<SEC-DOCUMENT>0001213900-22-033617.txt : 20220617
<SEC-HEADER>0001213900-22-033617.hdr.sgml : 20220617
<ACCEPTANCE-DATETIME>20220617162956
ACCESSION NUMBER:		0001213900-22-033617
CONFORMED SUBMISSION TYPE:	S-3
PUBLIC DOCUMENT COUNT:		8
FILED AS OF DATE:		20220617
DATE AS OF CHANGE:		20220617

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CREATIVE REALITIES, INC.
		CENTRAL INDEX KEY:			0001356093
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-COMPUTER INTEGRATED SYSTEMS DESIGN [7373]
		IRS NUMBER:				411967918
		STATE OF INCORPORATION:			MN
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		S-3
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-265699
		FILM NUMBER:		221024270

	BUSINESS ADDRESS:	
		STREET 1:		13100 MAGISTERIAL DRIVE
		STREET 2:		SUITE 100
		CITY:			LOUISVILLE
		STATE:			KY
		ZIP:			40223
		BUSINESS PHONE:		502-791-8800

	MAIL ADDRESS:	
		STREET 1:		13100 MAGISTERIAL DRIVE
		STREET 2:		SUITE 100
		CITY:			LOUISVILLE
		STATE:			KY
		ZIP:			40223

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	WIRELESS RONIN TECHNOLOGIES INC
		DATE OF NAME CHANGE:	20060313
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-3
<SEQUENCE>1
<FILENAME>ea161727-s3_creativereal.htm
<DESCRIPTION>REGISTRATION STATEMENT
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>As
filed with the Securities and Exchange Commission on June 17, 2022</B></FONT></P>

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>FORM
S-3</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>REGISTRATION
STATEMENT UNDER THE SECURITIES ACT OF 1933</B></FONT></P>

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 49%; border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Minnesota</B></FONT></TD>
    <TD STYLE="width: 2%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 49%; border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>41-1967918</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(State or jurisdiction of</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(I.R.S. Employer</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">incorporation or organization)</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Identification No.)</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>13100
Magisterial Drive, Suite 100</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Louisville,
KY 40223</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(502)
791-8800</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Address,
including zip code, and telephone number, including area code,</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">of
registrant&rsquo;s principal executive offices and principal place of business)</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Will
                           Logan</B></FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Chief
    Financial Officer </B></FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>13100
    Magisterial Drive, Suite 100</B></FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Louisville,
    KY 40223</B></FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(502)
    791-8800</B></FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Name,
    address, including zip code, and telephone number,<BR>
    including area code, of agent for service)</FONT></P></TD>
    <TD STYLE="width: 1%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 49%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Copy
                           to:</I></B></FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Bradley
    A. Pederson, Esq.</B></FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Maslon
    LLP</B></FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>3300
    Wells Fargo Center</B></FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>90
    South 7th Street</B></FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Minneapolis,
    Minnesota 55402</B></FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Telephone:
    (612) 672-8200</B></FONT></P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Approximate
date of commencement of proposed sale to the public</B>: From time to time on or after the effective date of this Registration Statement.</FONT></P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; width: 28%; padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Large
    accelerated filer &#9744;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 44%; padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 28%; padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accelerated
    filer &#9744;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-accelerated
    filer &#9746;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Smaller
    reporting company &#9746;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Emerging
    growth company &#9744;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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

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

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

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

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

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

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

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

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-bottom: 6pt; padding-top: 8pt; border-bottom: Black 1.5pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Red">The
information in this prospectus is not complete and may be changed. The selling shareholders may not sell these securities until the registration
statement filed with the Securities and Exchange Commission is effective. This prospectus is not an offer to sell these securities and
is not soliciting an offer to buy these securities in any jurisdiction where the offer or sale is not permitted.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Red"><B>Subject
to completion, dated June 17, 2022</B></FONT></P>

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>1,400,000 Shares of Common Stock</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
prospectus relates to the proposed resale or other disposition from time to time of up to 1,400,000 shares of common stock, $0.01 par
value per share, of Creative Realities, Inc. (the &ldquo;Company&rdquo;) by the selling shareholders identified in this prospectus. We
are not selling any shares of common stock under this prospectus and will not receive any of the proceeds from the sale or other disposition
of common stock by the selling shareholders.</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The selling shareholders or their pledgees, assignees
or successors-in-interest may offer and sell or otherwise dispose of the shares of common stock described in this prospectus from time
to time through public or private transactions at prevailing market prices, at prices related to prevailing market prices or at privately
negotiated prices. The selling shareholders will bear all commissions and discounts, if any, attributable to the sales of such shares.
We will bear all other costs, expenses and fees in connection with the registration of such shares. See &ldquo;Plan of Distribution&rdquo;
beginning on page 7 for more information about how the selling shareholders may sell or dispose of its shares of common stock.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our common stock is listed on The NASDAQ Capital
Market under the symbol &ldquo;CREX.&rdquo; The last reported per share price for our common stock was $0.6209, as quoted on The NASDAQ
Capital Market on June 16, 2022.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Investing in our common stock involves a high
degree of risk. Before deciding whether to invest in our common stock, you should consider carefully the risks that we have described
on page 4 of this prospectus under the caption &ldquo;Risk Factors&rdquo; and in the documents incorporated by reference into this prospectus.</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B></B></FONT></P>

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

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

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

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

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

<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-bottom: 6pt; padding-top: 8pt; border-bottom: Black 1.5pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 91%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 8%; border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Page</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#a_001">About this Prospectus</A></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ii</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#a_002">Prospectus Summary</A></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#a_003">Risk Factors</A></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#a_004">Note Regarding Forward-Looking Statements</A></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#a_005">Use of Proceeds</A></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#a_006">Selling Shareholders</A></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#a_007">Plan of Distribution</A></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#a_008">Legal Matters</A></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#a_009">Experts</A></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#a_011">Where You Can Find More Information</A></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#a_012">Important Information Incorporated by Reference</A></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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

<!-- Field: Page; Sequence: 3; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-bottom: 6pt; padding-top: 8pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: LowerRoman; Name: PageNo -->i<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><A NAME="a_001"></A>ABOUT
THIS PROSPECTUS</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
prospectus is part of a registration statement that we have filed with the Securities and Exchange Commission (the &ldquo;SEC&rdquo;),
pursuant to which the selling shareholders may, from time to time, offer and sell or otherwise dispose of the securities covered by this
prospectus. You should not assume that the information contained in this prospectus is accurate on any date subsequent to the date set
forth on the front cover of this prospectus or that any information we have incorporated by reference is correct on any date subsequent
to the date of the document incorporated by reference, even though this prospectus is delivered or securities are sold or otherwise disposed
of on a later date. It is important for you to read and consider all information contained in this prospectus, including the information
incorporated by reference into this prospectus, in making your investment decision. You should also read and consider the information
in the documents to which we have referred you under the captions &ldquo;Where You Can Find More Information&rdquo; and &ldquo;Important
Information Incorporated by Reference&rdquo; in this prospectus.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Neither
we nor the selling shareholders have authorized any dealer, salesman or other person to give any information or to make any representation
other than those contained or incorporated by reference in this prospectus. You should not rely upon any information or representation
not contained or incorporated by reference in this prospectus. This prospectus does not constitute an offer to sell or the solicitation
of an offer to buy any of our securities other than the securities covered hereby, nor does this prospectus constitute an offer to sell
or the solicitation of an offer to buy any securities in any jurisdiction to any person to whom it is unlawful to make such offer or
solicitation in such jurisdiction. Persons who come into possession of this prospectus in jurisdictions outside the United States are
required to inform themselves about, and to observe, any restrictions as to the offering and the distribution of this prospectus applicable
to those jurisdictions.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
further note that the representations, warranties and covenants made in any agreement that is filed as an exhibit to any document that
is incorporated by reference in the prospectus were made solely for the benefit of the parties to such agreement, including, in some
cases, for the purpose of allocating risk among the parties to such agreements, and should not be deemed to be a representation, warranty
or covenant to you. Moreover, such representations, warranties or covenants were accurate only as of the date when made. Accordingly,
such representations, warranties and covenants should not be relied on as accurately representing the current state of our affairs.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unless
the context requires otherwise or unless otherwise indicated, all references to &ldquo;Creative Realities,&rdquo; the &ldquo;Company,&rdquo;
&ldquo;we,&rdquo; &ldquo;our,&rdquo; or &ldquo;us&rdquo; refer collectively to Creative Realities, Inc.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>This
prospectus does not constitute, and any prospectus supplement or other offering materials related to an offering of securities described
in this prospectus will not constitute, an offer to sell, or a solicitation of an offer to purchase, the offered securities in any jurisdiction
to or from any person to whom or from whom it is unlawful to make such offer or solicitation in such jurisdiction. </B></FONT></P>

