stock at a rate per annum equal to 10.00%.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On December 16, 2024, we
completed the distribution of approximately 5.0 million shares of our Class B common stock (the &ldquo;Class B Common Stock&rdquo;) to
all holders of our Class A common stock and Series C Convertible Preferred Stock on an as-converted basis. There is currently no public
trading market for the Class B Common Stock. While we presently intend to seek to have the Class B Common Stock listed for trading on
the NYSE American within the foreseeable future, there can be no assurance when, or if, such a listing will occur. The Class B Common
Stock is identical to the currently outstanding Class A common stock, with the exception that each share thereof carries 10 times the
voting power of a share of Class A common stock. The Class B Common Stock is convertible at any time into Class A common stock on a one-for-one
basis.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On November 20, 2024, pursuant
to the approval provided by our stockholders at the annual meeting of stockholders held on June 28, 2024, we filed an Amendment to our
Certificate of Incorporation with the State of Delaware to effectuate a reverse stock split of our Class A common stock affecting the
issued and outstanding number of such shares by a ratio of one-for-thirty-five. The reverse stock split became effective on November
22, 2024. All share amounts in this prospectus have been updated to reflect the reverse stock split.</P>

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



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On December 23, 2024, we
completed the distribution of 1.0 million shares of our Series F Exchangeable Preferred Stock (&ldquo;Series F Preferred Stock&rdquo;)
to holders of Class A common stock and Series C Convertible Preferred Stock on an as-converted basis. The Series F Preferred Stock has
a $1.00 liquidation preference and does not pay a dividend. Each share of Series F Preferred Stock will be exchangeable, at the option
of its holder, for (i) 10 shares of Class A Common Stock of Ault Capital and (ii) five shares of Class B Common Stock of Ault Capital,
at any time beginning on the later of (i) one year after issuance of the Series F Preferred Stock and (ii) the date of the registration
under the Securities Act of 1933, as amended, of all of the foregoing shares of Ault Capital Class A Common Stock and Ault Capital Class
B Common Stock. Once the Series F Preferred Stock has been exchanged into shares of Ault Capital Class A Common Stock and Class B Common
Stock, our sole business will be our ownership of Sentinum, Inc., through which we operate our Bitcoin mining business as well as its
HPC and AI operations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In December 2024, pursuant
to the November 2023 SPA we entered into with Ault &amp; Company, we sold an aggregate of 3,020 shares of Series C Convertible Preferred
Stock and warrants to purchase an aggregate of 25,509 shares of Class A common stock to Ault &amp; Company, for an aggregate purchase
price of $3.0 million. As of the date of this prospectus, Ault &amp; Company has purchased an aggregate of 50,000 shares of Series C
Convertible Preferred Stock and warrants to purchase an aggregate of 422,337 shares of Class A common stock, for an aggregate purchase
price of $50.0 million.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On December 13, 2024 (the
&ldquo;Closing Date&rdquo;), Third Avenue Apartments LLC (&ldquo;Third Avenue&rdquo;), which was a subsidiary of AGREE, completed the
sale of its real property located at the southeast corner of 5th Street North and 3rd Avenue North in St. Petersburg, Florida (the &ldquo;Property&rdquo;).
The Property was sold on the Closing Date to Cats Mirror Lake, LLC (the &ldquo;Buyer&rdquo;) pursuant to a contract of sale, as amended,
entered into by Third Avenue and the Buyer. The sale price for the property was $13.0 million. In February 2025, Third Avenue filed a
certificate of cancellation with the Delaware Secretary of State.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On December 21, 2024, we entered
into a securities purchase agreement (the &ldquo;December 2024 SPA&rdquo;) with Ault &amp; Company, pursuant to which we agreed to sell,
in one or more closings, to Ault &amp; Company up to 25,000 shares of Series G convertible preferred stock (&ldquo;Series G Preferred
Stock&rdquo;) and warrants to purchase up to 4.2 million shares of Class A common stock (the &ldquo;Series G Warrants&rdquo;) for a total
purchase price of up to $25.0 million. The December 2024 SPA provides that the financing may be conducted through one or more closings.
As of the date of this prospectus, pursuant to the December 2024 SPA, we have sold to Ault &amp; Company 960 shares of Series G Preferred
Stock and Series G Warrants to purchase 162,217 shares of Class A common stock, for a purchase price of $1.0 million.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Each share of Series G Preferred
Stock has a stated value of $1,000.00 and is convertible into shares of Class A common stock at a conversion price equal to the greater
of (i) $0.10 per share, and (ii) the lesser of (A) $6.74 or (B) 105% of the volume weighted average price of the Class A common stock
during the ten trading days immediately prior to the date of conversion. The conversion price is subject to adjustment in the event of
an issuance of Class A common stock at a price per share lower than the conversion price then in effect, as well as upon customary stock
splits, stock dividends, combinations or similar events. The holders of Series G Preferred Stock are entitled to cumulative cash dividends
at an annual rate of 9.5%, or $95.00 per share, based on the stated value per share. Dividends shall accrue for 10 years from the date
of issuance of such shares of Series G Preferred Stock and are payable monthly in arrears. For the first two years, we may elect to pay
the dividend amount in shares of Class A common stock rather than cash. The holders of the Series G Preferred Stock are entitled to vote
with the Class A common stock as a single class on an as-converted basis.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On February 5, 2025, we entered
into an exchange agreement with an institutional investor, pursuant to which we issued to the investor a convertible promissory note
in the principal face amount of $1.9 million (the &ldquo;February 2025 Convertible Note&rdquo;), in exchange for the cancellation of
an outstanding term note we issued to the investor in April 2024. That note had an outstanding principal amount and accrued but unpaid
interest of $1.9 million. &nbsp;The February 2025 Convertible Note accrued interest at the rate of 15% per annum, unless an event of
default (as defined in the February 2025 Convertible Note) occurs, at which time the February 2025 Convertible Note would accrue interest
at 18% per annum. The February 2025 Convertible Note was to mature on May 5, 2025. The February 2025 Convertible Note was convertible
into shares of Class A common stock at a fixed conversion price of $4.00 per share. The February 2025 Convertible Note was exchanged
for the Orchid Exchange Note.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On March 14, 2025, we entered
into an exchange agreement with Orchid pursuant to which we issued to Orchid the Orchid Exchange Note in exchange for the cancellation
of (i) a term note issued by us on May 16, 2024, with outstanding principal and accrued but unpaid interest of $0.7 million, (ii) a term
note issued by us on May 20, 2024, with outstanding principal and accrued but unpaid interest of $1.5 million, and (iii) the February
2025 Convertible Note issued by us on February 5, 2025, with outstanding principal and accrued but unpaid interest of $2.0 million.</P>

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



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On March 21, 2025, we entered
into the SJC Exchange Agreement, pursuant to which we issued to SJC the SJC Convertible Note in exchange for the cancellation of (i)
a term note issued by us on January 14, 2025, with outstanding principal and accrued but unpaid interest of $2.6&nbsp;million, (ii) a
promissory note issued by us on March 7, 2025, with outstanding principal and accrued but unpaid interest of $0.5&nbsp;million, (iii)
a promissory note issued by us on March 12, 2025, with outstanding principal and accrued but unpaid interest of $1.5&nbsp;million, and
(iv) a promissory note issued by us on March 13, 2025, with outstanding principal and accrued but unpaid interest of $0.3 million.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On March 28, 2025, <FONT STYLE="background-color: white">our
majority owned subsidiary,</FONT> Avalanche International Corp. (&ldquo;AVLP&rdquo;), <FONT STYLE="background-color: white">filed a petition
for liquidation under Chapter 7 of the bankruptcy laws. The filing placed AVLP under the control of the bankruptcy court, which will
oversee its liquidation. </FONT>As a result, we no longer consider AVLP a subsidiary of ours.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On March 30, 2025, we entered
into an amendment to the November 2023 SPA to provide for an extension of the date on which the final closing may occur from December
31, 2024 to March 31, 2025, subject to Ault &amp; Company&rsquo;s ability to further extend such date for ninety (90) days.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On March 31, 2025, we entered
into a securities purchase agreement with an institutional investor pursuant to which we agreed to sell up to 50,000 shares of Series
B Convertible Preferred Stock (&ldquo;Series B Preferred Stock&rdquo;) for a total purchase price of up to $50.0&nbsp;million. The securities
purchase agreement provides that the transaction shall be conducted through 49 separate tranche closings, provided, however, that the
investor has the ability, exercisable in its sole discretion, to purchase any number of shares of Series B Preferred Stock prior to the
dates of the tranche closings provided for in the securities purchase agreement. The initial tranche closing occurred on May 21, 2025,
which consisted of the sale and issuance to the investor of 2,000 shares of Series B Preferred Stock for an aggregate of $2.0 million.
Between May 2, 2025 and June 11, 2025, the investor voluntarily purchased an additional 2,600 shares of Series B Preferred Stock. Of such
4,600 shares of Series B Preferred Stock, the investor has converted 2,816.57633 shares of Series B Preferred Stock into 778,416 shares
of Common Stock as of June 12, 2025. Pursuant to the securities purchase agreement, provided certain closing conditions have been met,
the investor shall purchase up to 4,800 shares of Series B Preferred Stock on a monthly basis, with the investor being required to purchase
1,000 shares per month.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Each share of Series B Preferred
Stock has a stated value of $1,000.00 and is convertible into shares of Class A common stock at a conversion price equal to the greater
of (i) $0.40 per share (the &ldquo;Floor Price&rdquo;), which Floor Price shall not be adjusted for stock dividends, stock splits, stock
combinations and other similar transactions and (ii) 75% of the Corporation&rsquo;s lowest VWAP on any Trading Day during the five Trading
Days immediately prior to the date of conversion into shares of Common Stock, but not greater than $10.00 per share (the &ldquo;Maximum
Price&rdquo;), which Maximum Price shall be adjusted for stock dividends, stock splits, stock combinations and other similar transactions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The holders of Series B Preferred
Stock are entitled to cumulative cash dividends at an annual rate of 15%, or $150.00 per share, based on the stated value per share.
Dividends shall accrue for as long as any shares of Series B Preferred Stock remain issued and outstanding and are payable monthly in
arrears. For the first two years, we may elect to pay the dividend amount in additional shares of Series B Preferred Stock rather than
cash. The holders of the Series B Preferred Stock are entitled to vote with the Class A common stock as a single class on an as-converted
basis.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On April 1, 2025, we issued
to Orchid the Orchid Note.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On April 8, 2025, we issued
to Jorico the Jorico Note.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On April 15, 2025, we issued
to Target Capital and Secure Net Capital the Target Capital Note and the Secure Net Capital Note, respectively.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On May 13, 2025, we entered
into an OID only term note agreement with an institutional investor with a principal amount of $1.4 million and an OID of $0.1 million.
The maturity date of the promissory note is May 27, 2025. Mr. Ault entered into a personal guaranty agreement for the benefit of the
investor.</P>


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On September 10, 2024, we
changed our name from Ault Alliance, Inc. to Hyperscale Data, Inc. (the &ldquo;Name Change&rdquo;). The Name Change did not affect the
rights of our security holders. Our Class A common stock is traded on the NYSE American under the symbol &ldquo;GPUS.&rdquo; Existing
stock certificates that reflect a prior corporate name continue to be valid. Certificates reflecting the new corporate name are issued
as old stock certificates are tendered for exchange or transfer to our transfer agent.</P>
<P STYLE="font: 10pt Times New Roman; margin: 0pt">&nbsp;</P>



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





<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In March and August of 2024,
we reorganized our corporate structure pursuant to a series of transactions by and among the Company and its directly and indirectly
owned subsidiaries as well as third parties. The purpose of the reorganization was to simplify our organizational and reporting structure
to more accurately reflect our business operations. As a result of the foregoing transactions, our corporate structure is currently as
follows:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><IMG SRC="f613250424b3_chart.jpg" ALT=""></P>

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



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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As principally a holding
company, our business strategy is designed to increase stockholder value. Under this strategy, we are focused on managing and financially
supporting our existing subsidiaries and partner companies, with the goal of pursuing monetization opportunities and maximizing the value
returned to stockholders. We have, are and will consider initiatives including, among others: public offerings, the sale of individual
partner companies, the sale of certain or all partner company interests in secondary market transactions, or a combination thereof, as
well as other opportunities to maximize stockholder value, such as activist trading. We anticipate returning value to stockholders after
satisfying our debt obligations and working capital needs.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On October 7, 2019, we created
an Executive Committee which is comprised of our Executive Chairman, Chief Executive Officer and President. The Executive Committee meets
on a daily basis to address the Company&rsquo;s critical needs and provides a forum to approve transactions which are communicated to
our Chief Financial Officer and Senior Vice President of Finance on a bi-weekly basis by our Chief Executive Officer.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our Executive Committee approves
and manages our investment and trading strategy. The Executive Committee has decades of experience in financial, investing and securities
transactions. Led by our Founder and Executive Chairman, Milton C. (Todd) Ault, III, we seek to find undervalued companies and disruptive
technologies with a global impact. We use a traditional methodology for valuing securities that primarily looks for deeply depressed
prices. Upon making an investment, we often become actively involved in the companies we seek to acquire. That activity may involve a
broad range of approaches, from influencing the management of a target to take steps to improve stockholder value, to acquiring a controlling
or sizable but non-controlling interest or outright ownership of the target company in order to implement changes that we believe are
required to improve its business, and then operating and expanding that business. Mr. Ault relies heavily on William B. Horne, our Vice
Chairman and Chief Executive Officer, and Henry Nisser, our President and General Counsel, to provide analysis and guidance on all acquisition
targets and throughout the acquisition process.</P>

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



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">From time to time, we engage
in discussions with other companies interested in our subsidiaries or partner companies, either in response to inquiries or as part of
a process we initiate. To the extent we believe that a subsidiary partner company&rsquo;s further growth and development can best be
supported by a different ownership structure or if we otherwise believe it is in our stockholders&rsquo; best interests, we will seek
to sell some or all of our position in the subsidiary or partner company. These sales may take the form of privately negotiated sales
of stock or assets, mergers and acquisitions, public offerings of the subsidiary or partner company&rsquo;s securities and, in the case
of publicly traded partner companies, transactions in their securities in the open market. Our plans may include taking subsidiaries
or partner companies public through rights offerings, mergers or spin-offs and directed share subscription programs. We will continue
to consider these and functionally equivalent programs and the sale of certain subsidiary or partner company interests in secondary market
transactions to maximize value for our stockholders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Over the recent past, we
have provided capital and relevant expertise to fuel the growth of businesses in Bitcoin mining, generative AI and metaverse platform
development, crane services, defense/aerospace, industrial, automotive, medical/biopharma, consumer electronics and textiles. We have
provided capital to subsidiaries as well as partner companies in which we have an equity interest or may be actively involved, influencing
development through board representation and management support.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white">The following is a brief
summary of the businesses in which we own a controlling interest, or whose financial statements we consolidated in this prospectus:</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Sentinum conducts data center
operations and Bitcoin mining through ACS.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Sentinum&rsquo;s revenue
is currently generated primarily from mining Bitcoin for our own account. However, during 2024 we began the process of transitioning
our primary operations from Bitcoin mining to developing our Michigan <FONT STYLE="color: #151B22; background-color: white">data center,
which constitutes</FONT> a 617,000 square foot energy-efficient facility located on a 34.5 acre site in southern Michigan <FONT STYLE="color: #151B22; background-color: white">(the
&ldquo;Michigan Facility&rdquo;) to support the growing demand of enterprise, HPC and AI cloud providers with high-density workloads.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Through its wholly owned
and operated data centers, Sentinum&rsquo;s mission is to support internal computing requirements and to empower AI-focused businesses
and other businesses requiring high-density power with reliable, scalable, and secure hosting solutions. We currently have data centers
in Michigan and Montana. The <FONT STYLE="color: #151B22; background-color: white">Michigan Facility&rsquo;s</FONT> design and available
power provides Sentinum the ability to create bespoke solutions enabling it to seize growth opportunities within the broader data center
services market. The <FONT STYLE="color: #151B22; background-color: white">Michigan Facility&rsquo;s</FONT> design continues to evolve
to address prospective customer requirements, including cooling techniques such as direct to chip heat exchange and backup power systems
such as uninterruptible power supplies with batteries to store energy. Sentinum can provide a range of service options tailored to a
customer&rsquo;s needs, including HPC and AI. HPC and AI are synonymous with applications requiring immense computational power to process
complex models and perform real-time inferences. These use cases are being adopted by a wide range of industries, such as healthcare,
energy, automotive, robotics and other autonomous systems. We are exploring the potential of working directly with end user companies
as well as companies with which we could collaborate to provide comprehensive solutions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Sentinum&rsquo;s attentiveness
to disruptive technologies such as HPC, AI and blockchain combined with the foundational elements of data centers, power infrastructure,
telecommunications and security enable it to support the internal operations for Bitcoin mining alongside non-mining solutions for third
party customers. The economies of scale created by Bitcoin mining operations provide a competitive advantage to Sentinum as it seeks
to add non-mining applications to its services portfolio. If successful in adding non-mining applications, it is highly likely that the
Bitcoin mining operations will be gradually phased out. Sentinum continues to evaluate opportunities to add HPC and AI applications.
Sentinum conducts preliminary engineering design sessions with prospects and provides site tours at its <FONT STYLE="color: #151B22; background-color: white">Michigan
Facility</FONT> for prospective customers that we believe represent qualified opportunities. Sentinum continually monitors critical equipment
supply chains and lead times in support of preferred installation timelines requested by prospective customers. During April 2025, Sentinum
completed the installation requirements for deployment of a 250 kilowatts HPC customer.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Sentinum currently mines
Bitcoin using purpose-built computers (or &ldquo;miners&rdquo;) to solve complex cryptographic algorithms (or &ldquo;verify&rdquo; or
&ldquo;solve&rdquo; blocks) in the blockchain in exchange for rewards and fees denominated in the native token of that blockchain network,
which is Bitcoin. Sentinum&rsquo;s miners provide computing power to a Bitcoin mining pool operator, in which all the participants&rsquo;
machines mine Bitcoin as a collective group, and Sentinum gets paid the expected value of both the block reward and transaction fees
for doing so. The mining pool operator receives block rewards and transaction fees paid in Bitcoin by the blockchain when the mining
pool finds new blocks. The reward and transaction fees are then shared by the pool participants based on their hash rate contributions
to the pool, less a small amount of fees.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have determined that Bitcoin,
the only crypto asset that Sentinum mines, would likely not be considered a security under U.S. federal securities laws, in consultation
with outside counsel. We base our analysis on relevant case law, applying the frameworks established by the U.S. Supreme Court and taking
into consideration relevant guidance by the SEC and its staff.&thinsp;A particular crypto asset&rsquo;s status as a &ldquo;security&rdquo;
in any relevant jurisdiction is subject to a high degree of uncertainty and if a regulator disagrees with our characterization of Bitcoin,
we may be subject to regulatory scrutiny, investigations, fines and penalties, which may adversely affect our business, operating results
and financial condition. A determination that Bitcoin that we own or mine is a &ldquo;security&rdquo; may adversely affect the value
of Bitcoin and our business.</P>
<P STYLE="font: 10pt Times New Roman; margin: 0pt">&nbsp;</P>



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



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We do not, however, currently
acquire crypto assets for investment purposes. As of March 31, 2025, we held approximately one Bitcoin valued at $102,000, based on cost
less impairment as of such date. Our mining operations generated a net loss of $1.3 million and revenue of $5.7 million during the three
months ended March 31, 2025, compared to net income of $3.4 million and revenue of $11.7 million during the three months ended March
31, 2024. As of March 31, 2025, the $102,000 carrying value of our Bitcoin represented less than 0.1% of our total assets of $218.5 million
as of such date.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Since commencement of Sentinum&rsquo;s
mining operations in 2021, we have received approximately 3,075 Bitcoin for providing computing power to a Bitcoin mining pool operator
and from hosted mining operations, pursuant to the terms of a Master Services Agreement (&ldquo;MSA&rdquo;) with Core Scientific, Inc.
(&ldquo;Core Scientific&rdquo;), through March 31, 2025. The MSA terminated on August 31, 2024. The Bitcoin received is available for
sale in the ordinary course of business, and while we believe that holding Bitcoin represents an attractive option to increase our liquid
assets, due to our continued operating losses we currently sell Bitcoin as it is mined to fund our operating expenses. We believe that
our integrated model with close control over our power sources and owning our Bitcoin mining data center helps us to produce Bitcoin
with attractive cost efficiency, since we are not burdened with additional costs that are typical in a third party hosting relationship
such as per miner operational fees and revenue sharing. This helps us to produce Bitcoin, excluding depreciation of our miners which
is a non-cash expense, at a cost that we believe is attractive versus the price of Bitcoin.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our net cost of power was
between approximately $42 to $62 per megawatt-hour in 2024 to the present. During the three months ended March 31, 2025 and 2024, we
had approximately 9,500 and 19,000 miners in operation, respectively. In aggregate, these miners generated approximately 58 and 329 Bitcoin
during the three months ended March 31, 2025 and 2024, respectively, for providing computing power to a Bitcoin mining pool operator
and from hosted mining operations with Core Scientific. Alternatively, during the three months ended March 31, 2025 and 2024, we generated
an average of 0.65 and 3.61 Bitcoin per day, respectively, from our mining operations. Due to the termination of our hosting agreement
with Core Scientific and the block reward halving that occurred during April 2024, the average Bitcoin mined from our operations has
decreased to approximately 0.65 Bitcoin per day during the three months ended March 31, 2025. The following table reflects the actual
costs that we incurred to mine one Bitcoin.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="white-space: nowrap; font-weight: bold; text-align: center">Three Months Ended March 31,</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2024</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 64%">Depreciation</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 15%; text-align: right">39,884</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 15%; text-align: right">12,110</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Utilities and other costs</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">81,001</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13,893</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Hosting fees</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">18,049</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">120,885</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">44,052</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Additionally, Sentinum&rsquo;s
daily general and operating costs were approximately ($867) and ($498), respectively, per Bitcoin mined during the three months ended
March 31, 2025 and 2024. Conversely, the price of Bitcoin ranged from approximately $39,500 to approximately $73,100 during the three
months ended March 31, 2024 and from approximately $78,500 to approximately $106,100 during the three months ended March 31, 2025, and
was approximately $106,000 as of June 12, 2025, according to Coin Market Cap.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On February 24, 2023, BNI
Montana entered into an asset purchase agreement with TypeX, LLC to acquire two land lease agreements and two corresponding power purchase
agreements in Montana. The lease and power agreements run for a period of 10 years, with a 10-year renewal option. Sentinum is building
out and developing fully operational data centers dedicated to Bitcoin mining operations on the properties (the &ldquo;Montana Facilities&rdquo;).
If we complete the initial phase of development of the Montana Facilities, which is currently on hold, then we would expect the Montana
Facilities to provide up to a combined 20 megawatts (&ldquo;MWs&rdquo;) of power, enabling up to 6,500 S19j Pro Antminers to operate.
Inclusive of costs previously incurred to acquire two land lease agreements and two corresponding power purchase agreements, the Montana
Facilities would cost approximately $7 million. Further, given the favorable cost differential for power between Montana and Michigan,
the increase in operating costs and depreciation from capitalized expenditures is expected to approximate the power cost savings. However,
while completion of the development of the Montana Facilities would not be expected to have a negative impact on our operating results,
we have currently placed this project on hold to focus on the development of our Michigan Facility to support HPC and AI applications.
During 2025, we anticipate large expenditures in our Michigan Facility to facilitate the transition of the facility to support HPC and
AI applications. Initially, these expenditures will likely increase Sentinum&rsquo;s losses unless we are able to pass these costs on
to our future customers. These uncertainties make it impossible to predict when, if ever, Sentinum will achieve profitable operations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Thus, if the price of Bitcoin,
level of difficulty to mine, the amount of the block reward or the amount of Bitcoin earned by miners for mining one block on the Bitcoin
blockchain remain constant, then Sentinum will not be profitable in 2025. While we do not expect that Sentinum will achieve profitability
during 2025, the expected cash generated from our Bitcoin mining operations is still expected to exceed that of our operating costs given
the significance of depreciation charges, which is expected to account for nearly 20% of Sentinum&rsquo;s total costs of operations during
2025.</P>
<P STYLE="font: 10pt Times New Roman; margin: 0pt">&nbsp;</P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">During the three months ended
March 31, 2025, Sentinum reported a loss from operations of approximately $1.3 million inclusive of depreciation and amortization of
approximately $2.6 million. During the three months ended March 31, 2024, Sentinum reported income from operations of approximately $3.4
million inclusive of depreciation and amortization of approximately $4.1 million. As such, excluding capital expenditures, Sentinum generated
approximately $1.3 million and $7.5 million in cash for the three months ended March 31, 2025 and 2024, respectively. The cash generated
from operations was used to pay for a portion of the costs we incurred.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Many forms of crypto assets,
including Bitcoin, are a type of digital asset that function as a medium of exchange, a unit of account and/or a store of value (i.e.
a new form of digital money). Crypto assets operate by means of blockchain technology, which generally uses open-source, peer-to-peer
software to create a decentralized digital ledger that enables the secure use and transfer of crypto assets. We believe that Bitcoin and
the associated blockchain technology has potential advantages over traditional payment systems, including: the tamper-resistant nature
of blockchain networks; rapid-to-immediate settlement of transactions; lower fees; elimination of counterparty risk; protection from identify
theft; broad accessibility; and a decentralized nature that enhances network security by reducing the likelihood of a &ldquo;single point
of failure.&rdquo; However, since centralized exchanges, which operate intermediate processes for executing trades, storing coins and
initiating transactions, account for the majority of Bitcoin trading volume there remains the risk that a malicious actor may be able
to alter blockchains on which transactions of crypto asset reside and rely by constructing fraudulent blocks or preventing certain transactions
from completing in a timely manner, or at all. Additionally, cybersecurity risks from unauthorized third parties employing illicit operations
such as hacking, phishing and social engineering, could introduce a level of counterparty risk, in other words a risk that a party is
unable to fulfill its contractual obligations. Recently, crypto assets, and Bitcoin in particular, have gained widespread mainstream attention
and have begun to experience greater adoption by both retail and institutional holders and the broader financial markets. For example,
Bitcoin&rsquo;s aggregate market value had appreciated to $1.64 trillion in March 2025 compared to $828 billion in December 2023. All
figures are derived from Coin Market Cap. As Bitcoin, and blockchain technologies more generally, have entered the mainstream, prices
of Bitcoin have reached all-time highs, albeit with periodic price decreases, and the broader ecosystem has continued to develop. While
we expect the value of Bitcoin to remain volatile, we believe this increase in its aggregate market value signals institutionalization
of Bitcoin and wider adoption of crypto asset. For example, in January 2024, the SEC approved the listing and trading of Bitcoin exchange-traded
funds, of which, as of June 12, 2025, approximately 40 are trading with over $142.9 billion of Bitcoin assets held (https://etfdb.com/themes/bitcoin-etfs/#complete-list&amp;sort_name=assets_under_management&amp;sort_order=desc&amp;page=1).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Bitcoin is a decentralized
asset that enables near instantaneous transfers. Transactions occur via an open-source, cryptographic protocol platform which uses peer-to-peer
technology to operate with no central authority. The online network hosts the public transaction ledger, known as the blockchain, and
each crypto asset is associated with a source code that comprises the basis for the cryptographic and algorithmic protocols governing
the blockchain. In a crypto asset network, every peer has its own copy of the blockchain, which contains records of every historical
transaction &mdash; effectively containing records of all account balances. Each account is identified solely by its unique public key
(making it effectively anonymous) and is secured with its associated private key (kept secret, like a password). The combination of private
and public cryptographic keys constitutes a secure digital identity in the form of a digital signature, providing strong control of ownership.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">No single entity owns or
operates the network. The infrastructure is collectively maintained by a decentralized public user base. As the network is decentralized,
it does not rely on either governmental authorities or financial institutions to create, transmit or determine the value of the currency
units. Rather, the value is determined by market factors, supply and demand for the units, the prices being set in transfers by mutual
agreement or barter among transacting parties, as well as the number of merchants that may accept the crypto asset. Since transfers do
not require involvement of intermediaries or third parties, there are only nominal transaction costs in direct peer-to-peer transactions.
For example:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">In
                                            terms of conventional peer-to-peer transactions, there either are no fees or they are de
                                            minimis (Source: https://www.kraken.com/en-us);</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">For
                                            purposes of traditional networks, there are nominal fees associated with any transaction
                                            (Source: https://bitinfocharts.com/bitcoin); and</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">As
                                            of June 12, 2025, the 90-day simple average Bitcoin network transaction
fee is $1.23 per transaction, which is still low compared to conventional transaction fees charged by banks and other more traditional
financial institutions (https://bitinfocharts.com/bitcoin).</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The network fee is separate
and distinct from the pool fee we pay Luxor Technology (&ldquo;Luxor&rdquo;) for its services in acting as a pool operator, discussed
below. The network fee is applicable to anyone who transacts on the blockchain.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: left">&nbsp;</P>

