<SEC-DOCUMENT>0001683168-22-002903.txt : 20220425
<SEC-HEADER>0001683168-22-002903.hdr.sgml : 20220425
<ACCEPTANCE-DATETIME>20220425162825
ACCESSION NUMBER:		0001683168-22-002903
CONFORMED SUBMISSION TYPE:	424B4
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20220425
DATE AS OF CHANGE:		20220425

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Aclarion, Inc.
		CENTRAL INDEX KEY:			0001635077
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-MEDICAL LABORATORIES [8071]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		424B4
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-262026
		FILM NUMBER:		22850027

	BUSINESS ADDRESS:	
		STREET 1:		951 MARINERS ISLAND BLVD
		STREET 2:		STE 300
		CITY:			SAN MATEO
		STATE:			CA
		ZIP:			94404
		BUSINESS PHONE:		650 241 1740

	MAIL ADDRESS:	
		STREET 1:		951 MARINERS ISLAND BLVD
		STREET 2:		STE 300
		CITY:			SAN MATEO
		STATE:			CA
		ZIP:			94404

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Nocimed, Inc.
		DATE OF NAME CHANGE:	20150226
</SEC-HEADER>
<DOCUMENT>
<TYPE>424B4
<SEQUENCE>1
<FILENAME>aclarion_424b4.htm
<DESCRIPTION>FORM 424B3
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 4.5pt; margin-bottom: 0pt; text-align: left"><FONT STYLE="font-size: 7pt"><A HREF="#a1">Table of Contents</A></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right"><B>Filed pursuant to Rule 424(b)(4)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right"><B>Registration No. 333-262026</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 14pt"><B>ACLARION, INC.</B></FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>2,165,000 Units consisting of<BR>
2,165,000 Shares of Common Stock and<BR>
2,165,000 Warrants to purchase up to 2,165,000 Shares of Common Stock</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>Each Unit Consisting
of One Share of Common Stock and One Warrant to Purchase One Share of Common Stock</B></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Aclarion, Inc. is offering units, or Units, each consisting of one
share of our common stock and one warrant to purchase one share of our common stock, or each, a Warrant, in an initial public offering.
Prior to this initial public offering, there has been no public market for our common stock or the Warrants comprising the Units. The
offering price per Unit is $4.35. The Units have no stand-alone rights and will not be certificated or issued as stand-alone securities.
The common stock and Warrants are immediately separable and will be issued separately in this offering. Each Warrant offered hereby is
immediately exercisable on the date of issuance at an exercise price of $4.35 per share of common stock, and will expire five years from
the date of issuance.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Our common stock and
our Warrants will trade on The Nasdaq Capital Market, under the symbols &ldquo;ACON&rdquo; for the common stock and &ldquo;ACONW&rdquo;
for our Warrants.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">We are an &ldquo;emerging growth company&rdquo;
and a &ldquo;smaller reporting company&rdquo; as defined under the U.S. federal securities laws and, as such, have elected to comply
with certain reduced public company reporting requirements.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Per Unit</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 66%; text-align: left">Initial public offering price</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 13%; text-align: right">4.350</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 13%; text-align: right">9,417,750</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Underwriting discounts and commissions (1)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">.348</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">753,420</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left">Proceeds to Aclarion, Inc., before expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">4.002</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">8,664,330</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  </TABLE>


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



<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 20px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The underwriters will receive
    compensation in addition to the underwriting discounts and commissions. See &ldquo;<A HREF="#a19">Underwriting</A>&rdquo; beginning
    on page 125.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We have granted a 45-day option to the representative of the underwriters
to purchase up to 324,750 additional shares of common stock at a per share price of $4.34 and/or 324,750 additional Warrants to purchase
up to 324,750 shares of common stock at a price per Warrant of $0.01, less, in each case, the underwriting discounts and commissions,
solely to cover over-allotments, if any. If the representative of the underwriters exercises the option in full, the total underwriting
discounts and commissions payable will be $866,433, and the total proceeds to us, before expenses, will be $9,963,980.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Certain of our directors and officers have purchased a total of 48,400
Units in this offering at the offering price. </P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B>Investing in our
common stock involves a high degree of risk. Before buying any shares, you should carefully read the discussion of material risks of
investing in our common stock in &ldquo;<A HREF="#a7">Risk Factors</A>&rdquo; beginning on page 15 of this prospectus.
</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
underwriters expect to deliver the securities comprising the Units to investors on or about
April 26, 2022. </FONT></P>

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

<P STYLE="font: 24pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>Maxim Group LLC</B></P>

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

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>The date of this prospectus
is April 21, 2022 </B></P>