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

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

<!-- Field: Page; Sequence: 4; Value: 1 -->
    <DIV STYLE="margin-bottom: 6pt; padding-top: 8pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: LowerRoman; Name: PageNo -->ii<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<DIV STYLE="padding: 5pt; border: Black 1.5pt solid">

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><A NAME="a_002"></A>PROSPECTUS
SUMMARY</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.85pt; text-align: center; text-indent: -0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>The
following is a summary of what we believe to be the most important aspects of our business and the offering of our securities under this
prospectus. We urge you to read this entire prospectus, including the more detailed financial statements, notes to the financial statements
and other information incorporated by reference from our other filings with the SEC. Each of the risk factors could adversely affect
our business, operating results and financial condition, as well as adversely affect the value of an investment in our securities. You
should not put undue reliance on the forward-looking statements in this document, which speak only as of the date on the cover of this
prospectus. </I></FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Creative
Realities, Inc. (the &ldquo;Company&rdquo;) is a Minnesota corporation that provides digital solutions to enhance communications in a
wide-ranging variety of out-of-home environments by providing innovative digital signage solutions for key market segments and use cases,
including:</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Retail</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Entertainment
and Sports Venues</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Restaurants,
including quick-serve restaurants (&ldquo;QSR&rdquo;)</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Convenience
Stores</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial
Services</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Automotive</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%">
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="text-align: left; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Medical
and Healthcare Facilities</FONT></TD>
</TR>
</TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%">
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="text-align: left; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mixed
Use Developments</FONT></TD>
</TR>
</TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%">
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="text-align: left; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Corporate
Communications, Employee Experience</FONT></TD>
</TR>
</TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%">
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="text-align: left; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Digital
out of Home (DOOH) Advertising Networks</FONT></TD>
</TR>
</TABLE>

</DIV>

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

<!-- Field: Page; Sequence: 5; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-bottom: 6pt; padding-top: 8pt; border-bottom: Black 1.5pt solid"><P STYLE="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<DIV STYLE="padding: 5pt; border: Black 1.5pt solid">

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

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


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


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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Through
a combination of organically grown platforms and a series of strategic acquisitions, including our recent acquisition of Reflect Systems,
Inc. (&ldquo;Reflect&rdquo;) via merger (the &ldquo;Merger&rdquo;) in February 2022, the Company assists clients to design, deploy, manage,
and monetize their digital signage networks. The Company sources leads and opportunities for its solutions through its digital and content
marketing initiatives, close relationships with key industry partners, equipment manufacturers, and the direct efforts of its in-house
industry sales experts. Client engagements focus on consultative conversations that ensure the Company&rsquo;s solutions are positioned
to help clients achieve their business objectives in the most cost-effective manner possible.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
principal offices are located at 13100 Magisterial Drive, Ste 100, Louisville, Kentucky 40223, and our telephone number at that office
is (502) 791-8800.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
originally incorporated and organized as a Minnesota corporation under the name &ldquo;Wireless Ronin Technologies, Inc.&rdquo; in March
2003 and focused on our expertise in digital media marketing solutions, including digital signage, interactive kiosks, mobile, social
media and web-based media solutions. We acquired the interactive marketing technology business that we currently operate in a 2014 merger
with Creative Realities, LLC. Shortly after that merger, we changed our corporate name from &ldquo;Wireless Ronin Technologies, Inc.&rdquo;
to &ldquo;Creative Realities, Inc.&rdquo; On October 15, 2015, we acquired the systems integration and marketing technology business
of ConeXus World Global, LLC. On November 20, 2018, we acquired Allure, an enterprise software development company. On February 17, 2022,
we acquired Reflect pursuant to the Merger.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">On
February 17, 2022, the Company and its subsidiaries refinanced their current debt facilities with Slipstream Communications, LLC (&ldquo;Slipstream&rdquo;),
pursuant to a Second Amended and Restated Credit and Security Agreement (the &ldquo;Credit Agreement&rdquo;).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
February 17, 2022, in connection with obtaining a waiver of certain restrictions in investment documents between the selling shareholder
and the Company in order to consummate the financing contemplated by the Credit Agreement, the Company paid consideration to the selling
shareholder in the form of a warrant (the &ldquo;Purchaser Warrant&rdquo;) to purchase 1,400,000 shares of Company common stock in an
at-the-market offering under Nasdaq rules. The number of shares of Company common stock subject to the Purchaser Warrant is equal to
the waiver fee ($175,000) divided by $0.125 per share.</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">The
exercise price of the Purchaser Warrant is $1.41 per share, and the Purchaser Warrant is not exercisable until August 17, 2022. The Purchaser
Warrant expires five years from the date of issuance. Under the terms of the Purchaser Warrant, the Company may not effect the exercise
of any such warrant, and a holder will not be entitled to exercise any portion of any such warrant, if, upon giving effect to such exercise,
the aggregate number of shares of Company common stock beneficially owned by the holder (together with its affiliates) would exceed 4.99%
of the number of shares of Company common stock outstanding immediately after giving effect to the exercise, as such percentage ownership
is determined in accordance with the terms of such warrant, which percentage may be increased or decreased at the holder&rsquo;s election
upon 61 days&rsquo; notice to the Company subject to the terms of such warrants, provided that such percentage may in no event exceed
9.99%. The Company may not effect the exercise of any such warrant, and a holder will not be entitled to exercise any portion of any such
warrant, for a number of warrant shares in excess of that number of warrant shares which, upon giving effect to such exercise, would cause
(i) the aggregate number of shares of Company common stock beneficially owned by the holder (together with its affiliates) to exceed 19.99%
of the total number of issued and outstanding shares of Company common stock following such exercise, or (ii) the combined voting power
of the securities of the Company beneficially owned by the holder (together with its affiliates) to exceed 19.99% of the combined voting
power of all of the securities of the Company then outstanding following such exercise, in either case as such percentage ownership is
determined in accordance with the terms of such warrant, unless Company shareholder approval is obtained to exceed more than such 19.99%
of the total number of issued and outstanding shares of Company common stock following such exercise in accordance with the rules of The
Nasdaq Stock Market.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

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

</DIV>

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

<!-- Field: Page; Sequence: 6; Value: 1 -->
    <DIV STYLE="margin-bottom: 6pt; padding-top: 8pt; border-bottom: Black 1.5pt solid"><P STYLE="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<DIV STYLE="padding: 5pt; border: Black 1.5pt solid">

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In certain circumstances, upon a fundamental transaction
of the Company, the holders of the Purchaser Warrant will have the right to require the Company to repurchase the Purchaser Warrant at
fair value using a Black Scholes option pricing formula; provided that such holder may not require the Company or its successor entity
to repurchase the Purchaser Warrant for the Black Scholes value in connection with a fundamental transaction that is not approved by the
Company&rsquo;s Board of Directors, and therefore not within the Company&rsquo;s control.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In connection with the issuance of the Purchaser
Warrant, the Company agreed that the Purchaser Warrant would be subject to the Company&rsquo;s existing registration rights agreement
(the &ldquo;Registration Rights Agreement&rdquo;) with the selling shareholder, pursuant to which the Company has agreed to register for
resale the shares of common stock issuable upon exercise of the Purchaser Warrant (the &ldquo;Warrant Shares&rdquo;). Under the Registration
Rights Agreement, the Company has agreed to file a registration statement covering the resale by the selling shareholder of the Warrant
Shares no later than June 17, 2022. The Company has agreed to use commercially reasonable efforts to cause such registration statement
to become effective by August 17, 2022, and to keep such registration statement effective until the date the Warrant Shares covered by
such registration statement have been sold or may be resold pursuant to Rule 144 without restriction (the &ldquo;Effectiveness Period&rdquo;).
The Company has agreed to be responsible for all fees and expenses incurred in connection with the registration of the Warrant Shares.
The registration statement of which this prospectus forms a part has been filed in accordance with the Registration Rights Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The foregoing summary descriptions of the Purchase
Warrant and the Registration Rights Agreement do not purport to be complete and are qualified in their entirety by reference to the full
text of such documents, which are filed as exhibits to the registration statement of which this prospectus forms a part and are incorporated
by reference herein.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
prospectus covers the sale or other disposition by the selling shareholder of up to the total number of Warrant Shares, without giving
effect to the beneficial ownership limitations described above.</FONT></P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our business is subject to numerous risks. For
a discussion of the risks you should consider before purchasing shares of our common stock, see &ldquo;Risk Factors&rdquo; on page 4 of
this prospectus.&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
prospectus relates to the proposed resale or other disposition from time to time of up to 1,400,000 shares of our common stock, $0.01
par value per share, by the selling shareholder identified in this prospectus. See &ldquo;Selling Shareholders&rdquo; and &ldquo;Plan
of Distribution.&rdquo;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
selling shareholder may offer to sell the shares being offered pursuant to this prospectus at fixed prices, at prevailing market prices
at the time of sale, at varying prices or at negotiated prices. Our common stock is listed on the Nasdaq Capital Market under the symbol
&ldquo;CREX.&rdquo;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
will not receive any of the proceeds from the sale of shares of our common stock in this offering.</FONT></P>