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

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



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Given that block space is
limited, mining fees can and often do fluctuate significantly from transaction to transaction as a result of &ldquo;congestion.&rdquo;
However, this congestion does not negate any of the statements made immediately above.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Units of Bitcoin can be converted
to fiat currencies, such as the U.S. dollar, at rates determined on various exchanges, such as Binance, Coinbase, Bybit, Kraken, Gemini
and others. Bitcoin prices are quoted on various exchanges and fluctuate with extreme volatility.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We believe that Bitcoin,
the only crypto asset we provide computing power to a mining pool operator for mining purposes, offers many advantages over traditional,
fiat currencies, though many of these factors also present potential disadvantages and may introduce additional risks, including:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Acting
                                            as a fraud deterrent, as crypto assets are digital and cannot be counterfeited or reversed
                                            arbitrarily by a sender;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Immediate
                                            settlement;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Elimination
                                            of counterparty risk;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">No
                                            trusted intermediary required;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Lower
                                            fees;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Identity
                                            theft prevention;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Widespread
                                            accessibility;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Transactions
                                            are verified and protected through a confirmation process, which prevents the problem of
                                            double spending;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Decentralized
                                            &mdash; no central authority (government or financial institution); and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Not recognized
                                            universally and not bound by government imposed or market exchange rates.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">However, crypto assets may
not provide all of the benefits they purport to offer.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition to competition,
there are two principal factors that may affect Bitcoin mining companies: (i) limitations on the supply of Bitcoin; and (ii) the market
price of Bitcoin.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The blockchain&rsquo;s method
for creating new Bitcoins is mathematically determined in a manner such that the supply of Bitcoins grows at a limited rate pursuant
to a pre-set schedule. Specifically, the number of Bitcoins awarded for solving a new block is automatically halved for every 210,000
blocks that are solved. The current fixed reward for solving a new block is 3.125 Bitcoins per block, which was reduced from 6.25 Bitcoins
in April 2024 and will be reduced further to 1.5625 Bitcoins per block in approximately March 2028. This deliberately controlled rate
of Bitcoin creation means that the number of Bitcoins in existence will never exceed 21 million and that Bitcoin cannot be devalued through
excessive production unless the Bitcoin network&rsquo;s source code and the underlying protocol for Bitcoin issuance is altered. This
also means, however, that our revenue prospects will decline unless the price of a Bitcoin increases commensurately or we acquire more
miners, which we do not intend to do.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We only participate in mining
pools that mine Bitcoin. Our ability to generate revenue from these mining operations will be dependent on the price of Bitcoin. The
price of Bitcoin has experienced substantial volatility, including fluctuation patterns which may reflect &ldquo;bubble&rdquo; type volatility,
meaning that high or low prices at a given time may not be indicative of the current or future value of Bitcoin. The price of a Bitcoin
may be subject to rapidly changing investor and market sentiment, and may be influenced by factors such as technology, regulatory developments
and media coverage. Further, Bitcoin&rsquo;s value may be based on various factors, including their acceptance as a means of exchange
or purchasing power by consumers and vendors, volume, liquidity and transferability and market demand. Bitcoin&rsquo;s current price
reflects, in part, the belief by some that Bitcoin could become a widely accepted form of currency; however, if this prediction turns
out to be incorrect its price could decrease dramatically, as would our prospects for future revenue and profits. See &ldquo;Risk Factors
&ndash; Risks Related to Our Bitcoin Operations&rdquo; for more information on the risks we face due to our mining of Bitcoin and its
speculative and volatile nature.</P>
<P STYLE="font: 10pt Times New Roman; margin: 0pt">&nbsp;</P>



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



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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As a participant in a Bitcoin
mining pool, we use specialized miners to solve cryptographic math problems necessary to record and &ldquo;publish&rdquo; crypto asset
transactions to blockchain ledgers. Generally, each crypto asset has its own blockchain, which consists of software code (also known
as a protocol), which is run by all the computers on the network for such blockchain. Within this code, transactions are collated into
blocks, and these blocks must meet certain requirements to be verified by the blockchain software, added to the blockchain or ledger
of all transactions and published to all participants on the network that are running the blockchain software. After a transaction is
verified, it is combined with other transactions to create a new block of data for the blockchain. For proof-of-work blockchains, the
process of verifying valid blocks requires computational effort to solve a cryptographic equation, and this computational effort protects
the integrity of the blockchain ledger. This process is referred to as &ldquo;mining.&rdquo; As a reward for verifying a new block, miners
receive payment in the form of the native crypto asset of the network, in our case Bitcoin. This payment is comprised of a block reward
(i.e., the automatic issuance of new Bitcoin) and the aggregated transaction fees for the transactions included in the block (paid in
existing crypto asset tokens by the participants to the transactions). The block reward payments and the aggregated transaction fees
provide the incentive for miners to contribute hash rate to the network.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A &ldquo;hash&rdquo; is the
actual cryptographic function run by the miners, and is a unique set of numbers and letters derived from the content of the block. The
protocol governing the relevant blockchain sets certain requirements for the hash. Miners compete to be the first to generate a valid
hash meeting these requirements and, thereby, secure payment for solving the block. Hash rate is the speed at which miners can complete
the calculation, and therefore is a critical measure of performance and computational power. A high rate means a miner may complete more
calculations over a given period and has a greater chance to solve a block. An individual miner has a hash rate total of its miners seeking
to mine a specific crypto asset, and the blockchain-wide hash rate for a specific crypto asset, in our case Bitcoin, can be understood
as the aggregate of the hash rates of all of the miners actively trying to solve a block on that blockchain at a given time.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The protocols governing Bitcoin
are coded to regulate the frequency at which new blocks are verified by automatically adjusting what is known as the &ldquo;mining difficulty,&rdquo;
which is the level of computational activity required before a new block is solved and verified. For example, on the Bitcoin blockchain
the protocol is coded such that a new block is solved and verified approximately every ten minutes. As such, to the extent the hash power
on the network is increased or decreased due to, for example, fluctuations in the number of active miners online, mining difficulty is
correspondingly increased or decreased to maintain the preset interval for the verification of new blocks.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On Bitcoin networks, the
rewards for solving a block are also subject to periodic incremental halving. Halving is a process designed to control the overall supply
and reduce the risk of inflation in Bitcoin using a proof-of-work consensus algorithm. After a predetermined number of blocks are added
to the blockchain, the mining reward is cut in half, hence the term &ldquo;halving.&rdquo; The last halving for Bitcoin occurred on April
20, 2024. Transaction fees are variable and depend on the level of activity on the network. Generally, transaction fees increase during
times of network congestion, as miners will prefer transactions with higher fees, and therefore a higher fee can reduce the time to process
a transaction, and decrease when there are fewer transactions on the network.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As the total amount of available
hash rate has increased on the Bitcoin network, it has become increasingly difficult for any individual miner to independently solve
a block and as a result &ldquo;mining pools&rdquo; have emerged as an efficient way for miners to pool resources. Mining pools aggregate
the hash rate of various miners participating in the mining pool. In this way the mining pool operator, rather than an individual miner,
validates the block and receives the block reward and related transaction fees. The mining pool is organized by a third party, in our
case, Luxor. All of the approximately 9,500 miners currently in operation at our Michigan facility provide hash rate to the Luxor mining
pool. In consideration for receiving a percentage of the earned block rewards and transaction fees, Luxor administers the pool and ensures
that the participants in the pool receive their share of the block reward and related transaction fees, generally pro-rata to their contributed
hash rate. Mining pools offer miners more predictable and consistent revenue compared to mining individually. We participate in mining
pools by providing what the industry refers to as &ldquo;hashrate&rdquo; to the pool. Hashrate is defined as the computing power that
our mining equipment produces when helping to validate a block that the mining pool is trying to solve. We use the FPPS, or Full Pay-Per-Share,
method when mining with Luxor. Pursuant to the &ldquo;Full Pay-Per-Share&rdquo; model, both the block reward and the mining service charge
are settled according to the theoretical profit. It includes the calculation of a standard transaction fee within a certain period and
distributes it to mining pool participants according to their hash power contributions in the pool. It increases the mining pool participants&rsquo;
earnings by sharing transaction fees. Standard transaction fees are calculated using a certain period which are then distributed to miners
according to their hash power contributions in the pool. Luxor currently charges us a 0.68% mining fee.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We provide computing power
to the mining pool, which is run by the mining pool operator with which we contract, which in turn provides transaction verification
services. Based on the terms of the agreement, in our judgment, the mining pool operator is considered the principal in providing mining
pool services. We recognize revenue, net of certain transaction fees from the mining pool operator, which are not considered material.
Our current mining pool agreement is cancelable at any time by either party without penalty. Revenue received for providing computing
power would be directly impacted positively or negatively should we start and stop providing computing power to the mining pool operator
within a given reporting period.</P>
<P STYLE="font: 10pt Times New Roman; margin: 0pt">&nbsp;</P>



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



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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Own and Operate Our Mining Facilities</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have in the past invested
heavily in purchasing, building and operating our mining facilities, though we have no intention of acquiring more miners. By owning
and operating our miners at facilities that offer competitive advantages, including access to reliable, low-cost, renewable power, we
expect to have greater control over the timing of the deployment of our miners. We also may enhance our ability to intelligently and
quickly adapt our operating model and reap savings compared to paying for outsourced operations and infrastructure.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Reliable, Low-Cost, Renewable Power</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Power represents our highest
variable direct cost for our mining operations, with electrical power required to operate the miners. We believe the combination of increased
mining difficulty, driven by greater hash rates, and the periodic adjustment of reward rates, such as the halving of Bitcoin rewards,
will drive the increasing importance of power efficiency in Bitcoin mining over the long term. As a result, we are focused on deploying
our miners at locations with access to reliable, renewable power sources, as successfully doing so should enable us to reduce our power
costs.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Miners require considerable
amounts of electrical energy to perform their functions and mine Bitcoin; consequently, a critical aspect of operating in the crypto
asset mining industry is obtaining a reliable supply of electricity at a relatively low and stable cost. To this end, in January 2021,
ACS purchased the Michigan Facility. Since the purchase of the Michigan Facility, we have invested in infrastructure improvements and
began both ramping up the power capacity and installing miners. To date, we have increased the power load from 1.5 MWs to approximately
30 MWs. ACS recently announced that it has reached an agreement in principle with the local utility expected to energize the Michigan
Facility, enabling ACS to increase its power capacity from approximately 30 MW<B>s&nbsp;</B>to 300 MWs. The completion of the power upgrade
is anticipated to take 44 months from execution of a formal letter of authorization between ACS and the utility, which is currently being
negotiated. In addition, ACS has reached an agreement in principle with the local natural gas utility to provide the capability to energize
the Michigan Facility with an additional 40 MWs. The project is expected to be completed within 18 months of the execution of definitive
agreements. Combined, this would enable ACS to increase its power capacity from approximately 30 MW to approximately 340 MW. Currently,
we have approximately 4,900 S19j Pro Antminers and approximately 4,600 S19 XP Antminers in operation at our Michigan Facility but it
is our intention to dedicate all the power capacity at the Michigan Facility to our AI hyperscale data center operations. If successful,
we expect to either sell any idle miners in the secondary market or relocate any idle miners to a third party hosting facility, which
could be between 12,500 and 16,500 miners.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have also invested in
a data center through BNI Montana. We have completed the build-out at one of the two sites at the Montana Facilities, which provides
up to 10 MWs of power. If we complete the build-out of the second site, which is currently on hold pending the transition of our Michigan
Facility to support HPC and AI applications, the Montana Facilities will provide up to a combined 20 MWs of power and allow us to operate
approximately 6,500 miners. We believe that the capacity of the Montana Facilities can be significantly expanded, and we have begun an
electrical load study in collaboration with the local utility to explore potential power upgrades. However, given the current price of
Bitcoin and the level of difficulty to mine, at this time we have no plans to expand the capacity at the Montana Facilities, which has
the capacity to operate approximately 2,600 S19j Pro Antminers. Although we are not presently mining at the Montana Facilities, given
the recent increase in the price of Bitcoin, we expect to resume mining there during June 2025.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We continue to evaluate other
sites, locations, and partnerships for additional and alternative support of future mining operations. While we have not at present entered
into any other agreements, we continue to explore and evaluate additional facilities that would enable us to expand our mining operations
as needed.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Currently, we have approximately
4,900 S19j Pro Antminers and approximately 4,600 S19 XP Antminers in operation at our Michigan Facility and no Antminers in operation
at our Montana facility. Additionally, approximately 9,700 S19j Pro Antminers are not in operation, primarily because of the termination
of our hosting agreement with Core Scientific on August 31, 2024. Antminers in operation have an aggregate mining production capacity
of approximately 1.13 exahashes per second.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our strategy includes identifying
clean power for our Bitcoin mining operations. Management has considered the issues surrounding the environmental impact of our Bitcoin
mining operations and concluded that the environmental impact of our mining operations is not material. The basis for this conclusion
was that Indiana Michigan Power, the regulated utility that provides power to our Michigan Facility, reported that in 2023 it generated
more than 87% of its energy from emission-free sources, including solar, wind, hydro and nuclear. The power source for our Montana Facilities,
Basin Electric Power Cooperative, reported that approximately 28% of its power was from emission-free sources, primarily wind and hydro.
Since we are only mining Bitcoin at our Michigan Facility, approximately 87% of our mining operations are being generated from emission-free
sources. If we resume operations at our Montana Facilities, more than 75% of power used in our mining operations would be generated from
emission-free sources. In addition to our continued expansion investments at the Michigan Facility, we also seek out new locations to
support our bitcoin mining business. We consider sites with a variety of offerings, including purchasing the site (as we have done in
Michigan), but also leasing buildings and facilities (as we have done with the Montana Facilities), hosting relationships and strategic
partnerships. At this time, we have not entered into any new mining agreements at locations other than the Michigan Facility and the
Montana Facilities. We mine Bitcoin only.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

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

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



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Coins that are mined are
held in a custodial account. We securely store our Bitcoin at Gemini Trust Company, LLC (&ldquo;Gemini&rdquo;), a regulated, audited
and insured crypto asset custodian. Gemini is a fiduciary and qualified custodian under the New York Banking Law and is licensed by the
New York State Department of Financial Services. Additionally, Gemini holds numerous money transmitter licenses or the statutory equivalent
and has obtained System and Organization Controls (&ldquo;SOC&rdquo;) 1 Type 2 and SOC 2 Type 2 certifications from its independent third-party
auditor, Deloitte and Touche LLP. A SOC 1 report evaluates controls that are applicable to internal control over financial reporting
whereas a SOC 2 report evaluates a security framework that authenticates an organization&rsquo;s ability to securely handle customer
data. Further, Gemini has insurance coverage against the theft of crypto assets that results from a direct security breach or hack of
Gemini&rsquo;s systems, or theft by a Gemini employee.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The custody arrangements
require that we mine to a custodial wallet address where the private key is held by the custodian and all keys for the wallet are held
in cold storage. This provides a layer of protection in both the transaction and liquidation phases of the operations by using multi-factor
and multi-person approval processes, to include know your customer and anti-money laundering (&ldquo;AML&rdquo;) procedures of the receiving
party. We will either hold the Bitcoin or may choose to convert those assets into fiat currency depending on financial needs and plans.
When we opt to convert the Bitcoins we sell or exchange our Bitcoin through Gemini, the custodian of our digital wallet. When we elect
to make a sale or exchange our Senior Vice President - Finance submits a request to Gemini&rsquo;s execution department to exchange Bitcoin
for U.S. dollars. Gemini sends an approval email to both our CEO and CFO to approve. Once approved by either our CEO or CFO, Gemini executes
the sale/exchange on its trading platform at current market prices, less commissions, and deposits the U.S. dollars into our bank account.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Beyond the foregoing, our
custody agreement with Gemini provides that:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Gemini
                                            provides a unique custody account in which all our blockchain assets are held, which are
                                            segregated from all others&rsquo; assets and are verifiable through the blockchain; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Gemini
                                            charges us fees in Bitcoin, which is deducted from our digital assets on the last business
                                            day of every month.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Currently, we are converting
Bitcoin received from our mining activities into fiat currency on a nearly daily basis to pay operating costs and purchase commitments
for expansion activities at our facilities. We do not hold any Bitcoin for investment.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The laws and regulations
applicable to crypto asset are evolving and subject to interpretation and change. Governments around the world have reacted differently
to crypto assets; certain governments have deemed them illegal, and others have allowed their use and trade without restriction, while
in some jurisdictions, such as in the United States, many crypto assets are subject to extensive, and in some cases overlapping, unclear
and evolving regulatory requirements, which generally does not apply to Bitcoin. As crypto assets have grown in both popularity and market
value, the U.S. Congress and a number of U.S. federal and state agencies, including the Financial Crimes Enforcement Network (&ldquo;FinCEN&rdquo;),
the SEC, the Commodity Futures Trading Commission (&ldquo;CFTC&rdquo;), Financial Industry Regulatory Authority (&ldquo;FINRA&rdquo;),
the Consumer Financial Protection Bureau, the Department of Justice (&ldquo;DOJ&rdquo;), the Department of Homeland Security, the Federal
Bureau of Investigation (&ldquo;FBI&rdquo;), the Internal Revenue Service (&ldquo;IRS&rdquo;) and state financial regulators, have been
examining the operations of crypto asset networks, crypto asset users and crypto asset exchange markets, with particular focus on the
extent to which crypto assets can be used to launder the proceeds of illegal activities or fund criminal or terrorist enterprises and
the safety and soundness and consumer-protective safeguards of exchanges or other service-providers that hold, transfer, trade or exchange
crypto assets for users.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Many of these state and federal
agencies have issued consumer advisories regarding the risks posed by crypto assets to investors. In addition, federal and state agencies,
and other countries have issued rules or guidance about the treatment of crypto asset transactions or requirements for businesses engaged
in activities related to crypto assets. Depending on the regulatory characterization of the Bitcoin we mine, the markets for Bitcoin
in general, and our activities in particular, may be subject to one or more regulators in the United States and globally. Ongoing and
future regulatory actions may alter, perhaps to a materially adverse extent, the nature of crypto asset markets and our crypto asset
operations. Additionally, U.S. state and federal, and foreign regulators and legislatures have taken action against crypto asset businesses
or enacted restrictive regimes in response to adverse publicity arising from hacks, consumer harm, or criminal activity stemming from
crypto asset activity. There is also increasing attention being paid by U.S. federal and state energy regulatory authorities as the total
load of crypto mining grows and potentially alters the supply and dispatch functionality of the wholesale grid and retail distribution
systems. Many state legislative bodies are also actively reviewing the impact of crypto mining in their respective states. For example,
in May 2023, Montana enacted S.B. 178 which established a right-to-mine for digital assets and prevents local governments from enacting
any ordinance, resolution, or rule that selectively targets digital asset miners. In 2022, Michigan considered a bill that would establish
a blockchain and cryptocurrency commission aimed at, among other things, examining the feasibility of regulating the energy consumption
associated with the cryptocurrency industry and investigate blockchain and cryptocurrency. The bill has, as of the date of this prospectus,
yet to be signed into law. In addition to Michigan and Montana, other states are also considering or have enacted laws aimed at regulating
crypto mining. For example, in 2022, New York placed a two-year moratorium on certain cryptocurrency mining companies that use fossil
fuels, which expired in November 2024.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

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

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



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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The
perceived threat of climate change continues to attract considerable attention in the United States and around the world. Numerous proposals
have been made and could continue to be made at the international, national, regional and state levels of government to monitor and limit
emissions of greenhouse gases (&ldquo;GHGs&rdquo;). These efforts have included consideration of cap-and-trade programs, carbon taxes,
GHG disclosure obligations and regulations that directly limit GHG emissions from certain sources. In addition, President Biden identified
addressing climate change and the energy transition as priorities under his Administration. He has issued executive orders and regulatory
directives related to climate change, and has recommitted the United States to long-term international goals to reduce emissions. In
recent years, the U.S. Congress has considered legislation to reduce emissions of GHGs and has included climate change considerations
in its funding bills. For example, the Inflation Reduction Act of 2022, which appropriates significant federal funding for renewable
energy initiatives, was signed into law in August 2022 and could accelerate the transition away from fossil fuels. These laws, initiatives,
and associated regulations or other national or regional commitments to reduce GHG emissions could adversely affect fossil fuel consumption,
require the installation of emissions control technologies, and increase the expense associated with the purchase of emissions reduction
credits or allowances to comply with current or future emissions reduction programs. It is uncertain how many of the Biden Administration&rsquo;s
initiatives will continue to remain in force under the Trump Administration.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">At
the federal level, the Environmental Protection Agency (&ldquo;EPA&rdquo;) has also adopted rules that, among other things, establish
construction and operating permit reviews, emissions control standards, and monitoring and annual reporting for GHG emissions from certain
large stationary sources. In November 2021, the Biden Administration released &ldquo;The Long-Term Strategy of the United States: Pathways
to Net-Zero Greenhouse Gas Emissions by 2050,&rdquo; which establishes a roadmap to net zero emissions in the United States by 2050 through,
among other things, improving energy efficiency, decarbonizing energy sources via electricity, hydrogen and sustainable biofuels, eliminating
subsidies provided to the fossil fuel industry, reducing non-CO<SUB>2</SUB> GHG emissions and increasing the emphasis on climate-related
risks across government agencies and economic sectors. Additionally, from time to time the EPA has proposed, revised, and adopted rules
establishing new source performance standards for certain pollutants from coal-fueled electric generating plants.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We
note that the implementation of the rule depends, in part, on the widespread development, adoption, and availability of carbon capture
and storage technology and solutions, which may not be certain at this time. We also note that this proposed rule is subject to intense
political debate and its adoption or implementation were impacted by the results of the 2024 election cycle, though the extent of any
changes to the prior regulatory regime remain undetermined. While no final rule has been published to date, this proposed rule and any
other new agency action or rulemaking that applies to our facilities could increase our compliance costs or otherwise materially restrict
our operations. Currently, it is unclear how future legislation and regulation will affect our Bitcoin mining operations. The course
of future legislation and regulation in the United States remains difficult to predict, and potential increased costs associated with
new legislation or regulation cannot be predicted at this time.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our business environment
is constantly evolving, and cryptocurrency miners can range from individual enthusiasts to professional mining operations with dedicated
data centers. We compete with other companies that focus all or a portion of their activities on cryptocurrency mining activities at
scale. We face significant competition in every aspect of our business, including, but not limited to, the ability to raise capital,
obtaining the lowest cost of electricity, obtaining access to energy sites with reliable sources of power, and evaluating new technology
developments in the industry.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">At present, the information
concerning the activities of these enterprises may not be readily available as the vast majority of the participants in this sector do
not publish information publicly or the information may be unreliable. Published sources of information include &ldquo;bitcoin.org&rdquo;
and &ldquo;blockchain.info&rdquo;; however, the reliability of that information and its continued availability cannot be assured and
the contents of these sites are not incorporated into this prospectus.</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A number of public companies
(traded in the U.S. and internationally) and private companies may be considered to compete with us, including the following companies:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Argo
                                            Blockchain PLC;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Bit
                                            Digital, Inc.;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Bitdeer
                                            Technologies Group;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Bitfarms
                                            Technologies Ltd.;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Cipher
                                            Mining Inc.;</TD></TR></TABLE>

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



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




<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">CleanSpark,
                                            Inc.;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Core
                                            Scientific, Inc.;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Digi
                                            Power X Inc.;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Galaxy
                                            Digital Holdings Ltd.;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Hive
                                            Blockchain Technologies Inc.;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Hut
                                            8 Mining Corp.;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">IREN
                                            Limited;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Marathon
                                            Digital Holdings, Inc.;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Northern
                                            Data AG;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Riot
                                            Blockchain, Inc.;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Stronghold
                                            Digital Mining, Inc.; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">TeraWulf
                                            Inc.</TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We do not currently own,
and do not have any current plans to seek, any patents in connection with our existing and planned blockchain and cryptocurrency related
operations. We do expect to rely upon trade secrets, trademarks, service marks, trade names, copyrights and other intellectual property
rights and expect to license the use of intellectual property rights owned and controlled by others.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Blockchain technology first
came to public attention in 2008 as the database technology that underpins Bitcoin, the world&rsquo;s first cryptocurrency. Blockchains
are generally open-source, peer-to-peer software programs that act as decentralized digital ledgers, each comprising a series of data
&ldquo;blocks&rdquo; that are linked and secured using cryptography in a &ldquo;chain.&rdquo; The blockchain program consists of a software
protocol with several functions. The software protocol is run by multiple computer systems or &ldquo;nodes.&rdquo; For many blockchain
networks, each node has its own copy of the blockchain ledger, which contains a historical record of every transaction. The digital ledger
continuously grows as new blocks are added to it to record the most recent transactions in a linear, chronological order. The same information
is stored across a network of computers all over the world, and this record makes it possible to track the ownership and transfer of
cryptocurrency from the creation of the blockchain to its current state, and effectively records of all account balances (as one can
identify what account holds what value through the decentralized ledger).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We do not operate a complete
node; rather, as noted above under the heading &ldquo;Bitcoin Mining and Mining Pools,&rdquo; we provide computing power to a pool operator.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The blockchain protocol allows
users to submit transactions to the network for confirmation. However, a transaction will not be accepted by the protocol if the inputs
to the transaction have previously been used in another transaction. This prevention of &ldquo;double spending&rdquo; is a key security
feature of blockchain networks.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Another key function of the
blockchain that protects the integrity of the network is the hashing process, which acts as a tamper-evident seal that confirms the validity
of the new block and all earlier blocks. Hashing is the process of a block being posted to the network. Hashing results from miners,
who are responsible for receiving broadcast transactions, processing those transactions into new blocks and updating the blockchain with
the new blocks through hashing. The hashing process ties every new block to the existing block on the blockchain to ensure each is a
continuous record of verified transactions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The hashing algorithm on
a proof-of-work blockchain network is a mathematical transformation function with two key properties. The first important function of
hashing is that the algorithm accepts any alphanumeric dataset as an input and produces a unique output code. The smallest change in
the dataset results in a significant change in the unique code. Any tampering of the dataset can be detected by re-hashing the data and
checking for a change in the unique code. Any user that runs the hash algorithm on the same data will derive the same unique code. Consequently,
the data on the distributed ledger can be run through a series of hash algorithms to create a unique code, which would reveal if any
changes to the ledger have been made.</P>