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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><A NAME="a1"></A><B>TABLE
OF CONTENTS</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Page</FONT></TD></TR>
  <TR STYLE="background-color: rgb(238,238,238)">
    <TD STYLE="vertical-align: top"><A HREF="#a2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Market and
    Industry Data</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">ii</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; width: 90%"><A HREF="#a4"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prospectus
    Summary</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; width: 10%; text-align: center">1</TD></TR>
  <TR STYLE="background-color: rgb(238,238,238)">
    <TD><A HREF="#a5"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Offering</FONT></A></TD>
    <TD STYLE="text-align: center">12</TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top"><A HREF="#a6"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Information
    Regarding Forward Looking Statement</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">14</TD></TR>
  <TR STYLE="background-color: rgb(238,238,238)">
    <TD STYLE="vertical-align: top"><A HREF="#a7"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Risk Factors</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">15</TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top"><A HREF="#a_001"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Use of
    Proceeds</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">59</TD></TR>
  <TR STYLE="background-color: rgb(238,238,238)">
    <TD STYLE="vertical-align: top"><A HREF="#a_002"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dividend
    Policy</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">60</TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#a8">Capitalization</A></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">61</TD></TR>
  <TR STYLE="background-color: rgb(238,238,238)">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#a9">Dilution</A></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">63</TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top"><A HREF="#a10"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management&rsquo;s
    Discussion and Analysis of Financial Condition and Results of Operations</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">65</TD></TR>
  <TR STYLE="background-color: rgb(238,238,238)">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#a11">Business</A></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">71</TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#a12">Management</A></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">95</TD></TR>
  <TR STYLE="background-color: rgb(238,238,238)">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#a01">Compensation
    of our Directors</A></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">105</TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top"><A HREF="#a13">Compensation of our Executive Officers</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">106</TD></TR>
  <TR STYLE="background-color: rgb(238,238,238)">
    <TD><A HREF="#a14"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain Relationships and Related Persons
    Transactions</FONT></A></TD>
    <TD STYLE="text-align: center">113</TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top"><A HREF="#a15"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Principal
    Stockholders</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">114</TD></TR>
  <TR STYLE="background-color: rgb(238,238,238)">
    <TD STYLE="vertical-align: top"><A HREF="#a16"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Description
    of Capital Stock</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">116</TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top"><A HREF="#a17"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Description
    of Securities We Are Offering</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">119</TD></TR>
  <TR STYLE="background-color: rgb(238,238,238)">
    <TD><A HREF="#a18"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shares Eligible for Future Sale</FONT></A></TD>
    <TD STYLE="text-align: center">122</TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#a19">Underwriting</A></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">125</TD></TR>
  <TR STYLE="background-color: rgb(238,238,238)">
    <TD STYLE="vertical-align: top"><A HREF="#a20"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Legal Matters</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">133</TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#a21">Experts</A></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">133</TD></TR>
  <TR STYLE="background-color: rgb(238,238,238)">
    <TD STYLE="vertical-align: top"><A HREF="#a22"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Where you
    can find more Information</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">133</TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top"><A HREF="#a_19"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Index to
    Financial Statements</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-1</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>&nbsp;</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">You should rely only on the information contained
in this prospectus and in any free writing prospectus. We and the underwriters have not authorized anyone to provide you with information
different from that contained in this prospectus. We and the underwriters are offering to sell, and seeking offers to buy, shares of
our common stock only in jurisdictions where offers and sales are permitted. The information in this prospectus is accurate only as of
the date of this prospectus, regardless of the time of delivery of this prospectus or any sale of shares of our common stock.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left; background-color: white"><B>&nbsp;</B></P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><A NAME="a2"></A><B>MARKET
AND INDUSTRY DATA</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Certain of the market data and other
statistical information contained in this prospectus, such as the size, growth and share of the services industry, are based on
information from independent industry organizations and other third-party&nbsp;sources, industry publications, surveys and
forecasts. The size of the market information referenced in this prospectus is based on articles published in the Journal of
the American Medical Association (&ldquo;JAMA&rdquo;). Some market data and statistical information contained in this prospectus are
also based on our management&rsquo;s estimates and calculations, which we derived from our review and interpretation of the
independent sources, our internal market and brand research and our knowledge of the industries in which we operate. While we
believe that each of these studies and publications is reliable, neither we nor the underwriters have independently verified market
or industry data from third-party&nbsp;sources and the Company is responsible for such disclosure. We also believe our internal