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

</DIV>

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

<!-- Field: Page; Sequence: 7; Value: 1 -->
    <DIV STYLE="margin-bottom: 6pt; padding-top: 8pt; border-bottom: Black 1.5pt solid"><P STYLE="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><A NAME="a_003"></A>RISK
FACTORS</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">An
investment in our securities involves a high degree of risk. Before purchasing the securities offered by this prospectus, you should
carefully consider the risks, uncertainties and additional information (i) contained herein or in any applicable prospectus supplement,
(ii) set forth in our most recent Annual Report on Form 10-K filed with the SEC on March 22, 2022, which is incorporated by reference
into this prospectus, and (iii) set forth in our future filings with the SEC that are incorporated by reference into this prospectus.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
a description of these reports and documents, and information about where you can find them, see &ldquo;Where You Can Find More Information&rdquo;
and &ldquo;Important Information Incorporated by Reference.&rdquo; The risks and uncertainties in this prospectus and in the documents
incorporated by reference in this prospectus are those that we currently believe may materially impact the Company and could result in
the loss of all or a portion of your investment in our common stock. Additional risks not presently known or are currently deemed immaterial
could also materially and adversely affect our financial condition, results of operations, business and prospects.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><A NAME="a_004"></A>NOTE
REGARDING FORWARD-LOOKING STATEMENTS</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
prospectus and the documents incorporated by reference herein contain, and any prospectus supplement may contain, forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities
Exchange Act of 1934, as amended, or the Exchange Act. All statements other than statements of historical facts contained in this prospectus
and the documents incorporated by reference herein contain, and any prospectus supplement, are forward-looking statements. These statements
relate to future events or to our future financial performance and involve known and unknown risks, uncertainties and other factors which
may cause our actual results, performance or achievements to be materially different from any future results, performances or achievements
expressed or implied by the forward-looking statements. Forward-looking statements may include, but are not limited to, statements about:</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
ability to realize the benefits of the Merger with Reflect;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
adequacy of funds for future operations;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">future
expenses, revenue and profitability;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">trends
affecting financial condition and results of operations;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ability
to convert proposals into customer orders under mutually agreed upon terms and conditions;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">general
economic conditions and outlook, including those as a result of the COVID-19 pandemic;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
ability of customers to pay for products and services received;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
impact of changing customer requirements upon revenue recognition;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">customer
cancellations;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
availability and terms of additional capital;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">industry
trends and the competitive environment;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
impact of the Company&rsquo;s financial condition upon customer and prospective customer relationships;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">potential
litigation and regulatory actions directed toward our industry in general;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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

<!-- Field: Page; Sequence: 8; Value: 1 -->
    <DIV STYLE="margin-bottom: 6pt; padding-top: 8pt; border-bottom: Black 1.5pt solid"><P STYLE="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
ultimate control of our management and our Board of Directors by our controlling shareholder, Slipstream Communications, LLC;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
reliance on certain key personnel in the management of our businesses;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">employee
and management turnover;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
existence of material weaknesses in internal controls over financial reporting;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
inability to successfully integrate the operations of acquired companies; and</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
fact that our common stock is presently thinly traded in an illiquid market.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
some cases, you can identify forward-looking statements by terms such as &ldquo;may&rdquo;, &ldquo;will&rdquo;, &ldquo;should&rdquo;,
&ldquo;could&rdquo;, &ldquo;would&rdquo;, &ldquo;expects&rdquo;, &ldquo;plans&rdquo;, &ldquo;anticipates&rdquo;, &ldquo;believes&rdquo;,
&ldquo;estimates&rdquo;, &ldquo;projects&rdquo;, &ldquo;predicts&rdquo;, &ldquo;potential&rdquo; &ldquo;propose,&rdquo; and similar expressions
(or the negative versions of such words or expressions) intended to identify forward-looking statements.</FONT></P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">These
statements reflect our current views with respect to future events and are based on assumptions and subject to risks and uncertainties.
Given these uncertainties, you should not place undue reliance on these forward-looking statements. We discuss many of these risks in
greater detail in our reports filed from time to time under the Securities Act and/or the Exchange Act. We encourage you to read these
filings as they are made. Also, these forward-looking statements represent our estimates and assumptions only as of the date of the document
containing the applicable statement.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">You
should read this prospectus, the documents incorporated by reference herein, and any prospectus supplement that we have authorized for
use in connection with this offering completely and with the understanding that our actual future results may be materially different
from what we expect. We qualify all of the forward-looking statements in the foregoing documents by these cautionary statements.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unless
required by law, we undertake no obligation to update or revise any forward-looking statements to reflect new information or future events
or developments. Thus, you should not assume that our silence over time means that actual events are bearing out as expressed or implied
in such forward-looking statements.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><A NAME="a_005"></A>USE
OF PROCEEDS</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
will not receive any of the proceeds from the sale of shares of our common stock in this offering. The selling shareholder will receive
all of the proceeds from this offering.</FONT></P>

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

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

<!-- Field: Page; Sequence: 9; Value: 1 -->
    <DIV STYLE="margin-bottom: 6pt; padding-top: 8pt; border-bottom: Black 1.5pt solid"><P STYLE="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><A NAME="a_006"></A>SELLING
SHAREHOLDERS</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
shares of common stock being offered by the selling shareholders are those previously issued to the selling shareholders, and those
issuable to the selling shareholders, upon exercise of the warrants. For additional information regarding the issuances of those
shares of common stock and warrants, see &ldquo;Prospectus Summary &ndash; Private Placement of Warrants&rdquo; above. We are
registering the shares of common stock in order to permit the selling shareholders to offer the shares for resale from time to time.
Except for the ownership of the shares of common stock and warrants, the selling shareholders have not had any material relationship
with us within the past three years.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
table below lists the selling shareholders and other information regarding the beneficial ownership of the shares of common stock by
each of the selling shareholders. The second column lists the number of shares of common stock beneficially owned by each selling shareholder,
based on its ownership of the shares of common stock and warrants, as of June 17, 2022, assuming exercise of the warrants held by the
selling shareholders on that date, without regard to any limitations on exercises.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
third column lists the shares of common stock being offered by this prospectus by the selling shareholders.</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In accordance with the terms of a registration
rights agreement with the selling shareholders, this prospectus generally covers the resale of the maximum number of shares of common
stock issuable to the selling shareholders upon exercise of the Purchaser Warrant described in the &ldquo;Prospectus Summary--Private
Placement of Warrants&rdquo; described above, determined as if the outstanding warrants were exercised in full as of the trading day immediately
preceding the date this registration statement was initially filed with the SEC, each as of the trading day immediately preceding the
applicable date of determination and all subject to adjustment as provided in the registration right agreement, without regard to any
limitations on the exercise of the warrants. The fourth column assumes the sale of all of the shares offered by the selling shareholders
pursuant to this prospectus.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Under the terms of the Purchaser Warrant, a selling
shareholder may not exercise any such warrants to the extent such exercise would cause such selling shareholder, together with its affiliates
and attribution parties, to beneficially own a number of shares of common stock which would exceed 4.99% or 9.99%, as applicable, of our
then outstanding shares of common stock following such exercise, excluding for purposes of such determination shares of common stock issuable
upon exercise of such warrants which have not been exercised. The number of shares in the second and fourth columns do not reflect this
limitation. The selling shareholders may sell all, some or none of their shares in this offering. See &ldquo;Plan of Distribution.&rdquo;</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Name of Selling Shareholder</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Number of Shares of<BR>
Common Stock<BR>
Owned Prior to<BR>
Offering</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Maximum Number of<BR>
Shares of Common<BR>
Stock to be Sold<BR>
Pursuant to this<BR>
Prospectus</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Number of Shares of<BR>
Common Stock<BR>
Owned After<BR>
Offering</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="width: 67%; padding-left: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Armistice Capital Master Fund Ltd.(1)</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 8%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8,566,505</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 8%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,400,000</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 8%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7,166,505</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT>&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Armistice Capital Master Fund Ltd., a Cayman Islands exempted company, or the Master Fund, holds (i) a Common Warrant to purchase up to 7,166,505 shares of common stock, and (ii) the Purchaser Warrant to purchase up to 1,400,000 shares of common stock. The Common Warrant and Purchaser Warrant is each subject to certain beneficial ownership limitations that prohibit the Master Fund from exercising any portion of either of them if, following the exercise, the Master Fund&rsquo;s ownership of our common stock would exceed the relevant warrant&rsquo;s ownership limitations. The shares held by the Master Fund may be deemed to be indirectly beneficially owned by: (i) Armistice Capital, LLC, or Armistice Capital, as the investment manager of the Master Fund, and (ii) Steven Boyd, as the Managing Member of Armistice Capital. Armistice Capital and Mr. Boyd disclaim beneficial ownership of the securities except to the extent of their respective pecuniary interests therein.</FONT></TD></TR>
  </TABLE>