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



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Second, whenever a new set
or &ldquo;block&rdquo; of transactions is added to the ledger, it is appended with the code from the prior state of the ledger before
it is hashed. Thus, the hash created from the new block will incorporate the hash from the previous block. An alteration made to an earlier
block would make the hashes of all subsequent blocks invalid, as the discrepancy would be easily detected by future miners through the
protocols governing the blockchain. If a hacker were to attempt to make a change to an earlier block and broadcast it along with following
blocks to the other nodes on the network, that broadcast would be discarded in favor of one from a different node which complied with
the requirements of the protocol.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Thus, in addition to creating
new blocks, miners &ldquo;vote&rdquo; with their computer power, expressing their acceptance of valid blocks by working on adding them
to the blockchain, and rejecting invalid blocks by refusing to work on them. If a miner&rsquo;s proposed block is added to the blockchain
by a majority of the nodes on the network, it is considered part of the blockchain. The nodes on the network synchronize with each other
to ensure that once a block is accepted by the majority, the new block will eventually be added to all the nodes. Consequently, the historical
state of the ledger can be changed if control of more than 50% of the network is obtained; however, in the case of widely held cryptocurrencies
with non-trivial valuations, it may be economically prohibitive for any actor or group of actors acting in concert to obtain computing
power that consists of more than 50% of the network.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Unlike proof-of-work networks,
in which miners expend computational resources to compete to validate transactions and are rewarded cryptocurrency in proportion to the
amount of computational resources expended, in a proof-of-stake network, miners (sometimes called validators) risk or &ldquo;stake&rdquo;
assets to compete to be randomly selected to validate transactions and are rewarded cryptocurrency in proportion to the amount of assets
staked. Any malicious activity, such as mining multiple blocks, disagreeing with the eventual consensus or otherwise violating protocol
rules, results in the forfeiture or &ldquo;slashing&rdquo; of a portion of the staked assets. Proof-of-stake is viewed by some as more
energy efficient and scalable than proof-of-work.&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Blockchain technology enables
the secure use and transfer of digital assets. &ldquo;Digital asset&rdquo; is a broad term that encompasses additional applications,
including ownership, transaction tracking, identity management, and smart contracts. A digital asset can represent physical or virtual
assets, a value, or a use right/service (e.g., computer storage space).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Whereas digital assets can
take many forms and be used for a variety of functions, cryptocurrencies are a type of digital asset that primarily function as a medium
of exchange, a unit of account, and/or a store of value. Cryptocurrencies allow anyone who holds a compatible wallet, anywhere in the
world, to hold and transfer that cryptocurrency without the need for an intermediary or trusted third party. Units of a cryptocurrency
may exist only as data on the internet, and often are not issued or controlled by any single institution, authority or government. Whereas
most of the world&rsquo;s money currently exists in the form of electronic records managed by central authorities such as banks, units
of a non-government cryptocurrency exist as electronic records in a decentralized blockchain database. Because cryptocurrencies have
no inherent intrinsic value, the value of cryptocurrencies is determined by the value that various market participants place on them
through their transactions. Bitcoin, Ethereum and other cryptocurrencies have historically exhibited high price volatility relative to
more traditional asset classes.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Private entities also issue
digital assets called &ldquo;stablecoins&rdquo; whose prices are pegged to those of an underlying fiat currency, a commodity or other
financial instrument or other physical asset and are therefore less susceptible to volatility. Stablecoins can be backed by fiat money,
physical assets, or other crypto assets. Government institutions are also reportedly testing and considering issuing Central Bank Digital
Currencies (&ldquo;CBDC&rsquo;s&rdquo;). While stablecoins or CBDC&rsquo;s may exhibit less price volatility than other cryptocurrencies,
both rely on a central authority to establish the value of the asset, and therefore represent an exception to the general discussion
of the design of cryptocurrencies in this prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Each cryptocurrency has a
source code that comprises the basis for the cryptographic and algorithmic protocols, which govern the blockchain. The source code is
commonly open-source and therefore can be inspected by anyone, and is maintained on an ongoing basis through contributors proposing amendments
to the protocol, which are peer reviewed and adopted by consensus among participants on the blockchain network. These protocols govern
the functioning of the network, including the ownership and transfer of the cryptocurrency, and are executed on the decentralized peer-to-peer
blockchain infrastructure. The peer-to-peer infrastructure on which a blockchain operates is not owned or operated by a single entity.
Instead, the infrastructure is collectively maintained by a decentralized user base. Each peer user is generally known as a &ldquo;node&rdquo;
or &ldquo;miner,&rdquo; and each miner processes transactions on the network in accordance with the protocols of the relevant cryptocurrency.</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As a result, these cryptocurrencies
do not rely on either governmental authorities or financial institutions to create, transmit or determine the value of&nbsp;units of
cryptocurrency. Rather:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the
                                            creation of&nbsp;units of cryptocurrency generally is governed by the source code, not a
                                            central entity;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the
                                            transmission of a cryptocurrency is governed by the source code and processed by the decentralized
                                            peer-to-peer network of nodes or miners; and</TD></TR></TABLE>

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



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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the
                                            value of a cryptocurrency is generally determined by the market supply of and demand for
                                            the cryptocurrency, with prices set in transfers by mutual agreement or barter, as well as
                                            through acceptance directly by merchants in exchange for goods and services.</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Cryptocurrencies may be open-source
projects with no official developer or group of developers that control the network. However, certain networks&rsquo; development may
be overseen informally by a core group of developers that may propose quasi-official releases of updates and other changes to the network&rsquo;s
source code. The release of updates to a blockchain network&rsquo;s source code does not guarantee that the updates will be automatically
adopted. Users and miners must accept any changes made to the source code by downloading the proposed modification of the network&rsquo;s
source code. A modification of the network&rsquo;s source code is effective only with respect to the users and miners that download it.
If a modification is accepted by only a&nbsp;percentage of users and miners, a division in the network will occur such that one network
will run the pre-modification source code and the other network will run the modified source code. Such a division is known as a &ldquo;fork.&rdquo;
Consequently, a modification to the source code becomes part of a blockchain network only if accepted by participants collectively having
most of the processing power on the network.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Each &ldquo;account&rdquo;
on a blockchain network is identified by its unique public key, and is secured with its associated private key (which the account holder
must keep secret, like a password). Cryptocurrencies are treated as bearer assets, because possession of the private key generally determines
who controls or owns a cryptocurrency. Protecting private keys from unwarranted access and theft is critically important, as once the
private key is taken, in most circumstances, control over the related cryptocurrency is gone. The combination of private and public cryptographic
keys constitutes a secure digital identity in the form of a digital signature. As long as the private key is kept private (i.e., confidential
to the owner of the account) it provides strong control of ownership.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Ault
Lending provides commercial loans to companies throughout the U.S. to provide them with operating capital to finance the growth of their
businesses. The loans range in duration from six months to three years. Ault Lending&rsquo;s loans are made or arranged pursuant to a
California Financing Law license (Lic.no. 60 DBO77905).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Ault
Lending acquires controlling or non-controlling interests in and actively manages businesses that we generally believe (i) are undervalued
and have disruptive technologies with a global impact, (ii)&nbsp;operate in industries with long-term macroeconomic growth opportunities,
(iii)&nbsp;have the potential for positive and stable cash flows, (iv)&nbsp;face minimal threats of technological or competitive obsolescence,
and (v)&nbsp;have strong management teams largely in place. We offer investors a unique opportunity to own a diverse group of leading
middle-market businesses in the niche-industrial and branded-consumer sectors.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Ault
Lending uses a traditional methodology for valuing securities that primarily looks for deeply depressed prices. Upon making an investment,
we often become actively involved in the companies we seek to acquire, whether in its entirety or merely a controlling or non-controlling
interest. That activity may involve a broad range of approaches, from influencing the management of a target to take steps to improve
stockholder value, to acquiring a controlling or non-controlling interest or outright ownership of the target company in order to implement
changes that we believe are required to improve its business, and then operating and expanding that business.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Ault
Lending believes that private company operators and corporate parents looking to sell their business units may consider us an attractive
purchaser because of our ability to:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>provide ongoing
                                            strategic and financial support for their businesses, including professionalization of our
                                            subsidiaries at scale;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>maintain a long-term
                                            outlook as to the ownership of those businesses;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>sustainably invest
                                            in growth capital and/or add-on acquisitions where appropriate; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">consummate
                                            transactions efficiently without being dependent on third-party transaction financing.</TD></TR></TABLE>

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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In
particular, we believe that our outlook on length of ownership and active management on our part may alleviate the concern that many
private company operators and parent companies may have with regard to their businesses going through multiple sale processes in a short
period of time. We believe this outlook enhances our ability to develop a comprehensive strategy to increase the earnings and cash flows
of each of our businesses.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Finally,
it has been our experience that our ability to acquire businesses without the cumbersome delays and conditions typical of third-party
transactional financing is appealing to sellers of businesses who are interested in confidentiality, speed and certainty to close.</P>
<P STYLE="font: 10pt Times New Roman; margin: 0pt">&nbsp;</P>



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




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We
believe our management team&rsquo;s strong relationships with industry executives, accountants, attorneys, business brokers, commercial
and investment bankers, and other potential sources of acquisition opportunities offer us substantial opportunities to assess small businesses
available for acquisition. In addition, the flexibility, creativity, experience and expertise of our management team in structuring transactions
allows us to consider non-traditional and complex transactions tailored to fit a specific acquisition target.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In
terms of the businesses in which we have a controlling interest as of December 31, 2024, we believe that these businesses have stable
management teams, operate in strong markets with defensible market niches, and maintain long-standing customer relationships.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Ault Lending provides funding
to businesses through loans and investments. Ault Lending offers a variety of loan types including commercial loans, convertible notes
and revolving lines of credit. Ault Lending is engaged in providing commercial loans to companies throughout the United States to provide
them with operating capital to finance the growth of their businesses. The loans are primarily short-term, ranging from six to 12 months,
but may be of longer duration. These terms are subject to change as market needs dictate, and Ault Lending anticipates offering additional
products in the future.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Ault Lending uses its considerable
financial experience, data analytics, and a credit scoring model to assess the creditworthiness of each small business borrower applicant.
If the business meets Ault Lending&rsquo;s criteria, Ault Lending sets the initial interest rate according to its credit and financial
models. The final interest rate offered to the borrower will be determined by Ault Lending&rsquo;s interpretation of the marketplace.
In order to borrow from Ault Lending, borrowers must display characteristics indicative of durable business and financial situations.
These include factors such as revenue, time in business, number of employees, and financial and credit variables. In order to qualify,
business borrower applicants must be approved through Ault Lending&rsquo;s underwriting process, which analyzes credit and financial
data of both the business and the business owner. Ault Lending takes into account several business factors (including revenue, age of
business, cash flows, and other variables). The underwriting process determines the loan amount to approve, how loans will be priced,
and whether to include a blanket lien, as well as additional factors (including length of loan, estimated default rates by type and grade,
and general economic environment).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our Executive Committee,
which is comprised of our Executive Chairman, Chief Executive Officer and President, acts as the underwriting committee for Ault Lending
and must approve all lending transactions. The Executive Committee has decades of experience in financial, investing and securities transactions.
Under its business model, Ault Lending generates revenue through origination fees charged to borrowers and interest generated from each
loan. Ault Lending may also generate income from appreciation of investments in marketable securities as well as any shares of common
stock underlying convertible notes or warrants issued to Ault Lending in any particular financing.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As noted above, we will from
time to time, through Ault Lending, engage in discussions with other companies interested in our subsidiaries or partner companies, either
in response to inquiries or as part of a process we initiate. To the extent we believe that a subsidiary partner company&rsquo;s further
growth and development can best be supported by a different ownership structure or if we otherwise believe it is in our stockholders&rsquo;
best interests, we will seek to sell some or all of our position in the subsidiary or partner company. These sales may take the form
of privately negotiated sales of stock or assets, mergers and acquisitions, public offerings of the subsidiary or partner company&rsquo;s
securities and, in the case of publicly traded partner companies, transactions in their securities in the open market. Our plans may
include taking subsidiaries or partner companies public through rights offerings, mergers or spin-offs and directed share subscription
programs. We will continue to consider these and functionally equivalent programs and the sale of certain subsidiary or partner company
interests in secondary market transactions to maximize value for our stockholders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">During 2025, we anticipate
providing significant new funding to expand Ault Lending&rsquo;s loan and investment portfolio. Ault Lending loans are made or arranged
pursuant to a California Financing Law license (Lic.no. 60 DBO77905).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B><I>RiskOn International, Inc.</I></B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">RiskOn&rsquo;s operations
are primarily those of BNC, which is engaged in the development and operation of an online gaming platform (the &ldquo;Platform&rdquo;).
The Platform offers engaging and dynamic online gaming experiences by integrating various elements such as gaming, social activities,
sweepstakes, online gaming and more. ROI aims to provide innovative ways for people in the United States to interact online. The Platform
is located at BitNile.com and is accessible via any device using any web browser, without requiring permissions, downloads, or apps.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">BNC&rsquo;s games operate
on a free-to-play model, whereby game players may collect coins free of charge through the passage of time, free top-up feature, and,
if a game player wishes to obtain coins above and beyond the level of free coins available to that player, the player may purchase additional
coin packages (&ldquo;Freemium&rdquo; gaming model). However, no purchase is necessary to participate in any sweepstakes, and sweepstakes
entries themselves cannot be purchased<B>.</B> Once obtained, the coins (either free or purchased) cannot be redeemed for cash or exchanged
for anything outside of the Platform. When coins are used in the games, the game player could &ldquo;win&rdquo; and be awarded additional
coins, or could &ldquo;lose&rdquo; and lose the future use of those coins.</P>
<P STYLE="font: 10pt Times New Roman; margin: 0pt">&nbsp;</P>



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



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">BNC&rsquo;s current and planned
products and experiences are:&nbsp;</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.5in; text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><B>Gaming.</B>&nbsp;The Platform provides an extensive selection of gaming options, including participation
    in games, sweepstakes and social gaming experiences, such as Blackjack and roulette.</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman; margin: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 0.5in; text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><B>Sweepstakes gaming.&nbsp;</B>The Platform features a dedicated gaming zone for users to engage
    in sweepstakes gaming, offering opportunities to win real money and prizes.</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman; margin: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.5in; text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><B>Socialization and connectivity.</B>&nbsp;The Platform&rsquo;s ongoing mission will be to foster
    global connections by enabling users to interact with individuals, forming new friendships, collaborating on projects or engaging
    in conversations within various social hubs.</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman; margin: 0pt">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The online sweepstakes gaming
industry in the United States is experiencing rapid growth and expansion, driven by advancements in technology and increased interest
in free-to-play and social gaming. BNC&rsquo;s business strategy revolves around creating a seamless, all-encompassing platform that
caters to various user needs and interests, particularly in sweepstakes and social gaming experiences.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The strategic pillars for
the growth of the Platform include (i) leveraging cutting-edge technology to offer a user-friendly, browser-based platform compatible
with modern devices for an enhanced experience, (ii) providing a diverse range of sweepstakes and gaming products that cater to users
with different interests and preferences, (iii) fostering connections and a sense of community among users, encouraging socialization
and (iv) focusing on continuous innovation and regulatory compliance to stay ahead of industry trends and customer expectations.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">BNC faces competition from
both established online gaming platforms and new entrants in the market. It competes with recognized sweepstakes operators&mdash;such
as Chumba Casino, Stake.us, and Luckyland&mdash;that continually introduce new offerings in this evolving space. BNC also contends with
gaming-focused platforms like Fortnite and Roblox, as well as other social or casual games that vie for user attention. In addition,
traditional brick-and-mortar casinos are increasingly expanding their reach by introducing online components or apps, which further intensifies
the competitive landscape.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As the online gaming industry
continues to grow and evolve, regulatory challenges and considerations are becoming increasingly important. The nature of the Platform,
which often combines elements of gaming, social networking, and digital economies, presents a complex landscape for regulators to navigate.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">To navigate the complex and
evolving regulatory landscape, BNC will prioritize compliance with relevant laws and regulations in all jurisdictions where it operates.
This includes data privacy and protection regulations, gaming and sweepstakes regulations, and intellectual property rights. By maintaining
a strong focus on regulatory compliance, BNC aims to minimize potential legal risks and build trust with users and partners.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The online gaming industry
is currently grappling with several regulatory challenges. First, data privacy and security concerns loom large, as users share personal
information and engage in transactions within the Platform. Regulators require that platforms comply with existing data protection regulations,
such as the General Data Protection Regulation (&ldquo;GDPR&rdquo;) and the California Consumer Privacy Act (&ldquo;CCPA&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Second, sweepstakes-specific
compliance poses unique hurdles because sweepstakes must be free to enter and cannot require a purchase for participation. Accordingly,
businesses must structure their sweepstakes to ensure adherence to state and federal laws, such as providing an alternative means of
entry and clear disclosures.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Third, intellectual property
rights become complicated when a platform relies on user-generated content and virtual goods or items. Copyright, trademark, and patent
laws can be difficult to enforce in virtual environments, raising questions about how best to protect and manage these rights.</P>

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



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





<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Fourth, taxation and financial
regulations come into play as virtual economies flourish, particularly with the rise of cryptocurrencies and non-fungible tokens. Regulators
must determine how to classify and tax digital assets and transactions, while also ensuring compliance with anti-money laundering and
know-your-customer requirements.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Lastly, content moderation
and liability remain pressing issues. Platforms must moderate content and user behavior while navigating potential liability for user-generated
content. This includes addressing possible violations of laws related to hate speech, harassment, and misinformation, all of which carry
significant legal and reputational risks.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As sweepstakes gaming continues
to develop and expand, several additional regulatory questions are likely to emerge. Payment processing and banking compliance may draw
heightened scrutiny as operators look for efficient ways to deliver prizes or credits, requiring compliance with anti-money laundering
and know-your-customer regulations in a sweepstakes context. Evolving state sweepstakes laws add further complexity, as each state imposes
unique statutes and regulations regarding contests, forcing operators to stay informed on registration or bonding requirements. Emerging
digital prize formats, such as virtual items or tokens, may require additional clarity from state and federal regulators to determine
their proper classification. Finally, accessibility and inclusivity concerns will likely increase, with regulators paying more attention
to ensuring that sweepstakes remain inclusive and transparent for all eligible participants.</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 78.25pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">askROI is an AI-powered software-as-a-service
platform designed to help businesses leverage their data for competitive advantage. At the core of askROI&rsquo;s technology is a state-of-the-art
large language model (&ldquo;LLM&rdquo;), which is exclusively licensed from a third-party provider for use in North America. The askROI
platform is located at askroi.com and askROI dedicated applications are available for download on both the Apple and Google app marketplaces.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">By seamlessly integrating
with a company&rsquo;s existing tools and data sources, askROI seeks to deliver actionable insights, intelligent analysis, and data-driven
decision support. The platform&rsquo;s LLM-powered technology allows it to interpret complex queries, identify relevant information,
and provide highly contextualized responses, all while continuously learning and adapting to each organization&rsquo;s unique language
and terminology.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our vision is that askROI
can transform how businesses operate in the digital age. With our exclusive access to cutting-edge LLM technology and our commitment
to delivering tangible business value, askROI seeks to set a new standard for AI-powered insights and decision support in the North American
market.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">askROI&rsquo;s current and
planned product functionality are:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><U>Seamless
                                            integration</U>: askROI connects with a wide range of business tools, including customer
                                            relationship management, cloud storage systems (e.g., OneDrive, Google Drive), and communication
                                            platforms (e.g., Slack, Teams). Ongoing expansion of integration partnerships will further
                                            streamline data access and analysis;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><U>Contextualized
                                            understanding</U>: By referencing secure, company-specific workspaces and knowledge bases
                                            rather than training the underlying LLM, askROI can deliver tailored insights aligned with
                                            each organization&rsquo;s unique terminology, product names, and project codes. Ongoing refinements
                                            to the platform&rsquo;s natural language processing capabilities will enable even more nuanced,
                                            context-aware analysis;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><U>Actionable
                                            insights</U>: askROI analyzes data to generate custom reports, draft data-rich presentations,
                                            and create visualizations like charts and graphs. Introduction of industry-specific templates
                                            for reports, data visualizations, and analytics dashboards will provide additional value
                                            for users in targeted sectors;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><U>Transparency
                                            and security</U>: askROI cites specific data sources for its answers and provides direct
                                            document links for reference. Robust data security measures, including access controls, encryption,
                                            and audit trails, seek to ensure the protection of sensitive information. Future updates
                                            will focus on achieving compliance with key regulations such as GDPR, SOC 2, and payment
                                            card industry data security standards;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><U>Ethical
                                            AI</U>: Implementation of strict guidelines and oversight mechanisms to ensure responsible
                                            development and use of askROI&rsquo;s AI models, mitigating risks of bias, discrimination,
                                            or misuse; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><U>Partner
                                            ecosystem</U>: Development of a robust network of consultancies, system integrators, and
                                            industry-specific solution providers to accelerate adoption and create tailored solutions
                                            for diverse business needs.</TD></TR></TABLE>

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



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





<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">By continually enhancing
and expanding its capabilities, askROI aims to position its platform as an indispensable tool for businesses seeking to leverage their
data for competitive advantage and operational excellence.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">askROI is currently in early
development, focusing on support and commercial applications. However, the platform&rsquo;s flexible architecture and powerful AI capabilities,
underpinned by its exclusive licensing agreement for the LLM technology in North America, position it for broad applicability across
industries. The go-to-market strategy involves continued refinement of the core product based on beta user feedback, followed by a staged
rollout to additional sectors.</P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Continued
                                            refinement of the core product based on beta user feedback, followed by a staged rollout
                                            to additional sectors;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Leveraging
                                            its exclusive LLM licensing agreement to differentiate askROI in the North American market,
                                            attracting customers seeking advanced AI solutions;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Using
                                            askROI as a dedicated application in both the Apple and Google app marketplaces, enabling
                                            mobile-first experiences and expanding accessibility to on-the-go users;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Expanding
                                            integration partnerships to ensure askROI can seamlessly fit into diverse tech stacks, minimizing
                                            adoption barriers;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Focusing
                                            marketing efforts on real-world use cases and demonstrable return on investment, showcasing
                                            how askROI can drive tangible business outcomes;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Building
                                            a strong partner ecosystem, including consultants, system integrators, and industry-specific
                                            solution providers, to accelerate adoption; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Investing
                                            in research and development to maintain a competitive edge in natural language processing,
                                            machine learning, and data analytics.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">By adopting these strategic
initiatives and building on what we believe to be its unique LLM licensing advantages, askROI aims to position itself as a leading AI-powered
insights engine, setting the standard for data-driven decision-making and operational excellence.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We believe that askROI&rsquo;s
unique positioning as an AI-powered insights engine operating exclusively on a company&rsquo;s own data, differentiates it from both
generic AI tools and other enterprise search and analytics platforms.</P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><U>Exclusive
                                            access to advanced LLM</U>: we believe that askROI&rsquo;s licensing agreement provides a
                                            significant competitive advantage, enabling the platform to leverage advanced natural language
                                            processing capabilities;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><U>Seamless
                                            integration with existing business tools</U>: By minimizing disruption to established workflows
                                            and enabling rapid adoption, askROI will reduce barriers to entry and increases its appeal
                                            to potential customers;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><U>Ability
                                            to provide company-specific context</U>: Through secure, dedicated workspaces and knowledge
                                            bases, askROI accepts and indexes an organization&rsquo;s proprietary documents without using
                                            them to train the underlying LLM. Instead, the platform queries these internal data sets
                                            on demand to generate relevant, context-rich answers specific to each organization&rsquo;s
                                            terminology and needs. By keeping this data separate from the LLM&rsquo;s base model training,
                                            askROI maintains data confidentiality while still delivering more accurate and actionable
                                            insights than generic AI solutions;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><U>Focus
                                            on delivering actionable insights</U>: askROI goes beyond simple data aggregation, empowering
                                            users to make informed decisions and drive tangible business outcomes; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><U>Commitment
                                            to data security and privacy</U>: By ensuring that sensitive information remains protected
                                            and compliant with evolving regulations, askROI addresses a key concern for businesses considering
                                            AI-driven solutions.</TD></TR></TABLE>

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



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





<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We believe that as the market
for AI-driven business tools continues to expand, askROI is well-positioned to capture market share through its advanced capabilities,
ease of use and strong commitment to customer success. askROI&rsquo;s LLM licensing arrangement provides an important differentiator,
but the rapid pace of AI innovation requires it to continually invest in research and development to maintain a competitive edge.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">However, askROI also recognizes
the potential for competition from established enterprise software providers and emerging startups focused on AI-powered analytics and
decision support. To mitigate these competitive risks, askROI will focus on building a strong brand identity, cultivating a loyal customer
base, and leveraging its partner ecosystem to create advantages focused on its core offerings.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Ultimately, askROI&rsquo;s
success will depend on its ability to consistently deliver value to customers, stay at the forefront of technological innovation, and
adapt to the evolving needs of the market. By remaining agile, customer-centric, and committed to its vision of empowering businesses
through AI-driven insights, askROI is confident in its ability to thrive in the face of competition and position itself as a leader in
the market.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Regulatory Environment (Present and Future)</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The regulatory landscape
for artificial intelligence and data-driven technologies continues to evolve worldwide, presenting both challenges and opportunities
for askROI. In various regions, including the United States, the European Union, and parts of Asia, governments and regulatory bodies
are introducing new legislation and guidelines specifically related to AI, data privacy, and automated decision-making. For example,
the European Union&rsquo;s draft AI Act proposes a risk-based approach that could place additional compliance requirements on AI developers.
Some of our competitors, particularly large, established technology companies, already have more extensive compliance frameworks or resources
to adapt quickly, giving them a potential advantage in the event of significant regulatory changes.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">To address these developments,
askROI maintains a strong commitment to data protection and security. askROI&rsquo;s platform employs encryption, access controls, and
audit trails to safeguard customer information. At the same time, askROI recognizes that the rapid evolution of AI regulation may lead
to complex or overlapping legal requirements across various jurisdictions, ultimately increasing its compliance costs or limiting certain
functionalities. Consequently, askROI proactively engages with industry groups, policymakers and external advisors to stay informed about
emerging regulations and ensure that its platform aligns with current and anticipated standards.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Nevertheless, ongoing changes
in AI-related rules and interpretations of existing data-privacy laws could require askROI to make significant investments or modifications
to the askROI platform. Compliance obligations might include adding new audit capabilities or restricting how certain AI features function
to meet transparency or accountability requirements. In the event that these regulatory changes become more restrictive than anticipated,
askROI&rsquo;s operations could be adversely affected, and its ability to serve customers in certain markets could be limited.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our business strategy is
designed to increase stockholder value. Under this strategy, we are focused on managing and financially supporting our existing subsidiaries
and partner companies, with the goal of pursuing monetization opportunities and maximizing the value returned to stockholders. We have,
are and will consider initiatives including, among others: public offerings, the sale of individual partner companies, the sale of certain
or all partner company interests in secondary market transactions, or a combination thereof, as well as other opportunities to maximize
stockholder value, such as activist trading. We anticipate returning value to stockholders after satisfying our debt obligations and
working capital needs.&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our Executive Committee approves
and manages our investment strategy. Upon making an investment, we often become actively involved in the companies we seek to acquire.
That activity may involve a broad range of approaches, from influencing the management of a target to take steps to improve stockholder
value, to acquiring a controlling or sizable but non-controlling interest or outright ownership of the target company in order to implement
changes that we believe are required to improve its business, and then operating and expanding that business.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">From time to time, we engage
in discussions with other companies interested in our subsidiaries or partner companies, either in response to inquiries or as part of
a process we initiate. To the extent we believe that a subsidiary partner company&rsquo;s further growth and development can best be
supported by a different ownership structure or if we otherwise believe it is in our shareholders&rsquo; best interests, we will seek
to sell some or all of our position in the subsidiary or partner company. These sales may take the form of privately negotiated sales
of stock or assets, mergers and acquisitions, public offerings of the subsidiary or partner company&rsquo;s securities and, in the case
of publicly traded partner companies, transactions in their securities in the open market. Our plans may include taking subsidiaries
or partner companies public through rights offerings and directed share subscription programs. We will continue to consider these and
functionally equivalent programs and the sale of certain subsidiary or partner company interests in secondary market transactions to
maximize value for our shareholders.</P>
<P STYLE="font: 10pt Times New Roman; margin: 0pt">&nbsp;</P>



