<SEC-DOCUMENT>0001731122-22-001112.txt : 20241025
<SEC-HEADER>0001731122-22-001112.hdr.sgml : 20241025
<ACCEPTANCE-DATETIME>20220623155043
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001731122-22-001112
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20220623

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Innovation Beverage Group Ltd
		CENTRAL INDEX KEY:			0001924482
		STANDARD INDUSTRIAL CLASSIFICATION:	BEVERAGES [2080]
		ORGANIZATION NAME:           	04 Manufacturing
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			C3
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		29 ANVIL ROAD
		CITY:			SEVEN HILLS, NEW SOUTH WALES
		STATE:			C3
		ZIP:			2147
		BUSINESS PHONE:		954-496-3656

	MAIL ADDRESS:	
		STREET 1:		29 ANVIL ROAD
		CITY:			SEVEN HILLS, NEW SOUTH WALES
		STATE:			C3
		ZIP:			2147
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
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<P STYLE="margin: 0">&nbsp;</P>

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

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 12pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>29 Anvil Road</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Seven Hills, NSW 2147</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 324pt; text-align: right">June 23, <FONT STYLE="letter-spacing: -0.2pt">2022</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 324pt"><FONT STYLE="letter-spacing: -0.2pt">&nbsp;</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">100 F Street, N.E.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Washington, D.C. 20549</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Attn: Sherry Haywood and Evan Ewing</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt"><B>Re:&nbsp;<FONT STYLE="letter-spacing: 1.85pt"> </FONT>Innovation
Beverage Group <FONT STYLE="letter-spacing: -0.25pt">Ltd</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 20.1pt 0 58.5pt"><B>Amendment<FONT STYLE="letter-spacing: -0.2pt">
</FONT>No.<FONT STYLE="letter-spacing: -0.2pt"> </FONT>1<FONT STYLE="letter-spacing: -0.2pt"> </FONT>to<FONT STYLE="letter-spacing: -0.2pt">
</FONT>the<FONT STYLE="letter-spacing: -0.2pt"> </FONT>Draft<FONT STYLE="letter-spacing: -0.2pt"> </FONT>Registration<FONT STYLE="letter-spacing: -0.2pt">
</FONT>Statement<FONT STYLE="letter-spacing: -0.2pt"> </FONT>on<FONT STYLE="letter-spacing: -0.2pt"> </FONT>Form<FONT STYLE="letter-spacing: -0.2pt">
</FONT>F-1 </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 20.1pt 0 58.5pt"><B>Filed May 10, 2022</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 58.5pt"><B>File No. <FONT STYLE="letter-spacing: -0.1pt">0001924482</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 58.5pt"><FONT STYLE="letter-spacing: -0.1pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Dear Sherry Haywood and <FONT STYLE="letter-spacing: -0.1pt">Evan
Ewing:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt">Innovation Beverage Group
Ltd (the &ldquo;<B>Company</B>&rdquo; or &ldquo;<B>IBG</B>&rdquo;) previously submitted a Draft Registration Statement on Form
F-1 (the &ldquo;<B>Registration Statement</B>&rdquo;) on a confidential basis pursuant to Title I, Section 106 under the Jumpstart
Our Business Startups Act with the Securities and Exchange Commission (the &ldquo;<B>Commission</B>&rdquo;) on May 10, 2022. Submission
No. 2 has been revised to reflect the Company&rsquo;s responses to the comment letter to the Registration Statement received on
June 6, 2022 from the staff of the Commission (the &ldquo;<B>Staff</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt">For ease of review, we have
set forth below each of the numbered comments of your letter followed by the Company&rsquo;s responses thereto. Unless otherwise
indicated, capitalized terms used herein have the meanings assigned to them in Submission No. 2 and all references to page numbers
in such responses are to page numbers in Submission No. 2.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 125.05pt 0 0"><U>Amendment<FONT STYLE="letter-spacing: -0.2pt">
</FONT>No.<FONT STYLE="letter-spacing: -0.2pt"> </FONT>1<FONT STYLE="letter-spacing: -0.2pt"> </FONT>to<FONT STYLE="letter-spacing: -0.2pt">
</FONT>the<FONT STYLE="letter-spacing: -0.2pt"> </FONT>Draft<FONT STYLE="letter-spacing: -0.2pt"> </FONT>Registration<FONT STYLE="letter-spacing: -0.2pt">
</FONT>Statement<FONT STYLE="letter-spacing: -0.2pt"> </FONT>on<FONT STYLE="letter-spacing: -0.2pt"> </FONT>Form<FONT STYLE="letter-spacing: -0.2pt">
</FONT>F-1</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 125.05pt 0 0"><U>Cover Page</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 125.05pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.65pt"></TD><TD STYLE="width: 35.35pt">1.</TD><TD STYLE="text-align: justify; padding: 0; text-indent: 0">Please<FONT STYLE="letter-spacing: -0.15pt"> </FONT>include<FONT STYLE="letter-spacing: -0.15pt">
</FONT>the<FONT STYLE="letter-spacing: -0.15pt"> </FONT>name,<FONT STYLE="letter-spacing: -0.15pt"> </FONT>address<FONT STYLE="letter-spacing: -0.15pt">
</FONT>and<FONT STYLE="letter-spacing: -0.15pt"> </FONT>telephone<FONT STYLE="letter-spacing: -0.15pt"> </FONT>number<FONT STYLE="letter-spacing: -0.15pt">
</FONT>of<FONT STYLE="letter-spacing: -0.15pt"> </FONT>your<FONT STYLE="letter-spacing: -0.15pt"> </FONT>agent<FONT STYLE="letter-spacing: -0.15pt">
</FONT>for<FONT STYLE="letter-spacing: -0.15pt"> </FONT>service<FONT STYLE="letter-spacing: -0.15pt"> </FONT>on<FONT STYLE="letter-spacing: -0.15pt">
</FONT>the cover page of the registration statement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -35.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><B>Response</B>: The Company acknowledges
the Staff&rsquo;s comment and has included the agent for service of the Company on the Cover Page.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.65pt"></TD><TD STYLE="width: 35.35pt">2.</TD><TD STYLE="text-align: justify; padding: 0; text-indent: 0">On page 86 you disclose that you have agreed to issue warrants to the lead underwriter to purchase<FONT STYLE="letter-spacing: -0.15pt">
</FONT>a<FONT STYLE="letter-spacing: -0.15pt"> </FONT>number<FONT STYLE="letter-spacing: -0.15pt"> </FONT>of<FONT STYLE="letter-spacing: -0.15pt">
</FONT>shares<FONT STYLE="letter-spacing: -0.15pt"> </FONT>equal<FONT STYLE="letter-spacing: -0.15pt"> </FONT>to<FONT STYLE="letter-spacing: -0.15pt">
</FONT>a<FONT STYLE="letter-spacing: -0.15pt"> </FONT>percentage<FONT STYLE="letter-spacing: -0.15pt"> </FONT>of<FONT STYLE="letter-spacing: -0.15pt">
</FONT>the<FONT STYLE="letter-spacing: -0.15pt"> </FONT>total<FONT STYLE="letter-spacing: -0.15pt"> </FONT>number<FONT STYLE="letter-spacing: -0.15pt">
</FONT>of<FONT STYLE="letter-spacing: -0.15pt"> </FONT>shares<FONT STYLE="letter-spacing: -0.15pt"> </FONT>sold<FONT STYLE="letter-spacing: -0.15pt">
</FONT>in<FONT STYLE="letter-spacing: -0.15pt"> </FONT>the offering. Please disclose this on the cover page. Additionally, revise
the offering<FONT STYLE="letter-spacing: 2pt"> </FONT>summary, risk factors and description of share capital sections, as applicable,
to disclose the issuance of the warrants.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -35.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><B>Response</B>: The Company acknowledges
the Staff&rsquo;s comment and has incorporated the disclosure on the Cover Page as well as revised the Offering Summary, Risk Factors,
and Description of Share Capital to disclose the issuance of warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.65pt"></TD><TD STYLE="width: 35.35pt">3.</TD><TD STYLE="text-align: justify">Please<FONT STYLE="letter-spacing: -0.15pt"> </FONT>clarify<FONT STYLE="letter-spacing: -0.15pt">
</FONT>whether<FONT STYLE="letter-spacing: -0.15pt"> </FONT>the<FONT STYLE="letter-spacing: -0.15pt"> </FONT>company<FONT STYLE="letter-spacing: -0.15pt">
</FONT>will<FONT STYLE="letter-spacing: -0.15pt"> </FONT>be<FONT STYLE="letter-spacing: -0.15pt"> </FONT>a<FONT STYLE="letter-spacing: -0.15pt">
</FONT>controlled<FONT STYLE="letter-spacing: -0.15pt"> </FONT>company<FONT STYLE="letter-spacing: -0.15pt"> </FONT>after<FONT STYLE="letter-spacing: -0.15pt">
</FONT>the<FONT STYLE="letter-spacing: -0.15pt"> </FONT>offering.<FONT STYLE="letter-spacing: -0.15pt"> </FONT>We note disclosure
on page 32 that two of your shareholders own or control 78.3% of your outstanding ordinary shares. If you intend to qualify as
a controlled company after the offering, please disclose on the prospectus cover page that you will be a<FONT STYLE="letter-spacing: -0.15pt">
</FONT>controlled<FONT STYLE="letter-spacing: -0.15pt"> </FONT>company<FONT STYLE="letter-spacing: -0.15pt"> </FONT>and<FONT STYLE="letter-spacing: -0.15pt">
</FONT>disclose<FONT STYLE="letter-spacing: -0.15pt"> </FONT>the<FONT STYLE="letter-spacing: -0.15pt"> </FONT>names<FONT STYLE="letter-spacing: -0.15pt">
</FONT>and<FONT STYLE="letter-spacing: -0.15pt"> </FONT>the<FONT STYLE="letter-spacing: -0.15pt"> </FONT>amount<FONT STYLE="letter-spacing: -0.15pt">
</FONT>of<FONT STYLE="letter-spacing: -0.15pt"> </FONT>shares<FONT STYLE="letter-spacing: -0.15pt"> </FONT>that<FONT STYLE="letter-spacing: -0.15pt">
</FONT>will<FONT STYLE="letter-spacing: -0.15pt"> </FONT>be<FONT STYLE="letter-spacing: -0.15pt"> </FONT>held by such shareholders.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -35.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.75pt 0 36pt; text-align: justify"><B>Response</B>: The Company
acknowledges the Staff&rsquo;s comment and respectfully advises that the Company will not be a &ldquo;controlled company&rdquo;
after the offering. According to Nasdaq Listing Rule 5615(c) and IM-5615-5, a &ldquo;controlled company&rdquo; is a company of
which more than 50% of the voting power for the election of directors is held by an individual, a group or another company. For
a group to exist, the shareholders must have filed a notice that they are acting as a group (e.g., a Schedule 13D). The two referenced
shareholders each hold less than 50% of such voting power and, after the offering, will not individually hold over 50% of such
voting power. Therefore, such shareholders do not intend to file any notice that they are acting as a group.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.75pt 0 36pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><U>About the <FONT STYLE="letter-spacing: -0.1pt">Prospectus</FONT></U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><U>Industry and Market Data, page <FONT STYLE="letter-spacing: -0.5pt">7</FONT></U></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.65pt"></TD><TD STYLE="width: 35.35pt">4.</TD><TD STYLE="text-align: justify">We<FONT STYLE="letter-spacing: -0.2pt"> </FONT>note<FONT STYLE="letter-spacing: -0.2pt"> </FONT>your<FONT STYLE="letter-spacing: -0.2pt">
</FONT>disclosure<FONT STYLE="letter-spacing: -0.2pt"> </FONT>that<FONT STYLE="letter-spacing: -0.2pt"> </FONT>you<FONT STYLE="letter-spacing: -0.2pt">
</FONT>obtained<FONT STYLE="letter-spacing: -0.2pt"> </FONT>the<FONT STYLE="letter-spacing: -0.2pt"> </FONT>statistical,<FONT STYLE="letter-spacing: -0.2pt">
</FONT>market<FONT STYLE="letter-spacing: -0.2pt"> </FONT>and<FONT STYLE="letter-spacing: -0.2pt"> </FONT>industry<FONT STYLE="letter-spacing: -0.2pt">
</FONT>data included in the prospectus from publicly available information and independent<FONT STYLE="letter-spacing: -0.2pt">
</FONT>industry<FONT STYLE="letter-spacing: -0.2pt"> </FONT>publications<FONT STYLE="letter-spacing: -0.2pt"> </FONT>and<FONT STYLE="letter-spacing: -0.2pt">
</FONT>reports<FONT STYLE="letter-spacing: -0.2pt"> </FONT>conducted<FONT STYLE="letter-spacing: -0.2pt"> </FONT>by<FONT STYLE="letter-spacing: -0.2pt">
</FONT>third<FONT STYLE="letter-spacing: -0.2pt"> </FONT>parties,<FONT STYLE="letter-spacing: -0.2pt"> </FONT>and<FONT STYLE="letter-spacing: -0.2pt">
</FONT>the<FONT STYLE="letter-spacing: -0.2pt"> </FONT>sources of such data cannot guarantee the accuracy or completeness of such
information. This statement appears to imply a disclaimer of responsibility for this information in the registration statement.