<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: center"></P>

<!-- Field: Page; Sequence: 10; Value: 1 -->
    <DIV STYLE="margin-bottom: 6pt; padding-top: 8pt; border-bottom: Black 1.5pt solid"><P STYLE="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><A NAME="a_007"></A>PLAN
OF DISTRIBUTION</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.05pt; text-align: center; text-indent: -23.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
selling shareholder (the &ldquo;<U>Selling Shareholder</U>&rdquo;) of the securities and any of their pledgees, assignees and successors-in-interest
may, from time to time, sell any or all of their securities covered hereby on the principal trading market or any other stock exchange,
market or trading facility on which the securities are traded or in private transactions. These sales may be at fixed or negotiated prices.
A Selling Shareholder may use any one or more of the following methods when selling securities:</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0; width: 0.5in; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0; width: 0.25in; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ordinary
    brokerage transactions and transactions in which the broker-dealer solicits purchasers;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">block
    trades in which the broker-dealer will attempt to sell the securities as agent but may position and resell a portion of the block
    as principal to facilitate the transaction;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">purchases
    by a broker-dealer as principal and resale by the broker-dealer for its account;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">an
    exchange distribution in accordance with the rules of the applicable exchange;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">privately
    negotiated transactions;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">settlement
    of short sales;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">in
    transactions through broker-dealers that agree with the Selling Shareholders to sell a specified number of such securities at a stipulated
    price per security;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">through
    the writing or settlement of options or other hedging transactions, whether through an options exchange or otherwise;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
    combination of any such methods of sale; or</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any
    other method permitted pursuant to applicable law.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Selling Shareholders may also sell securities under Rule 144 or any other exemption from registration under the Securities Act of 1933,
as amended (the &ldquo;<U>Securities Act</U>&rdquo;), if available, rather than under this prospectus.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Broker-dealers
engaged by the Selling Shareholders may arrange for other brokers-dealers to participate in sales. Broker-dealers may receive commissions
or discounts from the Selling Shareholders (or, if any broker-dealer acts as agent for the purchaser of securities, from the purchaser)
in amounts to be negotiated, but, except as set forth in a supplement to this Prospectus, in the case of an agency transaction not in
excess of a customary brokerage commission in compliance with FINRA Rule 2121; and in the case of a principal transaction a markup or
markdown in compliance with FINRA Rule 2121.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
connection with the sale of the securities or interests therein, the Selling Shareholders may enter into hedging transactions with broker-dealers
or other financial institutions, which may in turn engage in short sales of the securities in the course of hedging the positions they
assume. The Selling Shareholders may also sell securities short and deliver these securities to close out their short positions, or loan
or pledge the securities to broker-dealers that in turn may sell these securities. The Selling Shareholders may also enter into option
or other transactions with broker-dealers or other financial institutions or create one or more derivative securities which require the
delivery to such broker-dealer or other financial institution of securities offered by this prospectus, which securities such broker-dealer
or other financial institution may resell pursuant to this prospectus (as supplemented or amended to reflect such transaction).</FONT></P>

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

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

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

<!-- Field: Page; Sequence: 11; Value: 1 -->
    <DIV STYLE="margin-bottom: 6pt; padding-top: 8pt; border-bottom: Black 1.5pt solid"><P STYLE="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Selling Shareholders and any broker-dealers or agents that are involved in selling the securities may be deemed to be &ldquo;underwriters&rdquo;
within the meaning of the Securities Act in connection with such sales. In such event, any commissions received by such broker-dealers
or agents and any profit on the resale of the securities purchased by them may be deemed to be underwriting commissions or discounts
under the Securities Act. Each Selling Shareholders has informed the Company that it does not have any written or oral agreement or understanding,
directly or indirectly, with any person to distribute the securities.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company is required to pay certain fees and expenses incurred by the Company incident to the registration of the securities. The Company
has agreed to indemnify the Selling Shareholders against certain losses, claims, damages and liabilities, including liabilities under
the Securities Act.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
agreed to keep this prospectus effective until the earlier of (i) the date on which the securities may be resold by the Selling Shareholders
without registration and without regard to any volume or manner-of-sale limitations by reason of Rule 144, without the requirement for
the Company to be in compliance with the current public information under Rule 144 under the Securities Act or any other rule of similar
effect or (ii) all of the securities have been sold pursuant to this prospectus or Rule 144 under the Securities Act or any other rule
of similar effect. The resale securities 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 securities covered hereby 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.</FONT></P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
applicable rules and regulations under the Exchange Act, any person engaged in the distribution of the resale securities may not simultaneously
engage in market making activities with respect to the shares of common stock for the applicable restricted period, as defined in Regulation
M, prior to the commencement of the distribution. In addition, the Selling Shareholders will be subject to applicable provisions of the
Exchange Act and the rules and regulations thereunder, including Regulation M, which may limit the timing of purchases and sales of the
shares of common stock by the Selling Shareholders or any other person. We will make copies of this prospectus available to the Selling
Shareholders 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).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23.05pt; text-align: center; text-indent: -23.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><A NAME="a_008"></A>LEGAL
MATTERS</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
validity of any securities offered from time to time by this prospectus and any related prospectus supplement will be passed upon by
Maslon LLP, Minneapolis, Minnesota.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><A NAME="a_009"></A>EXPERTS</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
financial statements of Creative Realities, Inc. and subsidiaries as of December 31, 2021 and 2020, and for each of the two years in
the period ended December 31, 2021, incorporated by reference in this Prospectus by reference to the Company&rsquo;s Annual Report
on Form 10-K for the year ended December 31, 2021, have been audited by Deloitte &amp; Touche LLP, an independent registered public
accounting firm, as stated in their report. Such financial statements are incorporated by reference in reliance upon the report of
such firm given their authority as experts in accounting and auditing.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Baker
Tilly US, LLP, an independent registered public accounting firm, has audited Reflect Systems, Inc.&rsquo;s financial statements as of
December 31, 2021 and 2020 and for the years ended December 31, 2021 and 2020 incorporated by reference in this Prospectus by reference
to the Company&rsquo;s Quarterly Report on Form 10-Q filed May 16, 2022. Such financial statements have been incorporated in this prospectus
in reliance upon the report of such firm given upon their authority as experts in accounting and auditing.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><A NAME="a_011"></A>WHERE
YOU CAN FIND MORE INFORMATION</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
file annual, quarterly and current reports, proxy statements and other information with the SEC. The SEC maintains a website that contains
reports, proxy statements and other information regarding issuers that file electronically with the SEC, including us. The address of
the SEC website is www.sec.gov.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
representations, warranties and covenants made by us in any agreement that is filed as an exhibit to the registration statement of which
this prospectus is a part were made solely for the benefit of the parties to such agreement, including, in some cases, for the purpose
of allocating risk among the parties to such agreements, and should not be deemed to be a representation, warranty or covenant to you.
Moreover, such representations, warranties or covenants were made as of an earlier date. Accordingly, such representations, warranties
and covenants should not be relied on as accurately representing the current state of our affairs.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
maintain an Internet site at http://www.cri.com. Information found on, or accessible through, our website is not a part of, and is not
incorporated into, this prospectus, and you should not consider it part of this prospectus or part of any prospectus supplement.</FONT></P>