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



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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our
management strategy involves the proactive financial and operational management of the businesses we own in order to increase cash flows
and stockholder value. Hyperscale Data actively oversees and supports the management teams of each of our businesses by, among other
things:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>recruiting and
                                            retaining talented managers to operate our businesses using structured incentive compensation
                                            programs, including non-controlling equity ownership, tailored to each business;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>regularly monitoring
                                            financial and operational performance, instilling consistent financial discipline, and supporting
                                            management in the development and implementation of information systems to effectively achieve
                                            these goals;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>assisting management
                                            in their analysis and pursuit of prudent organic growth strategies;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>identifying and
                                            working with management to execute attractive external growth and acquisition opportunities;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>assisting management
                                            in controlling and right-sizing overhead costs;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>nurturing an
                                            internal culture of transparency, alignment, accountability and governance, including regular
                                            reporting;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>professionalizing
                                            our subsidiaries at scale; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">forming
                                            strong subsidiary level boards of directors to supplement management in their development
                                            and implementation of strategic goals and objectives.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Specifically,
while our businesses have different growth opportunities and potential rates of growth, we expect Hyperscale Data to work with the management
teams of each of our businesses to increase the value of, and cash generated by, each business through various initiatives, including:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>making selective
                                            capital investments to expand geographic reach, increase capacity, or reduce manufacturing
                                            costs of our businesses;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>investing in
                                            product research and development for new products, processes or services for customers;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>improving and
                                            expanding existing sales and marketing programs;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>pursuing reductions
                                            in operating costs through improved operational efficiency or outsourcing of certain processes
                                            and products; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">consolidating
                                            or improving management of certain overhead functions.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">Our
businesses typically acquire and integrate complementary businesses. We believe that complementary add-on acquisitions improve our overall
financial and operational performance by allowing us to:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>leverage manufacturing
                                            and distribution operations;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>leverage branding
                                            and marketing programs, as well as customer relationships;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>add experienced
                                            management or management expertise;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>increase market
                                            share and penetrate new markets; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">realize
                                            cost synergies by allocating the corporate overhead expenses of our businesses across a larger
                                            number of businesses and by implementing and coordinating improved management practices.</TD></TR></TABLE>

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



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





<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Compliance with Material Government (Including
Environmental) Regulations</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Sentinum is subject to various
federal, state, local and non-U.S. laws and regulations relating to environmental protection and remediation of hazardous substances
and wastes. Sentinum continually assesses compliance status and management of environmental matters to ensure our operations are in compliance
with all applicable environmental laws and regulations. Investigation, remediation, and operation and maintenance costs associated with
environmental compliance and management of sites are a normal, recurring part of operations. While Sentinum&rsquo;s regulatory compliance
costs are currently not considered material, it is possible that costs incurred to ensure continued environmental compliance could have
a material impact on results of operations, financial condition or cash flows if new areas of soil, air and groundwater contamination
are discovered and/or expansions of work scope are prompted by the results of ongoing monitoring.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Michigan Facility is
subject to a final corrective measures plan with the Environment Protection Agency. The seller performed remedial activities at the Michigan
Facility relating to historical soil and groundwater contamination and Sentinum is responsible for ongoing monitoring and final remediation
plans. We estimate the cost of the environmental remediation obligation is approximately $0.4 million and reflects our best estimate
of probable future costs for remediation based on the current assessment data and regulatory obligations. Future costs will depend on
many factors, including the extent of work necessary to implement monitoring and final remediation plans and ACS&rsquo;s time frame for
remediation. We may incur actual costs in the future that are materially different than this estimate and such costs could have a material
impact on results of operations, financial condition, and cash flows during the period in which they are recorded.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Research and development
expenses remained consistent at $0.1 million for both the three months ended March 31, 2025 and 2024. During the years ended December
31, 2024 and 2023, we spent approximately $11.0 million and $4.4 million, respectively, on research and development.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are committed to attracting
and retaining the brightest and best talent, so investing in human capital is critical to our success. The employee traits we value include
industriousness, intellectual curiosity, growth mindset and deeply caring about the quality of work. The human capital measures and objectives
that we focus on in managing our business include employee safety, talent acquisition and retention, employee engagement, development
and training, diversity and inclusion, and compensation and pay equity. None of our employees is represented by a collective bargaining
unit or is a party to a collective bargaining agreement. We believe that our relationship with our employees is good.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following description
provides an overall view of our Company. Since we are a holding company, however, every statement may not be applicable to every subsidiary,
particularly since some are located in foreign countries.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As of December 31, 2024,
we had 424 employees located in the U.S. and the U.K., of whom 15 were engaged in engineering and product development, 30 in sales and
marketing, 328 in general operations and 51 in general administration and finance. All but 50 of these employees are employed on a full-time
basis. None of our employees is currently represented by a trade union. We consider our relations with our employees to be good.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As of December 31, 2024,
approximately 26% of our current workforce is female, 74% male, and our average tenure is 3.5&nbsp;years, a decrease of 45% from an average
tenure of 6.4 years as of December 31, 2023.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A core tenet of our talent
system is to both develop talent from within and supplement with external hires. This approach has yielded loyalty and commitment in
our employee base which in turn grows our business, our products, and our customers, while adding new employees and external ideas supports
a continuous improvement mindset and our goals of a diverse and inclusive workforce.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We believe we materially
comply with all applicable state, local and international laws governing nondiscrimination in employment in every location in which we
operate. All applicants and employees are treated with the same high level of respect regardless of their gender, ethnicity, religion,
national origin, age, marital status, political affiliation, sexual orientation, gender identity, disability or protected veteran status.</P>
<P STYLE="font: 10pt Times New Roman; margin: 0pt">&nbsp;</P>



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



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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our employee engagement efforts
include our frequent and transparent &ldquo;all-hands&rdquo; meetings and executive communications, through which we aim to keep our
employees well-informed and to increase transparency. We believe in continual improvement and use employee feedback to drive and improve
processes that support our customers and ensure a deep understanding of our employees&rsquo; needs. We plan to conduct annual confidential
employee surveys as we believe that ongoing performance feedback encourages greater engagement in our business and improves individual
performance. Our employees will participate in a 360-degree evaluation process to identify critical capabilities for development and
establish new stretch goals.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our employee compensation
strategy supports three primary objectives: attract and retain the best team members; reflect and reinforce our most important values;
and align team member interests with stockholder interests in building enduring value. We believe people should be paid for what they
do and how they do it, regardless of their gender, race or other personal characteristics. To deliver on that commitment, we benchmark
and set pay ranges based on market data and consider factors such as an employee&rsquo;s role and experience, the location of their job,
and their performance. We also regularly review our compensation practices, both in terms of our overall workforce and individual employees,
to ensure our pay is fair and equitable.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As part of our compensation
philosophy, we believe that we must offer and maintain market competitive total rewards programs for our employees in order to attract
and retain superior talent. In addition to healthy base wages, additional programs include annual bonus opportunities, healthcare and
insurance benefits, paid time off, family leave, family care resources and flexible work schedules. We established a Company matched
401(k) plan during 2021.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The success of our business
is fundamentally connected to the well-being of our people. Accordingly, we are committed to the health, safety and wellness of our employees.
We provide our employees and their families with access to a variety of flexible and convenient health and welfare programs, including
benefits that support their physical and mental health by providing tools and resources to help them improve or maintain their health
status; and that offer choice where possible so they can customize their benefits to meet their needs and the needs of their families.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are a Delaware corporation,
initially formed in California in 1969 and reincorporated in Delaware in 2017. We are located at 11411 Southern Highlands Parkway, Suite
190, Las Vegas, NV 89141. Our phone number is (949) 444-5464 and our website address is https://www.hyperscaledata.com/. We make our
periodic and current reports that are filed with the SEC available, free of charge, on our website as soon as reasonably practicable
after such material is electronically filed with, or furnished to, the SEC. Information contained on, or accessible through, our website
is not a part of, and is not incorporated by reference into, this prospectus.</P>

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

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 45%"><B>Issuer</B></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 54%">Hyperscale Data, Inc.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><B>Shares of our Common Stock offered by the Selling Stockholders</B></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">Up to 10,881,178 shares of Common Stock (the &ldquo;Conversion Shares&rdquo;) to be issued upon the conversion of the Convertible Notes.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><B>Shares of our Common Stock outstanding as of June 12, 2025</B></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">3,151,372 shares of Common Stock</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><B>Shares of our Common Stock outstanding after giving effect to the issuance of the Conversion Shares registered hereunder <SUP>(1)</SUP></B></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">14,032,550 shares of Common Stock</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><B>Use of proceeds</B></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">We will not receive any proceeds from the conversion of the Conversion Shares. See the section herein titled &ldquo;<I>Use of Proceeds</I>.&rdquo;&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><B>Risk Factors</B></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">See the section herein titled &ldquo;<I>Risk Factors</I>&rdquo; and the other information included in this prospectus for a discussion of factors you should consider carefully before deciding to invest in our securities.</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><B>Plan of Distribution</B></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">The Selling Stockholders may sell all or a portion of the shares of Common Stock beneficially owned by them and offered hereby from time to time directly or through one or more underwriters, broker-dealers or agents. Registration of the Common Stock covered by this prospectus does not mean, however, that such shares necessarily will be offered or sold. See &ldquo;Plan of Distribution.&rdquo;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><B>NYSE American Common Stock Symbol</B></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">GPUS</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(1)</TD><TD STYLE="text-align: justify">The number of shares of Common Stock that will be outstanding after this offering set forth above is based
on 3,151,372 shares of Common Stock outstanding as of June 12, 2025, and excludes the following:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">10,400,383 shares of Common Stock issuable upon the conversion of an outstanding convertible debt instruments
at exercise prices of between $1.69 per share and $43.75 per share, or, alternatively, at a weighted average conversion price of $1.85
per share;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">639,105 shares of Common Stock issuable upon the exercise of outstanding warrants at exercise prices of
between $5.92 per share and $656,250 per share, or, alternatively, a weighted average exercise price of $122.89 per share; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">171,428 shares of Common Stock reserved for issuance under our 2024 Stock Incentive Plan.</TD></TR></TABLE>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Unless otherwise specifically
stated, all information in this prospectus assumes no exercise or conversion of the outstanding convertible debt instruments, warrants
or stock options described above.</P>

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

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

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




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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Investing in our securities
involves a high degree of risk. You should carefully consider the following risk factors, as well as those set forth in our most recent
Annual Report on Form 10-K filed with the SEC and subsequent Quarterly Reports on Form 10-Q which are incorporated by reference into
this prospectus, as well as the other information set forth in this prospectus and the documents incorporated by reference herein, before
deciding whether to invest in our securities. Additional risks and uncertainties that we are unaware of may become important factors
that affect us. If any of these risks actually occurs, our business, financial condition and operating results may suffer, the trading
price of our common stock could decline, and you may lose all or part of your investment. </I></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>There could be a depressive effect on our
market price from sales of our shares of Common Stock upon conversion of the Convertible Notes.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">From February 25, 2025 through
April 15, 2025, we issued several Convertible Notes to the Selling Stockholders. The Selling Stockholders are offering up to 10,881,178
Conversion Shares through this prospectus.&nbsp; As of the date of this prospectus, such shares represent approximately 345% of our outstanding
shares of Common Stock. Sales of the shares offered hereby could have a depressive effect on the market price of our Common Stock and
such sales could also affect our ability to raise additional capital in the equity markets in the future.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>It is not possible to predict the actual number
of shares of Common Stock that we will issue to the Selling Stockholders upon conversion of the Convertible Notes. </B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">From February 25, 2025 through
April 15, 2025, we issued several Convertible Notes to the Selling Stockholders. The Selling Stockholders are offering up to 10,881,178
Conversion Shares through this prospectus. However, there can be no assurance that the Selling Stockholders will elect to convert their
Convertible Notes, when they may do so, or what the conversion price for each Convertible Note will be at the time of conversion of a
particular Convertible Note. Consequently, we cannot predict how many Conversion Shares will actually be issued to the Selling Stockholder
pursuant to this prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>The Selling Stockholders&rsquo; conversion
of their Convertible Notes into Common Stock will cause dilution to our existing stockholders of Common Stock, and the conversion of
the Convertible Notes or the perception that such sales may occur, could cause the price of our Common Stock to fall. </B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The market price for the
shares of Common Stock that the Selling Stockholders may receive upon conversion of the Convertible Notes will fluctuate based on a number
of factors beyond our control. Depending on market liquidity and the price of the Common Stock at the time, the trading price of our
Common Stock may fall.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Selling Stockholders
may convert all, some, or none of such Convertible Notes into Common Stock and sell all, some, or none of those shares at any time or
from time to time in their sole discretion; however, we expect the Selling Stockholders to sell any Conversion Shares promptly. Therefore,
conversions of the Convertible Notes by the Selling Stockholders could result in substantial dilution to the interests of holders of
our Common Stock.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>The Selling Stockholders will be able to convert
their Convertible Notes at a conversion price lower than the then current market price of the Common Stock, which could cause the price
of our Common Stock to decline.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Each Convertible Note is
convertible into shares of Common Stock at varying conversion prices, though they have a floor price ranging from $0.40 per share to
$0.45 per share. As a result of the lower conversion prices, the Selling Stockholders may convert the entirety of their Convertible Notes
into Conversion Shares upon the later to occur of (i) immediately effectiveness of this registration statement, of which this prospectus
forms a part, and our having obtained stockholder approval for all the Convertible Notes, which could cause the price of our Common Stock
to decrease.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>Risks Related to Ownership of Our Common
Stock and Future Offerings</U></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>If we do not continue to satisfy the NYSE
American continued listing requirements, our Common Stock could be delisted from NYSE American.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The listing of our Common
Stock on the NYSE American, or the Exchange, is contingent on our compliance with the NYSE American&rsquo;s conditions for continued
listing. Other than as set forth in the following two paragraphs, we are presently in compliance with all such conditions, it is possible
that we will fail to meet one or more of these conditions in the future.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On December 18, 2024, we
were notified by the NYSE American that due to our disclosure in our Form 10-Q filed for the fiscal period ended September 30, 2024,
which reported stockholders&rsquo; equity of approximately $2.2 million, we no longer met the requirement that we must have no less than
$6 million or more in stockholders&rsquo; equity pursuant to the listing standard set forth under Section 1003(a)(ii) and (iii) of the
NYSE American Company Guide (the &ldquo;Listing Standards&rdquo;) because we had reported losses from continuing operations and/or net
losses in five of our most recent fiscal years ended December 31, 2023.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Under the applicable rules
of the Exchange, the Company was required to submit a compliance plan by January 17, 2025 that demonstrates how it intends to regain
compliance with the Listing Standards within 18 months of the receipt of the notice, or June 18, 2026. The Company submitted the compliance
plan by that date, and subsequently submitted certain supplements thereto.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On March 4, 2025, the Exchange
notified the Company that it has been granted a listing extension until June 18, 2026 on the basis of the compliance plan submitted by
the Company to regain compliance with the Listing Standards. The Company will be subject to periodic review by the Exchange during the
extension period. Failure to make progress consistent with the compliance plan or to regain compliance with the continued Listing Standards
by the end of the extension period could result in the Company being delisted from the Exchange.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If we were to fail to meet
a NYSE American listing requirement, we may be subject to delisting by the NYSE American. In the event our Common Stock is no longer
listed for trading on the NYSE American, our trading volume and share price may decrease and we may experience further difficulties in
raising capital which could materially affect our operations and financial results. Further, delisting from the NYSE American could also
have other negative effects, including potential loss of confidence by partners, lenders, suppliers and employees and could also trigger
various defaults under our lending agreements and other outstanding agreements. Finally, delisting could make it harder for us to raise
capital and sell securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>You may experience future dilution as a result
of future equity offerings.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In order to raise additional
capital, we may in the future offer additional shares of our Common Stock or other securities convertible into or exchangeable for our
Common Stock at prices that may not be the same as the price per share in this offering. We may sell shares or other securities in any
other offering at a price per share that is less than the price per share paid by investors in this offering, and investors purchasing
shares or other securities in the future could have rights superior to existing stockholders. The price per share at which we sell additional
shares of our Common Stock, or securities convertible or exchangeable into Common Stock, in future transactions may be higher or lower
than the price per share paid by investors in this offering.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Our Common Stock price is volatile.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our Common Stock is listed
on the NYSE American. In the past, our trading price has fluctuated widely, depending on many factors that may have little to do with
our operations or business prospects. During the past 52-week period (through June 12, 2025), our stock closed at prices between $1.37
per share and $11.31 per share, as reported on NYSE.com. On June 12, 2025, the price of our Common Stock closed at $4.44 per share.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Stock markets, in general,
have experienced, and continue to experience, significant price and volume volatility, and the market price of our Common Stock may continue
to be subject to similar market fluctuations unrelated to our operating performance or prospects. This increased volatility, coupled
with depressed economic conditions, could continue to have a depressive effect on the market price of our Common Stock. The following
factors, many of which are beyond our control, may influence our stock price:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&bull;</TD><TD STYLE="text-align: justify">developments of the business
                                            of Sentinum, including each of its subsidiaries;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&bull;</TD><TD STYLE="text-align: justify">developments of the business
                                            of Ault Capital Group, including each of its subsidiaries;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&bull;</TD><TD STYLE="text-align: justify">the status of our growth strategy
                                            including the development of new products with any proceeds we may be able to raise in the
                                            future;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&bull;</TD><TD STYLE="text-align: justify">announcements of technological
                                            or competitive developments;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&bull;</TD><TD STYLE="text-align: justify">announcements or expectations
                                            of additional financing efforts;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&bull;</TD><TD STYLE="text-align: justify">our ability to market new and
                                            enhanced products on a timely basis;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&bull;</TD><TD STYLE="text-align: justify">changes in laws and regulations
                                            affecting our business;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&bull;</TD><TD STYLE="text-align: justify">commencement of, or involvement
                                            in, litigation involving us;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&bull;</TD><TD STYLE="text-align: justify">regulatory developments affecting
                                            us, our customers or our competitors;</TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&bull;</TD><TD STYLE="text-align: justify">announcements regarding patent
                                            or other intellectual property litigation or the issuance of patents to us or our competitors
                                            or updates with respect to the enforceability of patents or other intellectual property rights
                                            generally in the US or internationally;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&bull;</TD><TD STYLE="text-align: justify">actual or anticipated fluctuations
                                            in our quarterly financial results or the quarterly financial results of companies perceived
                                            to be similar to us;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&bull;</TD><TD STYLE="text-align: justify">changes in the market&rsquo;s
                                            expectations about our operating results;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&bull;</TD><TD STYLE="text-align: justify">our operating results failing
                                            to meet the expectations of securities analysts or investors in a particular period;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&bull;</TD><TD STYLE="text-align: justify">changes in the economic performance
                                            or market valuations of our competitors;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&bull;</TD><TD STYLE="text-align: justify">additions or departures of our
                                            executive officers;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&bull;</TD><TD STYLE="text-align: justify">sales or perceived sales of
                                            our Common Stock by us, our insiders or our other stockholders;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&bull;</TD><TD STYLE="text-align: justify">share price and volume fluctuations
                                            attributable to inconsistent trading volume levels of our shares; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">&bull;</TD><TD STYLE="text-align: justify">general economic, industry,
                                            political and market conditions and&nbsp;overall fluctuations in the financial markets in
                                            the United States and abroad.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, the securities
markets have, from time to time, experienced significant price and volume fluctuations that are not related to the operating performance
of particular companies. Any of these factors could result in large and sudden changes in the volume and trading price of our Common
Stock and could cause our stockholders to incur substantial losses. In the past, following periods of volatility in the market price
of a company&rsquo;s securities, stockholders have often instituted securities class action litigation against that company. If we were
involved in a class action suit or other securities litigation, it would divert the attention of our senior management, require us to
incur significant expense and, whether or not adversely determined, have a material adverse effect on our business, financial condition,
results of operations and prospects.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Volatility in our Common Stock price may subject
us to securities litigation.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Stock markets, in general,
have experienced, and continue to experience, significant price and volume volatility, and the market price of our Common Stock may continue
to be subject to similar market fluctuations unrelated to our operating performance or prospects. This increased volatility, coupled
with depressed economic conditions, could have a depressing effect on the market price of our Common Stock.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, the securities
markets have, from time to time, experienced significant price and volume fluctuations that are not related to the operating performance
of particular companies. Any of these factors could result in large and sudden changes in the volume and trading price of our Common
Stock and could cause our stockholders to incur substantial losses. In the past, following periods of volatility in the market price
of a company&rsquo;s securities, stockholders have often instituted securities class action litigation against that company. If we were
involved in a class action suit or other securities litigation, it would divert the attention of our senior management, require us to
incur significant expense and, whether or not adversely determined, have a material adverse effect on our business, financial condition,
results of operations and prospects.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>We have a substantial number of convertible
notes, warrants and preferred stock outstanding that could affect our price.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Due to a number of financings,
we have a substantial number of shares that are subject to issuance pursuant to outstanding convertible debt, warrants and options. As
of the date of this prospectus, the number of shares of Common Stock subject to convertible notes, warrants, Series B Convertible Preferred
Stock, Series C Convertible Preferred Stock, and Series G Convertible Preferred Stock were 10,400,383, 639,105, 525,532, 46,636,355 and
895,418, respectively. We had outstanding warrants to purchase up to 639,105 shares of Common Stock, with a weighted average exercise
price of $122.89 per share, at exercise prices ranging from $5.92 to $656,250 per share. The issuance of Common Stock pursuant to convertible
notes, warrants and preferred stock at conversion or exercise prices less than market prices may have the effect of limiting an increase
in market price of our Common Stock until all of these underling shares have been issued.</P>

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


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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>The recent issuance of approximately 5 million
shares of our Class B common stock to all of our holders of Common Stock through a dividend, and any future issuance of such Class B
common stock, could provide such persons with voting control leaving our other stockholders unable to elect our directors and the holders
of our shares of Common Stock will have little influence over our management.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">There are currently 4,994,198
shares of our Class B common stock issued and outstanding; our certificate of incorporation authorizes the issuance of 25 million shares
of Class B common stock. Each share of Class B common stock provides the holder thereof with ten votes on all matters submitted to a stockholder
vote. Our certificate of incorporation does not provide for cumulative voting for the election of directors. Any person or group who controls
or can obtain more than 50% of the votes cast for the election of each director will control the election of directors and the other stockholders
will not be able to elect any directors or exert any influence over management decisions. As a result of the super-voting rights of our
shares of Class B common stock, the issuance of such shares to our management or others could provide such persons with voting control
and our other stockholders will not be able to elect our directors and will have little influence over our management. While we are listed
on the NYSE American or any other national securities exchange it is highly unlikely that we would issue any shares of Class B common
stock other than through a dividend, which provides for a pari passu issuance, as doing so would jeopardize our continued listing on any
such exchange. However, if we were to be delisted for some reason and our shares of Common Stock trade on an over-the-counter market,
then we would face no restriction on issuing shares of Class B common stock to specific persons, who could be members of our management
or otherwise affiliated with our company.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Risks Related to Our Bitcoin Operations &ndash; General</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Acceptance and/or widespread use of Bitcoin
is uncertain.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Currently, there is a limited
use of any Bitcoin in the retail and commercial marketplace, thus contributing to price volatility that could adversely affect an investment
in our securities. Banks and other established financial institutions may refuse to process funds for Bitcoin transactions or process
wire transfers to or from Bitcoin exchanges, Bitcoin-related companies or service providers, which we have experienced, or maintain accounts
for persons or entities transacting in Bitcoin. Conversely, a significant portion of Bitcoin demand is generated by investors seeking
a long-term store of value or speculators seeking to profit from the short- or long-term holding of the asset. Price volatility undermines
Bitcoin&rsquo;s role as a medium of exchange, as retailers are much less likely to accept it as a form of payment. Market capitalization
for a Bitcoin as a medium of exchange and payment method may always be low.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The relative lack of acceptance
of Bitcoins in the retail and commercial marketplace, or a reduction of such use, limits the ability of end users to use them to pay
for goods and services. Such lack of acceptance or decline in acceptances could have a material adverse effect on our ability to continue
as a going concern or to pursue our business strategy at all, which could have a material adverse effect on our business, prospects or
operations and potentially the value of Bitcoins we mine or otherwise acquire or hold for our own account.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>The development and acceptance of cryptographic
and algorithmic protocols governing the issuance of and transactions in cryptocurrencies is subject to a variety of special economic,
geopolitical and regulatory factors, which could slow the growth of the industry in general and our company as a result.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The use of cryptocurrencies,
including Bitcoin, to, among other things, buy and sell goods and services and complete transactions, is part of a new and rapidly evolving
industry that employs cryptocurrency assets based upon a computer-generated&nbsp;mathematical and/or cryptographic protocol. Large-scale&nbsp;acceptance
of cryptocurrencies as a means of payment has not, and may never, occur. The growth of this industry in general, and the use of Bitcoin
in particular, is subject to a high degree of uncertainty, and the slowing or stopping of the development or acceptance of developing
protocols may occur unpredictably. The factors include, but are not limited to:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the
                                            progress of worldwide growth in the adoption and use of Bitcoin and other cryptocurrencies
                                            as a medium of exchange;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the
                                            experience of businesses in using Bitcoin;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the
                                            impact from prominent business leaders in criticizing Bitcoin&rsquo;s potential harm to the
                                            environment and the effect of announcements critical of Bitcoin, such as those made by Elon
                                            Musk of Tesla;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">governmental
                                            and organizational regulation of Bitcoin and other cryptocurrencies and their use, or restrictions
                                            on or regulation of access to and operation of the network or similar cryptocurrency systems
                                            (such as the 2021 ban in China);</TD></TR></TABLE>