Please either revise this section to remove such implication or specifically state that you are liable for all information in the
registration statement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -35.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.75pt 0 36pt; text-align: justify"><B>Response</B>: The Company
acknowledges the Staff&rsquo;s comment and has revised the disclosure in the section &ldquo;Industry and Market Data&rdquo; as
requested to remove such implication.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.75pt 0 36pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.65pt"></TD><TD STYLE="width: 35.35pt">5.</TD><TD STYLE="text-align: justify">We<FONT STYLE="letter-spacing: -0.15pt"> </FONT>note<FONT STYLE="letter-spacing: -0.15pt"> </FONT>your<FONT STYLE="letter-spacing: -0.15pt">
</FONT>disclosure<FONT STYLE="letter-spacing: -0.15pt"> </FONT>that<FONT STYLE="letter-spacing: -0.15pt"> </FONT>&ldquo;we,&rdquo;<FONT STYLE="letter-spacing: -0.15pt">
</FONT>&ldquo;us,&rdquo;<FONT STYLE="letter-spacing: -0.15pt"> </FONT>&ldquo;our,&rdquo;<FONT STYLE="letter-spacing: -0.15pt">
</FONT>the<FONT STYLE="letter-spacing: -0.15pt"> </FONT>&ldquo;Company,&rdquo;<FONT STYLE="letter-spacing: -0.15pt"> </FONT>&ldquo;our<FONT STYLE="letter-spacing: -0.15pt">
</FONT>Company&rdquo;<FONT STYLE="letter-spacing: -0.15pt"> </FONT>and<FONT STYLE="letter-spacing: -0.15pt"> </FONT>&ldquo;our
business&rdquo; refer to Innovation Beverage Group Limited, an Australian public limited company <I>together </I>with its subsidiaries.
Clearly disclose how you will refer to the holding company, subsidiaries, and other entities when providing the disclosure throughout
the document so that it is clear to investors which entity the disclosure is referencing and which subsidiaries or entities are
conducting the business operations. Refrain from using terms such as &ldquo;we&rdquo; or &ldquo;our&rdquo; when describing activities
or functions of a subsidiary or other entity.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -35.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><B>Response</B>: The Company acknowledges
the Staff&rsquo;s comment and has made revisions to more clearly delineate references to IBG or its certain subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><U>About This Prospectus, page <FONT STYLE="letter-spacing: -0.5pt">7</FONT></U></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.65pt"></TD><TD STYLE="width: 35.35pt">6.</TD><TD STYLE="text-align: justify">Please refer to the third paragraph and revise your disclosure to address the <FONT STYLE="letter-spacing: -0.1pt">following:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -35.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">Provide a description of Australian Boutique Spirits Pty Limited (&ldquo;ABS&rdquo;), the <FONT STYLE="letter-spacing: -0.1pt">entity
</FONT>for which the consolidated financial statements are included in the registration statement.<FONT STYLE="letter-spacing: -0.2pt">
</FONT>Explain<FONT STYLE="letter-spacing: -0.2pt"> </FONT>how<FONT STYLE="letter-spacing: -0.2pt"> </FONT>this<FONT STYLE="letter-spacing: -0.2pt">
</FONT>entity<FONT STYLE="letter-spacing: -0.2pt"> </FONT>relates<FONT STYLE="letter-spacing: -0.2pt"> </FONT>to<FONT STYLE="letter-spacing: -0.2pt">
</FONT>the<FONT STYLE="letter-spacing: -0.2pt"> </FONT>Company<FONT STYLE="letter-spacing: -0.2pt"> </FONT>(i.e.,<FONT STYLE="letter-spacing: -0.2pt">
</FONT>the<FONT STYLE="letter-spacing: -0.2pt"> </FONT>registrant),<FONT STYLE="letter-spacing: -0.2pt"> </FONT>along with the
formation dates of you and ABS.<FONT STYLE="letter-spacing: 2pt"> </FONT>Also, disclose that ABS&rsquo;s consolidated financial
statements are presented in U.S. dollars as noted on page F-8 and that the functional currency is the U.S. dollar as disclosed
on page F-11.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 54pt; text-align: justify; text-indent: -18pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 18pt">&#9679;</TD><TD STYLE="text-align: justify">Reconcile the disclosure in the fourth paragraph on page 7 that your reporting currency and functional
currency is the Australian dollar with disclosure in the same paragraph and also in the penultimate paragraph under the heading,
Presentation of Financial<FONT STYLE="letter-spacing: -0.2pt"> </FONT>Information<FONT STYLE="letter-spacing: -0.2pt"> </FONT>(i.e.,<FONT STYLE="letter-spacing: -0.2pt">
</FONT>where<FONT STYLE="letter-spacing: -0.2pt"> </FONT>you<FONT STYLE="letter-spacing: -0.2pt"> </FONT>state<FONT STYLE="letter-spacing: -0.2pt">
</FONT>your<FONT STYLE="letter-spacing: -0.2pt"> </FONT>consolidated<FONT STYLE="letter-spacing: -0.2pt"> </FONT>financial<FONT STYLE="letter-spacing: -0.2pt">
</FONT>statements<FONT STYLE="letter-spacing: -0.2pt"> </FONT>are in U.S. dollars.<FONT STYLE="letter-spacing: 4pt"> </FONT>We
also note disclosure on page 35 that your business is conducted<FONT STYLE="letter-spacing: 2pt"> </FONT>in Australian dollars
and your financial statements are maintained in Australian dollars, which is your functional currency, and that you use the U.S.
dollar as your reporting currency.<FONT STYLE="letter-spacing: 2pt"> </FONT>Please revise your disclosures throughout for consistency.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 54pt; text-align: justify; text-indent: -18pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 54pt; text-align: justify; text-indent: -18pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 54pt; text-align: justify; text-indent: -18pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 54pt; text-align: justify"><B>Response</B>: The Company acknowledges
the Staff&rsquo;s comment and has incorporated a description of ABS and its developmental history, including formation dates, under
the heading &ldquo;About this Prospectus&rdquo; and in the &ldquo;Prospectus Summary.&rdquo; A disclosure that the consolidated
financial statements are presented in U.S. dollars, and that the functional and reporting currencies are in U.S. dollars have been
incorporated under the heading &ldquo;Presentation of Financial Information.&rdquo; Such disclosure about the functional and reporting
currencies has also been revised for consistency throughout.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 54pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><U>Prospectus Summary, page <FONT STYLE="letter-spacing: -0.5pt">8</FONT></U></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.65pt"></TD><TD STYLE="width: 35.35pt">7.</TD><TD STYLE="text-align: justify">Please provide organizational charts, both before and after the initial public offering, outlining
your corporate structure and illustrating the relationships of the various entities discussed throughout the registration statement.
Clarify which entities are organized in which<FONT STYLE="letter-spacing: -0.15pt"> </FONT>countries.<FONT STYLE="letter-spacing: -0.15pt">
</FONT>Include<FONT STYLE="letter-spacing: -0.15pt"> </FONT>in<FONT STYLE="letter-spacing: -0.15pt"> </FONT>the<FONT STYLE="letter-spacing: -0.15pt">
</FONT>chart<FONT STYLE="letter-spacing: -0.15pt"> </FONT>the<FONT STYLE="letter-spacing: -0.15pt"> </FONT>ownership<FONT STYLE="letter-spacing: -0.15pt">
</FONT>and<FONT STYLE="letter-spacing: -0.15pt"> </FONT>voting<FONT STYLE="letter-spacing: -0.15pt"> </FONT>control<FONT STYLE="letter-spacing: -0.15pt">
</FONT>of<FONT STYLE="letter-spacing: -0.15pt"> </FONT>the<FONT STYLE="letter-spacing: -0.15pt"> </FONT>entities<FONT STYLE="letter-spacing: -0.15pt">
</FONT>in<FONT STYLE="letter-spacing: -0.15pt"> </FONT>the chart both before and after the completion of the offering.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -35.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><B>Response</B>: The Company acknowledges
the Staff&rsquo;s comment and has incorporated such an organizational chart.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.65pt"></TD><TD STYLE="width: 35.35pt">8.</TD><TD STYLE="text-align: justify">Please<FONT STYLE="letter-spacing: -0.15pt"> </FONT>add<FONT STYLE="letter-spacing: -0.15pt"> </FONT>a<FONT STYLE="letter-spacing: -0.15pt">
</FONT>section<FONT STYLE="letter-spacing: -0.15pt"> </FONT>summarizing<FONT STYLE="letter-spacing: -0.15pt"> </FONT>the<FONT STYLE="letter-spacing: -0.15pt">
</FONT>history<FONT STYLE="letter-spacing: -0.15pt"> </FONT>and<FONT STYLE="letter-spacing: -0.15pt"> </FONT>development<FONT STYLE="letter-spacing: -0.15pt">
</FONT>of<FONT STYLE="letter-spacing: -0.15pt"> </FONT>your<FONT STYLE="letter-spacing: -0.15pt"> </FONT>company.<FONT STYLE="letter-spacing: -0.15pt">
</FONT>In<FONT STYLE="letter-spacing: -0.15pt"> </FONT>doing so,<FONT STYLE="letter-spacing: -0.1pt"> </FONT>please<FONT STYLE="letter-spacing: -0.1pt">
</FONT>discuss<FONT STYLE="letter-spacing: -0.1pt"> </FONT>any<FONT STYLE="letter-spacing: -0.1pt"> </FONT>important<FONT STYLE="letter-spacing: -0.1pt">
</FONT>events<FONT STYLE="letter-spacing: -0.1pt"> </FONT>in<FONT STYLE="letter-spacing: -0.1pt"> </FONT>the<FONT STYLE="letter-spacing: -0.1pt">
</FONT>development<FONT STYLE="letter-spacing: -0.1pt"> </FONT>of<FONT STYLE="letter-spacing: -0.1pt"> </FONT>your<FONT STYLE="letter-spacing: -0.1pt">
</FONT>business.<FONT STYLE="letter-spacing: -0.1pt"> </FONT>Refer<FONT STYLE="letter-spacing: -0.1pt"> </FONT>to<FONT STYLE="letter-spacing: -0.1pt">
</FONT>Part I, Item 4.A.4 of Form 20-F.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -35.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><B>Response</B>: The Company acknowledges
the Staff&rsquo;s comment and has revised the &ldquo;Prospectus Summary&rdquo; to include a discussion about the Company&rsquo;s
history and its development.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.65pt"></TD><TD STYLE="width: 35.35pt">9.</TD><TD STYLE="text-align: justify">Please include a bulleted or numbered list no more than two pages long summarizing the principal<FONT STYLE="letter-spacing: -0.15pt">
</FONT>risk<FONT STYLE="letter-spacing: -0.15pt"> </FONT>factors<FONT STYLE="letter-spacing: -0.15pt"> </FONT>in<FONT STYLE="letter-spacing: -0.15pt">
</FONT>the<FONT STYLE="letter-spacing: -0.15pt"> </FONT>prospectus<FONT STYLE="letter-spacing: -0.15pt"> </FONT>summary.<FONT STYLE="letter-spacing: -0.15pt">
</FONT>Refer<FONT STYLE="letter-spacing: -0.15pt"> </FONT>to<FONT STYLE="letter-spacing: -0.15pt"> </FONT>Item<FONT STYLE="letter-spacing: -0.15pt">
</FONT>105(b)<FONT STYLE="letter-spacing: -0.15pt"> </FONT>of<FONT STYLE="letter-spacing: -0.15pt"> </FONT>Regulation<FONT STYLE="letter-spacing: -0.15pt">
</FONT>S-K.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -35.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><B>Response</B>: The Company acknowledges