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

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

<!-- Field: Page; Sequence: 12; Value: 1 -->
    <DIV STYLE="margin-bottom: 6pt; padding-top: 8pt; border-bottom: Black 1.5pt solid"><P STYLE="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><A NAME="a_012"></A>IMPORTANT
INFORMATION INCORPORATED BY REFERENCE</B></FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
SEC allows us to &ldquo;incorporate by reference&rdquo; information into this prospectus, which means that we can disclose important
information to you by referring you to another document filed separately with the SEC. You should read the information incorporated by
reference because it is an important part of this prospectus. Information in this prospectus supersedes information incorporated by reference
that we filed with the SEC prior to the date of this prospectus, while information that we file later with the SEC will automatically
update and supersede the information in this prospectus. We incorporate by reference into this prospectus and the registration statement
of which this prospectus is a part the information or documents listed below that we have filed with the SEC:</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our Annual Report on <A HREF="http://www.sec.gov/ix?doc=/Archives/edgar/data/1356093/000121390022014206/f10k2021_creativereal.htm">Form 10-K</A> for the fiscal year
    ended December 31, 2021, which was filed with the SEC on March 22, 2022;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our Quarterly Report on <A HREF="http://www.sec.gov/ix?doc=/Archives/edgar/data/1356093/000121390022027272/f10q0322_creativereal.htm">Form 10-Q</A> for the fiscal quarter
    ended March 31, 2022, which was filed with the SEC on May 16, 2022; and </FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Current Reports on Form 8-K (or amendment(s) thereto)
    filed with the SEC on <A HREF="http://www.sec.gov/ix?doc=/Archives/edgar/data/1356093/000121390022004707/ea154773-8k_creativereal.htm">February
    1, 2022</A>, <A HREF="http://www.sec.gov/ix?doc=/Archives/edgar/data/1356093/000121390022005397/ea154895-8k_creativereal.htm">February
    4, 2022</A>, <A HREF="http://www.sec.gov/ix?doc=/Archives/edgar/data/1356093/000121390022006040/ea155158-8k_creativereal.htm">February
    9, 2022</A>, <A HREF="http://www.sec.gov/ix?doc=/Archives/edgar/data/1356093/000121390022008352/ea155906-8k_creative.htm">February
    18, 2022</A>, <A HREF="http://www.sec.gov/ix?doc=/Archives/edgar/data/1356093/000121390022020121/ea158490-8k_creativereal.htm">April
    15, 2022</A>; and <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1356093/000121390022033599/ea161551-8k_creativereal.htm">June 17, 2022</A>; and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The description of the Company&rsquo;s common stock
set forth in into the Company&rsquo;s Registration Statement on <A HREF="http://www.sec.gov/Archives/edgar/data/1356093/000121390018015796/f8a12b111418_creativereal.htm">Form
8-A</A> filed with the SEC on November 14, 2018 by reference to the description under the caption &ldquo;Description of Securities &ndash;
Common Stock&rdquo; in the prospectus forming a part of the Company&rsquo;s Registration Statement on <A HREF="http://www.sec.gov/Archives/edgar/data/1356093/000121390018014695/fs12018a4_creativerealities.htm">Form S-1</A>, as amended (Registration
No. 333-225876), which was filed with the SEC on October 31, 2018.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
also incorporate by reference any future filings (other than current reports furnished under Item 2.02 or Item 7.01 of Form 8-K and exhibits
filed on such form that are related to such items unless such Form 8-K expressly provides to the contrary) made with the SEC pursuant
to Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act, including those made after the date of the initial filing of the registration
statement of which this prospectus is a part and prior to effectiveness of such registration statement, until we file a post-effective
amendment that indicates the termination of the offering of the common stock made by this prospectus and will become a part of this prospectus
from the date that such documents are filed with the SEC. Information in such future filings updates and supplements the information
provided in this prospectus. Any statements in any such future filings will automatically be deemed to modify and supersede any information
in any document we previously filed with the SEC that is incorporated or deemed to be incorporated herein by reference to the extent
that statements in the later filed document modify or replace such earlier statements.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
will provide at no cost to each person, including any beneficial owner, to whom a prospectus is delivered, a copy of any or all of the
documents that are incorporated by reference in this prospectus but not delivered with this prospectus, including exhibits that are specifically
incorporated by reference in such documents. You may request a copy of such documents by writing or telephoning us at the following address
or telephone number:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Creative
Realities, Inc.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Attention:
Corporate Secretary<BR>
13100 Magisterial Drive, Suite 100</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Louisville,
KY 40223</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(502)
791-8800</FONT></P>

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

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

<!-- Field: Page; Sequence: 13; Value: 1 -->
    <DIV STYLE="margin-bottom: 6pt; padding-top: 8pt; border-bottom: Black 1.5pt solid"><P STYLE="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>INFORMATION
NOT REQUIRED IN PROSPECTUS</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item
14. Other Expenses Of Issuance And Distribution.</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table sets forth the estimated costs and expenses, other than underwriting discounts and commissions, payable by us in connection
with the offering of securities being registered. The selling shareholders will not bear any portion of such expenses. All the amounts
shown are estimates, except for the SEC registration fee.</FONT></P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 88%; text-align: left">SEC registration fee</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">89.55</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Legal fees and expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">3,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Accounting fees and expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">17,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">Miscellaneous expenses</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">2,000</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 4pt; padding-left: 9pt">Total</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">22,089.55</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item
15. Indemnification of Directors and Officers. </B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
registrant is subject to Minnesota Statutes, Chapter&nbsp;302A, the Minnesota Business Corporation Act (the&nbsp;&ldquo;Corporation Act&rdquo;).
Section&nbsp;302A.521 of the Corporation Act provides in substance that, unless prohibited by its articles of incorporation or bylaws,
a Minnesota corporation must indemnify an officer or director who is made or threatened to be made a party to a proceeding by reason
of the former or present official capacity of the person against judgments, penalties, fines, including, without limitation, excise taxes
assessed against the person with respect to an employee benefit plan, settlements, and reasonable expenses, including attorneys&rsquo;
fees and disbursements, incurred by such person in connection with the proceeding, if certain criteria are met. These criteria, all of
which must be met by the person seeking indemnification, are as follows: (a)&nbsp;such person has not been indemnified by another organization
or employee benefit plan for the same judgments, penalties, fines, including, without limitation, excise taxes assessed against the person
with respect to an employee benefit plan, settlements, and reasonable expenses, including attorneys&rsquo; fees and disbursements, incurred
by the person in connection with the proceeding with respect to the same acts or omissions; (b)&nbsp;such person must have acted in good
faith; (c)&nbsp;no improper personal benefit was obtained by such person and such person satisfied certain statutory conflicts of interest
provisions, if applicable; (d) in the case of a criminal proceeding, such person had no reasonable cause to believe that the conduct
was unlawful; and (e) in the case of acts or omissions occurring in such person&rsquo;s performance in an official capacity, such person
must have acted in a manner such person reasonably believed was in the best interests of the corporation or, in certain limited circumstances,
not opposed to the best interests of the corporation. In addition, Section&nbsp;302A.521, subd. 3, requires payment by the registrant,
upon written request, of reasonable expenses in advance of final disposition in certain instances. A decision as to required indemnification
is made by a majority of the disinterested directors present at a meeting at which a disinterested quorum is present, or by a designated
committee of disinterested directors, by special legal counsel, by the disinterested shareholders, or by a court.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
registrant also maintains a director and officer insurance policy to cover the registrant, its directors and its officers against certain
liabilities. Insofar as indemnification for liabilities arising under the Securities Act may be permitted for our directors, officers,
and controlling persons pursuant to the foregoing provisions or otherwise, we have been advised that in the opinion of the SEC, such
indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable.</FONT></P>