company research is reliable and the definitions of our market and industry are appropriate, though neither this research nor these
definitions have been verified by any independent source. Information that is based on estimates, forecasts, projections or similar
methodologies is inherently subject to uncertainties, and actual events or circumstances may differ materially from events and
circumstances that are assumed in this information.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Although we are not aware of any misstatements regarding the industry
data that we present in this prospectus, our estimates involve risks and uncertainties and are subject to change based on various factors,
including those discussed under &ldquo;Risk Factors,&rdquo; &ldquo;Forward-Looking&nbsp;Statements,&rdquo; and &ldquo;Management&rsquo;s
Discussion and Analysis of Financial Condition and Results of Operations&rdquo; in this prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our company name was changed from &ldquo;Nocimed,,Inc.&rdquo;,
to &ldquo;Aclarion, Inc.&rdquo; on December 3, 2021. NOCIMED&reg; -, NOCISCAN&reg; -, NOCIGRAM&reg;, NOCISCORE&reg;&trade; -, NOCICALC&trade;
- MRS NOCI+&trade; - NOCI-&trade; -, NOCImild&trade; -NOCIWEB&trade; - SI-SCORE&trade;, VIRTUAL DISCOGRAM&trade; - and the Nocimed logo
are our trademarks. All other service marks, trademarks and trade names appearing in this prospectus are the property of their respective
owners. We do not intend our use or display of other companies&rsquo; trade names, trademarks or service marks to imply a relationship
with, or endorsement or sponsorship of us by, these other companies. Solely for convenience, trademarks and tradenames referred to in
this prospectus may appear without the&nbsp;&reg;&nbsp;or &trade; symbols, but such references are not intended to indicate in any way
that we will not assert, to the fullest extent under applicable law, our rights, or that the applicable owner will not assert its rights,
to these trademarks and tradenames. Unless the context otherwise requires, we use the terms &ldquo;Nocimed,&rdquo; &ldquo;Company,&rdquo;
&ldquo;we,&rdquo; &ldquo;us&rdquo; and &ldquo;our&rdquo; in this prospectus to refer to Aclarion, Inc.</P>

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><A NAME="a3"></A><B>GLOSSARY</B></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Unless otherwise indicated
or the context otherwise requires, references in this prospectus to the term:</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>&ldquo;AI&rdquo;
</B>means Artificial Intelligence&nbsp;</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>&ldquo;Category I
Codes</B>&rdquo; means numeric codes&nbsp;that identify a procedure or service that is approved by the Food and Drug Administration (FDA),
performed by healthcare professionals nationwide, and is proven and documented.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>&ldquo;Category III
Codes&rdquo; are </B>CPT Category III codes that are a&nbsp;set of temporary codes assigned to emerging technologies, services, and procedures.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 18.7pt">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&ldquo;<B>CE
mark&rdquo;</B> is an administrative marking with which a manufacturer or importer affirms its products are in conformity with
European health, safety, and environmental protection standards for products sold within the&nbsp;European Economic
Area (EEA).</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>&quot;Covered Entity&rdquo;
</B>is a health care provider or other person or entity who acquires and transmits private health information of patients, as covered
under HIPAA and GDPR regulations (see e.g. 45 CFR &sect;160.103).</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>&ldquo;CPT&rdquo;
</B>means &ldquo;Current Procedural Terminology&rdquo;, and refers to a medical code set created and maintained by the American Medical
Association (&ldquo;AMA&rdquo;) and used by providers of healthcare services to bill insurance companies for their work. All new medical
devices and services are required to secure CPT codes to receive payment from government and private commercial payers.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>&ldquo;CT-Scan&rdquo;
</B>means a computerized tomography (CT) scan combines a series of X-ray images taken from different angles around the body and uses
computer processing to create cross-sectional images (slices) of the bones, blood vessels and soft tissues inside the body.&nbsp;CT&nbsp;scan
images provide more-detailed information than plain X-rays do.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&ldquo;Cures Act&rdquo;</B> means the 21<SUP>st
</SUP>Century Cures Act, signed into law on December 13, 2016, as Public Law No: 114-255.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #515151"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&ldquo;Disc&rdquo; means an
intervertebral disc which is</B> made of a gel-like material (nucleus pulposus) surrounded by a thick fibrous ring (annulus fibrosus)
is situated between the vertebral bodies of the spine.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>&ldquo;DLBP&rdquo;
</B>means Discogenic Low Back Pain</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&ldquo;DOC&rdquo;</B> means &ldquo;Declaration
of Conformity,&rdquo; a document signed by us that declares that we have self-complied with applicable regulations for self-certifying
our CE Marking for our products.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&ldquo;Fusion&rdquo; </B>means &ldquo;Spinal
Fusion&rdquo; which is surgery to permanently connect two or more vertebrae in the spine, eliminating motion between them.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>&quot;GDPR&rdquo;
</B>means the General Data Protection Regulation in the EU, originally effective May 25, 2018 and implemented in all local privacy laws
across the EU and EEA region, to protect a patient&rsquo;s personally identifiable information (PII) and regulate how it must be collected,
stored, and used by others, and in certain situations applies concurrently with HIPAA requirements with respect to PII that is PHI for
persons located in the EU and received by companies or other persons or entities in the US</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>&ldquo;IRB&rdquo;
</B>means Institutional Review Board, which is typically an appointed board for reviewing and approving investigational clinical trials.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>&ldquo;Indications
for Use&rdquo;</B> means the limited scope of the intended uses and related medical indications for appropriately using our products.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>&ldquo;LBP&rdquo;
</B>means Lower Back Pain.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>&ldquo;Labeling&rdquo;
</B>means the scope of intended &ldquo;Indications for Use&rdquo; that is identified with the commercial sale and use of our products.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B>&ldquo;Lumbar Spine&rdquo;
</B>means the five (5) lower vertebrae, L-1 to L-5.</P>