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



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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">changes
                                            in consumer demographics and public tastes and preferences, including as may result from
                                            coverage of Bitcoin or other cryptocurrencies by journalists and other sources of information
                                            and media;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the
                                            maintenance and development of the open-source&nbsp;software protocol of the network;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the
                                            increased consolidation of contributors to the Bitcoin blockchain through mining pools and
                                            scaling of mining equipment by well-capitalized&nbsp;market participants;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the
                                            availability and popularity of other forms or methods of buying and selling goods and services,
                                            including new means of using fiat currencies;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the
                                            use of the networks supporting Bitcoin or other cryptocurrencies for developing smart contracts
                                            and distributed applications;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">general
                                            economic conditions and the regulatory environment relating to Bitcoin and other cryptocurrencies;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the
                                            impact of regulators focusing on cryptocurrencies and the costs, financial and otherwise,
                                            associated with such regulatory oversight; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">a
                                            decline in the popularity or acceptance of Bitcoin could adversely affect an investment in
                                            us.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The outcome of these factors
could have negative effects on our ability to continue as a going concern or to pursue our business strategy, which could have a material
adverse effect on our business, prospects or operations as well as potentially negative effects on the value of any Bitcoin or other
cryptocurrencies we mine or otherwise acquire, which would harm investors in our securities. If Bitcoin does not increase its market
acceptance as a mechanism to buy and sell goods and services or accrete in value over time, our prospects and your investment in us would
diminish.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Political or economic crises may motivate
large-scale&nbsp;sales of cryptocurrencies, which could result in a reduction in values of cryptocurrencies such as Bitcoin and adversely
affect an investment in us.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Geopolitical crises, in particular
major ones such as Russia&rsquo;s invasion of Ukraine and the conflict between Israel and Hamas as well as its supporters, may motivate
large-scale purchases of Bitcoin and other cryptocurrencies, which could increase the price of Bitcoin and other cryptocurrencies rapidly.
This may increase the likelihood of a subsequent price decrease as crisis-driven purchasing behavior dissipates, adversely affecting
the value of our Bitcoin following such downward adjustment. Such risks are similar to the risks of purchasing commodities in general
uncertain times, such as the risk of purchasing, holding or selling gold. Alternatively, as an emerging asset class with limited acceptance
as a payment system or commodity, global crises and general economic downturn may discourage investment in cryptocurrencies as investors
focus their investment on less volatile asset classes as a means of hedging their investment risk.&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As an alternative to fiat
currencies that are backed by central governments, cryptocurrencies, which are relatively new, are subject to supply and demand forces.
How such supply and demand will be impacted by geopolitical events is largely uncertain but could be harmful to us and investors in our
Class A common stock. Political or economic crises may motivate large-scale acquisitions or sales of cryptocurrencies either globally
or locally. Such events could have a material adverse effect on our ability to continue as a going concern or to pursue our new strategy
at all, which could have a material adverse effect on our business, prospects or operations and potentially the value of any Bitcoin
or any other cryptocurrencies we mine or otherwise acquire or hold for our own account.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Negative media attention and public perception
surrounding energy consumption by cryptocurrency mining may adversely affect our reputation and, consequently, our stock price; particularly
in the eyes of some of our investors who may be more interested in our non-crypto operations as a holding company.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Cryptocurrency mining has
experienced negative media attention surrounding its perceived high electricity use and environmental impact, which has adversely influenced
public perception of the industry as a whole. We believe these factors are overstated for the cryptocurrency mining industry because
of the informational disparity between cryptocurrency mining and other energy intensive industries. Cryptocurrency miners (particularly
Bitcoin miners) have freely and publicly disclosed their energy consumption statistics because electricity usage, and the associated
utility fees, is a cost of production. As increasing numbers of publicly traded cryptocurrency miners enter the market, more data, reliably
disclosed in compliance with generally accepted accounting principles in the United States of America (&ldquo;GAAP&rdquo;), has become
available; however, such data has not been made as readily available for competitive payment systems and fiat currencies.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Nevertheless, this negative
media attention and public perception may materially and adversely affect our reputation and, consequently, our stock price, particularly
in the eyes of our investors who are more interested in our non-crypto operations as a holding company. As a single company within the
broader cryptocurrency industry, we are likely incapable of effectively countering this negative media attention and affecting public
perception. Therefore, we may not be able to adequately respond to these external pressures, which may cause a significant decline in
the price of our Class A common stock.</P>

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




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<P STYLE="font: 10pt Times New Roman; margin: 0pt">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Banks and financial institutions may not provide
banking services, or may cut off services, to businesses like us that engage in cryptocurrency-related activities.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A number of companies that
engage in Bitcoin and/or other cryptocurrency-related&nbsp;activities have been unable to find banks or financial institutions that are
willing to provide them with bank accounts and other services. Similarly, a number of companies and individuals or businesses associated
with cryptocurrencies may have had and may continue to have their existing bank accounts closed or services discontinued with financial
institutions in response to government action. The difficulty that many businesses that provide Bitcoin and/or derivatives on other cryptocurrency-related&nbsp;activities
have and may continue to have in finding banks and financial institutions willing to provide them services may be decreasing the usefulness
of cryptocurrencies as a payment system and harming public perception of cryptocurrencies, and could decrease their usefulness and harm
their public perception in the future.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The usefulness of cryptocurrencies
as a payment system and the public perception of cryptocurrencies could be damaged if banks or financial institutions were to close the
accounts of businesses engaging in Bitcoin and/or other cryptocurrency-related&nbsp;activities. This could occur as a result of compliance
risk, cost, government regulation or public pressure. The risk applies to securities firms, clearance and settlement firms, national
securities exchanges and derivatives on commodities exchanges, the over-the-counter&nbsp;market, and the Depository Trust Company (&ldquo;DTC&rdquo;),
which, if any of such entities adopts or implements similar policies, rules or regulations, could negatively affect our relationships
with financial institutions and impede our ability to convert cryptocurrencies to fiat currencies. Such factors could have a material
adverse effect on our ability to continue as a going concern or to monetize our mining efforts, which could have a material adverse effect
on our business, prospects or operations and harm investors.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>The price of cryptocurrencies may be affected
by the sale of such cryptocurrencies by other vehicles investing in cryptocurrencies or tracking cryptocurrency markets. Such events
could have a material adverse effect on our business, prospects or operations and potentially the value of any Bitcoin we mine.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The global market for cryptocurrency
is characterized by supply constraints that differ from those present in the markets for commodities or other assets such as gold and
silver. The mathematical protocols under which certain cryptocurrencies are mined permit the creation of a limited, predetermined amount
of digital currency, while others have no limit established on total supply. Increased numbers of miners and deployed mining power globally
will likely continue to increase the available supply of Bitcoin and other cryptocurrencies, which may depress their market price. Further,
large &ldquo;block sales&rdquo; involving significant numbers of Bitcoin following appreciation in the market price of Bitcoin may also
increase the supply of Bitcoin available on the market, which, without a corresponding increase in customer demand, may cause its price
to fall. Currently, the loss of customer demand is also accentuated by disruptions in the crypto assets market. Additionally, to the
extent that other vehicles investing in cryptocurrencies or tracking cryptocurrency markets form and come to represent a significant
proportion of the customer demand for cryptocurrencies, including the recent approval of Bitcoin exchange traded funds, large redemptions
of the securities of those vehicles and the subsequent sale of cryptocurrencies by such vehicles could negatively affect cryptocurrency
prices and therefore affect the value of the cryptocurrency inventory we hold. Such events could have a material adverse effect on our
business, prospects or operations and potentially the value of any Bitcoin.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Risks Related to Our Bitcoin Operations &ndash; Operational and
Financial</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Risk related to technological advancements
and obsolescence of current bitcoin mining equipment.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our operations are exposed
to the risk of rapid technological advancements in the development and production of Bitcoin mining equipment, which could render our
existing mining infrastructure obsolete and adversely impact our financial performance.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Bitcoin mining industry
is characterized by rapid technological change, with companies continually developing and deploying new mining equipment and techniques
to enhance computational efficiency and reduce energy consumption. These advancements may outpace our ability to adapt, maintain, and
upgrade our mining equipment, thereby negatively affecting our competitive position and operational efficiency. As a result, we may be
required to make significant capital investments to acquire and implement new technology to maintain our competitiveness.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If we are unable to anticipate
or adapt to such advancements, or if we fail to allocate our resources efficiently, we may be forced to rely on outdated equipment that
becomes increasingly inefficient and expensive to maintain. Moreover, the emergence of more advanced mining technologies could lead to
an increase in the overall mining difficulty, further reducing the effectiveness of our existing equipment and diminishing our mining
rewards.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Additionally, there is a
risk that our competitors, who may have greater financial resources and flexibility, will be better positioned to adopt emerging technologies
and gain a competitive advantage. This could result in a decline in our market share, revenue, and profitability.</P>



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




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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Inability to manage these
risks could have a material adverse effect on our business, financial condition, and operating results.</P>
<P STYLE="font: 10pt Times New Roman; margin: 0pt">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Our future success will depend in part upon
the value of Bitcoin. The value of Bitcoin may be subject to pricing risk and has historically been subject to wide swings.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our operating results from
this sector will depend in part upon the value of Bitcoin because it is the sole digital asset we currently mine. Specifically, our revenues
from our Bitcoin mining operations are principally based upon two factors: the number of Bitcoin rewards we successfully mine and the
value of Bitcoin. We also receive transaction fees paid in Bitcoin by participants who initiated transactions associated with new blocks
that we mine. Our strategy currently focuses primarily on Bitcoin (as opposed to other digital assets). Further, our miners are principally
utilized for mining Bitcoin and cannot mine other digital assets that are not mined utilizing the &ldquo;SHA-256 algorithm.&rdquo; If
other digital assets were to achieve acceptance at the expense of Bitcoin, causing the value of Bitcoin to decline, or if Bitcoin were
to switch its proof of work algorithm from SHA-256 to another algorithm for which our miners are not specialized, or the value of Bitcoin
were to decline for other reasons, particularly if such decline were significant or over an extended period of time, our operating results
would be adversely affected, and there could be a material adverse effect on our ability to continue as a going concern or to pursue
our business strategy at all, which could have a material adverse effect on our business, prospects or operations, and harm investors.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Bitcoin and other cryptocurrency
market prices, which have historically been volatile and are impacted by a variety of factors are determined primarily using data from
various exchanges, over-the-counter markets and derivative platforms. Such prices may be subject to factors such as those that impact
commodities, more so than business activities, which could be subject to additional influence from fraudulent or illegitimate actors,
real or perceived scarcity, and political, economic, regulatory or other conditions. Pricing may be the result of, and may continue to
result in, speculation regarding future appreciation in the value of digital assets, or our share price, inflating and making their market
prices more volatile or creating &ldquo;bubble&rdquo; type risks for both Bitcoin and our shares of Class A common stock.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>We may be unable to raise additional capital needed to grow our
data center hosting business.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have operated and expect
to continue to operate at a loss as we continue to establish our business model and as Bitcoin prices continue to experience significant
volatility. In addition, we expect to need to raise additional capital to fund our working capital requirements, expand our operations,
pursue our growth strategy and to respond to competitive pressures or working capital requirements. Specifically, the expansion of our
Michigan Property to potentially 340 MWs of power will require significant capital. We may not be able to obtain additional debt or equity
financing on favorable terms, if at all, which could impair our growth and adversely affect our existing operations. The global economy,
including credit and financial markets, has recently experienced extreme volatility and disruptions, including diminished credit availability,
rising interest and inflation rates, declines in consumer confidence, declines in economic growth, increases in unemployment rates and
uncertainty about economic stability. Such macroeconomic conditions could also make it more difficult for us to incur additional debt
or obtain equity financing. If we raise additional equity financing, our stockholders may experience significant dilution of their ownership
interests, and the per share value of our Class A common stock could decline. Further, if we engage in additional debt financing, the
holders of debt likely would have priority over the holders of our Class A common stock on order of payment preference. We may be required
to accept terms that restrict our ability to incur additional indebtedness, take other actions including accepting terms that require
us to maintain specified liquidity or other ratios that could otherwise not be in the interests of our stockholders. Increased credit
pressures on the cryptocurrency industry, such as banks, investors and other companies reducing or eliminating their exposure to the
cryptocurrency industry through lending, have had and may continue to have a material impact on our business. In light of conditions
impacting our industry, it may be more difficult for us to obtain equity or debt financing in the future.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>The emergence of competing blockchain platforms
or technologies may harm our business as presently conducted by preventing us from realizing the anticipated profits from our investments
and forcing us to expend additional capital in an effort to adapt.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If blockchain platforms or
technologies which compete with Bitcoin and its blockchain, including competing cryptocurrencies which our miners may not be able to
mine, such as cryptocurrencies being developed or that may be developed by popular social media platforms, online retailers, or government
sponsored cryptocurrencies, consumers may use such alternative platforms or technologies. If that were to occur, we would face difficulty
adapting to such emergent digital ledgers, blockchains, or alternative platforms, cryptocurrencies or other digital assets. This may
adversely affect us by preventing us from realizing the anticipated profits from our investments and forcing us to expend additional
capital in an effort to adapt. Further, to the extent we cannot adapt, be it due to our specialized miners or otherwise, we could be
forced to cease our mining or other cryptocurrency-related&nbsp;operations. Such circumstances would have a material adverse effect on
our business, and in turn your investment in our securities.</P>





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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>We rely on one or more third parties for depositing,
storing and withdrawing the Bitcoin we receive, which could result in a loss of assets, disputes and other liabilities or risks which
could adversely impact our business.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We currently use a custodial
wallet to store the Bitcoin we receive. In order to own, transfer and use Bitcoin on the blockchain network, we must have a private and
public key pair associated with a network address, commonly referred to as a &ldquo;wallet.&rdquo; Each wallet is associated with a unique
&ldquo;public key&rdquo; and &ldquo;private key&rdquo; pair, each of which is a string of alphanumerical characters. To deposit Bitcoin
into our digital wallet, we must direct the transaction to the public key of a wallet that our Gemini custodial account controls and
provides to us, and broadcast the deposit transaction onto the underlying blockchain network. To withdraw Bitcoin from our custodial
account, an assigned account representative must initiate the transaction from our custodial account, then an approver must approve the
transaction. Once the custodian has verified that the request is valid and who the recipient is through Know Your Customer/Anti-Money
Laundering protocols, the custodian then &ldquo;signs&rdquo; a transaction authorizing the transfer. In addition, some cryptocurrency
networks require additional information to be provided in connection with any transfer of cryptocurrency such as Bitcoin.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A number of errors or other
adverse events can occur in the process of depositing, storing or withdrawing Bitcoin into or from our custodial account, such as typos,
mistakes or the failure to include the information required by the blockchain network. For instance, a user may incorrectly enter our
wallet&rsquo;s public key or the desired recipient&rsquo;s public key when depositing and withdrawing Bitcoin. Additionally, our reliance
on third parties such as Gemini and the maintenance of keys to access and utilize our digital wallet will expose us to enhanced cybersecurity
risks from unauthorized third parties employing illicit operations such as hacking, phishing and social engineering, notwithstanding
the security systems and safeguards employed by us and others. Cyberattacks upon systems across a variety of industries, including the
cryptocurrency industry, are increasing in frequency, persistence and sophistication and, in many cases, are being conducted by sophisticated,
well-funded, and organized groups and individuals. For example, attacks may be designed to deceive employees and service providers into
releasing control of the systems on which we depend to a hacker, while others may aim to introduce computer viruses or malware into such
systems with a view to stealing confidential or proprietary data. These attacks may occur on our digital wallet or the systems of our
third-party&nbsp;service providers or partners, which could result in asset losses and other adverse consequences. Insurance held by
third parties may not cover related losses. Alternatively, we may inadvertently transfer Bitcoin to a wallet address that we do not own,
control or hold the private keys to. In addition, a Bitcoin wallet address can only be used to send and receive Bitcoin, and if the Bitcoin
is inadvertently sent to an Ethereum or other cryptocurrency wallet address, or if any of the foregoing errors occur, all of the Bitcoin
will be permanently and irretrievably lost with no means of recovery. Such incidents could result in asset loss or disputes, any of which
could materially and adversely affect our business.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>If a malicious actor or botnet obtains control
of more than 50% of the processing power on a cryptocurrency network, such actor or botnet could manipulate blockchains to adversely
affect us, which would adversely affect an investment in our company and our ability to operate.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If a malicious actor or botnet
(a volunteer or hacked collection of computers controlled by networked software coordinating the actions of the computers) obtains a
majority of the processing power dedicated to mining a cryptocurrency, it may be able to alter blockchains on which transactions of cryptocurrency
reside and rely by constructing fraudulent blocks or preventing certain transactions from completing in a timely manner, or at all. The
malicious actor or botnet could control, exclude or modify the ordering of transactions, though it could not generate new units or transactions
using such control. The malicious actor could &ldquo;double-spend&rdquo; its own cryptocurrency (i.e., spend the same Bitcoin in more
than one transaction) and prevent the confirmation of other users&rsquo; transactions for as long as it maintained control. To the extent
that such malicious actor or botnet does not yield its control of the processing power on the network or the cryptocurrency community
does not reject the fraudulent blocks as malicious, reversing any changes made to blockchains may not be possible. The foregoing description
is not the only means by which the entirety of blockchains or cryptocurrencies may be compromised but is only an example.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Although we are unaware of
any reports of malicious activity or control of blockchains achieved through controlling over 50% of the processing power on the network,
it is believed that certain mining pools may have exceeded the 50% threshold in Bitcoin. The possible crossing of the 50% threshold indicates
a greater risk that a single mining pool could exert authority over the validation of Bitcoin transactions. To the extent that the Bitcoin
community, and the administrators of mining pools, do not act to ensure greater decentralization of Bitcoin mining processing power,
the feasibility of a botnet or malicious actor obtaining control of the blockchain&rsquo;s processing power will increase, because such
botnet or malicious actor could more readily infiltrate and seize control over the blockchain by compromising a single mining pool, if
the mining pool compromises more than 50% of the mining power on the blockchain, than it could if the mining pool had a smaller share
of the blockchain&rsquo;s total hashing power. Conversely, if the blockchain remains decentralized it is inherently more difficult for
the botnet or malicious actor to aggregate enough processing power to gain control of the blockchain. If this were to occur, the public
may lose confidence in the Bitcoin blockchain, and blockchain technology more generally. This would likely have a material and adverse
effect on the price of Bitcoin, which could have a material adverse effect on our business, financial results and operations, and harm
investors.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B>Our reliance on a
third-party mining pool service provider for our mining revenue payouts may have a negative impact on our operations such as a result
of cyber-attacks against the mining pool operator and/or our limited recourse against the mining pool operator with respect to rewards
paid to us.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We
receive crypto asset mining rewards from our mining activity through a third-party mining pool operator. Mining pools allow miners to
combine their processing power, increasing their chances of solving a block and getting paid by the network. The rewards are distributed
by the pool operator, proportionally to our contribution to the pool&rsquo;s overall mining power, used to generate each block. Should
the pool operator&rsquo;s system suffer downtime due to a cyber-attack, software malfunction or other similar issues, it will negatively
impact our ability to mine and receive revenue. Furthermore, we are dependent on the accuracy of the mining pool operator&rsquo;s record
keeping to accurately record the total processing power provided to the pool for a given Bitcoin mining application in order to assess
the proportion of that total processing power we provided.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">While
we have internal methods of tracking both our power provided and the total used by the pool, the mining pool operator uses its own recordkeeping
to determine our proportion of a given reward. We have little means of recourse against the mining pool operator if we determine the
proportion of the reward paid out to us by the mining pool operator is incorrect, other than leaving the pool. If we are unable to consistently
obtain accurate proportionate rewards from our mining pool operators, we may experience reduced reward for our efforts, which would have
an adverse effect on our business and operations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B>Bitcoin may have
concentrated ownership and large sales or distributions by holders of Bitcoin assets could have an adverse effect on the market price
of Bitcoin.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As
of June 12, 2025, the largest 94 and 2,092 Bitcoin wallets held approximately 15% and 37%, respectively, of the Bitcoin in circulation.
Moreover, it is possible that other persons or entities control multiple wallets that collectively hold a significant number of Bitcoins,
even if they individually only hold a small amount, and it is possible that some of these wallets are controlled by the same person or
entity. As a result of this concentration of ownership, large sales or distributions by such holders could have an adverse effect on the
market price of Bitcoin.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Risks Related to Our Bitcoin Operations &ndash; Legal and Regulatory</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>We are subject to a highly evolving regulatory landscape and any
adverse changes to, or our failure to comply with, any laws and regulations could adversely affect our business, prospects or operations.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our business is subject to
extensive laws, rules, regulations, policies and legal and regulatory guidance, including those governing securities, commodities, crypto
asset custody, exchange and transfer, data governance, data protection, cybersecurity and tax. Many of these legal and regulatory regimes
were adopted prior to the advent of the Internet, mobile technologies, crypto assets and related technologies. As a result, they do not
contemplate or address unique issues associated with the crypto economy, are subject to significant uncertainty, and vary widely across
U.S. federal, state and local and international jurisdictions. These legal and regulatory regimes, including the laws, rules and regulations
thereunder, evolve frequently and may be modified, interpreted and applied in an inconsistent manner from one jurisdiction to another,
and may conflict with one another. Moreover, the complexity and evolving nature of our business and the significant uncertainty surrounding
the regulation of the crypto economy requires us to exercise our judgement as to whether certain laws, rules and regulations apply to
us, and it is possible that governmental bodies and regulators may disagree with our conclusions. To the extent we have not complied
with such laws, rules and regulations, we could be subject to significant fines and other regulatory consequences, which could adversely
affect our business, prospects or operations. As Bitcoin has grown in popularity and in market size, the Federal Reserve Board, U.S.
Congress and certain U.S. agencies (e.g., the CFTC, SEC, FinCEN and the FBI) have begun to examine the operations of the Bitcoin network,
Bitcoin users and the Bitcoin exchange market. Regulatory developments and/or our business activities may require us to comply with certain
regulatory regimes. For example, to the extent that our activities cause us to be deemed a money service business under the regulations
promulgated by FinCEN under the authority of the BSA, we may be required to comply with FinCEN regulations, including those that would
mandate us to implement certain anti-money laundering programs, make certain reports to FinCEN and maintain certain records.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On November 23, 2022, the
governor of New York signed into law a two-year moratorium on new or renewed permits for certain electricity-generating facilities that
use fossil fuel and provide energy for proof-of-work digital asset mining operations. While this action does not directly impact our
current operations, as our power generation plans are currently located in Michigan and we have no plans to establish any facilities
in New York, it may be the beginning of a new wave of climate change regulations aimed at preventing or reducing the growth of Bitcoin
mining in jurisdictions in the United States, including potentially jurisdictions in which we now operate or may in the future operate.
The above-described developments could also demonstrate the beginning of a regional or global regulatory trend in response to environmental
and energy preservation or other concerns surrounding crypto assets, and similar action in a jurisdiction in which we operate or in general
could have a devastating effect on our operations. If further regulation follows, it is possible that the Bitcoin mining industry may
not be able to adjust to a sudden and dramatic overhaul to our ability to deploy energy towards the operation of mining equipment. We
are not currently aware of any legislation in Michigan being a near-term possibility. If further regulatory action is taken by various
governmental entities, our business may suffer and investors in our securities may lose part or all of their investment.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We cannot quantify the effects
of this regulatory action on our industry as a whole. If further regulation follows, it is possible that our industry may not be able
to cope with the sudden and extreme loss of mining power. Because we are unable to influence or predict future regulatory actions taken
by governments in China, the United States, or elsewhere, we may have little opportunity or ability to respond to rapidly evolving regulatory
positions which may have a materially adverse effect on our industry and, therefore, our business and results of operations.</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Ongoing and future regulatory actions may impact
our ability to continue to operate, and such actions could affect our ability to continue as a going concern or to pursue our strategy
at all, which could have a material adverse effect on our business, prospects or operations.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>A particular digital asset&rsquo;s status
as a &ldquo;security&rdquo; in any relevant jurisdiction is subject to a high degree of uncertainty and if a regulator disagrees with
our characterization of a digital asset, we may be subject to regulatory scrutiny, investigations, fines, and penalties, which may adversely
affect our business, operating results and financial condition. Furthermore, a determination that Bitcoin or any other digital asset
that we own or mine is a &ldquo;security&rdquo; may adversely affect the value of Bitcoin and our business.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The SEC and its staff have
taken the position that certain digital assets fall within the definition of a &ldquo;security&rdquo; under the U.S. federal securities
laws. The legal test for determining whether any given digital asset is a security, as described below, is a highly complex, fact-driven
analysis that may evolve over time, and the outcome is difficult to predict. Our determination that the digital assets we hold are not
securities is a risk-based assessment and not a legal standard or one binding on regulators. The SEC generally does not provide advance
guidance or confirmation on the status of any particular digital asset as a security. Furthermore, the SEC&rsquo;s views in this area
have evolved over time and it is difficult to predict the direction or timing of any continuing evolution. It is also possible that a
change in the governing administration or the appointment of new SEC commissioners could substantially impact the views of the SEC and
its staff. Public statements made by senior officials at the SEC indicate that the SEC does not intend to take the position that Bitcoin
is a security (as currently offered and sold). However, such statements are not official policy statements by the SEC and reflect only
the speakers&rsquo; views, which are not binding on the SEC or any other agency or court and cannot be generalized to any other digital
asset. As of the date of this prospectus, with the exception of certain centrally issued digital assets that have received &ldquo;no-action&rdquo;
letters from the SEC staff, Bitcoin and Ethereum are the only digital assets which senior officials at the SEC have publicly stated are
unlikely to be considered securities. As a Bitcoin mining company, we do not believe we are an issuer of any &ldquo;securities&rdquo;
as defined under the federal securities laws. Our internal process for determining whether the digital assets we hold or plan to hold
is based upon the public statements of the SEC and existing case law. The digital assets we hold or plan to hold, other than Bitcoin
(if any), may have been created by an issuer as an investment contract under the Howey test,&nbsp;<I>SEC v. Howey Co</I>., 328 U.S. 293
(1946), and may be deemed to be securities by the SEC. However, the Company was not the issuer that created these digital assets and
is holding them on an interim basis until liquidated. Should the SEC state that Bitcoin should be deemed to be a security, we may no
longer be able to hold any Bitcoin. It will then likely become difficult or impossible for such digital asset to be traded, cleared or
custodied in the United States through the same channels used by non-security digital assets, which in addition to materially and adversely
affecting the trading value of the digital asset is likely to cause substantial volatility and significantly impact its liquidity and
market participants&rsquo; ability to convert the digital asset into U.S. dollars. Our inability to exchange Bitcoin for fiat or other
digital assets (and vice versa) to administer our treasury management objectives may decrease our earnings potential and have an adverse
impact on our business and financial condition.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Under the Investment Company
Act, a company may fall within the definition of an investment company under section 3(c)(1)(A) thereof if it is or holds itself out
as being engaged primarily, or proposes to engage primarily in the business of investing, reinvesting or trading in securities, or under
section 3(a)(1)(C) thereof if it is engaged or proposes to engage in business of investing, reinvesting, owning, holding, or trading
in securities, and owns or proposes to acquire &ldquo;investment securities&rdquo; (as defined therein) having a value exceeding 40%
of its total assets (exclusive of government securities and cash items) on an unconsolidated basis. There is no authoritative law, rule
or binding guidance published by the SEC regarding the status of digital assets as &ldquo;securities&rdquo; or &ldquo;investment securities&rdquo;
under the Investment Company Act. Although we believe that we are not engaged in the business of investing, reinvesting, or trading in
investment securities, and we do not hold ourselves out as being primarily engaged, or proposing to engage primarily, in the business
of investing, reinvesting or trading in securities, to the extent the digital assets which we mine, own, or otherwise acquire may be
deemed &ldquo;securities&rdquo; or &ldquo;investment securities&rdquo; by the SEC or a court of competent jurisdiction, we may meet the
definition of an investment company. If we fall within the definition of an investment company under the Investment Company Act, we would
be required to register with the SEC. If an investment company fails to register, it likely would have to stop doing almost all business,
and its contracts would become voidable. Generally speaking, non-U.S. issuers may not register as an investment company without an SEC
order.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>If the SEC or another regulatory body considers
Bitcoin to be a security under U.S. securities laws, we may be required to comply with significant SEC registration and/or other requirements.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In general, novel or unique
assets such as Bitcoin and other digital assets may be classified as securities if they meet the definition of investment contracts under
U.S. law. In recent years, the offer and sale of digital assets other than Bitcoin, most notably Kik Interactive Inc.&rsquo;s Kin tokens
and Telegram Group Inc.&rsquo;s TON tokens, have been deemed to be investment contracts by the SEC. While we believe that Bitcoin is
unlikely to be considered an investment contract, and thus a security under the investment contract definition, we cannot provide any
assurances that digital assets that we mine or otherwise acquire or hold for our own account, including Bitcoin, will never be classified
as securities under U.S. law. This would obligate us to comply with registration and other requirements by the SEC and, therefore, cause
us to incur significant, non-recurring expenses, thereby materially and adversely impacting an investment in the Company.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Several foreign jurisdictions
have taken a broad-based approach to classifying crypto assets as &ldquo;securities,&rdquo; while other foreign jurisdictions, such as
Switzerland, Malta, and Singapore, have adopted a narrower approach. As a result, certain crypto assets may be deemed to be a &ldquo;security&rdquo;
under the laws of some jurisdictions but not others. Various foreign jurisdictions may, in the future, adopt additional laws, regulations,
or directives that affect the characterization of crypto assets as &ldquo;securities.&rdquo; If Bitcoin is deemed to be a security under
any U.S. federal, state, or foreign jurisdiction, or in a proceeding in a court of law or otherwise, it may have adverse consequences
for Bitcoin. For instance, all transactions in Bitcoin would have to be registered with the SEC or other foreign authority, or conducted
in accordance with an exemption from registration, which could severely limit its liquidity, usability and transactability. Moreover,
the networks on which such Bitcoin is utilized may be required to be regulated as securities intermediaries, and subject to applicable
rules, which could effectively render the network impracticable for its existing purposes. Further, it could draw negative publicity
and a decline in the general acceptance of Bitcoin.</P>
<P STYLE="font: 10pt Times New Roman; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Current interpretations require the regulation
of Bitcoin under the Commodity Exchange&nbsp;Act by the Commodity Futures Trading Commission, and we may be required to register and
comply with such regulations. Any disruption of our operations in response to the changed regulatory circumstances may be at a time that
is disadvantageous to our investors.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Current and future legislation,
regulation by the Commodity Futures Trading Commission (the &ldquo;CFTC&rdquo;) and other regulatory developments, including interpretations
released by a regulatory authority, may impact the manner in which Bitcoin and other cryptocurrencies are treated for classification
and clearing purposes. In particular, derivatives on these assets are not excluded from the definition of &ldquo;commodity future&rdquo;
by the CFTC.&nbsp;We cannot be certain as to how future regulatory developments will impact the treatment of Bitcoin and other cryptocurrencies
under the law.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Bitcoin has been deemed to
fall within the definition of a commodity, and we may be required to register and comply with additional regulation under the Commodity
Exchange&nbsp;Act, including additional periodic report and disclosure standards and requirements. Moreover, we may be required to register
as a commodity pool operator and to register as a commodity pool with the CFTC through the National Futures Association. Such additional
registrations may result in extraordinary, non-recurring&nbsp;expenses, thereby materially and adversely impacting an investment in us.
If we determine not to comply with such additional regulatory and registration requirements, we may seek to cease certain of our operations.
Any such action may adversely affect an investment in us.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Additionally, governments
may develop and deploy their own blockchain-based&nbsp;digital assets, which may have a material adverse impact on Bitcoin&rsquo;s price
and utility.&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>We are subject to risks associated with our
need for significant electrical power. Government regulators may potentially restrict the ability of electricity suppliers to provide
electricity to mining operations, such as ours.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The operation of a Bitcoin
mining center, as well as AI hyperscale data centers, can require massive amounts of electrical power. We presently have access to approximately
30 MWs of capacity at our Michigan Facility, which we plan to dedicate to our AI hyperscale data center operations, and 10 MWs of capacity
at our Montana Facilities for our mining operations. However, we require additional capacity to operate all of our miners outside the
Michigan Facility and Montana Facilities and to support the growing power demands of our AI hyperscale data centers. Our mining operations
can only be successful and ultimately profitable if the costs, including electrical power costs, associated with mining a Bitcoin are
lower than the price of a Bitcoin. Similarly, our AI hyperscale data centers require a reliable and cost-effective power supply to ensure
optimal performance and profitability. As a result, any facilities we establish can only be successful if we can obtain sufficient electrical
power on a cost-effective basis. The establishment of new mining and AI hyperscale data centers requires us to find locations where this
is the case. There may be significant competition for suitable locations for both mining operations and AI hyperscale data centers. Government
regulators may potentially restrict the ability of electricity suppliers to provide electricity to these operations in times of electricity
shortage or may otherwise potentially restrict or prohibit the provision of electricity to such operations. Any shortage of electricity
supply or increase in electricity cost in a jurisdiction may negatively impact the viability and the expected economic return for our
Bitcoin mining activities and AI hyperscale data center operations in that jurisdiction.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Our interactions with a blockchain may expose
us to specially designated nationals or blocked persons or cause us to violate provisions of law that did not contemplate distributed
ledger technology.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Office of Financial Assets
Control of the U.S. Department of Treasury (&ldquo;OFAC&rdquo;) requires us to comply with its sanction program and not conduct business
with persons named on its list of specially designated nationals (&ldquo;SDN&rdquo;). However, because of the pseudonymous nature of
blockchain transactions, we may inadvertently and without our knowledge engage in transactions with persons named on OFAC&rsquo;s SDN
list. Our internal policies prohibit any transactions with such SDN individuals, but we may not be adequately capable of determining
the ultimate identity of the individual with whom we transact with respect to selling digital assets. In addition, in the future OFAC
or another regulator may require us to screen transactions for OFAC addresses or other bad actors before including such transactions
in a block, which may increase our compliance costs, decrease our anticipated transaction fees and lead to decreased traffic on our network.
Any of these factors, consequently, could have a material adverse effect on our business, prospects, financial condition, and operating
results.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Moreover, federal law prohibits
any U.S. person from knowingly or unknowingly possessing any visual depiction commonly known as child pornography. Recent media reports
have suggested that persons have embedded such depictions on one or more blockchains. Because our business requires us to download and
retain one or more blockchains to effectuate our ongoing business, it is possible that such digital ledgers contain prohibited depictions
without our knowledge or consent. To the extent government enforcement authorities literally enforce these and other laws and regulations
that are impacted by decentralized distributed ledger technology, we may be subject to investigation, administrative or court proceedings,
and civil or criminal monetary fines and penalties, all of which could harm our reputation and could have a material adverse effect on
our business, prospects, financial condition, and operating results.</P>
<P STYLE="font: 10pt Times New Roman; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Risks Related to Our Bitcoin Operations &ndash; Technological</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>The characteristics of crypto assets have
been, and may in the future continue to be, exploited to facilitate illegal activity such as fraud, money laundering, tax evasion and
ransomware scams; if any of our customers do so or are alleged to have done so, it could adversely affect us.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Digital currencies and the
digital currency industry are relatively new and, in many cases, lightly regulated or largely unregulated. Some types of digital currency
have characteristics, such as the speed with which digital currency transactions can be conducted, the ability to conduct transactions
without the involvement of regulated intermediaries, the ability to engage in transactions across multiple jurisdictions, the irreversible
nature of certain digital currency transactions and encryption technology that anonymizes these transactions, that make digital currency
particularly susceptible to use in illegal activity such as fraud, money laundering, tax evasion and ransomware scams. Two prominent
examples of marketplaces that accepted digital currency payments for illegal activities include Silk Road, an online marketplace on the
dark web that, among other things, facilitated the sale of illegal drugs and forged legal documents using digital currencies and AlphaBay,
another darknet market that utilized digital currencies to hide the locations of its servers and identities of its users. Both of these
marketplaces were investigated and closed by U.S. law enforcement authorities. U.S. regulators, including the SEC, CFTC and Federal Trade
Commission, as well as non-U.S. regulators, have taken legal action against persons alleged to be engaged in Ponzi schemes and other
fraudulent schemes involving digital currencies. In addition, the FBI has noted the increasing use of digital currency in various ransomware
scams.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">While our board and management
believe that our risk management processes and policies in light of current crypto asset market conditions, which include thorough reviews
we conduct as part of our due diligence process, is reasonably designed to detect any such illicit activities conducted by our potential
or existing counterparties, we cannot ensure that we will be able to detect any such illegal activity in all instances. Because the speed,
irreversibility and anonymity of certain digital currency transactions make them more difficult to track, fraudulent transactions may
be more likely to occur. We or our potential banking counterparties may be specifically targeted by individuals seeking to conduct fraudulent
transfers, and it may be difficult or impossible for us to detect and avoid such transactions in certain circumstances. If one of our
customers (or in the case of digital currency exchanges, their customers) were to engage in or be accused of engaging in illegal activities
using digital currency, we could be subject to various fines and sanctions, including limitations on our activities, which could also
cause reputational damage and adversely affect our business, financial condition and results of operations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Incorrect or fraudulent cryptocurrency transactions
may be irreversible and it is possible that, through computer or human error, or through theft or criminal action, our cryptocurrency
rewards could be transferred in incorrect amounts or to unauthorized third parties.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Cryptocurrency transactions
are irrevocable and stolen or incorrectly transferred cryptocurrencies may be irretrievable. As a result, any incorrectly executed or
fraudulent cryptocurrency transactions, such as a result of a cybersecurity breach against our Bitcoin holdings, could adversely affect
our investments and assets. This is because cryptocurrency transactions are not, from an administrative perspective, reversible without
the consent and active participation of the recipient of the cryptocurrencies from the transaction. Once a transaction has been verified
and recorded in a block that is added to a blockchain, an incorrect transfer of a cryptocurrency or a theft thereof generally will not
be reversible and we may not have sufficient recourse to recover our losses from any such transfer or theft. Further, it is possible
that, through computer or human error, or through theft or criminal action, our cryptocurrency rewards could be transferred in incorrect
amounts or to unauthorized third parties, or to uncontrolled accounts. If an errant or fraudulent transaction in our Bitcoin were to
occur, we would have very limited means of seeking to reverse the transaction or seeking recourse. To the extent that we are unable to
recover our losses from such action, error or theft, such events could have a material adverse effect on our business.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Cryptocurrencies, including those maintained
by or for us, may be exposed to cybersecurity threats and hacks.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As with any computer code
generally, flaws in crypto asset codes, including Bitcoin codes, may be exposed by malicious actors. Several errors and defects have
been found previously, including those that disabled some functionality for users and exposed users&rsquo; information. Exploitation
of flaws in the source code that allow malicious actors to take or create money have previously occurred. Additionally, as AI capabilities
improve and are increasingly adopted, we may see cyberattacks created through AI. These attacks could be crafted with an AI tool to directly
attack information systems with increased speed and/or efficiency than a human threat actor or create more effective phishing emails.
Despite our efforts and processes to prevent breaches, our devices, as well as our miners, computer systems and those of third parties
that we use in our operations, are vulnerable to cyber security risks, including cyber-attacks such as viruses and worms, phishing attacks,
denial-of-service attacks, physical or electronic break-ins, employee theft or misuse, and similar disruptions from unauthorized tampering
with our miners and computer systems or those of third parties that we use in our operations. As technological change occurs, the security
threats to our cryptocurrencies will likely change and previously unknown threats may emerge. Human error and the constantly evolving
state of cybercrime and hacking techniques may render present security protocols and procedures ineffective in ways which we cannot predict.
Such events could have a material adverse effect on our ability to continue as a going concern or to pursue our strategy at all, which
could have a material adverse effect on our business, prospects or operations and potentially the value of any Bitcoin we mine or otherwise
acquire or hold for our own account.</P>