the Staff&rsquo;s comment and has incorporated such a summary of the principal risk factors in the &ldquo;Prospectus Summary.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><U>Summary Consolidated Financial Data, page
<FONT STYLE="letter-spacing: -0.25pt">13</FONT></U></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 31.5pt">10.</TD><TD STYLE="text-align: justify; padding-right: 6.2pt">We note your disclosure at the top of page 14 regarding Adjusted EBITDA.<FONT STYLE="letter-spacing: 2pt">
</FONT>Please delete this<FONT STYLE="letter-spacing: -0.15pt"> </FONT>paragraph<FONT STYLE="letter-spacing: -0.15pt"> </FONT>in<FONT STYLE="letter-spacing: -0.15pt">
</FONT>its<FONT STYLE="letter-spacing: -0.15pt"> </FONT>entirety<FONT STYLE="letter-spacing: -0.15pt"> </FONT>or<FONT STYLE="letter-spacing: -0.15pt">
</FONT>provide<FONT STYLE="letter-spacing: -0.15pt"> </FONT>a<FONT STYLE="letter-spacing: -0.15pt"> </FONT>tabular<FONT STYLE="letter-spacing: -0.15pt">
</FONT>reconciliation<FONT STYLE="letter-spacing: -0.15pt"> </FONT>of<FONT STYLE="letter-spacing: -0.15pt"> </FONT>this<FONT STYLE="letter-spacing: -0.15pt">
</FONT>non-GAAP<FONT STYLE="letter-spacing: -0.15pt"> </FONT>measure to the most directly comparable GAAP measure of net income.<FONT STYLE="letter-spacing: 2pt">
</FONT>In addition, if you intend to keep this disclosure provide a discussion as to the usefulness of this measure to both management
and an investor.<FONT STYLE="letter-spacing: 2pt"> </FONT>We refer you to Questions 103.01 and .02 of the Staff&rsquo;s Compliance
&amp; Disclosure Interpretations (&ldquo;C&amp;DIs&rdquo;) on Non-GAAP Financial Measures, updated April 4, 2018.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 6.2pt 0 31.5pt; text-align: justify; text-indent: -35.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.75pt 0 0; text-align: justify; text-indent: 31.5pt"><B>Response</B>:
The Company acknowledges the Staff&rsquo;s comment and has deleted such paragraph.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.75pt 0 0; text-align: justify; text-indent: 31.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><U>Risk Factors, page <FONT STYLE="letter-spacing: -0.25pt">15</FONT></U></P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.65pt"></TD><TD STYLE="width: 35.35pt">11.</TD><TD STYLE="text-align: justify">We note that you have elected to use the extended transition period for complying with new<FONT STYLE="letter-spacing: -0.2pt">
</FONT>or<FONT STYLE="letter-spacing: -0.2pt"> </FONT>revised<FONT STYLE="letter-spacing: -0.2pt"> </FONT>accounting<FONT STYLE="letter-spacing: -0.2pt">
</FONT>standards<FONT STYLE="letter-spacing: -0.2pt"> </FONT>for<FONT STYLE="letter-spacing: -0.2pt"> </FONT>an<FONT STYLE="letter-spacing: -0.2pt">
</FONT>emerging<FONT STYLE="letter-spacing: -0.2pt"> </FONT>growth<FONT STYLE="letter-spacing: -0.2pt"> </FONT>company.<FONT STYLE="letter-spacing: -0.2pt">
</FONT>Please<FONT STYLE="letter-spacing: -0.2pt"> </FONT>provide<FONT STYLE="letter-spacing: -0.2pt"> </FONT>a risk factor to
explain that this election will allow you to delay the adoption of new or revised accounting standards that have different effective
dates for public and private companies until those standards apply to private companies and disclose that your financial statements
may not be comparable to companies that comply with all public company accounting standards which could impact the valuation of
your securities.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -35.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><B>Response</B>: The Company acknowledges
the Staff&rsquo;s comment and has incorporated such a risk factor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 8.55pt 0 0; text-align: justify"><U>Coca-Cola<FONT STYLE="letter-spacing: -0.2pt">
</FONT>Europacific<FONT STYLE="letter-spacing: -0.2pt"> </FONT>Partners<FONT STYLE="letter-spacing: -0.2pt"> </FONT>could<FONT STYLE="letter-spacing: -0.2pt">
</FONT>potentially<FONT STYLE="letter-spacing: -0.2pt"> </FONT>terminate<FONT STYLE="letter-spacing: -0.2pt"> </FONT>their<FONT STYLE="letter-spacing: -0.2pt">
</FONT>agreement<FONT STYLE="letter-spacing: -0.2pt"> </FONT>with<FONT STYLE="letter-spacing: -0.2pt"> </FONT>us<FONT STYLE="letter-spacing: -0.2pt">
</FONT>in<FONT STYLE="letter-spacing: -0.2pt"> </FONT>the<FONT STYLE="letter-spacing: -0.2pt"> </FONT>event</U> <U>of a change
of control, page 18</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 8.55pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.65pt"></TD><TD STYLE="width: 35.35pt">12.</TD><TD STYLE="text-align: justify">We<FONT STYLE="letter-spacing: -0.15pt"> </FONT>note<FONT STYLE="letter-spacing: -0.15pt"> </FONT>that<FONT STYLE="letter-spacing: -0.15pt">
</FONT>you<FONT STYLE="letter-spacing: -0.15pt"> </FONT>rely<FONT STYLE="letter-spacing: -0.15pt"> </FONT>on<FONT STYLE="letter-spacing: -0.15pt">
</FONT>a<FONT STYLE="letter-spacing: -0.15pt"> </FONT>Coca-Cola<FONT STYLE="letter-spacing: -0.15pt"> </FONT>Europacific<FONT STYLE="letter-spacing: -0.15pt">
</FONT>Partners<FONT STYLE="letter-spacing: -0.15pt"> </FONT>for<FONT STYLE="letter-spacing: -0.15pt"> </FONT>distribution.<FONT STYLE="letter-spacing: -0.15pt">
</FONT>Please<FONT STYLE="letter-spacing: -0.15pt"> </FONT>revise or add a risk factor to disclose the risks of this reliance and
any disruptions you have experienced due to such reliance.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -35.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><B>Response</B>: The Company acknowledges
the Staff&rsquo;s comment and has incorporated such a risk factor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 16.35pt 0 0; text-align: justify"><U>Failure<FONT STYLE="letter-spacing: -0.2pt">
</FONT>of<FONT STYLE="letter-spacing: -0.2pt"> </FONT>our<FONT STYLE="letter-spacing: -0.2pt"> </FONT>key<FONT STYLE="letter-spacing: -0.2pt">
</FONT>or<FONT STYLE="letter-spacing: -0.2pt"> </FONT>service<FONT STYLE="letter-spacing: -0.2pt"> </FONT>product<FONT STYLE="letter-spacing: -0.2pt">
</FONT>information<FONT STYLE="letter-spacing: -0.2pt"> </FONT>technology<FONT STYLE="letter-spacing: -0.2pt"> </FONT>systems,<FONT STYLE="letter-spacing: -0.2pt">
</FONT>cyber-security<FONT STYLE="letter-spacing: -0.2pt"> </FONT>breach,<FONT STYLE="letter-spacing: -0.2pt"> </FONT>or</U> <U>cyber-related
fraud..., page 25</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 16.35pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.65pt"></TD><TD STYLE="width: 35.35pt">13.</TD><TD STYLE="text-align: justify">Please disclose whether you are subject to material cybersecurity risks in your <FONT STYLE="letter-spacing: -0.1pt">supply
</FONT>chain based on third-party products, software or services used in your <FONT STYLE="letter-spacing: -0.1pt">products, </FONT>services<FONT STYLE="letter-spacing: -0.15pt">
</FONT>or<FONT STYLE="letter-spacing: -0.15pt"> </FONT>business<FONT STYLE="letter-spacing: -0.15pt"> </FONT>and<FONT STYLE="letter-spacing: -0.15pt">
</FONT>how<FONT STYLE="letter-spacing: -0.15pt"> </FONT>a<FONT STYLE="letter-spacing: -0.15pt"> </FONT>cybersecurity<FONT STYLE="letter-spacing: -0.15pt">
</FONT>incident<FONT STYLE="letter-spacing: -0.15pt"> </FONT>in<FONT STYLE="letter-spacing: -0.15pt"> </FONT>your<FONT STYLE="letter-spacing: -0.15pt">
</FONT>supply<FONT STYLE="letter-spacing: -0.15pt"> </FONT>chain<FONT STYLE="letter-spacing: -0.15pt"> </FONT>could<FONT STYLE="letter-spacing: -0.15pt">
</FONT>impact your business. Discuss the measures you have taken to mitigate these risks.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -35.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><B>Response</B>: The Company acknowledges
the Staff&rsquo;s comment and has incorporated such a risk factor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><U>International<FONT STYLE="letter-spacing: -0.25pt">
</FONT>operations,<FONT STYLE="letter-spacing: -0.25pt"> </FONT>worldwide<FONT STYLE="letter-spacing: -0.25pt"> </FONT>and<FONT STYLE="letter-spacing: -0.25pt">
</FONT>domestic<FONT STYLE="letter-spacing: -0.25pt"> </FONT>economic<FONT STYLE="letter-spacing: -0.25pt"> </FONT>trends,<FONT STYLE="letter-spacing: -0.25pt">
</FONT>and<FONT STYLE="letter-spacing: -0.25pt"> </FONT>financial<FONT STYLE="letter-spacing: -0.25pt"> </FONT>market</U> <U>conditions...,
page 27</U></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.65pt"></TD><TD STYLE="width: 35.35pt">14.</TD><TD STYLE="text-align: justify">We<FONT STYLE="letter-spacing: -0.15pt"> </FONT>note<FONT STYLE="letter-spacing: -0.15pt"> </FONT>your<FONT STYLE="letter-spacing: -0.15pt">
</FONT>risk<FONT STYLE="letter-spacing: -0.15pt"> </FONT>factor<FONT STYLE="letter-spacing: -0.15pt"> </FONT>indicating<FONT STYLE="letter-spacing: -0.15pt">
</FONT>that<FONT STYLE="letter-spacing: -0.15pt"> </FONT>inflation<FONT STYLE="letter-spacing: -0.15pt"> </FONT>could<FONT STYLE="letter-spacing: -0.15pt">
</FONT>affect<FONT STYLE="letter-spacing: -0.15pt"> </FONT>your<FONT STYLE="letter-spacing: -0.15pt"> </FONT>business<FONT STYLE="letter-spacing: -0.15pt">
</FONT>and<FONT STYLE="letter-spacing: -0.15pt"> </FONT>consumer spending patterns. Please update this risk factor if recent inflationary
pressures have materially impacted your operations. In this regard, identify the types of inflationary pressures you are facing
and how your business has been affected.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -35.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Response</B>: The Company acknowledges the
Staff&rsquo;s comment and respectfully advises that the Company has not been materially impacted by inflationary pressures as of
the date of this response.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><U>Dividend Policy, page <FONT STYLE="letter-spacing: -0.25pt">35</FONT></U></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.65pt"></TD><TD STYLE="width: 35.35pt">15.</TD><TD STYLE="text-align: justify">We note that you declared a dividend in connection with your conversion from a proprietary limited
company to a limited public company. Please revise this section to disclose<FONT STYLE="letter-spacing: -0.15pt"> </FONT>the<FONT STYLE="letter-spacing: -0.15pt">
</FONT>declaration<FONT STYLE="letter-spacing: -0.15pt"> </FONT>date<FONT STYLE="letter-spacing: -0.15pt"> </FONT>and<FONT STYLE="letter-spacing: -0.15pt">
</FONT>the<FONT STYLE="letter-spacing: -0.15pt"> </FONT>amount<FONT STYLE="letter-spacing: -0.15pt"> </FONT>of<FONT STYLE="letter-spacing: -0.15pt">
</FONT>the<FONT STYLE="letter-spacing: -0.15pt"> </FONT>dividend,<FONT STYLE="letter-spacing: -0.15pt"> </FONT>and,<FONT STYLE="letter-spacing: -0.15pt">
</FONT>if<FONT STYLE="letter-spacing: -0.15pt"> </FONT>applicable,<FONT STYLE="letter-spacing: -0.15pt"> </FONT>the<FONT STYLE="letter-spacing: -0.15pt">