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

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

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

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&ldquo;<B>MR</B>&rdquo;
means Magnetic Resonance.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&ldquo;<B>MRI</B>&rdquo;
means Magnetic Resonance Imaging.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&ldquo;<B>MRS</B>&rdquo;
means Magnetic Resonance Spectroscopy and is a type of pulse sequence used by MR scanners that, unlike MRI pulse sequences which generate
images of tissue structures, generates a &lsquo;spectrum&rsquo; with various peaks that represent different chemicals in the body tissue
being examined, and which allows for the quantitative measurement of the relative amounts of those chemicals in the examined tissues.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>&ldquo;Notified Body&rdquo;
</B>means an organization designated by an EU country to assess the conformity of certain products before being placed on the market,
as is required for certain medical products.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>&ldquo;NIH&rdquo;
</B>means the United States National Institutes of Health.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>&ldquo;PD TEST&rdquo;
</B>means a Provocation Discogram test which is a diagnostic test meant to confirm or exclude the intervertebral disc(s) as a source
of back pain. This technique involves puncture of the disc with a fine-gauge needle under fluoroscopic guidance and pressurization of
the disc via the injection of contrast media.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&ldquo;<B>PMA</B>&rdquo;
means Premarket Approval by the FDA.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&quot;<B>QMS</B>&rdquo;
means Quality Management System, which is a formalized system that documents processes, procedures, and responsibilities for achieving
quality policies and objectives, in particular to meet customer and regulatory requirements.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&ldquo;DICOM&rdquo; </B>means an acronym for
digital image communication, typically referring to standardized data architecture formats for managing, storing, and communicating or
transferring MRI images and other associated data.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&ldquo;Disc&rdquo; </B>means intervertebral
disc that is located between two vertebral body bones of the spine, where it is bordered by superior and inferior disc end-plate structures,
and comprises an inner disc nucleus between the two end-plates and that is a circumferentially surrounded by, and normally contained
by, and outer disc annulus that is normally a fibrous collagen-based connective tissue structure.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&ldquo;Spectroscopy&rdquo; </B>means the science
of deriving and evaluating a multi-peak spectrum for a material and in which different molecular bonds representing different components
of the material are represented by unique respective peaks at particular locations along the spectra, and with the different peaks typically
reflecting different resonant frequencies of the different components when subjected to a pulsed magnetic field; and in our current product,
relates to producing and evaluating spectra for the different chemical constituents of disc tissue as derived from MR pulse sequences
applied to those tissues for that chemical analysis.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><A NAME="a4"></A><B>PROSPECTUS
SUMMARY</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><I>This prospectus summary
highlights certain information appearing elsewhere in this prospectus. As this is a summary, it does not contain all of the information
that you should consider in making an investment decision. You should read the entire prospectus carefully, including the information
under &ldquo;<A HREF="#a7">Risk Factors</A>,&rdquo; &ldquo;<A HREF="#a10">Management&rsquo;s Discussion and Analysis of Financial Condition and Results of Operations</A>&rdquo;
and our financial statements and the related notes thereto included in this prospectus, before investing. This prospectus includes forward-looking
statements that involve risks and uncertainties. See &ldquo;<A HREF="#a6">Information Regarding Forward-Looking Statements</A>.&rdquo;</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><I>The Company was originally
formed in Delaware as Nocimed, LLC in January 2008. Nocimed, LLC was converted to Nocimed, Inc., a Delaware corporation in February,
2015. The name of the Company was changed from &ldquo;Nocimed, Inc.&rdquo; to &ldquo;Aclarion, Inc.&rdquo; on December 3, 2021. In this
prospectus, unless the context otherwise requires, the terms &ldquo;Aclarion, Inc.,&rdquo; &ldquo;Aclarion&rdquo;, &ldquo;Nocimed, Inc.&rdquo;
the &ldquo;Company,&rdquo; &ldquo;we,&rdquo; &ldquo;us&rdquo; and &ldquo;our&rdquo; refer, prior to the name change discussed herein,
to Nocimed, Inc., and after the name change, to Aclarion, Inc.</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><I>Immediately prior
to the offering, the following actions occurred:</I></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><I></I> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; background-color: white">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>A 1-for-7.47 reverse stock split of our shares of common stock which became effective
on April 21, 2022 upon the effectiveness of this offering;</I></FONT>
</TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>The conversion of all outstanding shares of our preferred into an equivalent number of shares of common stock;</I></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>The issuance of
    971,551 shares of common stock in payment of the accrued dividends on certain outstanding shares of our preferred stock;</I></FONT> </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><I>The issuance of 74,027 shares of  common stock upon the net exercise of certain outstanding
    common stock warrants;</I></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>The issuance of
    426,767 shares of common stock and warrants in payment of accrued interest on our $2 million of senior
    secured debt; and</I></FONT> </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>The filing and effectiveness of our amended and restated certificate of incorporation in Delaware and the adoption of our amended and restated bylaws.</I></FONT></TD></TR>
  </TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><I>This prospectus includes
trademarks, service marks and trade names owned by us or other companies. All trademarks, service marks and trade names included in this
prospectus are the property of their respective owners.</I></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Aclarion is a healthcare technology company
that leverages Magnetic Resonance Spectroscopy (&ldquo;MRS&rdquo;), and a proprietary biomarker to optimize clinical treatments.
Aclarion&rsquo;s technology addresses the $134.5B U.S. low back and neck pain market, which according to a 2020 JAMA (Journal of the
American Medical Association) article is now the most costly healthcare condition in the United States. The Company is currently
utilizing Artificial Intelligence (&ldquo;AI&rdquo;) to assist in quality control processes that flag spectroscopy data indicative
of a poor MRS study. The use of AI in this application is early in its development cycle and is expected to evolve with further
research and development. The Company is also researching the application of AI and machine learning platforms to analyze both the
raw spectroscopy data and the post-processed signal to evaluate whether AI platforms can more efficiently and more effectively
associate MRS data with clinical outcomes. The use of AI in this application is aspirational and we intend this type of AI research
and development to be an ongoing process applied not only to the various treatment paths associated with back pain, such as
conservative therapies, regenerative and cell therapies and surgical intervention, but also to potentially expand into other
clinical explorations involving the diagnosis of brain, breast and prostate tumors.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company, which has limited sales to date,
is addressing this market by initially focusing on improving the outcomes of surgical interventions to treat low back pain. In this initial
application, Aclarion technology is intended to assist surgeons in determining the optimal surgical procedure for a patient undergoing
surgery for pain isolated to their lumbar spine (the &ldquo;lumbar spine&rdquo; is comprised of the five (5) lower vertebrae, L-1 to
L-5). We then intend add additional applications of our technology targeting the management of large segments of low back pain patients
from the point of initial MRI through to episode resolution. We believe this will expand the use of our technology to low back pain patients
undergoing conservative therapies such as physical therapy or biologic and cell therapies aimed at regenerating the lumbar discs. We plan
to expand the application of our technology beyond the lumbar spine to address neck pain populations in addition to low back pain populations.
To expand the application of our technology for use in neck pain populations, we will need to overcome technical changes associated with
securing adequate MRS data from the cervical disc, which is significantly smaller than the lumbar disc, and there can be no assurance
the Company will be able to overcome these challenges.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
core technology Aclarion employs is MR Spectroscopy. The patient experience when undergoing an MRS exam is exactly like that of a standard
MRI, with the exception of an additional 3-5 minutes for each disc undergoing a spectroscopy exam. Whereas a standard MRI produces a
signal that is converted into anatomical images, an MRS produces a signal that is converted into a waveform that identifies the chemical
composition of tissues. Just like with standard MRI&rsquo;s, the data from spectroscopy is useless without technologies that can process
the data. Aclarion has developed proprietary signal processing software that transforms spectroscopy data into clear biomarkers. These
biomarkers, which are exclusively licensed from the Regents of University of California, San Francisco (&ldquo;UCSF&rdquo;), are
the key data inputs for our proprietary algorithms that, when applied, determine if an intervertebral disc is consistent with pain. Our
patent portfolio includes 21 U.S. Patents, 17 Foreign Patents, 6 pending U.S. patent applications, and 7 pending Foreign patent application,
including patents and patent applications exclusively licensed from </FONT> Regents of the University of California<FONT STYLE="font-family: Times New Roman, Times, Serif">.</FONT> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We believe one of the biggest issues driving
the cost of treating low back and neck pain patients to the top of the list for healthcare spending is that there is no objective, cost
effective and noninvasive diagnostics to reliably identify the source of a patient&rsquo;s pain. We believe the poor surgical outcomes
for DLBP are largely due to difficulties in reliably and accurately diagnosing the specific spinal discs that are causing pain. The current
primary diagnostic standard is the MRI, which is useful for showing abnormal structures and tissue dehydration, but, we believe, cannot
reliably identify specific discs that are causing pain. To diagnose specific discs that are causing pain, a needle-based Provocation
Discogram test (&ldquo;PD Test&rdquo;) has been developed. PD Tests have been shown to be highly accurate when performed properly. However,
a PD Test is invasive, subjective and unpleasant for the patient as the patient needs to be awake in order to tell the physician if the
pain the physician is purposefully causing in the disc is the same as the pain the patient feels when they are experiencing a back pain
episode. In addition, recent evidence has shown that the action of inserting a needle into a normal disc during a discogram procedure
leads to an increased rate of degeneration in these previously normal discs. Based on the limitations and concerns of the PD Test, we
believe there is a significant need for an objective, accurate, personalized and noninvasive diagnostic test that can reliably determine
if an individual disc is a pain generator. By providing physicians information about whether a disc has the chemical and structural makeup
consistent with pain or not, we believe the treatment plan for each patient will lead to more efficient and targeted care that, will
in turn, result in lower costs and healthier patient outcomes.</P>