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



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B>Our use of third-party
mining pools exposes us to additional risks.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We
receive Bitcoin rewards from our mining activity through third-party mining pool operators. Mining pools allow miners to combine their
processing power, increasing their chances of solving a block and getting paid by the network. The rewards are distributed by the pool
operator, proportionally to our contribution to the pool&rsquo;s overall mining power used to solve a block on the Bitcoin blockchain.
Should the pool operator&rsquo;s system suffer downtime due to a cyber-attack, software malfunction or other issue, it will negatively
impact our ability to mine and receive revenue. Furthermore, we are dependent on the accuracy of the mining pool operator&rsquo;s record
keeping to accurately record the total processing power provided to the pool for a given Bitcoin mining application in order to assess
the proportion of that total processing power we provided. While we have internal methods of tracking both the hash rate we provide and
the total used by the pool, the mining pool operator uses its own record-keeping to determine our proportion of a given reward, which
may not match our own. If we are unable to consistently obtain accurate proportionate rewards from our mining pool operators, we may
experience reduced rewards for our efforts, which would have an adverse effect on our business and operations.&nbsp;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Our growth and profitability depend on continued
interest in social gaming and sweepstakes within the U.S., and shifts in consumer preferences could harm our business.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The acceptance of our Platform
hinges on sustained enthusiasm for sweepstakes-based social gaming and free-to-play models among U.S. consumers. If players begin favoring
alternative forms of entertainment, such as skill-based gaming, peer-to-peer betting, traditional online casino gambling (where legal),
or other digital experiences, then we may see a decline in user engagement. Rapid shifts in consumer taste, technological advancements
in gaming, or the emergence of more immersive entertainment platforms could all undermine the appeal of our Platform.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Maintaining user engagement
also requires us to stay current with ongoing trends, user preferences, and competing product offerings. If our platform does not frequently
update its game portfolio, introduce new sweepstakes concepts, or provide attractive incentives, users might lose interest and switch
to platforms perceived as more innovative. Additionally, negative publicity, whether founded or unfounded, about the integrity of our
sweepstakes, fairness of gameplay, or general user experience can substantially reduce engagement and erode trust, thus impacting our
revenue streams and brand reputation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>BNC&rsquo;s products and changes to such products
could fail to attract or retain users or generate revenue and profits, or otherwise adversely affect BNC&rsquo;s business.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">BNC&rsquo;s ability to sustain
and grow its user base, and thereby increase revenue, relies substantially on introducing new sweepstakes offerings, social gaming experiences,
and platform features that remain engaging to existing players while attracting new ones. For example, rolling out a fresh sweepstakes
model, collaborating with third-party developers on innovative mini-games, or upgrading interactive social elements can entail substantial
costs. These initiatives also carry significant risk: if the new content fails to resonate with users or presents unanticipated technical
issues, BNC may struggle to see a return on its investments. Additionally, changes to the product line such as altering the way players
earn in-game currency or modifying prize structures&mdash;could prompt user dissatisfaction or confusion, leading to attrition.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Adapting the Platform to
different regulatory interpretations or market shifts may further complicate these efforts. While BNC concentrates on free-to-play sweepstakes
that are legally distinct from gambling, any adjustments to product features might draw heightened scrutiny from federal or state authorities
responsible for consumer protection or gaming laws. This scrutiny could increase the Company&rsquo;s compliance burden, potentially delay
product rollouts, or even lead to direct legal challenges. If BNC&rsquo;s new offerings or updates fail to meet users&rsquo; expectations
or do not comply with regulatory requirements, the Company&rsquo;s ability to generate revenue, maintain user engagement, or grow its
market share may be significantly compromised, ultimately harming its business and reputation.</P>

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



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Our reliance on third-party certified game
providers creates operational, compliance, and reputational vulnerabilities that could adversely impact our business.</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">BNC depends significantly
on third-party game providers to supply certified, compliance-tested games and core technological features&mdash;such as random number
generation modules, sweepstakes mechanics, and other elements that users rely on for fairness and transparency. If any provider fails
to maintain its certification, lapses in meeting regulatory standards, or experiences quality-control issues, we may have to remove or
suspend those games until the issues are resolved. This can lead to service gaps, user dissatisfaction, and potential regulatory scrutiny.
Moreover, we have limited oversight of our providers&rsquo; security protocols, development practices, and ongoing maintenance, which
means vulnerabilities or exploits in their systems could expose BNC to data breaches, game manipulation, or other cyber threats. Even
well-vetted vendors can face resource limitations, operational disruptions, or legal challenges that could prevent them from delivering
timely updates or patches.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, switching providers
or bringing certain gaming functions in-house on short notice can be time-consuming, technically complex and costly. We may need to develop
new applications that integrate into our Platform, which applications are currently provided by third party vendors, license alternative
software, or reconfigure our Platform infrastructure, each of which could interrupt users&rsquo; experience. Negotiating with new providers
may also require navigating different commercial and compliance frameworks, which can introduce delays and increase our administrative
burden. Furthermore, if a single major provider supplies several key games, that concentration of risk heightens our exposure should
that partner encounter financial difficulties or cease offering its products to us. Ultimately, any disruptions or degradations in third-party
game performance, or in the relationships themselves, may harm our users&rsquo; satisfaction as well as our revenue streams, and overall
ability to compete in the sweepstakes gaming area.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>The lack of comprehensive encryption for communications
on the Platform may increase the impact of a data security incident.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Communications on the Platform
are not comprehensively encrypted at this time. As such, any data security incident that involves unauthorized access, acquisition, disclosure,
or use may be highly impactful to BNC&rsquo;s business. BNC may experience considerable incident response forensics, data recovery, legal
fees, and costs of notification related to any such potential incident, and BNC may face an increased risk of reputational harm, regulatory
enforcement, and consumer litigation, which could further harm BNC&rsquo;s business, financial condition, results of operations, and
future business opportunities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Challenges in advertising and promoting our
sweepstakes could hinder our user acquisition and revenue growth.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Advertising our sweepstakes-based
social gaming platform presents unique legal and operational complexities. Federal and state regulations often place restrictions on
how promotional materials may be worded to avoid the appearance of gambling or any implication that a purchase is necessary to enter.
These rules can mandate specific disclosures, such as &ldquo;No Purchase Necessary&rdquo; or detailed eligibility requirements, and impose
substantial penalties for noncompliance, including fines or injunctions. The heightened scrutiny around promotional statements also means
we must carefully vet all advertising, whether digital, print or social media, to ensure we do not inadvertently violate regulations
in any state where our users reside.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Moreover, major online advertising
channels such as Google Ads, Facebook, and mobile app networks frequently maintain strict policies against content perceived as gambling
or misleading &ldquo;pay-to-play&rdquo; promotions. Our ads may be subject to frequent reviews, suspensions, or outright bans if deemed
non-compliant with these platforms&rsquo; terms. Even when ads are allowed, we may need to invest heavily in specialized compliance expertise
or premium ad placements to achieve visibility, pushing user-acquisition costs higher than in other online gaming segments. Additionally,
because our revenue hinges on attracting engaged users who understand the sweepstakes model, any misperception in advertising, such as
implying guaranteed payouts or pay-only entries, could invite reputational damage, user dissatisfaction, or regulatory scrutiny. These
challenges can collectively reduce our ability to scale efficiently, constrain our marketing strategies, and, ultimately, affect our
ability to generate revenue from new or existing users.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>A perceived lack of fairness in outcomes or
prize distribution could severely damage brand trust.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Transparency around how winners
are chosen, and assurances that virtual coin purchases do not guarantee victory, form the bedrock of our Platform&rsquo;s integrity.
Any misperception that sweepstakes are rigged, or that some participants have insider advantages, can spread virally. Users might abandon
the platform in droves, while regulators could initiate investigations into alleged unfair practices. Even if claims prove baseless,
the time and resources spent defending our practices could distract management and strain finances.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Risks Related to Government Regulation and
Enforcement Regarding BNC</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Our sweepstakes model could be reclassified
as gambling or otherwise face tighter restrictions in certain U.S. states, which would materially affect our operations.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We carefully structure our
Platform to comply with sweepstakes rules and avoid classification as gambling, yet the line between &ldquo;promotional sweepstakes&rdquo;
and &ldquo;illegal gambling&rdquo; can sometimes be blurry. Individual states have differing definitions of what constitutes consideration,
chance, and prize, which constitute the three criteria generally used to determine legality. Should one or more states enact new legislation
or reinterpret existing laws to classify our sweepstakes model as gambling, our ability to operate in those states could be significantly
curtailed.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Such a determination could
subject us to new licensing requirements, higher taxes, or additional consumer protection measures. In extreme circumstances, states
could ban our activities entirely. The financial and operational costs of complying with gambling regulations, obtaining licenses, or
redesigning our platform to exclude users from certain states would be substantial. Any actual or perceived classification as gambling
might also deter users who are uncomfortable with real or perceived gambling-related activities, reducing participation and revenue.</P>

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




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<P STYLE="font: 10pt Times New Roman; margin: 0pt">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>We are subject to complex and evolving U.S.
federal and state sweepstakes and consumer protection laws, which may impose substantial compliance burdens and operational constraints.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Operating as a sweepstakes
social gaming platform in the United States requires adherence to a tangle of rules and regulations, including federal guidelines on
sweepstakes and promotions, as well as a variety of state-specific laws. Many of these laws mandate alternative methods of entry, specific
disclosures, detailed recordkeeping, and in certain cases, bonding or registration. The costs and administrative burdens of fulfilling
these requirements can be significant, especially as we expand to new states or introduce new sweepstakes features.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Furthermore, any misstep,
even if inadvertent, in the design or execution of a sweepstakes could lead to allegations of illegal gambling, unfair trade practices,
or other regulatory violations. Certain states are particularly vigilant in policing sweepstakes models to ensure they do not equate
to games of chance that require a license or explicit regulatory oversight. If a regulator determines that some aspect of our Platform
falls outside permissible sweepstakes parameters, we could face fines, injunctions, forced modifications, or even closure of operations
in that jurisdiction. These regulatory uncertainties necessitate ongoing legal review and a level of caution that can delay or complicate
product innovations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As its business develops,
BNC expects to become subject to significant legislative and regulatory developments; further, new legislation and regulations could
significantly affect BNC&rsquo;s business in the future. These laws and regulations, as well as any associated claims, inquiries, or
investigations or any other government actions, have in the past led to, and may in the future lead to, unfavorable outcomes including
increased compliance costs, loss of revenue, delays or impediments in the development of new products, negative publicity and reputational
harm, increased operating costs, diversion of management time and attention, and remedies that harm BNC&rsquo;s business, including fines
or demands or orders that BNC modify or cease existing business practices.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Regulatory inquiries or legal proceedings
related to AML, consumer fraud, or other compliance areas could disrupt our business and harm our reputation.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">While our U.S. sweepstakes
platform is not intended to handle large financial transactions typically associated with online casinos, we do permit the purchase of
virtual coins and awards of monetary or tangible prizes. Even these more modest transactions can draw scrutiny from authorities concerned
about AML or potential consumer fraud. If regulators believe our Platform is used, knowingly or otherwise, to facilitate unlawful financial
activities, we could be required to invest in more comprehensive monitoring systems, implement additional customer due diligence, or
face enforcement actions and penalties.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Any high-profile investigation
or lawsuit ,whether or not it leads to a formal penalty, may also attract unwanted media attention, casting doubt on our security measures
and the integrity of our games. Damage to our brand&rsquo;s reputation could undermine user confidence, leading to reduced engagement,
fewer new sign-ups, and diminished revenue streams. We might also face lawsuits from users or other parties alleging deceptive practices,
demanding refunds, or claiming injuries from fraudulent or unauthorized activities. Even if these claims lack merit, the cost of litigation,
along with the potential impact on our Platform&rsquo;s public perception, can be considerable.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Risks Related to Data, Security, and Intellectual
Property</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Security breaches, unauthorized attempts to
manipulate or &ldquo;cheat&rdquo; sweepstakes outcomes, and other cyber incidents could undermine trust in the Platform and adversely
affect BNC&rsquo;s business.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">BNC&rsquo;s sweepstakes-based
social gaming environment involves the collection, storage, and transmission of substantial amounts of user data, including personal
information, payment details for virtual coin purchases, and records of sweepstakes entries or prize awards. Bad actors who gain access
to this data&mdash;or to the underlying mechanics that determine sweepstakes winners&mdash;can distort the Platform&rsquo;s fairness,
thereby undermining user confidence in BNC&rsquo;s legitimacy. Cheating attempts may include automated scripts or bots designed to submit
multiple entries, exploit software vulnerabilities, or manipulate game outcomes. Similarly, broader cyber threats such as hacking, malware,
phishing, and social engineering attacks can compromise user accounts, disrupt platform availability, and lead to the theft or misuse
of sensitive information. These incidents, in turn, could trigger regulatory investigations, private legal actions, and widespread reputational
harm if users believe that BNC cannot safeguard their data or ensure the integrity of its sweepstakes.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">BNC takes measures intended
to prevent, detect, and respond to these threats, including firewalls, encryption, account verification protocols, and ongoing security
monitoring. However, software bugs, configuration errors, or newly emerging hacking techniques can frustrate even the best efforts, especially
as criminals become more sophisticated. Additionally, employee or contractor malfeasance, physical security breaches at data centers,
or oversights by third-party vendors that store or process user information for BNC may expose the Company to further vulnerability.
Remote work arrangements can compound these risks by creating new attack surfaces, such as unsecured home networks or personal devices.
Any successful cyber-attack, or even a serious attempt at one, may require BNC to invest considerable resources in forensics, remediation,
user notification, and litigation defense. This would not only divert management&rsquo;s attention but could also erode BNC&rsquo;s active
user base and competitiveness if players perceive the Platform to be unsafe or prone to cheating. Furthermore, compliance with U.S. cybersecurity
and data protection laws could lead to additional costs and operational changes in the wake of a breach. Failure to address these risks
promptly and effectively could have a material adverse effect on BNC&rsquo;s business, financial results, and reputation among regulators
and users alike.</P>