</FONT>total outstanding dividend payable balance, the anticipated dividend payment date and the expected source of funds.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -35.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -35.35pt"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -35.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><B>Response</B>: The Company acknowledges
the Staff&rsquo;s comment and has revised such section to include the applicable requested information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><U>Factors Affecting Our Results of Operations,
page <FONT STYLE="letter-spacing: -0.25pt">39</FONT></U></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.65pt"></TD><TD STYLE="width: 35.35pt">16.</TD><TD STYLE="text-align: justify">Please<FONT STYLE="letter-spacing: -0.2pt"> </FONT>revise<FONT STYLE="letter-spacing: -0.2pt">
</FONT>to<FONT STYLE="letter-spacing: -0.2pt"> </FONT>further<FONT STYLE="letter-spacing: -0.2pt"> </FONT>discuss<FONT STYLE="letter-spacing: -0.2pt">
</FONT>whether<FONT STYLE="letter-spacing: -0.2pt"> </FONT>supply<FONT STYLE="letter-spacing: -0.2pt"> </FONT>chain<FONT STYLE="letter-spacing: -0.2pt">
</FONT>disruptions<FONT STYLE="letter-spacing: -0.2pt"> </FONT>materially<FONT STYLE="letter-spacing: -0.2pt"> </FONT>affect<FONT STYLE="letter-spacing: -0.2pt">
</FONT>your outlook or business goals. Specify whether these challenges have materially impacted your<FONT STYLE="letter-spacing: -0.1pt">
</FONT>results<FONT STYLE="letter-spacing: -0.1pt"> </FONT>of<FONT STYLE="letter-spacing: -0.1pt"> </FONT>operations<FONT STYLE="letter-spacing: -0.1pt">
</FONT>or<FONT STYLE="letter-spacing: -0.1pt"> </FONT>capital<FONT STYLE="letter-spacing: -0.1pt"> </FONT>resources<FONT STYLE="letter-spacing: -0.1pt">
</FONT>and<FONT STYLE="letter-spacing: -0.1pt"> </FONT>quantify,<FONT STYLE="letter-spacing: -0.1pt"> </FONT>to<FONT STYLE="letter-spacing: -0.1pt">
</FONT>the<FONT STYLE="letter-spacing: -0.1pt"> </FONT>extent<FONT STYLE="letter-spacing: -0.1pt"> </FONT>possible,<FONT STYLE="letter-spacing: -0.1pt">
</FONT>how your sales, profits, and/or liquidity have been impacted.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -35.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><B>Response</B>: The Company acknowledges
the Staff&rsquo;s comment and has revised such section as requested.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 20.1pt 0 0; text-align: justify"><U>Management&rsquo;s<FONT STYLE="letter-spacing: -0.2pt">
</FONT>Discussion<FONT STYLE="letter-spacing: -0.2pt"> </FONT>and<FONT STYLE="letter-spacing: -0.2pt"> </FONT>Analysis<FONT STYLE="letter-spacing: -0.2pt">
</FONT>of<FONT STYLE="letter-spacing: -0.2pt"> </FONT>Financial<FONT STYLE="letter-spacing: -0.2pt"> </FONT>Condition<FONT STYLE="letter-spacing: -0.2pt">
</FONT>and<FONT STYLE="letter-spacing: -0.2pt"> </FONT>Results<FONT STYLE="letter-spacing: -0.2pt"> </FONT>of<FONT STYLE="letter-spacing: -0.2pt">
</FONT>Operations</U> <U>Results of Operations</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 20.1pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><U>Fiscal Years Ended December 31, 2021 to
December 31, 2020, page <FONT STYLE="letter-spacing: -0.25pt">41</FONT></U></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.65pt"></TD><TD STYLE="width: 35.35pt">17.</TD><TD STYLE="text-align: justify">Please revise your MD&amp;A to provide a more detailed and granular discussion that would provide<FONT STYLE="letter-spacing: -0.2pt">
</FONT>greater<FONT STYLE="letter-spacing: -0.2pt"> </FONT>transparency<FONT STYLE="letter-spacing: -0.2pt"> </FONT>into<FONT STYLE="letter-spacing: -0.2pt">
</FONT>the<FONT STYLE="letter-spacing: -0.2pt"> </FONT>material<FONT STYLE="letter-spacing: -0.2pt"> </FONT>components<FONT STYLE="letter-spacing: -0.2pt">
</FONT>and<FONT STYLE="letter-spacing: -0.2pt"> </FONT>potential<FONT STYLE="letter-spacing: -0.2pt"> </FONT>variability<FONT STYLE="letter-spacing: -0.2pt">
</FONT>of<FONT STYLE="letter-spacing: -0.2pt"> </FONT>your revenues, cost of goods sold, and expenses.<FONT STYLE="letter-spacing: 2pt">
</FONT>For example, you should identify each financial statement line item and where you have multiple components your disclosures
<FONT STYLE="letter-spacing: -0.1pt">should:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -35.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 18pt">&#9679;</TD><TD>identify and quantify each individually significant component of revenues, cost <FONT STYLE="letter-spacing: -0.25pt">of </FONT>goods
sold, and expenses (including other <FONT STYLE="letter-spacing: -0.1pt">income/expense);</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 54pt; text-indent: -18pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 18pt">&#9679;</TD><TD STYLE="text-align: justify">quantify the change in each respective component during each period; <FONT STYLE="letter-spacing: -0.25pt">and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 54pt; text-align: justify; text-indent: -18pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 18pt">&#9679;</TD><TD STYLE="text-align: justify; padding-right: 23.1pt">discuss<FONT STYLE="letter-spacing: -0.15pt"> </FONT>the<FONT STYLE="letter-spacing: -0.15pt">
</FONT>reasons<FONT STYLE="letter-spacing: -0.15pt"> </FONT>for<FONT STYLE="letter-spacing: -0.15pt"> </FONT>the<FONT STYLE="letter-spacing: -0.15pt">
</FONT>increases<FONT STYLE="letter-spacing: -0.15pt"> </FONT>or<FONT STYLE="letter-spacing: -0.15pt"> </FONT>decreases<FONT STYLE="letter-spacing: -0.15pt">
</FONT>in<FONT STYLE="letter-spacing: -0.15pt"> </FONT>the<FONT STYLE="letter-spacing: -0.15pt"> </FONT>specific<FONT STYLE="letter-spacing: -0.15pt">
</FONT>dollar<FONT STYLE="letter-spacing: -0.15pt"> </FONT>amounts<FONT STYLE="letter-spacing: -0.15pt"> </FONT>for each of the
components identified.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 23.1pt 0 54pt; text-align: justify; text-indent: -18pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">To facilitate a clear and comprehensive understanding,
consider adding supplemental tabular information (similar to what you currently present in the table under <FONT STYLE="letter-spacing: -0.1pt">revenues).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><B>Response</B>: The Company acknowledges
the Staff&rsquo;s comment and has revised such section as requested.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.65pt"></TD><TD STYLE="width: 35.35pt">18.</TD><TD STYLE="text-align: justify">Please reconcile the total revenues for the twelve months ended December 31, 2020 as shown<FONT STYLE="letter-spacing: -0.15pt">
</FONT>in<FONT STYLE="letter-spacing: -0.15pt"> </FONT>the<FONT STYLE="letter-spacing: -0.15pt"> </FONT>table<FONT STYLE="letter-spacing: -0.15pt">
</FONT>and<FONT STYLE="letter-spacing: -0.15pt"> </FONT>in<FONT STYLE="letter-spacing: -0.15pt"> </FONT>the<FONT STYLE="letter-spacing: -0.15pt">
</FONT>narrative<FONT STYLE="letter-spacing: -0.15pt"> </FONT>discussion<FONT STYLE="letter-spacing: -0.15pt"> </FONT>as<FONT STYLE="letter-spacing: -0.15pt">
</FONT>compared<FONT STYLE="letter-spacing: -0.15pt"> </FONT>to<FONT STYLE="letter-spacing: -0.15pt"> </FONT>the<FONT STYLE="letter-spacing: -0.15pt">
</FONT>amount<FONT STYLE="letter-spacing: -0.15pt"> </FONT>shown<FONT STYLE="letter-spacing: -0.15pt"> </FONT>in<FONT STYLE="letter-spacing: -0.15pt">
</FONT>the statements of income on page F-<FONT STYLE="letter-spacing: -0.25pt">5.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -35.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><B>Response</B>: The Company acknowledges
the Staff&rsquo;s comment and made such a reconciliation in the table and narrative discussion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><U>Six Months Ended June 30, 2021 and 2020,
page <FONT STYLE="letter-spacing: -0.25pt">41</FONT></U></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt">19.</TD><TD STYLE="text-align: justify">Please<FONT STYLE="letter-spacing: -0.15pt"> </FONT>delete<FONT STYLE="letter-spacing: -0.15pt">
</FONT>the<FONT STYLE="letter-spacing: -0.15pt"> </FONT>tabular<FONT STYLE="letter-spacing: -0.15pt"> </FONT>disclosure<FONT STYLE="letter-spacing: -0.15pt">
</FONT>and<FONT STYLE="letter-spacing: -0.15pt"> </FONT>narrative<FONT STYLE="letter-spacing: -0.15pt"> </FONT>discussion<FONT STYLE="letter-spacing: -0.15pt">
</FONT>for<FONT STYLE="letter-spacing: -0.15pt"> </FONT>the<FONT STYLE="letter-spacing: -0.15pt"> </FONT>six<FONT STYLE="letter-spacing: -0.15pt">
</FONT>months<FONT STYLE="letter-spacing: -0.15pt"> </FONT>ended<FONT STYLE="letter-spacing: -0.15pt"> </FONT>June 30, 2021 and
2020, as the related interim period financial statements are not included, nor are they required, in the filing.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><B>Response</B>: The Company
acknowledges the Staff&rsquo;s comment and made the deletion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><U>Liquidity and Capital Resources, page <FONT STYLE="letter-spacing: -0.25pt">42</FONT></U></P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.65pt"></TD><TD STYLE="width: 35.35pt">20.</TD><TD STYLE="text-align: justify">Refer to the table of cash flows.<FONT STYLE="letter-spacing: 2pt"> </FONT>Please revise the last
line item to reflect the impact of foreign<FONT STYLE="letter-spacing: -0.15pt"> </FONT>currency<FONT STYLE="letter-spacing: -0.15pt">
</FONT>on<FONT STYLE="letter-spacing: -0.15pt"> </FONT>cash<FONT STYLE="letter-spacing: -0.15pt"> </FONT>and<FONT STYLE="letter-spacing: -0.15pt">
</FONT>cash<FONT STYLE="letter-spacing: -0.15pt"> </FONT>equivalents<FONT STYLE="letter-spacing: -0.15pt"> </FONT>as<FONT STYLE="letter-spacing: -0.15pt">
</FONT>shown<FONT STYLE="letter-spacing: -0.15pt"> </FONT>in<FONT STYLE="letter-spacing: -0.15pt"> </FONT>the<FONT STYLE="letter-spacing: -0.15pt">
</FONT>statements<FONT STYLE="letter-spacing: -0.15pt"> </FONT>of<FONT STYLE="letter-spacing: -0.15pt"> </FONT>cash<FONT STYLE="letter-spacing: -0.15pt">
</FONT>flows<FONT STYLE="letter-spacing: -0.15pt"> </FONT>on page F-7.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -35.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt"><B>Response</B>: The Company
acknowledges the Staff&rsquo;s comment and made the requested revision.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><U>Business, page <FONT STYLE="letter-spacing: -0.25pt">46</FONT></U></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.65pt"></TD><TD STYLE="width: 35.35pt">21.</TD><TD STYLE="text-align: justify">Please disclose whether and how your business segments, products, lines of service, projects<FONT STYLE="letter-spacing: -0.2pt">
</FONT>or<FONT STYLE="letter-spacing: -0.2pt"> </FONT>operations<FONT STYLE="letter-spacing: -0.2pt"> </FONT>are<FONT STYLE="letter-spacing: -0.2pt">