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



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Aclarion has taken the first steps to demonstrate
the potential use of our technology in helping to improve the outcome of surgical intervention for discogenic low back pain patients by
publishing a clinical study in the European Spine Journal in April 2019. The study illustrated that when all discs identified as consistent
with pain by our technology were included in a surgical treatment, 97% of the patients met the criteria for &ldquo;clinical improvement&rdquo;.
This compared to only 54% of patients meeting the criteria for clinical improvement if a disc that our technology identified as consistent
with pain, was not included in the surgical treatment.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The results of this clinical study led the CPT
committee to approve four Category III codes for our technology in January 2021. The NIH also included our technology as one of the handful
of technologies selected to participate in their $150 million Back Pain Consortium (BACPAC) Research Program, an NIH translational, patient-centered
effort to address the need for effective and personalized therapies for chronic low back pain.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Evolving science coupled with the understanding
of degenerative painful discs has suggested that lumbar discs may become painful due to certain chemical changes, which changes cannot
be identified using standard lumbar MRI imaging. However, an application of MRI scanners Magnetic Resonance Spectroscopy has been developed
by manufacturers of MRI equipment. MRSs are different than MRIs. An MRI generates images of body structures, while an MRS analyzes the
relative amounts of various chemicals in body tissues.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Aclarion has developed a software application
called NOCISCAN-LS&reg; which uses the existing MRS capabilities of many commercially available scanners to non-invasively analyze the
chemical makeup of intervertebral discs in the spine. The software post-processes the MRS exam data and detects the presence of chemical
biomarkers that we, in conjunction with spine researchers at UCSF, have demonstrated to be associated with degenerative pain and structural
integrity of the lumbar discs. After processing the MRS exam data, we send the ordering clinician a report that details how to interpret
the results of the MRS exam. We believe these results help clinicians make quicker and more informed decisions about which lumbar discs
are painful, and which are not. We believe the ordering clinician can use this information to determine the optimal treatment plan for
an individual patient.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I><U>NOCISCAN-LS Post-Processor Suite</U></I><B>:</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The NOCISCAN-LS Post Processor Suite is comprised
of the products that Aclarion currently markets and sells. The post-processor technology requires MRS exam data acquired only according
to Aclarion&rsquo;s proprietary MRS exam protocols. The Suite is comprised of two software products that interact with each other:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 15pt; text-align: right"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="width: 5pt"></TD><TD>NOCICALC-LS&reg; receives the raw un-processed NOCISCAN-LS MRS exam data and post-processes
that raw data into final spectra, and performs various degenerative pain biomarker calculations from those spectra, for each disc examined.
NOCICALC-LS is Registered as a Class I Medical Device with the FDA.</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 15pt; text-align: right"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="width: 5pt"></TD><TD>NOCIGRAM&reg; further processes the NOCICALC-LS results into individual NOCISCORES, on a
0-10 scale, that represent the different relative levels of degenerative pain biomarkers the various discs examined in the patient. High/low
NOCISCORE ranges are also correlated to painful (indicated as &ldquo;NOCI+&rdquo; result) versus non-painful (indicated as a &ldquo;NOCI-result).
The NOCISCORE scale was developed according to a reference PD TEST that was used as a standard control in a peer reviewed clinical development
trial for our technology. The post-processed MRS results are shown in an intuitive NOCIGRAM-LS report with reference to certain MRI images
of the related patient&rsquo;s lumbar spine. The NOCIGRAM-LS report is provided to the physician to aide in the physician&rsquo;s diagnosis
and treatment planning. NOCIGRAM is commercially available in the United States as &ldquo;Clinical Decision Support Software&rdquo; under
the 21<SUP>st</SUP> Century Cures Act, and as such is not considered a medical device nor regulated by the FDA.</TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I><A NAME="a23"></A>Clinical Evidence</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have pursued a clinical study (the &ldquo;Gornet
Study&rdquo;) to demonstrate the benefits of our technology to surgeons, imaging centers, third party payers, and patients. Without strong
clinical data in support of our technology to improve clinical outcomes, the opportunity to secure new reimbursement codes and change
existing treatment pathways would be limited.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In a clinical study sponsored by us, and authored
by, among others, a spine surgeon who has a financial interest in the Company. and published in the European Spine Journal in April 2019,
it was shown that 97% of the treated patients met the criteria for significant clinical improvement, where all discs identified as painful
by NOCISCAN-LS were included in the surgical treatment. This compared to 54% of surgical patients achieving clinically significant improvement
when discs identified as painful by NOCISCAN-LS were omitted from the surgical treatment, or discs identified as not painful by NOCISCAN-LS
were included in the treatment. Some authors of this study had a financial relationship with Aclarion, who sponsored the study.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This clinical study included 139 chronic low
back pain patients who collectively underwent a NOCISCAN-LS exam across 623 lumbar discs. Seventy-three patients underwent surgical intervention,
consisting of fusion or disc replacement, and reached six months follow up. Clinical improvement post surgically was evaluated using
the industry standard Oswestry Disability Index (ODI), and the Visual Analog Scale (VAS). ODI evaluates patient disability on a scale
of 1-100 with a higher score indicating less impairment. VAS evaluates subjective pain on a scale of 1-10 with a lower score indicating
less pain. Significant clinical improvement in the study was defined as a 15-point improvement in ODI and a 2-point improvement in VAS.
NOCISCAN-LS data was not used in surgical decision making.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Post-operatively, patients were separated into
various groups for analysis. One group consisted of patients where the surgical intervention included every disc that was identified
by NOCISCAN-LS as painful. This group consisted of 36 patients with 26 undergoing a one-level surgical procedure and 10 undergoing a
two-level surgical procedure. 97% (35 of 36) of the patients in this category met the criteria for significant clinical improvement.
The one failure in this group did meet the VAS requirement and missed the ODI cutoff of 15 by only one point.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In another group consisting of 13 patients, a
disc identified as painful by NOCISCAN-LS was not included in the surgical intervention. In this group only 54% (7 of 13) of patients
met the criteria for clinically significant improvement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We believe the results of this study indicates
that using NOCISCAN-LS data to help determine the appropriate level for surgical intervention will significantly improve the outcomes
for patients undergoing spine surgery for back pain. However, the Gornet Study was a single (relatively small) clinical study at a single clinical center sponsored
by us, and authored by, among others, a spine surgeon who has a financial interest in the Company, and there can be no assurance that
the results of such study accurately support our conclusions related to the market opportunity of our products.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We believe our main competition for diagnosing
disc pain are the PD Test and SPECT &ndash; CT.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Since MRIs are considered the current standard
for lumbar imaging, &ldquo;SPECT &ndash; CT&rdquo; requires an MRI, a CT-Scan, and an injection of a radioactive dye followed by a period
of time for circulation of the dye. We believe the radioactive dye that is injected is aimed at binding to inflammatory markers that
make the inflammation markers visible to the CT-Scan. However, we believe the inflammation markers have not been shown to specifically
correlate with pain. Because of the extra cost, time and radiation exposure when compared to MRS and our belief that SPECT &ndash; CT
does not bind to specific known pain biomarkers, we do not believe that SPECT &ndash; CT will play a major role in diagnosing DLBP.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As set forth above, a PD Test has many issues.
We believe the most significant issue impacting the future use of the PD Test is the growing evidence that the PD Test causes long term
harm to the patient by accelerating degeneration of the normal control discs that are a required component of the PD Test. We believe
this issue will create significant hesitation for spine surgeons to use a PD Test which will leave them, and other clinicians, with a
void in information about whether a disc is painful.</P>

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



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We believe the advantages NOCISCAN-LS delivers
against this competitive landscape to address the needs of the marketplace are significant and include the following:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Published
                                            clinical trial indicating improved surgical outcomes when surgically treated discs were identified
                                            as consistent with pain by our technology;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Noninvasive
                                            study that is delivered with minimal risk and no pain;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Objective
                                            results that are quantifiable;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Core
                                            technology that identifies biomarkers shown to be linked to pain and structural integrity
                                            of intervertebral discs</FONT>;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Software
                                            product that leverages the ubiquitous install base of compatible MRI scanners so that no
                                            new hardware is required</FONT>; and</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Potential
                                            diagnostic to evaluate the efficacy of regenerative therapies to treat degenerative discs
                                            with conservative measures such as PT, chiropractic interventions, steroid injections, etc.,
                                            to impact outcomes.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Because of the advantages of Aclarion&rsquo;s
solution as well as the issues associated with the limited availability of alternatives for patients and clinicians, we believe NOCISCAN-LS
can become the standard of care in diagnosing DLBP prior to a surgical intervention. We will continue to expand clinical registries and
data in support of the efficacy of our product.</P>