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

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

<!-- Field: Page; Sequence: 14; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-bottom: 6pt; padding-top: 8pt; border-bottom: Black 1.5pt solid"><P STYLE="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">II-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following exhibits are filed as part of this registration statement:</FONT></P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 10%; border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit<BR>
Number</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 89%; border-bottom: black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Description</B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.1</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1356093/000095013406018951/c04558a1exv3w1.htm">Articles of Incorporation, as amended (incorporated by reference to registrant&rsquo;s Amendment No. 1 to Form SB-2 filed on October 12, 2006).</A></FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.2</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1356093/000121390014006692/f8k091514ex3i_creative.htm">Articles of Incorporation, as amended (incorporated by reference to Exhibit 3.1 to the registrant&rsquo;s Form 8-K filed with the SEC on September 17, 2014)</A></FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.3</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1356093/000121390018014233/fs12018a3ex3-3_creativereal.htm">Articles of Amendment Filed on October 17, 2018 (incorporate by reference to Exhibit 3.3 to the registrant&rsquo;s registration statement on Form S-1 filed October 17, 2018)</A></FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.4</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><A HREF="http://www.sec.gov/Archives/edgar/data/1356093/000121390016010773/fs12016ex4ii_creativereal.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Series A-1 Convertible Preferred Stock Certificate of Designation of Preferences, Rights and Limitations filed October 30, 3015 (incorporated by reference to Exhibit 4.2 of the registrant&rsquo;s Registration Statement on Form S-1 filed with the SEC on February 11, 2016)</FONT></A></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.5</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1356093/000121390014006692/f8k091514ex3i_creative.htm">Amendment to Articles of Incorporation (incorporated by reference to Exhibit 3.1 to the registrant&rsquo;s Form 8-K filed with the SEC on September 17, 2014)</A></FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.6</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1356093/000121390014007335/f8k081014ex3i_creative.htm">Articles of Amendment (incorporated by reference to Exhibit 3.1 to the registrant&rsquo;s Form 8-K filed with the SEC on October 16, 2014)</A></FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.7</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1356093/000121390018014233/fs12018a3ex3-3_creativereal.htm">Articles of Amendment Filed on October 17, 2018 (incorporated by reference to Exhibit 3.3 to the registrant&rsquo;s registration statement on Form S-1 filed October 17, 2018)</A></FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.8</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1356093/000121390019004365/f8k031319ex3-1_creative.htm">Statement of Cancellation of Certificate of Designation of Series A Convertible Preferred Stock (incorporated by reference to Exhibit 3.1 to the registrant&rsquo;s Form 8-K filed with the SEC on March 18, 2019)</A></FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.9</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1356093/000121390019004365/f8k031319ex3-2_creative.htm">Statement of Cancellation of Certificate of Designation of Series A-1 Convertible Preferred Stock (incorporated by reference to Exhibit 3.2 to the registrant&rsquo;s Form 8-K filed with the SEC on March 18, 2019)</A></FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.10</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1356093/000095012311094400/c24019exv3.htm">Amended and Restated Bylaws (incorporated by reference to the registrant&rsquo;s Current Report on Form 8-K filed on November 2, 2011)</A></FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.1</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1356093/000095013406016951/c04558sbexv4w2.htm">Specimen certificate evidencing shares of Common Stock (incorporated by reference to Exhibit 4.2 of the registrant&rsquo;s Registration Statement on Form SB-2 (File No. 333-136972), filed with the SEC on August 29, 2006).</A></FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.2</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1356093/000121390020006174/f10k2019ex4-14_creative.htm">Description of Registrant&rsquo;s Securities (incorporated by reference to the registrant&rsquo;s Annual Report on Form 10-K filed with the SEC on March 13, 2020)</A></FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.3</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1356093/000121390022008352/ea155906ex4-2_creative.htm">Purchaser Warrant dated February 17, 2022 (incorporated by reference to Exhibit 4.2 to the registrant's Form 8-K filed with the SEC on February 18, 2022)</A></FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.1</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="ea161727ex5-1_creativereal.htm">Opinion of Maslon LLP*</A></FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.1</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1356093/000121390022005397/ea154895ex10-2_creative.htm">Form of Registration Rights Agreement dated February 3, 2022 by and between Creative Realities, Inc. and the selling shareholders (incorporated by reference to Exhibit 10.2 to the registrant&rsquo;s Current Report on Form 8-K filed February 4, 2022)</A></FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.1</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="ea161727ex23-1_creativereal.htm">Consent of Baker Tilly US, LLP*</A></FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.2</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><A HREF="ea161727ex23-2_creativereal.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent of Deloitte &amp; Touche LLP*</FONT></A></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.3</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="ea161727ex5-1_creativereal.htm">Consent of Maslon LLP (included as part of Exhibit 5.1)*</A></FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24.1</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#p_001">Power of Attorney (included on signature page)</A></FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">107</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><A HREF="ea161727ex-fee_creativereal.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Filing Fee Table*</FONT></A></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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

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

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

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

<!-- Field: Page; Sequence: 15; Value: 1 -->
    <DIV STYLE="margin-bottom: 6pt; padding-top: 8pt; border-bottom: Black 1.5pt solid"><P STYLE="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">II-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
undersigned registrant hereby undertakes:</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To file, during any period in which offers or sales
    are being made, a post-effective amendment to this registration statement:</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 96px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">to include any prospectus required by section 10(a)(3)
    of the Securities Act of 1933;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 96px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">to reflect in the prospectus any facts or events arising
    after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually
    or in the aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding the
    foregoing, an increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed
    that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in
    the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent
    no more than a 20% change in the maximum aggregate offering price set forth in the &ldquo;Calculation of Registration Fee&rdquo;
    table in the effective registration statement;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 96px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">to include any material information with respect to
    the plan of distribution not previously disclosed in the registration statement or any material change to such information in the
    registration statement;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>provided,
however</I>, that the undertakings set forth in paragraphs (1)(i), (1)(ii) and (1)(iii) above do not apply if the information required
to be included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the Commission by
the registrant pursuant to section 13 or section 15(d) of the Securities Exchange Act of 1934 that are incorporated by reference in the
registration statement, or is contained in a form of prospectus filed pursuant to Rule 424(b) of this chapter that is part of the registration
statement.</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">That, for the purpose of determining any liability
    under the Securities Act of 1933, each such post-effective amendment shall be deemed to be a new registration statement relating
    to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial <I>bona fide
    </I>offering thereof.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To remove from registration by means of a post-effective
    amendment any of the securities being registered which remain unsold at the termination of the offering.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">That, for the purpose of determining liability of the
    registrant under the Securities Act of 1933 to any purchaser:</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 96px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each prospectus filed by the registrant pursuant to
    Rule 424(b)(3) shall be deemed to be part of the registration statement as of the date the filed prospectus was deemed part of and
    included in the registration statement; and</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each prospectus required to be filed pursuant to Rule
    424(b)(2), 424(b)(5), or 424(b)(7) as part of a registration statement in reliance on Rule 430B relating to an offering made pursuant
    to Rule 415(a)(1)(i), 415(a)(1)(vii), or 415(a)(1)(x) for the purpose of providing the information required by Section 10(a) of the
    Securities Act shall be deemed to be part of and included in the registration statement as of the earlier of the date such form of
    prospectus is first used after effectiveness or the date of the first contract of sale of securities in the offering described in
    the prospectus. As provided in Rule 430B, for liability purposes of the issuer and any person that is at that date an underwriter,
    such date shall be deemed to be a new effective date of the registration statement relating to the securities in the registration
    statement to which that prospectus relates, and the offering of such securities at that time shall be deemed to be the initial bona
    fide offering thereof. Provided, however, that no statement made in a registration statement or prospectus that is part of the registration
    statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that
    is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such effective date, supersede
    or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or
    made in any such document immediately prior to such effective date.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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

<!-- Field: Page; Sequence: 16; Value: 1 -->
    <DIV STYLE="margin-bottom: 6pt; padding-top: 8pt; border-bottom: Black 1.5pt solid"><P STYLE="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">II-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(6)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">That, for the purpose of determining liability of the
    registrant under the Securities Act of 1933 to any purchaser in the initial distribution of the securities, the undersigned registrant
    undertakes that in a primary offering of securities of the undersigned registrant pursuant to this registration statement, regardless
    of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser
    by means of any of the following communications, the undersigned registrant will be a seller to the purchaser and will be considered
    to offer or sell such securities to such purchaser:</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 96px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any preliminary prospectus or prospectus of the undersigned
    registrant relating to the offering required to be filed pursuant to Rule 424;</FONT></TD></TR>
  <TR>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any free writing prospectus relating to the offering
    prepared by or on behalf of the undersigned registrant or used or referred to by the undersigned registrant;</FONT></TD></TR>
  <TR>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The portion of any other free writing prospectus relating
    to the offering containing material information about the undersigned registrant or its securities provided by or on behalf of the
    undersigned registrant; and</FONT></TD></TR>
  <TR>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any other communication that is an offer in the offering
    made by the undersigned registrant to the purchaser.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The undersigned registrant hereby undertakes that,
    for the purposes of determining any liability under the Securities Act of 1933, each filing of the registrant&rsquo;s annual report
    pursuant to Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934 (and, where applicable, each filing of an employee
    benefit plan&rsquo;s annual report pursuant to Section 15(d) of the Securities Exchange Act of 1934) that is incorporated by reference
    in this registration statement shall be deemed to be a new registration statement relating to the securities offered therein, and
    the offering of such securities at that time shall be deemed to be the initial <I>bona fide</I> offering thereof.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(h)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Insofar as indemnification for liabilities arising
    under the Securities Act may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing
    provisions, or otherwise, the registrant has been advised that in the opinion of the SEC such indemnification is against public policy
    as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities
    (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant
    in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection
    with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling
    precedent, submit to a court of appropriate jurisdiction the question of whether such indemnification by it is against public policy
    as expressed in the Securities Act and will be governed by the final adjudication of such issue.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<!-- Field: Page; Sequence: 17; Value: 1 -->
    <DIV STYLE="margin-bottom: 6pt; padding-top: 8pt; border-bottom: Black 1.5pt solid"><P STYLE="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">II-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the requirements of the Securities Act of 1933, the registrant certifies that it has reasonable grounds to believe that it meets all
of the requirements for filing on Form S-3 and has duly caused this registration statement to be signed on its behalf by the undersigned,
thereunto duly authorized, in the city of Louisville, state of Kentucky, on June 17, 2022.</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 40%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>CREATIVE REALITIES, INC.</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Richard
    Mills</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Richard Mills</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Executive Officer </FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><A NAME="p_001"></A>POWER
OF ATTORNEY</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
person whose signature appears below hereby constitutes and appoints Richard Mills and Will Logan, and each of them, as his true and
lawful attorneys-in-fact and agents, with full power of substitution and re-substitution, for him and in his name, place and stead, in
any and all capacities, to sign any and all amendments (including post-effective amendments) to this registration statement, and to file
the same, with all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission, granting
unto said attorneys-in-fact and agents, full power and authority to do and perform each and every act and thing requisite and necessary
to be done in connection therewith, as fully to all intents and purposes as he might or could do in person, hereby ratifying and confirming
all that said attorney-in-fact and agent or his substitutes or substitute, may lawfully do or cause to be done by virtue hereof.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the requirements of the Securities Act of 1933, this registration statement has been signed by the following persons in the capacities
and on the dates indicated below.</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 28%; border-bottom: black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Signature
    </FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 50%; border-bottom: black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title
    </FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 20%; border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date
    </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Richard
    Mills </FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director, Chief Executive Officer </FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">June 17, 2022</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Richard Mills </FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(principal executive officer) </FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Dennis
    McGill</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chairman of the Board </FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">June 17, 2022</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dennis McGill</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Will Logan
    </FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Financial Officer </FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">June 17, 2022</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Will Logan </FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(principal accounting and financial officer) </FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Donald
    A. Harris </FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director </FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">June 17, 2022</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Donald A. Harris </FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Stephen
    Nesbit</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director </FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">June 17, 2022</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Stephen Nesbit</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ David
    Bell </FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director </FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">June 17, 2022</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">David Bell </FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">II-5</FONT></P>