</FONT>materially<FONT STYLE="letter-spacing: -0.2pt"> </FONT>impacted<FONT STYLE="letter-spacing: -0.2pt"> </FONT>by<FONT STYLE="letter-spacing: -0.2pt">
</FONT>supply<FONT STYLE="letter-spacing: -0.2pt"> </FONT>chain<FONT STYLE="letter-spacing: -0.2pt"> </FONT>disruptions.<FONT STYLE="letter-spacing: -0.2pt">
</FONT>For<FONT STYLE="letter-spacing: -0.2pt"> </FONT>example, discuss whether you have or expect to:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -35.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 18pt">&#9679;</TD><TD>suspend the production, purchase, sale or maintenance of certain items due to a <FONT STYLE="letter-spacing: -0.2pt">lack </FONT>of<FONT STYLE="letter-spacing: -0.2pt">
</FONT>raw<FONT STYLE="letter-spacing: -0.2pt"> </FONT>materials,<FONT STYLE="letter-spacing: -0.2pt"> </FONT>parts,<FONT STYLE="letter-spacing: -0.2pt">
</FONT>or<FONT STYLE="letter-spacing: -0.2pt"> </FONT>equipment;<FONT STYLE="letter-spacing: -0.2pt"> </FONT>inventory<FONT STYLE="letter-spacing: -0.2pt">
</FONT>shortages;<FONT STYLE="letter-spacing: -0.2pt"> </FONT>reduced<FONT STYLE="letter-spacing: -0.2pt"> </FONT>headcount;<FONT STYLE="letter-spacing: -0.2pt">
</FONT>or delayed projects;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 54pt; text-indent: -18pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 18pt">&#9679;</TD><TD STYLE="text-align: justify">experience labor shortages that impact your <FONT STYLE="letter-spacing: -0.1pt">business;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 54pt; text-align: justify; text-indent: -18pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 18pt">&#9679;</TD><TD STYLE="text-align: justify">experience cybersecurity attacks in your supply <FONT STYLE="letter-spacing: -0.1pt">chain;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 54pt; text-align: justify; text-indent: -18pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 18pt">&#9679;</TD><TD STYLE="text-align: justify; padding-right: 19.75pt">experience<FONT STYLE="letter-spacing: -0.2pt"> </FONT>higher<FONT STYLE="letter-spacing: -0.2pt">
</FONT>costs<FONT STYLE="letter-spacing: -0.2pt"> </FONT>due<FONT STYLE="letter-spacing: -0.2pt"> </FONT>to<FONT STYLE="letter-spacing: -0.2pt">
</FONT>constrained<FONT STYLE="letter-spacing: -0.2pt"> </FONT>capacity<FONT STYLE="letter-spacing: -0.2pt"> </FONT>or<FONT STYLE="letter-spacing: -0.2pt">
</FONT>increased<FONT STYLE="letter-spacing: -0.2pt"> </FONT>commodity<FONT STYLE="letter-spacing: -0.2pt"> </FONT>prices, shipping
costs or challenges sourcing materials;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 19.75pt 0 54pt; text-align: justify; text-indent: -18pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 18pt">&#9679;</TD><TD STYLE="text-align: justify; padding-right: 40.75pt">experience<FONT STYLE="letter-spacing: -0.2pt"> </FONT>surges<FONT STYLE="letter-spacing: -0.2pt">
</FONT>or<FONT STYLE="letter-spacing: -0.2pt"> </FONT>declines<FONT STYLE="letter-spacing: -0.2pt"> </FONT>in<FONT STYLE="letter-spacing: -0.2pt">
</FONT>consumer<FONT STYLE="letter-spacing: -0.2pt"> </FONT>demand<FONT STYLE="letter-spacing: -0.2pt"> </FONT>for<FONT STYLE="letter-spacing: -0.2pt">
</FONT>which<FONT STYLE="letter-spacing: -0.2pt"> </FONT>you<FONT STYLE="letter-spacing: -0.2pt"> </FONT>are<FONT STYLE="letter-spacing: -0.2pt">
</FONT>unable<FONT STYLE="letter-spacing: -0.2pt"> </FONT>to adequately adjust your supply; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 40.75pt 0 54pt; text-align: justify; text-indent: -18pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 18pt">&#9679;</TD><TD STYLE="text-align: justify; padding-right: 35.4pt">be unable to supply products at competitive prices or at all due to export
restrictions,<FONT STYLE="letter-spacing: -0.2pt"> </FONT>sanctions,<FONT STYLE="letter-spacing: -0.2pt"> </FONT>tariffs,<FONT STYLE="letter-spacing: -0.2pt">
</FONT>trade<FONT STYLE="letter-spacing: -0.2pt"> </FONT>barriers,<FONT STYLE="letter-spacing: -0.2pt"> </FONT>or<FONT STYLE="letter-spacing: -0.2pt">
</FONT>political<FONT STYLE="letter-spacing: -0.2pt"> </FONT>or<FONT STYLE="letter-spacing: -0.2pt"> </FONT>trade<FONT STYLE="letter-spacing: -0.2pt">
</FONT>tensions<FONT STYLE="letter-spacing: -0.2pt"> </FONT>among <FONT STYLE="letter-spacing: -0.1pt">countries.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 35.4pt 0 54pt; text-align: justify; text-indent: -18pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Explain<FONT STYLE="letter-spacing: -0.15pt">
</FONT>whether<FONT STYLE="letter-spacing: -0.15pt"> </FONT>and<FONT STYLE="letter-spacing: -0.15pt"> </FONT>how<FONT STYLE="letter-spacing: -0.15pt">
</FONT>you<FONT STYLE="letter-spacing: -0.15pt"> </FONT>have<FONT STYLE="letter-spacing: -0.15pt"> </FONT>undertaken<FONT STYLE="letter-spacing: -0.15pt">
</FONT>efforts<FONT STYLE="letter-spacing: -0.15pt"> </FONT>to<FONT STYLE="letter-spacing: -0.15pt"> </FONT>mitigate<FONT STYLE="letter-spacing: -0.15pt">
</FONT>the<FONT STYLE="letter-spacing: -0.15pt"> </FONT>impact<FONT STYLE="letter-spacing: -0.15pt"> </FONT>and<FONT STYLE="letter-spacing: -0.15pt">
</FONT>where possible quantify the impact to your business.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><B>Response</B>: The Company acknowledges
the Staff&rsquo;s comment and has revised such section to address specifically supply chain disruptions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.65pt"></TD><TD STYLE="width: 35.35pt">22.</TD><TD STYLE="text-align: justify">Please<FONT STYLE="letter-spacing: -0.15pt"> </FONT>include<FONT STYLE="letter-spacing: -0.15pt">
</FONT>a<FONT STYLE="letter-spacing: -0.15pt"> </FONT>breakdown<FONT STYLE="letter-spacing: -0.15pt"> </FONT>of<FONT STYLE="letter-spacing: -0.15pt">
</FONT>total<FONT STYLE="letter-spacing: -0.15pt"> </FONT>revenues<FONT STYLE="letter-spacing: -0.15pt"> </FONT>by<FONT STYLE="letter-spacing: -0.15pt">
</FONT>geographic<FONT STYLE="letter-spacing: -0.15pt"> </FONT>market.<FONT STYLE="letter-spacing: -0.15pt"> </FONT>See<FONT STYLE="letter-spacing: -0.15pt">
</FONT>Item<FONT STYLE="letter-spacing: -0.15pt"> </FONT>4.B.2<FONT STYLE="letter-spacing: -0.15pt"> </FONT>of Form 20-F.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -35.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><B>Response</B>: The Company acknowledges
the Staff&rsquo;s comment and has incorporated a table addressing total revenues by geographic market.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.65pt"></TD><TD STYLE="width: 35.35pt">23.</TD><TD STYLE="text-align: justify">Please revise to provide a description of the sources and availability of raw materials, including<FONT STYLE="letter-spacing: -0.15pt">
</FONT>a<FONT STYLE="letter-spacing: -0.15pt"> </FONT>description<FONT STYLE="letter-spacing: -0.15pt"> </FONT>of<FONT STYLE="letter-spacing: -0.15pt">
</FONT>whether<FONT STYLE="letter-spacing: -0.15pt"> </FONT>prices<FONT STYLE="letter-spacing: -0.15pt"> </FONT>of<FONT STYLE="letter-spacing: -0.15pt">
</FONT>principal<FONT STYLE="letter-spacing: -0.15pt"> </FONT>raw<FONT STYLE="letter-spacing: -0.15pt"> </FONT>materials<FONT STYLE="letter-spacing: -0.15pt">
</FONT>are<FONT STYLE="letter-spacing: -0.15pt"> </FONT>volatile.<FONT STYLE="letter-spacing: -0.15pt"> </FONT>See<FONT STYLE="letter-spacing: -0.15pt">
</FONT>Item 4.B.4 of Form 20- <FONT STYLE="letter-spacing: -0.25pt">F.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -35.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><B>Response</B>: The Company acknowledges
the Staff&rsquo;s comment and has incorporated such a description in this section.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.65pt"></TD><TD STYLE="width: 35.35pt">24.</TD><TD STYLE="text-align: justify">We note that the registration statement includes market and industry data from International<FONT STYLE="letter-spacing: -0.2pt">
</FONT>Wines<FONT STYLE="letter-spacing: -0.2pt"> </FONT>and<FONT STYLE="letter-spacing: -0.2pt"> </FONT>Spirits<FONT STYLE="letter-spacing: -0.2pt">
</FONT>Record,<FONT STYLE="letter-spacing: -0.2pt"> </FONT>including<FONT STYLE="letter-spacing: -0.2pt"> </FONT>IWSR<FONT STYLE="letter-spacing: -0.2pt">
</FONT>graphics,<FONT STYLE="letter-spacing: -0.2pt"> </FONT>some<FONT STYLE="letter-spacing: -0.2pt"> </FONT>of<FONT STYLE="letter-spacing: -0.2pt">
</FONT>which<FONT STYLE="letter-spacing: -0.2pt"> </FONT>state &ldquo;[F]or client use only. Not to be reproduced or resold without
permission from the IWSR.&rdquo;<FONT STYLE="letter-spacing: -0.15pt"> </FONT>Please<FONT STYLE="letter-spacing: -0.15pt"> </FONT>file<FONT STYLE="letter-spacing: -0.15pt">
</FONT>a<FONT STYLE="letter-spacing: -0.15pt"> </FONT>consent<FONT STYLE="letter-spacing: -0.15pt"> </FONT>from<FONT STYLE="letter-spacing: -0.15pt">
</FONT>IWSR<FONT STYLE="letter-spacing: -0.15pt"> </FONT>as<FONT STYLE="letter-spacing: -0.15pt"> </FONT>an<FONT STYLE="letter-spacing: -0.15pt">
</FONT>exhibit<FONT STYLE="letter-spacing: -0.15pt"> </FONT>to<FONT STYLE="letter-spacing: -0.15pt"> </FONT>your<FONT STYLE="letter-spacing: -0.15pt">
</FONT>registration<FONT STYLE="letter-spacing: -0.15pt"> </FONT>statement<FONT STYLE="letter-spacing: -0.15pt"> </FONT>or tell
us why you believe you are not required to do so.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -35.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"> <B>Response</B>: The Company acknowledges
the Staff&rsquo;s comment and is in the process of obtaining the written consent from IWSR, which will be filed as an exhibit to our
next amendment. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><U>Material Agreements, page <FONT STYLE="letter-spacing: -0.25pt">66</FONT></U></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.65pt"></TD><TD STYLE="width: 35.35pt">25.</TD><TD STYLE="text-align: justify">We note your disclosure that you have entered into a Share Purchase Agreement with Elegance Brands
and that the agreement is an interim business agreement pending the consummation of the acquisition of 100% of your share capital
by Elegance Brands. Please<FONT STYLE="letter-spacing: -0.15pt"> </FONT>revise<FONT STYLE="letter-spacing: -0.15pt"> </FONT>this<FONT STYLE="letter-spacing: -0.15pt">
</FONT>section<FONT STYLE="letter-spacing: -0.15pt"> </FONT>to<FONT STYLE="letter-spacing: -0.15pt"> </FONT>clarify<FONT STYLE="letter-spacing: -0.15pt">
</FONT>your<FONT STYLE="letter-spacing: -0.15pt"> </FONT>relationship<FONT STYLE="letter-spacing: -0.15pt"> </FONT>with<FONT STYLE="letter-spacing: -0.15pt">
</FONT>Elegance<FONT STYLE="letter-spacing: -0.15pt"> </FONT>Brands<FONT STYLE="letter-spacing: -0.15pt"> </FONT>and<FONT STYLE="letter-spacing: -0.15pt">