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Aclarion has an intellectual property portfolio
consisting of 21 U.S. Patents, 17 Foreign Patents, 6 pending U.S. patent applications, and 7 pending Foreign patent applications. This
portfolio includes patents assigned to Aclarion and patents exclusively licensed from the Regents of the University of California. Many
of the patents in our patent portfolio relate to aspects of our NOCISCAN-LS product suite and the related disc MRS exam itself, as well
as to broader applications of our technologies to other applications for MRS. We may expand our portfolio into alternative approaches
for pain diagnosis, in particular DLBP diagnosis, such as including using labeled molecular antibodies for imaging localized pain. The
Company is not aware of any third-party intellectual property rights that might threaten or prevent our ability to market products or
services without infringing such third-party intellectual property rights.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company holds multiple trademarks for its
previous corporate brand name as well as for its key products and brands (&ldquo;&reg;&rdquo; designates registered trademark, &ldquo;&trade;&rdquo;
designates unregistered trademark under common law protection). With respect to involved meanings, the recurrent prefix term &ldquo;NOCI&rdquo;
is derived from Latin origins for &ldquo;<I>pain</I>&rdquo; e.g. nerves that report pain are called &ldquo;<I>noci</I>ceptors. These marks
include: NOCIMED&reg;, NOCISCAN&reg;, NOCIGRAM&reg;, NOCISCORE&reg;, NOCICALC&trade;, NOCI+&trade;, NOCI-&trade;, NOCImild&trade;, NOCIWEB&trade;,
SI-SCORE&trade;, VIRTUAL DISCOGRAM&trade;.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The current NOCISCAN-LS product addresses the
$10B that is spent in the U.S. on spine fusion procedures annually. Our early clinical evidence points to a marked improvement in surgical
outcomes when discs identified as consistent with pain by our technology are included in the surgical treatment. We believe this market
is actionable now, and a significant portion of the proceeds of this offering will be directed towards commercializing this market opportunity.
However, our early clinical evidence is supported by a single (relatively small) clinical study at a single clinical center sponsored
by us, and authored by, among others, a spine surgeon who has a financial interest in the Company, and there can be no assurance that
the results of such study accurately support our conclusions related to the market opportunity of our products (See &ldquo;Clinical Evidence&rdquo;
above.)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As the commercialization process progresses,
Aclarion plans to track patients through clinical registries in order to build on our early clinical evidence. We expect to use these
registries to track NOCISCAN-LS patients regardless of what treatment path they may follow. Presently, NOCISCAN-LS has only been evaluated
in formal clinical studies for patients primarily undergoing surgical interventions for fusion or disc replacement. The Company plans
on expanding clinical registries to capture patients undergoing surgical interventions for back pain that includes all surgical interventions,
not just fusion and disc replacement procedures. We believe that if we are able to correlate specific MRS findings to improved surgical
outcomes for all spine surgeries, this will expand the size of the market opportunity in the U.S. from $10B to roughly $40B, inclusive
of pre-surgical conservative therapy costs. However, there can be no assurance that we will be able to correlate specific MRS findings
on all spine surgeries, or even if we do, that we would be successful in expanding our market to all spine surgeries.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our objective for NOCISCAN-LS is to address the
entire low back and neck pain market which at $134.5B annually, represents the largest amount of healthcare dollars spent to treat any
disease. To address this market, our current algorithms will need to expand to include advanced machine learning techniques that incorporate
multiple data inputs in addition to the chemical composition of discs. These additional inputs will need to be correlated to clinical
outcomes for treatments ranging from physical therapy to regenerative therapies to surgical interventions. This process is already underway
as we have been selected as a participant in a $150 million, NIH funded study (the &ldquo;Study&rdquo;), which is focused on evaluating
the most promising data inputs for predicting the optimal treatment path for back pain patients. The Study will cover a number of protocols
for the treatment of LBP, including NOCISCAN-LS. We will derive no revenue from the Study, but all results will be available to us.</P>


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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition to participation in major external
studies such as the NIH BACPAC initiative, we expect to create our own internal data by adding patients undergoing conservative and regenerative
treatment plans to our clinical registries, and then correlating NOCISCAN-LS results to outcomes in order to leverage AI to associate
spectroscopy signals with the optimal treatment pathway. If our internal data demonstrates what we believe to be clinical effectiveness
of our technology, we intend to expand our marketing opportunity to the management of all low back and neck pain patients, thereby increasing
our potential market to $134.5B in the United States. However, there can be no assurance that our internal data will demonstrate the
clinical effectiveness of our technology on all back and neck pain patients, or even if we do, that we will be successful in marketing
our technology to such patients.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Because we believe that spectroscopy is not widely
used for any clinical purposes today, there are practical limitations to the market opportunity that must be addressed. We believe the
two biggest limitations may be the lack of deployment of spectroscopy software across the installed base of existing MRIs worldwide,
and the fact that only certain MR scanner models are compatible with our technology. For compatible MRI sites that do not currently have
spectroscopy software installed, the onetime cost of the software ranges from $25,000 to $50,000. Currently, our NOCISCAN-LS platform
is only compatible with certain MR scanner models provided by SIEMENS, of which there are an estimated 1,500 in the United States, and
4,320 worldwide. We plan to collaborate with other MRI scanner vendors, as well as SIEMENS, to establish compatibility with their respective
scanners and MRS capabilities for use with our products. That allows us to include discounted pricing on spectroscopy software for MRI
sites interested in providing DLBP patients with the Nociscan-LS offering.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Reimbursement by Third Party Payers</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;Current Procedural Terminology&rdquo;,
more commonly known as CPT&reg; (&ldquo;CPT&rdquo;), refers to a medical code set created and maintained by the American Medical Association
(&ldquo;AMA&rdquo;) and used by providers of healthcare services to bill insurance companies for their work. All new medical devices
and services are required to secure CPT codes to receive payment from government and private commercial payers.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Based on the strength of the improvement in surgical
outcomes from the Gornet study (see &ldquo;Overview&rdquo;, &ldquo;Clinical Evidence&rdquo; above, we applied to the CPT committee for
Category III codes to cover Nociscan reimbursement. On January 1, 2021, Category III CPT Codes became effective. CPT code 609T was established
to cover payment to the imaging center and CPT code 611T was established to cover payment to us for the use of NOCISCAN-LS.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Category III codes represent the first step in
the reimbursement process. It also starts a five-year period in which we are required to demonstrate that the medical community needs
(&ldquo;Clinical Needs&rdquo;) the NOCISCAN-LS product. Clinical Needs would be demonstrated to the CPT Committee based on the volume
at which our codes are billed by imaging centers and physicians. In addition to demonstrating that there is a Clinical Need, we also
are required to show that NOCISCAN-LS is clinically effective as indicated by patients having better outcomes when NOCISCAN-LS reports
are used to help guide surgical treatments. We expect to show clinical effectiveness through a combination of clinical registries and
clinical studies that build upon our published clinical study the CPT committee used to create our Category III CPT codes. There can
be no assurance that we will be able to demonstrate Clinical Needs, and if we do not, our business would be adversely affected.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition to the core CPT codes that provide
payment to the imaging center and to us, the AMA has approved two additional Category III codes. The first is CPT code 610T which covers
the process of transmitting the raw spectroscopy biomarker data from the MRI scanner to our software for analysis. This code is for payment
to the imaging center and is bundled with CPT code 609T, which means the code can be billed but no additional payments beyond 609T will
be made by government payers. Although additional payment by commercial payers is possible, we believe it is unlikely. The second is
CPT code 612T, which is billed by the ordering physician and paid to the ordering physician for interpreting the report.</P>