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

<!-- Field: Rule-Page --><DIV STYLE="width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1.5pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>2
<FILENAME>ea161727ex5-1_creativereal.htm
<DESCRIPTION>OPINION OF MASLON LLP
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">



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

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

<P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><IMG SRC="ex5-1_001.jpg" ALT=""></FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Office
Dial: 612.672.8200</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">www.maslon.com</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">June
17, 2022</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13100
Magisterial Drive, Suite 100</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Louisville,
KY 40223</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Re:
Registration Statement on Form S-3</B></FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have acted as counsel for Creative Realities, Inc., a Minnesota corporation (the &ldquo;<I>Company</I>&rdquo;), in connection with registration
on the Company&rsquo;s Registration Statement on Form S-3 (Registration Statement No. 333-________) (the &ldquo;<I>Registration Statement</I>&rdquo;)
under the Securities Act of 1933 (the &ldquo;<I>Act</I>&rdquo;), of the resale by the selling securityholders named therein (the &ldquo;<I>Selling
Securityholders</I>&rdquo;) of an aggregate of 1,400,000 shares of the Company&rsquo;s common stock, $0.01 par value (the &ldquo;<I>Warrant
Shares</I>&rdquo;), issuable upon the exercise of certain warrants (the &ldquo;<I>Warrants</I>&rdquo;) held by the Selling Securityholders.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
connection with this opinion, we have examined and relied upon the Registration Statement, including prospectus therein and the exhibits
thereto, the Articles of Incorporation and Bylaws of the Company, each as amended to date, the Warrants, and such other documents, corporate
records and instruments, and have examined such laws and regulations, as we have deemed necessary for purposes of rendering the opinions
set forth herein. In rendering this opinion, we have assumed the genuineness and authenticity of all signatures on original documents;
the genuineness and authenticity of all documents submitted to us as originals; the conformity to originals of all documents submitted
to us as copies; the accuracy, completeness and authenticity of certificates of public officials; and the due authorization, execution
and delivery of all documents where due authorization, execution and delivery are prerequisites to the effectiveness of such documents.
As to any facts material to the opinions expressed herein which we have not independently established or verified, we have relied upon
statements and representations of officers and other representatives of the Company and others.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to the foregoing and the other matters set forth herein, we are of the opinion that, the Warrant Shares, when issued upon exercise of
the Warrants in accordance with the terms of the Warrants upon the satisfaction of conditions set forth therein, will be validly issued,
fully paid and nonassessable.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
opinion is being furnished in connection with the requirements of Item 601(b)(5) of Regulation S-K promulgated under the Act, and no
opinion is expressed herein as to any matter pertaining to the contents of the Registration Statement or the Prospectus, other than as
expressly stated herein.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
express no opinion herein as to the laws of any state or jurisdiction other than the Minnesota Business Corporation Act (including the
statutory provisions and all applicable judicial decisions interpreting those laws) and the federal laws of the United States of America.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
opinions and statements expressed herein are as of the date hereof. We assume no obligation to update or supplement this opinion letter
to reflect any facts or circumstances that may hereafter come to our attention or any changes in applicable law which may hereafter occur.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
opinion is for your benefit in connection with the Registration Statement and may be relied upon only by you and by persons entitled
to rely upon it pursuant to the applicable provisions of the Act. We consent to your filing this opinion as an exhibit to the Registration
Statement, and to the reference to our firm in the prospectus therein under the heading &ldquo;Legal Matters.&rdquo; In giving such consent,
we do not thereby admit that we are in the category of persons whose consent is required under Section 7 of the Act or the rules and
regulations of the Commission thereunder.</FONT></P>

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

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

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

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

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

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><IMG SRC="ex5-1_002.jpg" ALT=""></FONT></P>


</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>3
<FILENAME>ea161727ex23-1_creativereal.htm
<DESCRIPTION>CONSENT OF BAKER TILLY US, LLP
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 5in; text-indent: 0.5in"><B>Exhibit 23.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt; text-align: center"><B>Consent of Independent Registered Public
Accounting Firm</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt">We consent to the incorporation by reference in this Registration
Statement of Creative Realities, Inc. on Form S-3 of our report dated May 16, 2022, relating to the financial statements of Reflect Systems,
Inc. as of December 31, 2021 and 2020.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">We also consent to the reference to us under the heading &ldquo;Experts&rdquo;
in such Registration Statement.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">/s/ Baker Tilly US, LLP</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">June 17, 2022</P>

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

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

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

<!-- Field: Page; Sequence: 1; Options: Last -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.2
<SEQUENCE>4
<FILENAME>ea161727ex23-2_creativereal.htm
<DESCRIPTION>CONSENT OF DELOITTE & TOUCHE LLP
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

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

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>CONSENT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
consent to the incorporation by reference in this Registration Statement on Form S-3 of our report dated March 22, 2022, relating to
the financial statements of Creative Realities, Inc. appearing in the Annual Report on Form 10-K of Creative Realities, Inc. for the
year ended December 31, 2021. We also consent to the reference to us under the heading &ldquo;Experts&rdquo; in such Registration Statement.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
Deloitte &amp; Touche LLP</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">June
17, 2022</FONT></P>