</FONT>the<FONT STYLE="letter-spacing: -0.15pt"> </FONT>status of any sales or acquisitions.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -35.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -35.35pt"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -35.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><B>Response</B>: The Company acknowledges
the Staff&rsquo;s comment and respectfully advises that the Share Purchase Agreement terminated on March 12, 2021 and, therefore,
is no longer material to the Company and the disclosure has been revised to reflect as such.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><U>Compensation of Directors and Officers,
page <FONT STYLE="letter-spacing: -0.25pt">71</FONT></U></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.65pt"></TD><TD STYLE="width: 35.35pt">26.</TD><TD STYLE="text-align: justify">We<FONT STYLE="letter-spacing: -0.2pt"> </FONT>note<FONT STYLE="letter-spacing: -0.2pt"> </FONT>your<FONT STYLE="letter-spacing: -0.2pt">
</FONT>tabular<FONT STYLE="letter-spacing: -0.2pt"> </FONT>presentation<FONT STYLE="letter-spacing: -0.2pt"> </FONT>regarding<FONT STYLE="letter-spacing: -0.2pt">
</FONT>the<FONT STYLE="letter-spacing: -0.2pt"> </FONT>compensation<FONT STYLE="letter-spacing: -0.2pt"> </FONT>paid<FONT STYLE="letter-spacing: -0.2pt">
</FONT>to<FONT STYLE="letter-spacing: -0.2pt"> </FONT>your<FONT STYLE="letter-spacing: -0.2pt"> </FONT>directors<FONT STYLE="letter-spacing: -0.2pt">
</FONT>and executive<FONT STYLE="letter-spacing: -0.15pt"> </FONT>officers,<FONT STYLE="letter-spacing: -0.15pt"> </FONT>including<FONT STYLE="letter-spacing: -0.15pt">
</FONT>share<FONT STYLE="letter-spacing: -0.15pt"> </FONT>based<FONT STYLE="letter-spacing: -0.15pt"> </FONT>payments,<FONT STYLE="letter-spacing: -0.15pt">
</FONT>during<FONT STYLE="letter-spacing: -0.15pt"> </FONT>the<FONT STYLE="letter-spacing: -0.15pt"> </FONT>year<FONT STYLE="letter-spacing: -0.15pt">
</FONT>ended<FONT STYLE="letter-spacing: -0.15pt"> </FONT>December<FONT STYLE="letter-spacing: -0.15pt"> </FONT>31, 2021.<FONT STYLE="letter-spacing: 2pt">
</FONT>Please revise to explain your accounting treatment for share based compensation (i.e., ASC 718) and clarify where the share
based payments have been recorded in your financial statements.<FONT STYLE="letter-spacing: 2pt"> </FONT>In addition, revise your
notes to the consolidated financial statements to include your accounting policy for share based payments and other disclosures
required by ASC 718.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -35.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><B>Response</B>: The Company acknowledges
the Staff&rsquo;s comment and has revised such section to disclose the compensation paid to directors and executive officers during
the year ended December 31, 2021. As compensation during such period did not include share based compensation, the Company respectfully
advises that the section and notes to the consolidated financial statements no longer necessitate a discussion as to share based
payments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.1pt"><U>Management</U></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><U>Compensation of Directors and Officers,
page <FONT STYLE="letter-spacing: -0.25pt">71</FONT></U></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.65pt"></TD><TD STYLE="width: 35.35pt">27.</TD><TD STYLE="text-align: justify">Please revise to provide all management and director compensation disclosure required<FONT STYLE="letter-spacing: 2pt">
</FONT>by<FONT STYLE="letter-spacing: -0.15pt"> </FONT>Part<FONT STYLE="letter-spacing: -0.15pt"> </FONT>I,<FONT STYLE="letter-spacing: -0.15pt">
</FONT>Item<FONT STYLE="letter-spacing: -0.15pt"> </FONT>6.B.1<FONT STYLE="letter-spacing: -0.15pt"> </FONT>of<FONT STYLE="letter-spacing: -0.15pt">
</FONT>Form<FONT STYLE="letter-spacing: -0.15pt"> </FONT>20-F.<FONT STYLE="letter-spacing: -0.15pt"> </FONT>For<FONT STYLE="letter-spacing: -0.15pt">
</FONT>example,<FONT STYLE="letter-spacing: -0.15pt"> </FONT>you<FONT STYLE="letter-spacing: -0.15pt"> </FONT>disclose<FONT STYLE="letter-spacing: -0.15pt">
</FONT>individual<FONT STYLE="letter-spacing: -0.15pt"> </FONT>options/warrants in compensation table but do not provide the exercise
price, the purchase price (if any) and the expiration date of those <FONT STYLE="letter-spacing: -0.1pt">options.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -35.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><B>Response</B>: The Company acknowledges
the Staff&rsquo;s comment and respectfully advises that compensation paid to directors and executive officers during the year ended
December 31, 2021 did not includes options or warrants. As noted in our response to Comment 26, the Company has revised this section
to disclose such information for the year ended December 31, 2021.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><U>Board Composition and Election of Directors,
page <FONT STYLE="letter-spacing: -0.25pt">73</FONT></U></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.65pt"></TD><TD STYLE="width: 35.35pt">28.</TD><TD STYLE="text-align: justify">For<FONT STYLE="letter-spacing: -0.15pt"> </FONT>each<FONT STYLE="letter-spacing: -0.15pt"> </FONT>director,<FONT STYLE="letter-spacing: -0.15pt">
</FONT>please<FONT STYLE="letter-spacing: -0.15pt"> </FONT>specify<FONT STYLE="letter-spacing: -0.15pt"> </FONT>the<FONT STYLE="letter-spacing: -0.15pt">
</FONT>expected<FONT STYLE="letter-spacing: -0.15pt"> </FONT>date<FONT STYLE="letter-spacing: -0.15pt"> </FONT>of<FONT STYLE="letter-spacing: -0.15pt">
</FONT>expiration<FONT STYLE="letter-spacing: -0.15pt"> </FONT>of<FONT STYLE="letter-spacing: -0.15pt"> </FONT>the<FONT STYLE="letter-spacing: -0.15pt">
</FONT>current<FONT STYLE="letter-spacing: -0.15pt"> </FONT>term<FONT STYLE="letter-spacing: -0.15pt"> </FONT>of office. Refer
to Item 6.C of Form 20- F.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -35.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><B>Response</B>: The Company acknowledges
the Staff&rsquo;s comment and has incorporated the date of expiration.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><U>Related Party Transactions, page <FONT STYLE="letter-spacing: -0.25pt">76</FONT></U></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.65pt"></TD><TD STYLE="width: 35.35pt"><FONT STYLE="letter-spacing: -0.1pt">29.</FONT></TD><TD STYLE="text-align: justify">We note your disclosure on pages F-7 and F-16 regarding related <FONT STYLE="letter-spacing: -0.1pt">party
</FONT>transactions. Please confirm that you have provided the disclosure required for related party transactions since the beginning
of your preceding three financial years up to the date<FONT STYLE="letter-spacing: -0.15pt"> </FONT>of<FONT STYLE="letter-spacing: -0.15pt">
</FONT>the<FONT STYLE="letter-spacing: -0.15pt"> </FONT>registration<FONT STYLE="letter-spacing: -0.15pt"> </FONT>statement<FONT STYLE="letter-spacing: -0.15pt">
</FONT>or<FONT STYLE="letter-spacing: -0.15pt"> </FONT>revise<FONT STYLE="letter-spacing: -0.15pt"> </FONT>accordingly.<FONT STYLE="letter-spacing: -0.15pt">
</FONT>Refer<FONT STYLE="letter-spacing: -0.15pt"> </FONT>to<FONT STYLE="letter-spacing: -0.15pt"> </FONT>Part<FONT STYLE="letter-spacing: -0.15pt">
</FONT>I,<FONT STYLE="letter-spacing: -0.15pt"> </FONT>Item<FONT STYLE="letter-spacing: -0.15pt"> </FONT>7.B<FONT STYLE="letter-spacing: -0.15pt">
</FONT>of<FONT STYLE="letter-spacing: -0.15pt"> </FONT>Form <FONT STYLE="letter-spacing: -0.1pt">20-F.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -35.35pt"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><B>Response</B>: The Company acknowledges
the Staff&rsquo;s comment and has revised this section to address related party transactions since January 1, 2019.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><U>Security Ownership of Beneficial Owners
and Management, page <FONT STYLE="letter-spacing: -0.25pt">76</FONT></U></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.65pt"></TD><TD STYLE="width: 35.35pt">30.</TD><TD STYLE="text-align: justify">Please update the beneficial ownership table in accordance with Part I, Items 6.E and 7.A of<FONT STYLE="letter-spacing: -0.25pt">
</FONT>Form<FONT STYLE="letter-spacing: -0.15pt"> </FONT>20-F.<FONT STYLE="letter-spacing: -0.15pt"> </FONT>For<FONT STYLE="letter-spacing: -0.15pt">
</FONT>example,<FONT STYLE="letter-spacing: -0.15pt"> </FONT>please<FONT STYLE="letter-spacing: -0.15pt"> </FONT>(i)<FONT STYLE="letter-spacing: -0.15pt">
</FONT>provide<FONT STYLE="letter-spacing: -0.15pt"> </FONT>the<FONT STYLE="letter-spacing: -0.15pt"> </FONT>required<FONT STYLE="letter-spacing: -0.15pt">
</FONT>disclosure<FONT STYLE="letter-spacing: -0.15pt"> </FONT>for<FONT STYLE="letter-spacing: -0.15pt"> </FONT>Samstock<FONT STYLE="letter-spacing: -0.15pt">
</FONT>SZRT LLC and 114 Assets Inc. and (ii) update the officers and directors beneficial ownership.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -35.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><B>Response</B>: The Company acknowledges
the Staff&rsquo;s comment and has revised the beneficial ownership table as requested.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><U>Description of Share Capital, page <FONT STYLE="letter-spacing: -0.25pt">77</FONT></U></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.65pt"></TD><TD STYLE="width: 35.35pt">31.</TD><TD STYLE="text-align: justify">Please revise and update this section to provide all of the information required by <FONT STYLE="letter-spacing: -0.2pt">Item
</FONT>10.A<FONT STYLE="letter-spacing: -0.65pt"> </FONT>of<FONT STYLE="letter-spacing: -0.65pt"> </FONT>Form<FONT STYLE="letter-spacing: -0.65pt">
</FONT>20-F.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -35.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><B>Response</B>: The Company acknowledges
the Staff&rsquo;s comment and has revised this section to incorporate all such information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 319.5pt 0 0; text-align: justify"><U>Underwriting, page 84</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 319.5pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.65pt"></TD><TD STYLE="width: 35.35pt">32.</TD><TD STYLE="text-align: justify">Please<FONT STYLE="letter-spacing: -0.15pt"> </FONT>revise<FONT STYLE="letter-spacing: -0.15pt">
</FONT>to<FONT STYLE="letter-spacing: -0.15pt"> </FONT>clarify<FONT STYLE="letter-spacing: -0.15pt"> </FONT>whether<FONT STYLE="letter-spacing: -0.15pt">
</FONT>or<FONT STYLE="letter-spacing: -0.15pt"> </FONT>not<FONT STYLE="letter-spacing: -0.15pt"> </FONT>you<FONT STYLE="letter-spacing: -0.15pt">
</FONT>plan<FONT STYLE="letter-spacing: -0.15pt"> </FONT>to<FONT STYLE="letter-spacing: -0.15pt"> </FONT>also<FONT STYLE="letter-spacing: -0.15pt">
</FONT>register<FONT STYLE="letter-spacing: -0.15pt"> </FONT>the<FONT STYLE="letter-spacing: -0.15pt"> </FONT>shares<FONT STYLE="letter-spacing: -0.15pt">