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



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The 611T Code is the sole Code under which we
will derive revenue.</P>


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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The NOCISCAN-LS Post-Processor Suite consists
of two software products that interact with each other, NOCICALC-LS&reg; and NOCIGRAM-LS&reg;.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">NOCICALC-LS receives and processes the acquired
disc MRS data to calculate levels of degenerative pain biomarkers. In conjunction with our regulatory consultants, we determined NOCICALC-LS
to be a &ldquo;Class I 510(k)-exempt&rdquo; medical device subject only to registration listing requirements with no pre-market review
required by the FDA for clearance or approval. As such, in accordance with FDA regulations, NOCICALC-LS is registered with the FDA as
an exempt Class I device.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The process to determine whether a product can
be considered a Class I &ldquo;exempt&rdquo; medical device consists of self-determining whether the product is adequately described by
one of the existing categories classified by the FDA. In consultation with our regulatory consultants, we determined that the product
Classification &ldquo;Calculator/Data Processing Module, for Clinical Use,&rdquo; adequately described our NOCICALC-LS product. Our registration
filing is available for review at this link; Establishment Registration and Device Listing (fda.gov). See &ldquo;Business&rdquo; &ldquo;Government
Regulation&rdquo; below.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> We believe NOCIGRAM is not considered a medical
device as it meets the exclusion criteria of the 21<SUP>st</SUP> Century Cures Act for Clinical Support Software. Under the Cures Act
provision, a software product is not considered a device if it meets the following four elements: </P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 32px">&nbsp;</TD>
    <TD STYLE="width: 23px; font-size: 10pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #33342A">&bull;</FONT> </TD>
    <TD STYLE="font-size: 10pt; text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not intended to acquire, process, or analyze a medical image or a signal from an in vitro diagnostic device or a pattern or signal from a signal acquisition system;</FONT> </TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: white"> &nbsp; </P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 32px">&nbsp;</TD>
    <TD STYLE="width: 23px; font-size: 10pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #33342A">&bull;</FONT> </TD>
    <TD STYLE="font-size: 10pt; text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Intended for the purpose of displaying, analyzing, or printing medical information about a patient or other medical information (such as peer-reviewed clinical studies and clinical practice guidelines);</FONT> </TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: white"> &nbsp; </P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 32px">&nbsp;</TD>
    <TD STYLE="width: 23px; font-size: 10pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #33342A">&bull;</FONT> </TD>
    <TD STYLE="font-size: 10pt; text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Intended for the purpose of supporting or providing recommendations to a health care professional about prevention, diagnosis, or treatment of a disease or condition; and</FONT> </TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: white"> &nbsp; </P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 32px">&nbsp;</TD>
    <TD STYLE="width: 23px; font-size: 10pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #33342A">&bull;</FONT> </TD>
    <TD STYLE="font-size: 10pt; text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Intended for the purpose of enabling such health care professional to independently review the basis for such recommendations that such software presents so that it is not the intent that such health care professional rely primarily on any of such recommendations to make a clinical diagnosis or treatment decision regarding an individual patient.</FONT> </TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: white"> . </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> Management has evaluated NOCIGRAM-LS against
these four elements and believes NOCIGRAM meets each of the four criteria. </P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> However, although we believe our analysis is reasonable, whenever
a company self classifies, there is a risk that FDA could disagree with the classification. Accordingly, in that context, it is possible
that FDA could potentially disagree that the NOCIGRAM-LS falls under the CDS software exemption to the definition of a device and there
can be no assurance that the FDA will agree with our conclusion and in the event the FDA does not agree, our business would be severely
negatively impacted. See &ldquo;Business&rdquo; &ldquo;Government Regulation. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> However, although we believe the above analysis
is reasonable, whenever a company self classifies, there is a risk that FDA could disagree with the classification. Accordingly, in that
context, it is possible that FDA could potentially disagree that the NOCIGRAM-LS falls under the CDS software exemption to the definition
of a device and there can be no assurance that the FDA will agree with our conclusion and in the event the FDA does not agree, our business
would be severely negatively impacted. ). See &ldquo;Business&rdquo; &ldquo;Government Regulation&rdquo; below. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">For commercialization
outside the United States, in particular the EU and UK, the Company, in conjunction with our regulatory consultants, determined NOCISCAN-LS
to be a Class I medical device, for which we secured a CE mark via self-certification. Since self-certification, the EU adopted Regulation
(EU) 2019/1020 that went into effect on July 16, 2021. Under these new regulations, we believe NOCISCAN-LS to be considered a Class II(a)
device that requires re-certification for CE mark by a Notified Body prior to May 2024. A &ldquo;Notified Body&rdquo; is an organization
designated by an EU country to assess the conformity of certain products before being placed on the market, as is required for certain
medical products. The Company is in the process of re-certifying our CE mark.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In conjunction with Brexit, medical devices in
the UK are no longer governed by CE regulations. The UK has introduced the UKCA marking system, which largely follows the CE marking
regulations to include permitting use of the same submissions for approval. The major difference post-Brexit is that CE marking is regulated
by the EU and UKCA marking is regulated by the UK. The only practical implication to the Company is requiring a Notifying Body within
both the EU and the UK. The Company expects to meet all requirements for UKCA marking.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The issuance of Category III codes and satisfaction
of regulatory requirements for marketing starts the commercialization phase which will be the primary use of proceeds from this offering.
The commercialization process in support of moving temporary Category III codes to permanent Category I codes consists of the following
key activities:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 20px">&nbsp;</TD>
    <TD STYLE="width: 20px; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">Identifying and supporting Key Opinion Leader (KOL)
    spine surgeons and radiologists to help secure local payer coverage decisions and surgical society support for our technology;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">Expanding the network of imaging centers and surgeons
    using NOCISCAN-LS in each market such that the technology is widely available to patients covered by payers;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">Supporting surgeons, radiologists, Physical Medicine
    and Rehabilitation physicians, physical therapists, regenerative therapy physicians and medical device companies that address low
    back pain to initiate studies and report results;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">Building and expanding clinical registries to provide
    real world evidence of better outcomes when using Nociscan to help determine which discs to treat; and</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">Pursuing value-based care contracts to share in the
    profits that result from the improved surgical outcomes we believe our technology enables in DLBP patients.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our primary near-term growth strategy is to secure
payer contracts, (including insurance companies, self- insured employers, Medicare, Medicaid, workmen&rsquo;s compensation boards et.
al.) to cover our Category III CPT codes. We believe that with favorable payer coverage, the Company has the opportunity to more efficiently
engage spine surgeons and imaging centers that will adopt our technology.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company currently generates the vast majority
of its revenue directly from patients paying out of pocket.</P>