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

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

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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-FILING FEES
<SEQUENCE>5
<FILENAME>ea161727ex-fee_creativereal.htm
<DESCRIPTION>FILING FEE TABLE
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Calculation
of Filing Fee Tables</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Form
S-3</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Form
Type)</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Exact
Name of Registrant as Specified in its Charter)</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Table
1: Newly Registered and Carry Forward Securities</U></FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="border: black 1pt solid; width: 28%; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; width: 5%; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Security<BR>
    Type</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; width: 5%; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Security<BR>
    Class<BR>
    Title</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; width: 6%; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Fee<BR>
    Calculation<BR>
    or Carry<BR>
    Forward<BR>
    Rule</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; width: 9%; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Amount<BR>
    Registered(1)(2)</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; width: 5%; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Proposed<BR>
    Maximum<BR>
    Offering<BR>
    Price Per<BR>
    Unit(3)</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; width: 8%; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Maximum<BR>
    Aggregate<BR>
    Offering<BR>
    Price</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; width: 6%; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Fee<BR>
    Rate</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; width: 7%; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Amount<BR>
    of<BR>
    Registration<BR>
    Fee</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; width: 5%; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Carry<BR>
    Forward<BR>
    Form<BR>
    Type</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; width: 5%; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Carry<BR>
    Forward<BR>
    File<BR>
    Number</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; width: 5%; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Carry<BR>
    Forward<BR>
    Initial<BR>
    effective<BR>
    date</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; width: 6%; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Filing
    Fee<BR>
    Previously<BR>
    Paid In<BR>
    Connection<BR>
    with<BR>
    Unsold<BR>
    Securities<BR>
    to be<BR>
    Carried<BR>
    Forward</B></FONT></TD></TR>
  <TR>
    <TD COLSPAN="13" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-top: 3pt; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Newly
    Registered Securities</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fees
    to Be<BR>
    Paid</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Equity</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Common
    Stock</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Rule
    457(c)</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,400,000</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$0.69</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$966,000.00</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$92.70
    per $1,000,000</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$89.55</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-&nbsp;</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;-</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-&nbsp;</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fees<BR>
    Previously<BR>
    Paid</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-&nbsp;</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-&nbsp;</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-&nbsp;</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-&nbsp;</FONT></TD></TR>
  <TR>
    <TD COLSPAN="13" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-top: 3pt; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Carry
    Forward Securities</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Carry<BR>
    Forward<BR>
    Securities</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-top: 3pt; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="4" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3pt; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Total
    Offering Amounts</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3pt; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3pt; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$966,000</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3pt; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3pt; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$89.55&nbsp;</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3pt; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3pt; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3pt; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3pt; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-top: 3pt; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="4" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3pt; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Total
    Fees Previously Paid</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3pt; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3pt; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3pt; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3pt; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;-</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3pt; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3pt; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3pt; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3pt; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-top: 3pt; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="4" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3pt; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Total
    Fee Offsets</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3pt; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3pt; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3pt; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3pt; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;-</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3pt; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3pt; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3pt; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3pt; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-top: 3pt; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="4" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3pt; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Net
    Fee Due</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3pt; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3pt; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3pt; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3pt; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$89.55</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3pt; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3pt; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3pt; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3pt; padding-right: 3pt; padding-left: 3pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
is also being registered hereunder an indeterminate number of additional shares of common stock as shall be issuable pursuant to Rule
416 to prevent dilution resulting from stock splits, stock dividends or similar transactions.</FONT></TD>
</TR></TABLE>
<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Includes
1,400,000 shares of common stock issuable upon exercise of the warrants.</FONT></TD>
</TR></TABLE>
<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Estimated
in accordance with Rule 457(c) solely for purposes of calculating the registration fee. The maximum price per shares of common stock
and the maximum aggregate offering price are based on the average of the $0.72 (high) and $0.66 (low) sale price of the registrant&rsquo;s
common stock as reported on the Nasdaq Capital Market on June 15, 2022, which date is within five business days prior to filing this
Registration Statement.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>


</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>6
<FILENAME>image_001.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 image_001.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  $! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0'_
MVP!# 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0'_P  1" !" . # 2(  A$! Q$!_\0
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MICF@$KNRM?I=I+S>OKJQU%-# ^H'J<#\N>>_IT]Z7</?G/;W_D>H*YX(!QG
M!I7=E;=K=6TZ7V%HINX<^PR.>O\ D\=^?>E!R.>#Z>W_ -;H??/I0)I74;K2
M^B[)M/;S=]Q:**:3Z#/X@9]QGKV'X\&A:NRWU_#<'HFWHE:_SV^\=13-_?'
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M^&5TF#6]-TJ>QLM5O7U+4+_4))M"T<QM:0P;[:.\C%N(%H_$_P#9*^*?P?\
M"WP_U;QI=>%$\<_$36-)T?3?@AH6N+K7Q=T6XUZU:YT.+Q!X9MXQ%97VJ2/!
M9?8XYYVM]3N(K*>5KF15/JPXQRBE4P^!Q]>. S*I1IU:^7U+RJX=SI2JRC.4
M(RA&,(PJ*4W-4[QLIZQ4N*638R<95J$98C"J<H4<1&RC4][E3BGK)MM>ZDVM
M=#YEHK[RB_X)[?$P7UIX+U+XP_LWZ'\:;ZS2ZM/@1JGQ.A3XA/<2V\,]OH=R
ML5C)I%KX@N(Y8VM]/-Y*DJ3QSI=-"#+7RYX1^#?C[Q?\5A\%&M-+\&>/8-5U
MG1]8L_B%JEOX3T_PY=>'+:ZO]>77-3NQ/#;MI^FV5UJ$1MUN%U*TC273S,MQ
M9R3:83C+AS&QQ<L-F-.?U*E+$5_=J0E[&+:E6I*5-2JTDXR2J4E4A)JR;TOE
M5R7,J$J*J4)15>2C%W3CSMI<DVF^25M;/ELNG;RXG&.0,^OX#''USU[=<4QC
MAD!ZL=@4 %VPI.U!DEWP"5BRNX Y8 ?-]NZ[^PC\0X_#/B3Q'\-?BW^S[\>I
M_!>F2:[XM\+?!?XD6OBGQ=I&B1&4W6JIHLMM:_;K.T2)V<0SQS7+I)';02S(
MT;>N_L2?LR^$/B]\!OVG_&/B'Q?\ 8-1OOAG<:7X*;XAZ_IT6O?"37+6]OD'
MC[Q*VH:?</X-\+ZC'):I9>);;F_-DR[!#$%?R,;XA\.8;+JV9X?$K%PI8G#X
M6K3A"I&M3>(J1A&3I2IJ<8\KE--P2E&+46W9/OPW"^9XG$K#RA[%RI3JPDVN
M22A%R<5)2LV[);NS>O4_,.5XXHVDF=8XU W.Q*+&"RHOF&41H,LZ\;RVUB4$
MNT@. XR"I![CE67'RNI*@E6RKY(&5(.#P:^WO@S\$/B#X3_:[\ ?"_X8>-?V
M=_BQX\;0M2\1:#XAM]3G^(/P7F=O#FO_ &RQU:\TZQ6>36M)L+"6ZBM88D:S
MO9]&O"(X[L%O$M"^!'C3QC\*_C#\9=%U+PS?:9\&O%=KHWQ%\,VT]]%XHTR/
M6]1EMX?%%GIL6GMIS>&KC46NXD"7L%Y;PZ;J6+!19K&WH4>-,IJXFG"I7H4L
M/5PV!JTIRG*%64\?4=.@ITI4XRI1G4CR0G-QYI/EY8V3ER3R7&0HSM"<ZD*M
M2G*,8)Q<::3FXM-QDXJ[:[7\[>)TAZ?4@=<=?E]1Z^O3([U[%\$/@?XQ^/GB
M?7?#7A*^T'1H?"_@W7?'GBKQ+XHN;^T\,^'/#'AV/=J%]JUWI]G?7%M))._V
M>T@2$L4BFNYO+A1F'7?!W]E_QM\7O".K?$ZX\6?#OX3_  >TC4QHK_%3XM^)
M5\*^&-9UP$R#1/#48MKF^UG4OLPBFNA#'%:VCRO9"XFU.TNK"'MQO%>0Y?+$
M4\5CZ5.KA7056DFY5+XA.5&$804I3J5%&3C""G)Q5^5+4C#Y-F&(2='#SDI*
M3C)I*+46U)MNR23=FVTD^I\UDJ%P>!C.>>3T'3D9ZYYQZ&@L@RN[/(SG=CD
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MZ'#9R(]\%B'G&.01RPMJ.HB\UO!'QV^,_P 9OV//VWX?BQ\2/%?Q M_#6D?
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M.#AS)6YFF^M[^;.\LC$?'/B^)@YFFM]9CM(H6"SR'81+':MY3A)S""L9 &"
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HB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@#_V0$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>7
<FILENAME>ex5-1_001.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 ex5-1_001.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  $! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0'_
MVP!# 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0'_P  1"  ? ) # 2(  A$! Q$!_\0
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M2?&#7M/^%/A?7]:O(]/M-"D\3"5/$/BB2>5D\N/PUX9CU74UER!%>QV)8_O
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MO3KS2=8\'ZWJ6F:A;RVM_I]Y;:9<6=Y;S+MEBN()IVCFC<9!612",9')PO\
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7)FJ_]Y##_B&O'?\ T3.8_=AO_FL__]D!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>8
<FILENAME>ex5-1_002.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 ex5-1_002.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  $! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0'_
MVP!# 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0'_P  1"  . DX# 2(  A$! Q$!_\0
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MR6^AV>OV_A>&.(VT>B+:RS02 'X*:+_P<=?M$K\+OVSO&WQ$_91^$OPK\<?
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MK^%-,U+1_BA>-?\ C_3[U9KBV\37K:)H_AX75ZDDS>5-'H^@Z-9P/9FV-O\
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MA1<IJT=SX(TBYAUV#XAVNLV]Q]KGMM2M?BQ)IDOQ$MKNVEN7@EM_%3Z-I?\
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M;34;*QT2ZT[2=<LM)GT^RAU;4)+."2Q9;6\N3J,'EZA'%<Q@'SW??M:>)/\
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MOXIDLK.Z@GF;?XVMM7M/%AN[M[AKW4?[?CU[59-2&HW%V)[NY6_(%];6EQ
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:1(?LWA[PYHFE11P+%"MMIT'[OS#)(X!__]D!

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