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



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>We anticipate that BNC&rsquo;s efforts related
to privacy, safety, security, and content review will identify additional instances of misuse of user data or other undesirable activity
by third parties on the Platform.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition to BNC&rsquo;s
efforts to mitigate cybersecurity risks, BNC intends to make investments in privacy, safety, security, and content review efforts to
combat misuse of BNC&rsquo;s services and user data by third parties, including investigations and audits of platform applications, as
well as other enforcement efforts. As a result of these efforts BNC anticipates that BNC will discover and announce additional incidents
of misuse of user data or other undesirable activity by third parties. BNC may not discover all such incidents or activity, whether as
a result of BNC&rsquo;s data or technical limitations, including BNC&rsquo;s lack of visibility over BNC&rsquo;s encrypted services,
the allocation of resources to other projects, or other factors, and BNC may be notified of such incidents or activity by the FTC, the
media or other third parties. Such incidents and activities may in the future include the use of user data or BNC&rsquo;s systems in
a manner inconsistent with BNC&rsquo;s terms, contracts or policies, the existence of false or undesirable user accounts, improper advertising
practices, activities that threaten people&rsquo;s safety on or offline, or instances of spamming, scraping, data harvesting, unsecured
datasets, or spreading misinformation. BNC may also be unsuccessful in its efforts to enforce BNC&rsquo;s policies or otherwise remediate
any such incidents. Consequences of any of the foregoing developments include negative effects on user trust and engagement, harm to
BNC&rsquo;s reputation, changes to BNC&rsquo;s business practices in a manner adverse to BNC&rsquo;s business, and adverse effects on
BNC&rsquo;s business and financial results. Any such developments may also subject BNC to additional litigation and regulatory inquiries,
which could subject BNC to monetary penalties and damages, divert management&rsquo;s time and attention, and lead to enhanced regulatory
oversight.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>BNC&rsquo;s products and internal systems
rely on software and hardware that is highly technical, and any errors, bugs, or vulnerabilities in these systems, or failures to address
or mitigate technical limitations in BNC&rsquo;s systems, could adversely affect BNC&rsquo;s business.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">BNC&rsquo;s products and
internal systems rely on software and hardware, including software and hardware developed or maintained internally and/or by third parties,
that is highly technical and complex. In addition, BNC&rsquo;s products and internal systems depend on the ability of such software and
hardware to store, retrieve, process, and manage considerable amounts of data. The software and hardware on which BNC relies is expected
to contain errors, bugs, or vulnerabilities, and BNC&rsquo;s systems are subject to certain technical limitations that may compromise
BNC&rsquo;s ability to meet BNC&rsquo;s objectives. Some errors, bugs, or vulnerabilities inherently may be difficult to detect and may
only be discovered after the code has been released for external or internal use. Errors, bugs, vulnerabilities, design defects, or technical
limitations within the software and hardware on which BNC relies, or human error in using such systems, may in the future lead to outcomes
including a negative experience for users and marketers who use BNC&rsquo;s products, compromised ability of BNC&rsquo;s products to
perform in a manner consistent with BNC&rsquo;s terms, contracts, or policies, delayed product introductions or enhancements, targeting,
measurement, or billing errors, compromised ability to protect the data of BNC&rsquo;s users and/or BNC&rsquo;s intellectual property
or other data, or reductions in BNC&rsquo;s ability to provide some or all of BNC&rsquo;s services. In addition, any errors, bugs, vulnerabilities,
or defects in BNC&rsquo;s systems or the software and hardware on which BNC relies, failures to properly address or mitigate the technical
limitations in BNC&rsquo;s systems, or associated degradations or interruptions of service or failures to fulfill BNC&rsquo;s commitments
to BNC&rsquo;s users, are expected to lead to outcomes including damage to BNC&rsquo;s reputation, loss of users, loss of marketers,
prevention of its ability to generate revenue, regulatory inquiries, litigation, or liability for fines, damages, or other remedies,
any of which could adversely affect BNC&rsquo;s business and financial results.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>We rely on an exclusive LLM licensing arrangement
and a platform development agreement with the same primary developer, even though we maintain ownership of the askROI platform&rsquo;s
IP.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">askROI&rsquo;s AI-driven
offerings depend on a proprietary LLM licensed under an exclusive agreement (the &ldquo;License Agreement&rdquo;) with a third-party
provider (the &ldquo;Licensor&rdquo;), which also serves as the primary developer of our platform under a separate development agreement.
Although we retain ownership of the askROI Platform&rsquo;s intellectual property, our day-to-day innovation and updates rely heavily
on the Licensor&rsquo;s technical expertise, resources and timely performance.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If the License Agreement
is terminated, expires, or becomes subject to unfavorable terms, we could lose or face restrictions on the proprietary LLM functionality
integral to our product&rsquo;s performance. Similarly, if disputes arise or the development agreement is breached, whether due to missed
milestones, shifting priorities, or misaligned strategic objectives, our ability to maintain, enhance, and scale the platform could be
severely compromised. Even though we technically own the underlying software, replacing a primary developer or transitioning to an alternative
solution could be time-consuming, costly and risky, potentially delaying product rollouts and damaging customer relationships.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Because both the License
Agreement and the platform development hinge on a single partner, a deterioration in our relationship with the Licensor could simultaneously
threaten our AI functionality and our capacity to enhance the capability of the askROI Platform. Such a scenario would materially and
adversely affect our competitiveness, financial condition, and prospects for growth.</P>
<P STYLE="font: 10pt Times New Roman; margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Despite our multi-LLM routing model, performance
or reliability issues with our primary development partner&rsquo;s LLM could still harm our product quality and reputation.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our new &ldquo;routing model&rdquo;
allows us to tap into multiple LLMs, theoretically reducing reliance on one provider. However, our primary developer and Licensor remains
the key source of certain proprietary AI functionalities and platform support, meaning that ongoing performance or reliability problems
with its LLM technology could still cause significant product disruptions. Security breaches, downtime, or limited adaptability in the
Licensor&rsquo;s services may reduce customer satisfaction, delay important product updates or damage our brand. Since we do not control
the Licensor&rsquo;s internal operations, we are vulnerable to technical or strategic changes that could negatively impact our services.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>askROI faces risks commonly associated with
start-up companies.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">askROI faces risks commonly
associated with start-up companies. As a start-up company, askROI may face difficulties in validating market demand for its AI-powered
insights platform, which could adversely impact its ability to attract and acquire customers. Further, enterprise sales cycles can be
lengthy, particularly for a start-up company without an established track record. Prolonged sales cycles could strain askROI&rsquo;s
cash flow and hinder growth, and (iii) reliance on a few large customers could make askROI vulnerable to revenue volatility and adversely
impact its bargaining power. If any of the foregoing risks were to materialize, askROI&rsquo;s business and future prospects could be
materially and adversely affected.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>askROI faces adoption and integration and
other challenges.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">askROI faces adoption and
integration challenges. Complex onboarding processes or steep learning curves could slow customer adoption and time-to-value realization.
Further, its software could be difficult to integrate with a customer&rsquo;s legacy systems, leading to challenges with customers&rsquo;
legacy systems and tools. Any difficulties associated with the integration of different systems could limit askROI&rsquo;s market penetration
and customer satisfaction. In addition, the Licensor&rsquo;s development team may have limited capacity to support askROI&rsquo;s platform
development needs, particularly if askROI were to begin seeing significant growth and require more rapid iterations and customizations.
Also, the LLM technology may not be optimized for the scale and performance requirements of askROI&rsquo;s growing user base, leading
to performance bottlenecks and customer dissatisfaction. Additionally, as a new entrant in the market, askROI may struggle to establish
brand awareness and credibility, making it harder to attract customers and partners. Similarly, any negative publicity or customer complaints
could disproportionately impact askROI&rsquo;s reputation as a startup, hindering its growth and ability to compete against established
players. If any of the foregoing risks were to materialize, askROI&rsquo;s business and future prospects could be materially and adversely
affected.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Rapidly changing AI regulation may require
significant adjustments and investments.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Governments and regulatory
bodies worldwide are introducing new laws and guidelines for AI, data privacy, and automated decision-making. These regulations may force
us to modify certain features, require additional transparency or auditing tools, or limit our platform&rsquo;s functionality. Complying
with emerging or conflicting rules across jurisdictions could raise operating costs or delay product rollouts. Failure to meet these
requirements could result in fines, legal action, or reputational harm.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Data privacy and security laws could increase
compliance costs and limit our flexibility.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Various jurisdictions are
adopting stricter data privacy and security regulations, such as the GDPR in the EU and certain U.S. state privacy laws. We must continually
enhance our security measures, encryption protocols, and data handling procedures to remain compliant. These changes could increase our
operational expenses. Any failure to comply with evolving data protection requirements may lead to enforcement actions, penalties, or
erosion of customer trust.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Established technology companies with greater
resources may outcompete us.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Larger technology firms with
substantial financial and technical resources continue to expand their AI-driven offerings, sometimes bundling analytics solutions into
broader enterprise software suites. These competitors may benefit from existing customer relationships, extensive R&amp;D budgets, and
powerful marketing capabilities. If they introduce more advanced or cost-effective solutions, we may find it difficult to retain or attract
customers, thereby adversely impacting our revenue and market share.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Our future success depends on ongoing innovation
and technological advancements.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The market for AI-driven
analytics is evolving rapidly. We must invest in research and development to remain competitive in natural language processing, data
visualization, and user experience. If we fail to keep pace with or anticipate market trends, or if the capabilities of our platform
lag behind those of our competitors, our solutions may become less attractive, resulting in lost revenue and diminished market position.</P>

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




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<P STYLE="font: 10pt Times New Roman; margin: 0pt">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Our platform&rsquo;s integration with third-party
tools and systems may present technical and operational risks.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">askROI relies on seamless
integration with a wide range of external applications, including customer relations management platforms, file storage providers, and
communication tools. If these third parties modify their application programming interfaces, introduce incompatibilities, or discontinue
services, we may need to invest significant resources to maintain compatibility. Difficulties integrating with common enterprise systems
could hamper our ability to onboard new customers efficiently.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>We rely on secure workspaces and knowledge
bases that may still pose data exposure risks.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Even though we do not train
the underlying LLM on customers&rsquo; proprietary information, we host and index their data within dedicated workspaces. Any unauthorized
access, security breach, or deficiency in our data-protection measures could expose confidential information, leading to legal liability,
regulatory scrutiny and reputational damage.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Inaccurate or biased AI outputs could expose
us to reputational and legal risks.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our AI-driven insights may
occasionally generate incorrect or biased results. Such outcomes could lead customers to make flawed business decisions, undermine confidence
in our platform, or result in litigation. Ongoing model validation and prompt issue resolution are crucial to mitigating these risks.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Our proprietary rights could be inadequately
protected, leading to IP disputes.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The unique components of
our platform and certain enhancements we develop may be subject to intellectual property protection. If we fail to enforce or defend
our rights, or if third parties allege that our technology infringes on their IP, we could face costly litigation and be required to
alter or cease certain offerings. Such disputes can disrupt operations and harm our reputation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Customer retention risks could pose a challenge
for askROI.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">askROI may experience difficulties
in retaining customers. Any failure on its part to achieve strong product-market fit could lead to high customer churn rates, as businesses
may not perceive sufficient value in askROI&rsquo;s offerings. Further, as a newly formed entity, askROI may struggle to provide the
level of customer support expected by enterprise clients, which could have a materially adverse impact on customer satisfaction and retention.
Finally, low barriers to entry and minimal switching costs in the AI and analytics market could make it easier for customers to move
to competitors, thereby increasing askROI&rsquo;s customer retention risks. If any of these developments were to occur, askROI&rsquo;s
business and future prospects could be materially and adversely affected.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The AI industry is commonly
associated with ethical concerns, whether real or perceived, which askROI must overcome in order to successfully develop its business.
Such concerns include the risk that unintended biases in askROI&rsquo;s AI models could lead to discriminatory or unfair outcomes, damage
the entity&rsquo;s reputation and expose it to legal risks, and that difficulty in providing clear explanations for AI-generated insights
could erode customer trust and hinder adoption of askROI&rsquo;s product offerings. If askROI cannot substantially mitigate or prevent
such concerns from arising, its business and future prospects could be materially and adversely affected.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Uncertain legal interpretations of emerging
AI regulations could lead to operational constraints.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Because AI-related laws and
guidelines are still developing, legal interpretations can vary widely across different regulators and courts. We may need to adjust
our platform functionality or compliance processes in response to evolving interpretations, which could divert resources from other initiatives
and slow innovation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>If we fail to effectively manage our growth,
our business could suffer.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Rapid or poorly managed growth
could lead to operational inefficiencies, resource strains, and quality control issues. We may also face challenges in maintaining our
corporate culture or onboarding new staff quickly. If we cannot scale responsibly, product quality or customer satisfaction could decline,
harming our market reputation.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">From February 25, 2025 through
April 15, 2025, we issued several Convertible Notes to the Selling Stockholders. The Selling Stockholders are offering up to 10,881,178
Conversion Shares through this prospectus (without regard to Conversion Shares issuable upon conversion of accrued but unpaid interest
on the Convertible Notes). &ldquo;Selling Stockholders&rdquo; refers to the Selling Stockholders named in this prospectus, or certain
transferees, assignees or other successors-in-interest that may receive our securities from the Selling Stockholders.</P>

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



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="background-color: white">We
may be required to issue up to an aggregate of</FONT> 10,881,178 <FONT STYLE="background-color: white">Conversion Shares upon conversion
of the Convertible Notes </FONT>(assuming that the Convertible Notes are converted at a weighted average conversion price of $1.8431),
including Conversion Shares issuable upon conversion of accrued but unpaid interest to the Selling Stockholders in connection with the
conversion of all Convertible Notes issued to the Selling Stockholders.</P>


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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On February 25, 2025, we
issued to Esousa <FONT STYLE="background-color: white">the A&amp;R Forbearance Note, </FONT>consisting of (i) the amount then due under
a forbearance note in the amount of $887,985, (ii) a forbearance extension fee of $311,917 and (iii) a true-up amount of $2,300,098.
<FONT STYLE="background-color: white">The A&amp;R Forbearance Note is convertible into the Esousa Conversion Shares at a conversion price
equal to $2.00 per share. As a result, we are required to issue up to an aggregate of </FONT>1,750,000 <FONT STYLE="background-color: white">Esousa
Conversion Shares upon conversion of the A&amp;R Forbearance Note</FONT>, plus such number of Esousa Conversion Shares issuable upon
conversion of accrued but unpaid interest, to Esousa in connection with the conversion of the A&amp;R Forbearance Note.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The
Company may not issue Esousa Conversion Shares to the extent such issuances would result in an aggregate number of shares of Common Stock
exceeding 19.99% of the total shares of Common Stock issued and outstanding as of February 25, 2025, in accordance with the rules and
regulations of the NYSE unless the Company first obtains stockholder approval (the &ldquo;Stockholder Approval&rdquo;). Stockholder Approval
was obtained on May 19, 2025 at a special meeting of stockholders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The
<FONT STYLE="background-color: white">A&amp;R Forbearance </FONT>Note contains standard and customary events of default including, but
not limited to, failure to pay amounts due under the <FONT STYLE="background-color: white">A&amp;R Forbearance </FONT>Note when required,
default in covenants, bankruptcy events and suspension or delisting from trading of our Common Stock on an eligible exchange.</P>

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



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The <FONT STYLE="background-color: white">A&amp;R
Forbearance </FONT>Note accrues interest at the rate of 18% per annum and matured on May 15, 2025; on such date, the <FONT STYLE="background-color: white">A&amp;R
Forbearance </FONT>Note was convertible into 1,818,178 Esousa Conversion Shares. On June 3, 2025, the Company and Esousa entered into
an amendment to the A&amp;R Forbearance Note, pursuant to which the maturity date of the A&amp;R Forbearance Note was extended until
June 30, 2025.</P>


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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On March 14, 2025, we issued
to Orchid <FONT STYLE="background-color: white">the Orchid Exchange Note in exchange for Orchid&rsquo;s surrender to the Company of three
outstanding notes previously issued to it by the Company.</FONT> As of the date of this prospectus, the outstanding principal balance
of the <FONT STYLE="background-color: white">Orchid Exchange Note</FONT> was $3,680,894. <FONT STYLE="background-color: white">The Orchid
Exchange Note is convertible into the Orchid Exchange Conversion Shares, at a conversion price </FONT>equal to the greater of (i) the
Orchid Floor Price, and (ii) the lesser of 75% of the VWAP (as defined in the Orchid Exchange Note) of the Common Stock during the five
(5) trading days immediately prior to (A) March 14, 2025 or (B) the date of conversion into shares of Common Stock<FONT STYLE="background-color: white">.
As a result, we are required to issue up to an aggregate of </FONT>2,015,702 <FONT STYLE="background-color: white">Orchid Exchange Conversion
Shares upon conversion of the Orchid Exchange Note (assuming conversion at a conversion price of $1.9415, which is </FONT>75% of the VWAP
of the Common Stock during the five (5) trading days immediately prior to March 14, 2025<FONT STYLE="background-color: white">)</FONT>,
plus such number of Orchid Exchange Conversion Shares issuable upon conversion of accrued but unpaid interest, to Orchid in connection
with the conversion of the Orchid Exchange Note.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The
Company may not issue Orchid Exchange Conversion Shares to the extent such issuances would result in an aggregate number of shares of
Common Stock exceeding 19.99% of the total shares of Common Stock issued and outstanding as of March 14, 2025, in accordance with the
rules and regulations of the NYSE unless the Company first obtains Stockholder Approval. Stockholder Approval was obtained on May 19,
2025 at a special meeting of stockholders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The
Orchid Exchange Note contains standard and customary events of default including, but not limited to, failure to pay amounts due under
the Orchid Exchange Note when required, failure to deliver Orchid Exchange Conversion Shares when required, default in covenants and
bankruptcy events.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Orchid Exchange Note
accrues interest at the rate of 15% per annum, unless an event of default (as defined in the Orchid Exchange Note) occurs, at which time
the Orchid Exchange Note would accrue interest at 18% per annum. The Orchid Exchange Note matures on June 30, 2025; on such date, based
on a conversion price of 75% of the VWAP of the Common Stock during the five (5) trading days immediately prior to March 14, 2025, the
Orchid Exchange Note will, assuming no event of default has occurred, be convertible into 2,062,153 Orchid Exchange Conversion Shares.</P>

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



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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On March 21, 2025, we entered
into the SJC Exchange Agreement with SJC, pursuant to which we issued to SJC the SJC Convertible Note in exchange for the cancellation
of the Original Notes issued by the Company to Steve J. Caspi, the sole member of SJC, who transferred such notes to SJC.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The SJC Convertible Note
will mature on December 31, 2025. The SJC Convertible Note is convertible into SJC Conversion Shares at a conversion price equal to the
greater of (i) the SJC Floor Price, which SJC Floor Price shall not be adjusted for stock dividends, stock splits, stock combinations
and other similar transactions and (ii) the lesser of 75% of the VWAP (as defined in the SJC Convertible Note) of the Common Stock during
the five (5) trading days immediately prior to (A) March 21, 2025 or (B) the date of conversion into shares of Common Stock, but not
greater than the Maximum Price, which Maximum Price shall be adjusted for stock dividends, stock splits, stock combinations and other
similar transactions. The conversion price is only subject to adjustment in the event that the Company does a stock split or similar
transaction of the Common Stock.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We may be required to issue
up to an aggregate of 2,902,573 SJC Conversion Shares upon conversion of the SJC Convertible Note (assuming the SJC Convertible Note
is converted at a conversion price of $1.6914, which is 75% of the VWAP of the Common Stock during the five (5) trading days immediately
prior to March 21, 2025), including SJC Conversion Shares issuable upon conversion of accrued but unpaid interest, to SJC in connection
with the conversion of the SJC Convertible Note.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company may not issue
SJC Conversion Shares to the extent such issuances would result in an aggregate number of shares of Common Stock exceeding 19.99% of
the total shares of Common Stock issued and outstanding as of March 21, 2025, in accordance with the rules and regulations of the NYSE
unless the Company first obtains Stockholder Approval, which approval was obtained on May 19, 2025 at a special meeting of stockholders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The SJC Convertible Note
contains standard and customary events of default including, but not limited to, failure to pay amounts due under the SJC Convertible
Note when required, failure to deliver SJC Conversion Shares when required, default in covenants and bankruptcy events.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The SJC Convertible Note
accrues interest at the rate of 15% per annum, unless an event of default (as defined in the SJC Convertible Note) occurs, at which time
the SJC Convertible Note would accrue interest at 18% per annum. The SJC Convertible Note will mature on December 31, 2025; on such date,
based on a conversion price of 75% of the VWAP of the Common Stock during the five (5) trading days immediately prior to March 21, 2025,
the SJC Convertible Note will, assuming no event of default has occurred, be convertible into 3,264,155 SJC Conversion Shares.</P>
<P STYLE="font: 10pt Times New Roman; margin: 0pt">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On April 1, 2025, we issued
to Orchid <FONT STYLE="background-color: white">the Orchid Note. The Orchid Note is convertible into the Orchid Conversion Shares, at
a conversion price </FONT>equal to the greater of (i) the Orchid Floor Price, and (ii) the lesser of 75% of the VWAP (as defined in the
Orchid Note) of the Common Stock during the five (5) trading days immediately prior to (A) April 1, 2025 or (B) the date of conversion
into shares of Common Stock<FONT STYLE="background-color: white">. As a result, we are required to issue up to an aggregate of </FONT>855,056
<FONT STYLE="background-color: white">Orchid Conversion Shares upon conversion of the Orchid Note (assuming conversion at a conversion
price of $1.9297, which is </FONT>75% of the VWAP of the Common Stock during the five (5) trading days immediately prior to April 1,
2025<FONT STYLE="background-color: white">)</FONT>, plus such number of Orchid Conversion Shares issuable upon conversion of accrued
but unpaid interest, to Orchid in connection with the conversion of the Orchid Note.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The
Company may not issue Orchid Conversion Shares to the extent such issuances would result in an aggregate number of shares of Common Stock
exceeding 19.99% of the total shares of Common Stock issued and outstanding as of April 1, 2025, in accordance with the rules and regulations
of the NYSE unless the Company first obtains Stockholder Approval. Pursuant to an understanding with Orchid, the Company agreed to file
a proxy or information statement to obtain Stockholder Approval. Stockholder Approval was obtained on May 19, 2025 at a special meeting
of stockholders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The
Orchid Note contains standard and customary events of default including, but not limited to, failure to pay amounts due under the Orchid
Note when required, failure to deliver Orchid Conversion Shares when required, default in covenants and bankruptcy events.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Orchid Note accrues interest
at the rate of 15% per annum, unless an event of default (as defined in the Orchid Note) occurs, at which time the Orchid Note would
accrue interest at 18% per annum. The Orchid Note matures on September 30, 2025; on such date, based on a conversion price of 75% of
the VWAP of the Common Stock during the five (5) trading days immediately prior to April 1, 2025, assuming no event of default has occurred,
the Orchid Note will be convertible into 920,265 Orchid Conversion Shares.</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On April 8, 2025, we issued
to Jorico <FONT STYLE="background-color: white">the Jorico Note. The Jorico Note is convertible into the Jorico Conversion Shares, at
a conversion price </FONT>equal to the greater of (i) the Jorico Floor Price, and (ii) the lesser of (A) 75% of the VWAP (as defined
in the Jorico Note) of the Common Stock during the five (5) trading days immediately prior to April 18, 2025 or (B) 75% of the lowest
daily VWAP of the Common Stock during the five (5) trading days immediately prior to the date of conversion into shares of Common Stock<FONT STYLE="background-color: white">.
As a result, we are required to issue up to an aggregate of </FONT>58,811 <FONT STYLE="background-color: white">Conversion Shares upon
conversion of the </FONT>Jorico <FONT STYLE="background-color: white">Note (assuming conversion at a conversion price of $1.8704, which
is </FONT>75% of the VWAP of the Common Stock during the five (5) trading days immediately prior to April 18, 2025<FONT STYLE="background-color: white">)</FONT>,
plus such number of Jorico Conversion Shares issuable upon conversion of accrued but unpaid interest, to Jorico in connection with the
conversion of the Jorico Note.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Jorico Note contains
standard and customary events of default including, but not limited to, failure to pay amounts due under the Jorico Note when required,
failure to deliver Jorico Conversion Shares when required, default in covenants and bankruptcy events.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Jorico Note accrues interest
at the rate of 15% per annum, unless an event of default (as defined in the Jorico Note) occurs, at which time the Jorico Note would
accrue interest at 18% per annum. The Jorico Note matures on September 30, 2025; on such date, based on a conversion price of 75% of
the VWAP of the Common Stock during the five (5) trading days immediately prior to April 18, 2025, assuming no event of default has occurred,
the Jorico Note will be convertible into 63,123 Jorico Conversion Shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Target Capital Convertible Note</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On April 15, 2025, we issued
to Target Capital <FONT STYLE="background-color: white">the Target Capital Note. The Target Capital Note is convertible into the Target
Capital Conversion Shares, at a conversion price </FONT>equal to the greater of (i) the Target Capital Floor Price, and (ii) 80% of the
lowest closing price of the Common Stock during the five (5) trading days immediately prior to the date of conversion into shares of
Common Stock<FONT STYLE="background-color: white">. As a result, we are required to issue up to an aggregate of 2,064,978 Target Capital
Conversion Shares upon conversion of the Target Capital Note (assuming conversion at a conversion price of $1.816, which is </FONT>80%
of the lowest closing price of the Common Stock during the five (5) trading days immediately prior to April 15, 2025, and that no event
of default has occurred<FONT STYLE="background-color: white">)</FONT>, plus such number of <FONT STYLE="background-color: white">Target
Capital Conversion Shares</FONT> issuable upon conversion of accrued but unpaid interest, to Target Capital in connection with the conversion
of the <FONT STYLE="background-color: white">Target Capital Not</FONT>e.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The
Company may not issue Target Capital Conversion Shares to the extent such issuances would result in an aggregate number of shares of
Common Stock exceeding 19.99% of the total shares of Common Stock issued and outstanding as of April 15, 2025, in accordance with the
rules and regulations of the NYSE unless the Company first obtains Stockholder Approval. Stockholder Approval was obtained on May 19,
2025 at a special meeting of stockholders.</P>

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



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant
to the agreement that provided for the issuance of the Target Capital Note, the Company is obligated to use commercially reasonable efforts
to (i) file a resale registration statement with the SEC within 15 days of April 15, 2025 and (ii) have such resale registration statement
declared effective by the SEC within 60 days of the Closing Date (or 75 days in the event of a full review by the SEC).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Additionally,
commencing on April 15, 2025, and continuing until such time as the Target Capital Note is no longer outstanding, the Company shall be
prohibited from entering into a variable rate transaction.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The
Target Capital Note contains standard and customary events of default including, but not limited to, failure to pay amounts due under
the Target Capital Note when required, failure to deliver Conversion Shares when required, default in covenants, bankruptcy events delisting
of the Common Stock from an approved market, failure to timely file all reports required under the Securities Exchange Act of 1934, as
amended.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Target Capital Note does
not accrue interest unless an event of default (as defined in the Target Capital Note) occurs, at which time the Target Capital Note
would accrue interest at 20% per annum. The <FONT STYLE="background-color: white">Target Capital Note</FONT> matures on September 30,
2025; on such date, based on a conversion price of $1.816<FONT STYLE="background-color: white">, which is </FONT>80% of the lowest closing
price of the Common Stock during the five (5) trading days immediately prior to April 15, 2025, and assuming no event of default has
occurred, the Target Capital Note will be convertible into 2,064,978 <FONT STYLE="background-color: white">Target Capital Conversion
Share</FONT>s.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Secure Net Capital Convertible Note</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On April 15, 2025, we issued
to Secure Net Capital <FONT STYLE="background-color: white">the Secure Net Capital Note. The Secure Net Capital Note is convertible into
the Secure Net Capital Conversion Shares, at a conversion price </FONT>equal to the greater of (i) the Secure Net Capital Floor Price,
and (ii) 80% of the lowest closing price of the Common Stock during the five (5) trading days immediately prior to the date of conversion
into shares of Common Stock<FONT STYLE="background-color: white">. As a result, we are required to issue up to an aggregate of 688,326
Secure Net Capital Conversion Shares upon conversion of the Secure Net Capital Note (assuming conversion at a conversion price of $1.816,
which is </FONT>80% of the lowest closing price of the Common Stock during the five (5) trading days immediately prior to April 15, 2025,
and that no event of default has occurred<FONT STYLE="background-color: white">)</FONT>, plus such number of <FONT STYLE="background-color: white">Secure
Net Capital Conversion Shares</FONT> issuable upon conversion of accrued but unpaid interest, to Secure Net Capital in connection with
the conversion of the <FONT STYLE="background-color: white">Secure Net Capital Not</FONT>e.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The
Company may not issue Conversion Shares to the extent such issuances would result in an aggregate number of shares of Common Stock exceeding
19.99% of the total shares of Common Stock issued and outstanding as of April 15, 2025, in accordance with the rules and regulations
of the NYSE unless the Company first obtains Stockholder Approval. Stockholder Approval was obtained on May 19, 2025 at a special meeting
of stockholders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant
to the agreement that provided for the issuance of the Secure Net Capital Note, the Company is obligated to use commercially reasonable
efforts to (i) file a resale registration statement with the SEC within 15 days of April 15, 2025 and (ii) have such resale registration
statement declared effective by the SEC within 60 days of the Closing Date (or 75 days in the event of a full review by the SEC).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Additionally,
commencing on April 15, 2025, and continuing until such time as the Secure Net Capital Note is no longer outstanding, the Company shall
be prohibited from entering into a variable rate transaction.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The
Secure Net Capital Note contains standard and customary events of default including, but not limited to, failure to pay amounts due under
the Secure Net Capital Note when required, failure to deliver Conversion Shares when required, default in covenants, bankruptcy events
delisting of the Common Stock from an approved market, failure to timely file all reports required under the Securities Exchange Act
of 1934, as amended.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Secure Net Capital Note
does not accrue interest unless an event of default (as defined in the Secure Net Capital Note) occurs, at which time the Secure Net
Capital Note would accrue interest at 20% per annum. The <FONT STYLE="background-color: white">Secure Net Capital Note</FONT> matures
on September 30, 2025; on such date, based on a conversion price of $1.816<FONT STYLE="background-color: white">, which is </FONT>80%
of the lowest closing price of the Common Stock during the five (5) trading days immediately prior to April 15, 2025, and assuming no
event of default has occurred, the Secure Net Capital Note will be convertible into 688,326 <FONT STYLE="background-color: white">Secure
Net Capital Conversion Share</FONT>s.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This prospectus relates to
Conversion Shares that may be offered and sold from time to time by the Selling Stockholders. All of our Conversion Shares offered by
the Selling Stockholders pursuant to this prospectus will be sold by the Selling Stockholder for their own account. We will not receive
any of the proceeds from these sales.</P>