</FONT>underlying<FONT STYLE="letter-spacing: -0.15pt"> </FONT>the underwriter warrants.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -35.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><B>Response</B>: The Company acknowledges
the Staff&rsquo;s comment and has revised this section to include the registration of the underwriter warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><U>Experts, page <FONT STYLE="letter-spacing: -0.25pt">92</FONT></U></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.65pt"></TD><TD STYLE="width: 35.35pt">33.</TD><TD STYLE="text-align: justify">Please<FONT STYLE="letter-spacing: -0.2pt"> </FONT>clarify<FONT STYLE="letter-spacing: -0.2pt">
</FONT>to<FONT STYLE="letter-spacing: -0.2pt"> </FONT>which<FONT STYLE="letter-spacing: -0.2pt"> </FONT>independent<FONT STYLE="letter-spacing: -0.2pt">
</FONT>registered<FONT STYLE="letter-spacing: -0.2pt"> </FONT>public<FONT STYLE="letter-spacing: -0.2pt"> </FONT>accounting<FONT STYLE="letter-spacing: -0.2pt">
</FONT>firm<FONT STYLE="letter-spacing: -0.2pt"> </FONT>you<FONT STYLE="letter-spacing: -0.2pt"> </FONT>are<FONT STYLE="letter-spacing: -0.2pt">
</FONT>relying<FONT STYLE="letter-spacing: -0.2pt"> </FONT>as an expert with respect to the financial statements for the years
ended December 31, 2021<FONT STYLE="letter-spacing: -0.15pt"> </FONT>and<FONT STYLE="letter-spacing: -0.15pt"> </FONT>2020.<FONT STYLE="letter-spacing: 2pt">
</FONT>In<FONT STYLE="letter-spacing: -0.15pt"> </FONT>this<FONT STYLE="letter-spacing: -0.15pt"> </FONT>regard,<FONT STYLE="letter-spacing: -0.15pt">
</FONT>we<FONT STYLE="letter-spacing: -0.15pt"> </FONT>note<FONT STYLE="letter-spacing: -0.15pt"> </FONT>that<FONT STYLE="letter-spacing: -0.15pt">
</FONT>Accell<FONT STYLE="letter-spacing: -0.15pt"> </FONT>Audit<FONT STYLE="letter-spacing: -0.15pt"> </FONT>&amp;<FONT STYLE="letter-spacing: -0.15pt">
</FONT>Compliance,<FONT STYLE="letter-spacing: -0.15pt"> </FONT>P.A.<FONT STYLE="letter-spacing: -0.15pt"> </FONT>has<FONT STYLE="letter-spacing: -0.15pt">
</FONT>issued its auditor report at page F-2 that covers these two fiscal years.<FONT STYLE="letter-spacing: 2pt"> </FONT>Please
revise or advise.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -35.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><B>Response</B>: The Company acknowledges
the Staff&rsquo;s comment and has revised this section to identify Accell<FONT STYLE="letter-spacing: -0.15pt"> </FONT>Audit<FONT STYLE="letter-spacing: -0.15pt">
</FONT>&amp;<FONT STYLE="letter-spacing: -0.15pt"> </FONT>Compliance,<FONT STYLE="letter-spacing: -0.15pt"> </FONT>P.A. as the
independent<FONT STYLE="letter-spacing: -0.2pt"> </FONT>registered<FONT STYLE="letter-spacing: -0.2pt"> </FONT>public<FONT STYLE="letter-spacing: -0.2pt">
</FONT>accounting<FONT STYLE="letter-spacing: -0.2pt"> </FONT>firm.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><U>Consolidated Balance Sheets, page F-<FONT STYLE="letter-spacing: -0.5pt">4</FONT></U></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.65pt"></TD><TD STYLE="width: 35.35pt">34.</TD><TD STYLE="text-align: justify">We note you have significant amounts due from related parties as of December 31, 2021 and 2020.<FONT STYLE="letter-spacing: 4pt">
</FONT>Please revise to include a note to your consolidated financial statements (as well<FONT STYLE="letter-spacing: -0.15pt">
</FONT>as<FONT STYLE="letter-spacing: -0.15pt"> </FONT>on<FONT STYLE="letter-spacing: -0.15pt"> </FONT>page<FONT STYLE="letter-spacing: -0.15pt">
</FONT>75,<FONT STYLE="letter-spacing: -0.15pt"> </FONT>as<FONT STYLE="letter-spacing: -0.15pt"> </FONT>necessary)<FONT STYLE="letter-spacing: -0.15pt">
</FONT>describing<FONT STYLE="letter-spacing: -0.15pt"> </FONT>your<FONT STYLE="letter-spacing: -0.15pt"> </FONT>related<FONT STYLE="letter-spacing: -0.15pt">
</FONT>party<FONT STYLE="letter-spacing: -0.15pt"> </FONT>transactions.<FONT STYLE="letter-spacing: 2pt"> </FONT>Refer<FONT STYLE="letter-spacing: -0.15pt">
</FONT>to<FONT STYLE="letter-spacing: -0.15pt"> </FONT>ASC <FONT STYLE="letter-spacing: -0.1pt">850-10-50.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -35.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><B>Response</B>: The Company acknowledges
the Staff&rsquo;s comment and has revised the consolidated financial statements for the years ended December 31, 2021 and 2020
by incorporating Note 12 Related Party Disclosures.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><U>Notes to Consolidated Financial <FONT STYLE="letter-spacing: -0.1pt">Statements</FONT></U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 215.4pt 0 0; text-align: justify"><U>Note<FONT STYLE="letter-spacing: -0.35pt">
</FONT>2.<FONT STYLE="letter-spacing: -0.35pt"> </FONT>Summary<FONT STYLE="letter-spacing: -0.35pt"> </FONT>of<FONT STYLE="letter-spacing: -0.35pt">
</FONT>Significant<FONT STYLE="letter-spacing: -0.35pt"> </FONT>Accounting<FONT STYLE="letter-spacing: -0.35pt"> </FONT>Policies</U>
<U>Revenue Recognition, page F-8</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 215.4pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 215.4pt 0 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 215.4pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.65pt"></TD><TD STYLE="width: 35.35pt">35.</TD><TD STYLE="text-align: justify">Please<FONT STYLE="letter-spacing: -0.15pt"> </FONT>expand<FONT STYLE="letter-spacing: -0.15pt">
</FONT>your<FONT STYLE="letter-spacing: -0.15pt"> </FONT>discussion<FONT STYLE="letter-spacing: -0.15pt"> </FONT>to<FONT STYLE="letter-spacing: -0.15pt">
</FONT>disclose<FONT STYLE="letter-spacing: -0.15pt"> </FONT>how<FONT STYLE="letter-spacing: -0.15pt"> </FONT>you<FONT STYLE="letter-spacing: -0.15pt">
</FONT>account<FONT STYLE="letter-spacing: -0.15pt"> </FONT>for<FONT STYLE="letter-spacing: -0.15pt"> </FONT>sales<FONT STYLE="letter-spacing: -0.15pt">
</FONT>discounts,<FONT STYLE="letter-spacing: -0.15pt"> </FONT>trade<FONT STYLE="letter-spacing: -0.15pt"> </FONT>and promotional
allowances, rights of return, and other forms of variable consideration in measurement of the transaction price, along with disclosing
significant payment terms, and warranties.<FONT STYLE="letter-spacing: 2pt"> </FONT>Refer to ASC 606-10-50-12.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -35.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><B>Response</B>: The Company acknowledges
the Staff&rsquo;s comment and has revised the consolidated financial statements for the years ended December 31, 2021 and 2020
by incorporating such a discussion at Note 2 Summary of Significant Accounting Policies &ndash; Revenue Recognition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><U>Note 3. Business Acquisition, page F-<FONT STYLE="letter-spacing: -0.25pt">12</FONT></U></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.65pt"></TD><TD STYLE="width: 35.35pt">36.</TD><TD STYLE="text-align: justify">We<FONT STYLE="letter-spacing: -0.15pt"> </FONT>note<FONT STYLE="letter-spacing: -0.15pt"> </FONT>your<FONT STYLE="letter-spacing: -0.15pt">
</FONT>discussion<FONT STYLE="letter-spacing: -0.15pt"> </FONT>of<FONT STYLE="letter-spacing: -0.15pt"> </FONT>the<FONT STYLE="letter-spacing: -0.15pt">
</FONT>acquisition<FONT STYLE="letter-spacing: -0.15pt"> </FONT>of<FONT STYLE="letter-spacing: -0.15pt"> </FONT>W4W,<FONT STYLE="letter-spacing: -0.15pt">
</FONT>please<FONT STYLE="letter-spacing: -0.15pt"> </FONT>revise<FONT STYLE="letter-spacing: -0.15pt"> </FONT>your<FONT STYLE="letter-spacing: -0.15pt">
</FONT>disclosure<FONT STYLE="letter-spacing: -0.15pt"> </FONT>to address the following:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -35.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 18pt">&#9679;</TD><TD STYLE="text-align: justify">Disclose the repayment terms of the $600,000 balance on the purchase of <FONT STYLE="letter-spacing: -0.2pt">W4W,
</FONT>including the maturity date and interest rate.<FONT STYLE="letter-spacing: 2pt"> </FONT>Tell us the consideration given
to<FONT STYLE="letter-spacing: -0.15pt"> </FONT>reclassifying<FONT STYLE="letter-spacing: -0.15pt"> </FONT>this<FONT STYLE="letter-spacing: -0.15pt">
</FONT>amount<FONT STYLE="letter-spacing: -0.15pt"> </FONT>as<FONT STYLE="letter-spacing: -0.15pt"> </FONT>a<FONT STYLE="letter-spacing: -0.15pt">
</FONT>note<FONT STYLE="letter-spacing: -0.15pt"> </FONT>payable<FONT STYLE="letter-spacing: -0.15pt"> </FONT>on<FONT STYLE="letter-spacing: -0.15pt">
</FONT>the<FONT STYLE="letter-spacing: -0.15pt"> </FONT>face<FONT STYLE="letter-spacing: -0.15pt"> </FONT>of<FONT STYLE="letter-spacing: -0.15pt">
</FONT>the<FONT STYLE="letter-spacing: -0.15pt"> </FONT>balance<FONT STYLE="letter-spacing: -0.15pt"> </FONT>sheet.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 54pt; text-align: justify; text-indent: -18pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 18pt">&#9679;</TD><TD STYLE="text-align: justify">Given the significance of this acquisition to your historical financial statements, tell us why
you have not included audited historical financial statements of W4W pursuant<FONT STYLE="letter-spacing: -0.2pt"> </FONT>to<FONT STYLE="letter-spacing: -0.2pt">
</FONT>Rule<FONT STYLE="letter-spacing: -0.2pt"> </FONT>8-04<FONT STYLE="letter-spacing: -0.2pt"> </FONT>of<FONT STYLE="letter-spacing: -0.2pt">
</FONT>Regulation<FONT STYLE="letter-spacing: -0.2pt"> </FONT>S-X<FONT STYLE="letter-spacing: -0.2pt"> </FONT>and<FONT STYLE="letter-spacing: -0.2pt">
</FONT>pro<FONT STYLE="letter-spacing: -0.2pt"> </FONT>forma<FONT STYLE="letter-spacing: -0.2pt"> </FONT>financial<FONT STYLE="letter-spacing: -0.2pt">
</FONT>statements<FONT STYLE="letter-spacing: -0.2pt"> </FONT>pursuant to Rule 8-05 of Regulation S-X. Provide your analysis and
significance tests as <FONT STYLE="letter-spacing: -0.1pt">necessary.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 54pt; text-align: justify; text-indent: -18pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 18pt">&#9679;</TD><TD STYLE="text-align: justify">Your discussion in the penultimate paragraph indicates the pro forma financial information (pursuant
to ASC 805) reflects adjustments to the historical data of the Group to give effect to &ldquo;each of these acquisitions and the
related equity issuances as if each had occurred on January 1, 2020.&rdquo; Clarify, if true, that only one cash business acquisition<FONT STYLE="letter-spacing: -0.15pt">
</FONT>occurred<FONT STYLE="letter-spacing: -0.15pt"> </FONT>and<FONT STYLE="letter-spacing: -0.15pt"> </FONT>that<FONT STYLE="letter-spacing: -0.15pt">
</FONT>no<FONT STYLE="letter-spacing: -0.15pt"> </FONT>equity<FONT STYLE="letter-spacing: -0.15pt"> </FONT>issuances<FONT STYLE="letter-spacing: -0.15pt">
</FONT>was<FONT STYLE="letter-spacing: -0.15pt"> </FONT>given.<FONT STYLE="letter-spacing: 2pt"> </FONT>Please<FONT STYLE="letter-spacing: -0.15pt">
</FONT>advise<FONT STYLE="letter-spacing: -0.15pt"> </FONT>and<FONT STYLE="letter-spacing: -0.15pt"> </FONT>revise as necessary.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 54pt; text-align: justify; text-indent: -18pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><B>Response</B>: The Company acknowledges
the Staff&rsquo;s comments and has revised the consolidated financial statements for the years ended December 31, 2021 and 2020
by breaking out the $600,000 as a separate line item as a note payable, and by adding a footnote discussing the nature of the liability
at Note 3 and Note 11, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">With respect to the significance of
the acquisition of W4W, pursuant to Rule 8-04 of Regulation S-X, we have included the audited historical W4W financial statements
for the two most recent fiscal years prior to acquisition, as well as the latest unaudited financial statements for the interim
period that precedes the acquisition and the corresponding unaudited financial statements for the corresponding interim period
of the preceding year. Further, pursuant to Rule 8-05 of Regulation S-X, we have also included the required pro forma financial
statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">In order to clarify that one cash
business acquisition occurred without equity issuances, the Company has revised Note 3 of the of consolidated financial statements
for the years ended December 31, 2021 and 2020.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><U>Note 6. Intangible Assets, page F-<FONT STYLE="letter-spacing: -0.25pt">13</FONT></U></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.65pt"></TD><TD STYLE="width: 35.35pt">37.</TD><TD STYLE="text-align: justify">Please<FONT STYLE="letter-spacing: -0.15pt"> </FONT>revise<FONT STYLE="letter-spacing: -0.15pt">
</FONT>to<FONT STYLE="letter-spacing: -0.15pt"> </FONT>disclose<FONT STYLE="letter-spacing: -0.15pt"> </FONT>the<FONT STYLE="letter-spacing: -0.15pt">
</FONT>estimated<FONT STYLE="letter-spacing: -0.15pt"> </FONT>useful<FONT STYLE="letter-spacing: -0.15pt"> </FONT>lives<FONT STYLE="letter-spacing: -0.15pt">
</FONT>of<FONT STYLE="letter-spacing: -0.15pt"> </FONT>your<FONT STYLE="letter-spacing: -0.15pt"> </FONT>intangible<FONT STYLE="letter-spacing: -0.15pt">
</FONT>assets<FONT STYLE="letter-spacing: -0.15pt"> </FONT>here<FONT STYLE="letter-spacing: -0.15pt"> </FONT>or<FONT STYLE="letter-spacing: -0.15pt">
</FONT>in<FONT STYLE="letter-spacing: -0.15pt"> </FONT>the narrative discussion on page F-9.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -35.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -35.35pt"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -35.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><B>Response</B>: The Company acknowledges
the Staff&rsquo;s comment and has revised the consolidated financial statements for the years ended December 31, 2021 and 2020
to disclose the estimated useful lives of intangible asset at Note 2 Summary of Significant Accounting Policies &ndash; Intangible
Assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.75pt 0 0; text-align: justify"><U>December<FONT STYLE="letter-spacing: -0.4pt">
</FONT>31,<FONT STYLE="letter-spacing: -0.4pt"> </FONT>2021<FONT STYLE="letter-spacing: -0.4pt"> </FONT>Audited<FONT STYLE="letter-spacing: -0.4pt">
</FONT>Financial<FONT STYLE="letter-spacing: -0.4pt"> </FONT>Statements</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.75pt 0 0; text-align: justify"><U>Note 11. Reportable Segments,
page F-18</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.75pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.65pt"></TD><TD STYLE="width: 35.35pt">38.</TD><TD STYLE="text-align: justify">Please expand to also disclose your revenue disaggregated by business unit or sales channel.<FONT STYLE="letter-spacing: 2pt">
</FONT>In this regard, we note MD&amp;A disclosure on page 39 that you have two distinct business<FONT STYLE="letter-spacing: -0.15pt">
</FONT>units,<FONT STYLE="letter-spacing: -0.15pt"> </FONT>which<FONT STYLE="letter-spacing: -0.15pt"> </FONT>appear<FONT STYLE="letter-spacing: -0.15pt">
</FONT>to<FONT STYLE="letter-spacing: -0.15pt"> </FONT>be<FONT STYLE="letter-spacing: -0.15pt"> </FONT>your<FONT STYLE="letter-spacing: -0.15pt">
</FONT>distribution<FONT STYLE="letter-spacing: -0.15pt"> </FONT>channels<FONT STYLE="letter-spacing: -0.15pt"> </FONT>for<FONT STYLE="letter-spacing: -0.15pt">
</FONT>(i)<FONT STYLE="letter-spacing: -0.15pt"> </FONT>brand<FONT STYLE="letter-spacing: -0.15pt"> </FONT>products,<FONT STYLE="letter-spacing: -0.15pt">
</FONT>which are product sales from your partner distributions, and (ii) e-commerce products which are product<FONT STYLE="letter-spacing: -0.15pt">
</FONT>sales<FONT STYLE="letter-spacing: -0.15pt"> </FONT>via<FONT STYLE="letter-spacing: -0.15pt"> </FONT>your<FONT STYLE="letter-spacing: -0.15pt">
</FONT>owned<FONT STYLE="letter-spacing: -0.15pt"> </FONT>marketplace<FONT STYLE="letter-spacing: -0.15pt"> </FONT>platforms.<FONT STYLE="letter-spacing: 2pt">
</FONT>Refer<FONT STYLE="letter-spacing: -0.15pt"> </FONT>to<FONT STYLE="letter-spacing: -0.15pt"> </FONT>ASC<FONT STYLE="letter-spacing: -0.15pt">
</FONT>606-50-5<FONT STYLE="letter-spacing: -0.15pt"> </FONT>and<FONT STYLE="letter-spacing: -0.15pt"> </FONT>606-10- <FONT STYLE="letter-spacing: -0.1pt">55-91(g).</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -35.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><B>Response</B>: The Company acknowledges
the Staff&rsquo;s comment and has revised the consolidated financial statements for the years ended December 31, 2021 and 2020
to include this disclosure at Note 11(b).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><U>Recent Sales of Unregistered Securities,
page II-<FONT STYLE="letter-spacing: -0.5pt">2</FONT></U></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.65pt"></TD><TD STYLE="width: 35.35pt">39.</TD><TD STYLE="text-align: justify">Please update and revise the disclosure in this section to furnish all the information required
by Item 701 of Regulation S-K, including the exemption from registration claimed<FONT STYLE="letter-spacing: -0.2pt"> </FONT>and<FONT STYLE="letter-spacing: -0.2pt">
</FONT>consideration<FONT STYLE="letter-spacing: -0.2pt"> </FONT>for<FONT STYLE="letter-spacing: -0.2pt"> </FONT>all<FONT STYLE="letter-spacing: -0.2pt">
</FONT>transactions.<FONT STYLE="letter-spacing: -0.2pt"> </FONT>For<FONT STYLE="letter-spacing: -0.2pt"> </FONT>example,<FONT STYLE="letter-spacing: -0.2pt">
</FONT>we<FONT STYLE="letter-spacing: -0.2pt"> </FONT>note<FONT STYLE="letter-spacing: -0.2pt"> </FONT>your<FONT STYLE="letter-spacing: -0.2pt">
</FONT>disclosure<FONT STYLE="letter-spacing: -0.2pt"> </FONT>on page 43 regarding a $3.9 million Series A Financing in 2021.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -35.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><B>Response</B>: The Company acknowledges
the Staff&rsquo;s comment and has revised and updated this section with all such information as requested.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><U>Exhibit Index, page II-<FONT STYLE="letter-spacing: -0.5pt">4</FONT></U></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.65pt"></TD><TD STYLE="width: 35.35pt">40.</TD><TD STYLE="text-align: justify">Please<FONT STYLE="letter-spacing: -0.15pt"> </FONT>file<FONT STYLE="letter-spacing: -0.15pt">
</FONT>the<FONT STYLE="letter-spacing: -0.15pt"> </FONT>Filing<FONT STYLE="letter-spacing: -0.15pt"> </FONT>Fee<FONT STYLE="letter-spacing: -0.15pt">
</FONT>Table<FONT STYLE="letter-spacing: -0.15pt"> </FONT>as<FONT STYLE="letter-spacing: -0.15pt"> </FONT>an<FONT STYLE="letter-spacing: -0.15pt">
</FONT>exhibit<FONT STYLE="letter-spacing: -0.15pt"> </FONT>to<FONT STYLE="letter-spacing: -0.15pt"> </FONT>this<FONT STYLE="letter-spacing: -0.15pt">
</FONT>registration<FONT STYLE="letter-spacing: -0.15pt"> </FONT>statement.<FONT STYLE="letter-spacing: -0.15pt"> </FONT>Refer<FONT STYLE="letter-spacing: -0.15pt">
</FONT>to<FONT STYLE="letter-spacing: -0.15pt"> </FONT>Item 601(b)(107) of Regulation S-K.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -35.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><B>Response</B>: The Company acknowledges
the Staff&rsquo;s comment and has filed the Filing Fee Table with our Submission No. 2.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.1pt"><U>General</U></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.65pt"></TD><TD STYLE="width: 35.35pt">41.</TD><TD STYLE="text-align: justify">Please supplementally provide us with copies of all written communications, as defined in Rule
405 under the Securities Act, that you, or anyone authorized to do so on your behalf, present to potential investors in reliance
on Section 5(d) of the Securities Act, whether or not<FONT STYLE="letter-spacing: -0.15pt"> </FONT>they<FONT STYLE="letter-spacing: -0.15pt">
</FONT>retain<FONT STYLE="letter-spacing: -0.15pt"> </FONT>copies<FONT STYLE="letter-spacing: -0.15pt"> </FONT>of<FONT STYLE="letter-spacing: -0.15pt">
</FONT>the<FONT STYLE="letter-spacing: -0.15pt"> </FONT>communications.<FONT STYLE="letter-spacing: -0.15pt"> </FONT>Please<FONT STYLE="letter-spacing: -0.15pt">
</FONT>contact<FONT STYLE="letter-spacing: -0.15pt"> </FONT>legal<FONT STYLE="letter-spacing: -0.15pt"> </FONT>staff<FONT STYLE="letter-spacing: -0.15pt">
</FONT>associated<FONT STYLE="letter-spacing: -0.15pt"> </FONT>with<FONT STYLE="letter-spacing: -0.15pt"> </FONT>the review of
this filing to discuss how to submit the materials, if any, to us for review.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -35.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"><B>Response</B>: The Company acknowledges
the Staff&rsquo;s comment and respectfully advises that the Company has not presented written communications, as defined in Rule
405 under the Securities Act, to potential investors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 40.5pt">Should you have any questions
regarding the foregoing, please do not hesitate to contact our counsel, Darrin Ocasio of Sichenzia Ross Ference LLP, at (212) 930-9700.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 40.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 296.5pt"><FONT STYLE="letter-spacing: -0.1pt">Sincerely,</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 296.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 296.5pt">Dean Huge</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 296.5pt">Chief Executive Officer</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 296.5pt">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 296.5pt">&nbsp;</P>

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