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



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="DESCRIPTIONOFOURSECURITIES"></A>DESCRIPTION
OF OUR SECURITIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The
                                            description of certain terms of our capital stock in this prospectus does not purport to
                                            be complete and is in all respects subject to, and qualified in its entirety by references
                                            to the relevant provisions of our certificate of incorporation, the certificates of designations,
                                            in certain cases as amended, establishing the terms of our preferred stock, our bylaws and
                                            Delaware corporate law. Copies of our certificate of incorporation, certificates of designations,
                                            in certain cases as amended, and our bylaws are available from us upon request.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><P STYLE="font: 10pt Times New Roman; margin: 0pt">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are authorized to issue
500,000,000 shares of Class A common stock and 25,000,000 shares of Class B common stock, par value $0.001 per share.&nbsp; As of the
date of this prospectus, there were 3,151,372 shares of our Class A common stock (the &ldquo;Common Stock&rdquo;) issued and outstanding
and 4,994,198 shares of Class B common stock issued and outstanding. The outstanding shares of our common stock are validly issued, fully
paid and nonassessable.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are authorized to issue
up to 25,000,000 shares of preferred stock, par value $0.001 per share.&nbsp; Of these shares of preferred stock, (i) 1,000,000 shares
are designated as Series A convertible preferred stock (&ldquo;Series A Preferred Stock&rdquo;), (ii) 60,000 shares are designated as
the Series B Preferred Stock, (iii) 75,000 shares are designated as Series C convertible preferred stock (the &ldquo;Series C Preferred
Stock&rdquo;), (iv) 2,000,000 shares are designated as Series D preferred stock (the &ldquo;Series D Preferred Stock&rdquo;), (v) 2,500,000
shares are designated as Series E redeemable perpetual preferred stock (the &ldquo;Series E Preferred Stock&rdquo;), (vi) 1,000,000 shares
are designated as Series F exchangeable preferred stock (the &ldquo;Series F Preferred Stock&rdquo;) and (vii) 25,000 shares are designated
as Series G convertible preferred stock (the &ldquo;Series G Preferred Stock&rdquo;). As of the date of this prospectus, there were 7,040
shares of Series A Preferred Stock outstanding, 1,795.66344 shares of Series B Preferred Stock issued or outstanding, 50,000 shares of
Series C Preferred Stock outstanding, 585,613 shares of Series D Preferred Stock outstanding, 649,998 shares of Series E Preferred Stock
outstanding, 998,577 shares of Series F Preferred Stock outstanding and 960 shares of Series G Preferred Stock outstanding.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The shares of preferred stock
may be issued in series, and shall have such voting powers, full or limited, or no voting powers, and such designations, preferences
and relative participating, optional or other special rights, and qualifications, limitations or restrictions thereof, as shall be stated
and expressed in the resolution or resolutions providing for the issuance of such stock adopted from time to time by the board of directors.
The board of directors is expressly vested with the authority to determine and fix in the resolution or resolutions providing for the
issuances of preferred stock the voting powers, designations, preferences and rights, and the qualifications, limitations or restrictions
thereof, of each such series to the full extent now or hereafter permitted by the laws of the State of Delaware.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The authorized shares of
preferred stock will be available for issuance without further action by our stockholders unless such action is required by applicable
law or the rules of any stock exchange or automated quotation system on which our securities may be listed or traded.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Transfer Agent and Registrar
for our Common Stock is Computershare Trust Company, N.A., 8742 Lucent Blvd., Suite 225, Highlands Ranch, CO 80129.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our Common Stock is listed
on NYSE American under the symbol &ldquo;GPUS.&rdquo;</P>

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



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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This prospectus relates to
the offer and sale by the Selling Stockholders of up to 10,881,178 shares of our Common Stock that may be issued by us to the Selling
Stockholders upon conversion of the Convertible Notes. For additional information regarding the shares of our Common Stock included in
this prospectus, see the section titled &ldquo;<I>The Convertible Note Financings</I>&rdquo; above. We are registering the Conversion
Shares included in this prospectus pursuant to the several Convertible Notes referred to herein, in order to permit the Selling Stockholders
to offer the shares included in this prospectus for resale from time to time. Except for the transactions contemplated by the Convertible
Notes as set forth in this section below, none of the Selling Stockholders has had any material relationship with us within the past
three years.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The table below presents information regarding the Selling Stockholders
and the shares of our Common Stock that may be resold by the Selling Stockholders from time to time under this prospectus. This table
is prepared based on information supplied to us by the Selling Stockholders, and reflects holdings as of June 12, 2025. The number of
shares in the column &ldquo;Shares of Common Stock to be Sold in this Offering&rdquo; represents all of the shares of our Common Stock
being offered for resale by the Selling Stockholders under this prospectus. The Selling Stockholders may sell some, all or none of the
shares being offered for resale in this offering. We do not know how long the Selling Stockholders will hold the shares before selling
them. Except as set forth in the section titled &ldquo;<I>Plan of Distribution</I>&rdquo; in this prospectus, we are not aware of any
existing arrangements between the Selling Stockholders and any other stockholder, broker, dealer, underwriter or agent relating to the
sale or distribution of the shares of our Common Stock being offered for resale by this prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Beneficial ownership is determined
in accordance with Rule 13d-3(d) promulgated by the SEC under the Securities Exchange Act of 1934, as amended (the &ldquo;Exchange Act&rdquo;),
and includes shares of our Common Stock with respect to which the Selling Stockholder has sole or shared voting and investment power.
The percentage of shares of our Common Stock beneficially owned by the Selling Stockholders prior to the offering shown in the table below
is based on an aggregate of 3,151,372 shares of Common Stock outstanding on June 12, 2025. The fourth column assumes the resale by the
Selling Stockholders of all of the shares of our Common Stock being offered for resale pursuant to this prospectus.&nbsp;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="white-space: nowrap; text-align: center"><B>Shares of Common Stock</B></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: center"><B>Shares of<BR>
Common Stock to</B></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="white-space: nowrap; text-align: center"><B>Shares of Common Stock</B></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="white-space: nowrap; text-align: center"><B>Beneficially Owned</B></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: center"><B>be Sold in this</B></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="white-space: nowrap; text-align: center"><B>Beneficially Owned</B></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: black 1pt solid; white-space: nowrap; text-align: center"><B>Prior to Offering</B></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: center"><B>Offering <FONT STYLE="font-size: 8pt"><SUP>(1)</SUP></FONT></B></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: black 1pt solid; white-space: nowrap; text-align: center"><B>After Offering <FONT STYLE="font-size: 8pt"><SUP>(2)</SUP></FONT></B></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; white-space: nowrap"><B>Name of Selling Stockholder</B></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; white-space: nowrap; text-align: center"><B>Number</B></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; white-space: nowrap; text-align: center"><B>Percentage</B></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; white-space: nowrap; text-align: center"><B>Number</B></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; white-space: nowrap; text-align: center"><B>Percentage</B></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="width: 25%; text-align: justify">Esousa Group Holdings, LLC <FONT STYLE="font-size: 8pt"><SUP>(3)</SUP></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 12%; text-align: right">165,512</TD>
    <TD STYLE="white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 12%; text-align: right">4.99%</TD>
    <TD STYLE="white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 12%; text-align: right">1,818,178</TD>
    <TD STYLE="white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 12%; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 12%; text-align: right">-</TD>
    <TD STYLE="white-space: nowrap; width: 1%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-align: justify">Orchid Finance LLC <FONT STYLE="font-size: 8pt"><SUP>(4)</SUP></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">165,512</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">4.99%</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">2,062,153</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="text-align: justify">SJC Lending, LLC <FONT STYLE="font-size: 8pt"><SUP>(5)</SUP></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">165,512</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">4.99%</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">3,264,155</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-align: justify">Orchid Finance LLC <FONT STYLE="font-size: 8pt"><SUP>(6)</SUP></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">165,512</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">4.99%</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">920,265</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="text-align: justify">Jorico, LLC <FONT STYLE="font-size: 8pt"><SUP>(7)</SUP></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">60,093</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">1.87%</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">63,123</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-align: justify">Target Capital 14 LLC <FONT STYLE="font-size: 8pt"><SUP>(8)</SUP></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">165,512</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">4.99%</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">2,064,978</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="text-align: justify">Secure Net Capital LLC <FONT STYLE="font-size: 8pt"><SUP>(9)</SUP></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">165,512</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">4.99%</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">688,326</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  </TABLE>

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


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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.3in">*</TD><TD STYLE="text-align: justify">Less than 1% of the outstanding shares
                                            of Common Stock.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-align: justify; text-indent: -0.3in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.3in">(1)</TD><TD STYLE="text-align: justify">Represents the number of shares of
                                            Common Stock owned by the Selling Stockholder underlying the Convertible Notes to be sold
                                            pursuant to this prospectus.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.3in">(2)</TD><TD STYLE="text-align: justify">Assumes that the Selling Stockholder
                                            has sold all of the Conversion Shares, which may or may not occur.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.3in">(3)</TD><TD STYLE="text-align: justify">Consists of Conversion Shares underlying
                                            the A&amp;R Forbearance Note. Michael Wachs is the control person of Esousa Group Holdings,
                                            LLC, and exercises sole voting and investment power on behalf of such entity. The business
                                            address of Esousa Group Holdings, LLC is 211 E 43rd St, 4th Fl, New York, NY 10017.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-align: justify; text-indent: -0.3in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.3in">(4)</TD><TD STYLE="text-align: justify">Consists of Conversion Shares underlying
                                            the Orchid Exchange Note. Orchid Finance LLC is controlled by Rosemary Nguyen and Thomas
                                            Harrison as managing members. Each of Ms. Nguyen and Mr. Harrison shares voting and dispositive
                                            power over the shares. The business address of Orchid Finance LLC is 11378 Villa Bellagio
                                            Drive, Las Vegas, NV 89141.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-align: justify; text-indent: -0.3in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.3in">(5)</TD><TD STYLE="text-align: justify">Consists of Conversion Shares underlying
                                            the SJC Convertible Note. Stephen J. Caspi, the sole member of SJC Lending, LLC, has sole
                                            voting and dispositive power over the shares. The business address of SJC Lending, LLC is
                                            120 Bloomingdale Road, Suite 105, White Plains, New York 10605.</TD></TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-align: justify; text-indent: -0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-align: justify; text-indent: -0.3in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-align: justify; text-indent: -0.3in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.3in">(6)</TD><TD STYLE="text-align: justify">Consists of Conversion Shares underlying
                                            the Orchid Convertible Note. Orchid Finance LLC is controlled by Rosemary Nguyen and Thomas
                                            Harrison as managing members. Each of Ms. Nguyen and Mr. Harrison shares voting and dispositive
                                            power over the shares. The business address of Orchid Finance LLC is 11378 Villa Bellagio
                                            Drive, Las Vegas, NV 89141.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-align: justify; text-indent: -0.3in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.3in">(7)</TD><TD STYLE="text-align: justify">Consists of Conversion Shares underlying
                                            the Jorico Note. Jorico, LLC is controlled by Eric Flesche and Jose Abadin as managing members.
                                            Each of Messrs. Flesche and Abadin shares voting and dispositive power over the shares. The
                                            business address of Jorico, LLC is 401 S. Bedford Drive, Beverly Hills, CA 90212.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-align: justify; text-indent: -0.3in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.3in">(8)</TD><TD STYLE="text-align: justify">Consists of Conversion Shares underlying
                                            the <FONT STYLE="background-color: white">Target Capital Note</FONT>. Dmitriy is the control
                                            person of Target Capital 14 LLC, and exercises sole voting and investment power on behalf
                                            of such entity. The business address of Target Capital 14 LLC is 144 Hillside Village, Rio
                                            Grande, PR 00745.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-align: justify; text-indent: -0.3in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.3in">(9)</TD><TD STYLE="text-align: justify">Consists of Conversion Shares underlying
                                            the Secure Net Capital Note. Alois Rubenbauer is the control person of <FONT STYLE="background-color: white">Secure
                                            Net Capital </FONT>LLC, and exercises sole voting and investment power on behalf of such
                                            entity. The business address of <FONT STYLE="background-color: white">Secure Net Capital
                                            </FONT>LLC is 654 Munoz Rivera Blvd, #1130 San Juan, PR 00918.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-align: justify; text-indent: -0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-align: justify; text-indent: -0.3in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-align: justify; text-indent: -0.3in">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This prospectus relates to
the sale by the Selling Stockholders of up to 10,881,178 shares of our Common Stock. All of the shares being offered are issuable upon
conversion of the Convertible Notes. The Selling Stockholders of the Common Stock and any of its pledgees, assignees and successors-in-interest
may, from time to time, sell any or all of their shares of Common Stock on the NYSE American or any other stock exchange, market or trading
facility on which the shares are traded or in private transactions. These sales may be at fixed or negotiated prices. The Selling Stockholders
may use any one or more of the following methods when selling shares:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 36pt">&bull;</TD><TD>ordinary brokerage transactions and transactions in which
                                            the broker-dealer solicits purchasers;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 36pt">&bull;</TD><TD>block trades in which the broker-dealer will attempt to sell
                                            the shares as agent but may position and resell a portion of the block as principal to facilitate
                                            the transaction;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 36pt">&bull;</TD><TD>purchases by a broker-dealer as principal and resale by the
                                            broker-dealer for its account;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 36pt">&bull;</TD><TD>an exchange distribution in accordance with the rules of the
                                            applicable exchange;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 36pt">&bull;</TD><TD>privately negotiated transactions;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 36pt">&bull;</TD><TD>settlement of short sales entered into after the effective
                                            date of the registration statement of which this prospectus is a part;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 36pt">&bull;</TD><TD>broker-dealers may agree with the Selling Stockholders to
                                            sell a specified number of such shares at a stipulated price per share;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 36pt">&bull;</TD><TD>through the writing or settlement of options or other hedging
                                            transactions, whether through an options exchange or otherwise;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 36pt">&bull;</TD><TD>a combination of any such methods of sale; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 36pt">&bull;</TD><TD>any other method permitted pursuant to applicable law.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Selling Stockholder may
also sell shares under Rule 144 under the Securities Act of 1933, as amended, if available, rather than under this prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">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 shares, 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 2440; and in the case of a principal transaction a markup or markdown in compliance
with FINRA IM-2440.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In connection with the sale
of the Common Stock or interests therein, the Selling Stockholders may enter into hedging transactions with broker-dealers or other financial
institutions, which may in turn engage in short sales of the Common Stock in the course of hedging the positions it assumes. The Selling
Stockholders may also sell shares of the Common Stock short and deliver these securities to close out its short positions, or loan or
pledge the Common Stock to broker-dealers that in turn may sell these securities. The Selling Stockholders may also enter into options
or other transactions with broker-dealers or other financial institutions or the creation of one or more derivative securities which
require the delivery to such broker-dealer or other financial institution of shares offered by this prospectus, which shares such broker-dealer
or other financial institution may resell pursuant to this prospectus (as supplemented or amended to reflect such transaction).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Selling Stockholders
and any broker-dealers or agents that are involved in selling the shares are &ldquo;underwriters&rdquo; within the meaning of the Securities
Act of 1933, as amended, 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 shares purchased by them may be deemed to be underwriting commissions or discounts under Section 2(11)
of the Securities Act of 1933, as amended. The Selling Stockholders have informed us that they do not have any written or oral agreement
or understanding, directly or indirectly, with any person to distribute the Common Stock.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We will pay all the expenses,
estimated to be approximately $44,183, in connection with this offering, other than underwriting commissions and discounts and counsel
fees and expenses of the Selling Stockholders. We have agreed to indemnify the Selling Stockholders against certain losses, claims, damages
and liabilities, including liabilities under the Securities Act of 1933, as amended.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.2pt; text-align: justify; text-indent: 35.9pt">Because each of
the Selling Stockholders is an &ldquo;underwriter&rdquo; within the meaning of the Securities Act of 1933, as amended, it will be subject
to the prospectus delivery requirements of the Securities Act of 1933, as amended, including Rule 172 thereunder. In addition, any securities
covered by this prospectus which qualify for sale pursuant to Rule 144 under the Securities Act of 1933, as amended, may be sold under
Rule 144 rather than under this prospectus. There is no underwriter or coordinating broker acting in connection with the proposed sale
of the resale shares by the Selling Stockholders.</P>

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



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We agreed to keep this prospectus
effective until the earlier of (i) the date on which the shares may be resold by the Selling Stockholders without registration and without
the requirement to be in compliance with Rule 144(c)(1) and otherwise without restriction or limitation pursuant to Rule 144 or (ii)
all of the shares have been sold pursuant to this prospectus or Rule 144 under the Securities Act or any other rule of similar effect.
The resale shares will be sold only through registered or licensed brokers or dealers if required under applicable state securities laws.
In addition, in certain states, the resale shares may not be sold unless they have been registered or qualified for sale in the applicable
state or an exemption from the registration or qualification requirement is available and is complied with.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Under applicable rules and
regulations under the Securities Exchange Act of 1934, as amended, any person engaged in the distribution of the resale shares 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 Securities Exchange Act of 1934, as amended, and the rules and regulations thereunder, including Regulation M, which may limit
the timing of purchases and sales of shares of the Common Stock by the Selling Stockholders or any other person. We will make copies
of this prospectus available to the Selling Stockholders and have informed them of the need to deliver a copy of this prospectus to each
purchaser at or prior to the time of the sale (including by compliance with Rule 172 under the Securities Act of 1933, as amended).</P>

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



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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Olshan Frome Wolosky LLP,
New York, New York, will pass upon the validity of the securities offered hereby as our counsel.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The consolidated balance
sheets of Hyperscale Data, Inc. (the &ldquo;Company&rdquo;) as of December 31, 2024 and 2023, and the related consolidated statements
of operations, changes in stockholders&rsquo; equity, and cash flows for the years then ended, included in the 2024 Annual Report on
Form 10-K, and related notes, have been audited by Marcum LLP, an independent registered public accounting firm, as set forth in their
report thereon. Such consolidated financial statements have been incorporated by reference in reliance upon the reports pertaining to
such consolidated financial statements of such firms given upon their authority as experts in auditing and accounting.&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="INFORMATIONINCORPORATED"></A>INFORMATION
INCORPORATED BY REFERENCE</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The SEC allows us to incorporate
by reference the information we file with it, which means that we can disclose important information to you by referring you to those
documents. The information we incorporate by reference is considered to be part of this prospectus, and information that we file later
with the SEC will automatically update and supersede this information. We incorporate by reference the documents listed below and any
future filings made by us with the SEC under Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act, until the sale of all of the securities
that are part of this offering. The documents we are incorporating by reference are as follows:</P>

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

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the SEC on <A HREF="https://www.sec.gov/Archives/edgar/data/896493/000121465925005868/r4925210k.htm">April
15, 2025</A>;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
Quarterly Report on Form 10-Q for the quarter ended March 31, 2025, filed with the SEC on <A HREF="https://www.sec.gov/Archives/edgar/data/896493/000121465925008123/hd5925010q.htm">May
20, 2025</A>;</P>

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

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
Current Reports on Form 8-K (other than information furnished rather than filed) filed with the SEC on&nbsp;<A HREF="https://www.sec.gov/Archives/edgar/data/896493/000121465925000136/z132508ka1.htm">January
3, 2025</A>&nbsp;(Item 1.01 only), <A HREF="https://www.sec.gov/Archives/edgar/data/896493/000121465925000196/y162538ka2.htm">January
6, 2025 (Item 1.01 only),&nbsp;</A><A HREF="https://www.sec.gov/Archives/edgar/data/896493/000121465925000213/o162558k.htm">January
6, 2025</A>,&nbsp;<A HREF="https://www.sec.gov/Archives/edgar/data/896493/000121465925000364/w182528k.htm">January 8, 2025</A>, <A HREF="https://www.sec.gov/Archives/edgar/data/896493/000121465925002119/g262508k.htm">February
6, 2025</A>, <A HREF="https://www.sec.gov/Archives/edgar/data/896493/000121465925002345/z2102508k.htm">February 10, 2025</A>, <A HREF="https://www.sec.gov/Archives/edgar/data/896493/000121465925003526/y2262518k.htm">February
26, 2025</A>, <A HREF="https://www.sec.gov/Archives/edgar/data/896493/000121465925003938/i352528k.htm">March 5, 2025</A>, <A HREF="https://www.sec.gov/Archives/edgar/data/896493/000121465925004458/d3152018k.htm">March
17, 2025</A>, <A HREF="https://www.sec.gov/Archives/edgar/data/896493/000121465925004698/hd3212518k.htm">March 24, 2025</A>, <A HREF="https://www.sec.gov/Archives/edgar/data/896493/000121465925004903/o3272528k.htm">March
27, 2025</A>, <A HREF="https://www.sec.gov/Archives/edgar/data/896493/000121465925005098/z3312518ka3.htm">March 31, 2025</A>, <A HREF="https://www.sec.gov/Archives/edgar/data/896493/000121465925005191/g412538k.htm">April
1, 2025</A>, <A HREF="https://www.sec.gov/Archives/edgar/data/896493/000121465925005182/y412528k.htm">April 1, 2025</A> (Items 1.01
and 3.02 only), <A HREF="https://www.sec.gov/Archives/edgar/data/896493/000121465925005116/p3312508k.htm">April 1, 2025</A>, <A HREF="https://www.sec.gov/Archives/edgar/data/896493/000121465925005662/p482538k.htm">April
9, 2025</A>, <A HREF="https://www.sec.gov/Archives/edgar/data/896493/000121465925005792/z4102538k.htm">April 11, 2025</A>, <A HREF="https://www.sec.gov/Archives/edgar/data/896493/000121465925005956/p4152538k.htm">April
16, 2025</A>, <A HREF="https://www.sec.gov/Archives/edgar/data/896493/000121465925006375/p4242588k.htm">April 25, 2025</A>, <A HREF="https://www.sec.gov/Archives/edgar/data/896493/000121465925006709/o4302518k.htm">April
30, 2025</A>, <A HREF="https://www.sec.gov/Archives/edgar/data/896493/000121465925006887/y522508k.htm">May 2, 2025</A>, <A HREF="https://www.sec.gov/Archives/edgar/data/896493/000121465925008066/i5192518k.htm">May
19, 2025</A>, <A HREF="https://www.sec.gov/Archives/edgar/data/896493/000121465925008530/u5282518k.htm">May 29, 2025,</A>&nbsp;<A HREF="https://www.sec.gov/Archives/edgar/data/896493/000121465925008823/i642508k.htm">June
4, 2025</A>, <A HREF="https://www.sec.gov/Archives/edgar/data/896493/000121465925009010/x662508k.htm">June 9,
2025 (Item 1.01 only)</A>, <A HREF="https://www.sec.gov/Archives/edgar/data/896493/000121465925009069/o6102508k.htm">June 10, 2025 (Item
1.01 only)</A> and <A HREF="https://www.sec.gov/Archives/edgar/data/896493/000121465925009223/z6132538k.htm">June 13, 2025</A>;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
Definitive Proxy Statements on Schedule 14A, filed with the SEC on&nbsp;<A HREF="https://www.sec.gov/Archives/edgar/data/896493/000121465925003337/j224250def14a.htm">February
24, 2025</A> and <A HREF="https://www.sec.gov/Archives/edgar/data/896493/000121465925006877/i52254def14a.htm">May 2, 2025</A>; and</P>

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

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
description of our common stock contained in our Annual Report on Form 10-K as Exhibit 4.39 that was filed with the SEC on <A HREF="https://www.sec.gov/Archives/edgar/data/896493/000121465924006963/ex4_27.htm">April
15, 2025</A>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">All documents filed pursuant
to Section 13(a), 13(c), 14 or 15(d) of the Exchange Act, after the date of this registration statement and prior to termination of this
offering shall be deemed to be incorporated by reference into this registration statement and to be a part hereof from the date of filing
of such documents, provided, however, that the registrant is not incorporating any information furnished under either Item 2.02 or Item
7.01 of any Current Report on Form 8-K. These documents include periodic reports, such as Annual Reports on Form 10-K, Quarterly Reports
on Form 10-Q and Current Reports on Form 8-K, as well as proxy statements.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Any document, and any statement
contained in a document, incorporated or deemed to be incorporated by reference herein shall be deemed to be modified or superseded for
purposes of this prospectus to the extent that a statement contained herein, or in any other subsequently filed document that also is
incorporated or deemed to be incorporated by reference herein, modifies or supersedes such document or statement. Any such document or
statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The documents incorporated
by reference in this prospectus may be obtained from us without charge and will be provided to each person, including any beneficial
owner, to whom a prospectus is delivered. You may obtain a copy of the documents at no cost by submitting an oral or written request
to:</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">11411 Southern Highlands Parkway, Suite 190</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Las Vegas, Nevada 89141</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(949) 444-5464</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Additional information about
us is available at our web site located at www.hyperscaledata.com. Information contained in our web site is not a part of this prospectus.</P>

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



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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 8pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 100%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="WHEREYOUCANFIND"></A>WHERE YOU CAN
FIND MORE INFORMATION</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have filed with the SEC
a registration statement on Form S-1 under the Securities Act with respect to our Common Stock 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,
some of which is contained in exhibits to the registration statement as permitted by the rules and regulations of the SEC. For further
information with respect to the Company we refer you to the registration statement, including the exhibits filed as a part of the registration
statement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Statements contained in this
prospectus concerning the contents of any contract or any other document are not necessarily complete. If a contract or document has
been filed as an exhibit to the registration statement, please see the copy of the contract or document that has been filed. Each statement
is this prospectus relating to a contract or document filed as an exhibit is qualified in all respects by the filed exhibit.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are subject to the informational
requirements of the Exchange Act. In accordance with the Exchange Act, we file periodic reports, proxy and information statements and
other information with the SEC. Our filings with the SEC are available to the public over the Internet at the SEC&rsquo;s website at
www.sec.gov. You may also find documents we filed on our website at www. hyperscaledata.com. Information contained in or accessible through
our website does not constitute a part of this prospectus.</P>

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



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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 8pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 100%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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

<DIV STYLE="padding: 1pt 0in; border-top: Black 4.5pt double; border-bottom: Black 4.5pt double">

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>HYPERSCALE DATA,
INC.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Up to 10,881,178 shares of Class A Common Stock</B></P>

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>June
13, 2025</B></P>

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

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

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

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

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

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

</DIV>

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

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

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

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 2px solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

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

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