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



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In order to commercialize, the Company will focus
on developing individual markets where we have an install base of compatible MRI&rsquo;s and the support of spine surgeons. Aclarion
currently has ten MRI sites that are fully operational (7 US and 3 OUS) and five (4 US and 1 OUS) that are trained but not operational.
Based primarily on the strength of physician engagement, the Company is prioritizing the following markets as our initial top five:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">1.</TD><TD STYLE="text-align: justify">New York City Metropolitan Area</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">2.</TD><TD STYLE="text-align: justify">Los Angeles, California</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">3.</TD><TD STYLE="text-align: justify">Dallas, Texas</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">4.</TD><TD STYLE="text-align: justify">Denver, Colorado</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">5.</TD><TD STYLE="text-align: justify">St Louis, Missouri</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Within each market we expect to place a market
manager and a team of business development executives focused on building physician support and securing favorable coverage decisions
from payers for NOCISCAN-LS technology. Expansion of provider networks to include additional imaging centers and surgeons so there is
increasing geographical coverage to grow volume and revenue from positive coverage decisions across each payer will be critical.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our working capital deficiency, stockholders&rsquo;
deficit, and recurring losses from operations raise substantial doubt about our ability to continue as a going concern. As a result, our
independent registered public accounting firm included an explanatory paragraph in its report on our financial statements for the year
ended December&nbsp;31, 2021 with respect to this uncertainty. Our ability to continue as a going concern will require us to obtain additional
funding. We believe that the net proceeds from this initial public offering (&ldquo;IPO&rdquo;) and our existing cash will be sufficient
to fund our current operating plans through at least the next 12&nbsp;months. We have based these estimates, however, on assumptions that
may prove to be wrong, and we could spend our available financial resources much faster than we currently expect and need to raise additional
funds sooner than we anticipate. If we are unable to raise capital when needed or on acceptable terms, we would be forced to delay, reduce,
or eliminate our technology development and commercialization efforts.</P>

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Investing in our Units
involves a high degree of risk. You should carefully consider the risks described in the &ldquo;<A HREF="#a7">Risk Factors</A>&rdquo;
section beginning on page 15 before making a decision to invest in our Units. If any of these risks actually occurs, our business, financial
condition, results of operations and prospects would likely be materially, adversely affected. In that event, the trading price of our
common stock could decline, and you could lose part or all of your investment. Below is a summary of some of the principal risks we face:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">We have a history of net losses, and we expect to
    continue to incur losses for the foreseeable future. If we do achieve profitability, we may not be able to sustain it; </FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px"><B>&nbsp;</B></TD>
    <TD STYLE="font-size: 10pt; width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">We have identified a material weakness in our internal
    control over financial reporting. Failure to maintain effective internal controls could cause our investors to lose confidence in
    us and adversely affect the market price of our common stock. If our internal controls are not effective, we may not be able to accurately
    report our financial results or prevent fraud;</FONT></TD></TR>
</TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">The COVID-19 pandemic may have a material adverse
    effect on our business, financial condition and operating results, as well as on the operations and financial performance of our
    customers and suppliers. We are unable to predict the extent to which the pandemic and related restrictions will impact our business,
    operations, financial performance and the achievement of our strategic objectives;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">We currently rely on our technology for use in assisting
    doctors to diagnose chemically painful discs causing discogenic low back pain, as well for supporting other diagnoses, treatments,
    and research related to lumbar disc chemistry. If we are not successful in marketing and enhancing awareness of our technology, driving
    adoption across our current target population, increasing referrals, and expanding the population of eligible patients, our sales,
    business, financial condition and results of operations will be negatively affected;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Currently, we can only market our product in the United
    States and certain countries observing CE mark regulations. Regulatory approvals that currently apply to our products include assessments
    where we determine the appropriate regulatory pathway for our products. Although we use regulatory consultants to assist in the self-registration
    processes and determinations, it is possible a regulator could disagree with our analysis. It is also possible that regulations relating
    to how we market our products may change. In addition, to maintain our ability to market our products under the approved regulations,
    we are required to adhere to multiple protocols in order to maintain regulatory approvals. The Company has failed to adequately follow
    protocols in the past and it is possible this may happen again in the future. If there is a change in our ability to market our products
    it may harm our sales, business, financial condition and results of operations;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Our commercial success will depend on attaining significant
    market acceptance of our technology among patients, clinicians (primarily spine surgeons and pain management physicians) and imaging
    facilities, as well as increasing the number of patients who are prescribed for use of our diagnostic technology. If we are unable
    to successfully achieve substantial market acceptance and adoption of our technology, our sales, business, financial condition and
    results of operations would be harmed; </FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Our commercial software products currently depend
    on compatible use with a limited number of MR scanners that are provided by one MR scanner vendor, SIEMENS, which limits our ability
    to address the total potential patient population that our products could otherwise address in commercial sales. There are risks
    related to the on-going compatibility, shortages, price fluctuations, and ability to grow the number of compatible MR scanner platforms
    that, if realized, could harm our sales, business, financial condition, and results of operations;</FONT></TD></TR>
  </TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
  <TD STYLE="text-align: justify; width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
  <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">If we are unable to obtain, maintain, protect,
enforce and defend patent or other intellectual property protection for our technology, or if the scope of our patents and other intellectual
property protections is not sufficiently broad, or as a result of our existing or any future out-licenses of our intellectual property,
our competitors could develop and commercialize products similar to or competitive with our products and services, our ability to continue to commercialize our
technology, or our other products and services, may be harmed.</FONT></TD></TR>
</TABLE>




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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">We may be unable to compete successfully with other
    available alternatives for diagnosing low back pain, including, in particular, identifying painful discs causing discogenic low back
    pain, which could harm our sales, business, financial condition and results of operations;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">If adequate reimbursement becomes unavailable for
    the procedures that use, or could use, our diagnostic technology, or becomes unavailable for providing other ongoing care for patients
    diagnosed with the assistance of our technology, it could diminish our sales, affect our ability to sell our technology profitably,
    or could otherwise harm our business, financial condition, and results of operations;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">If we are unable to obtain, maintain, protect, enforce and defend patent or other intellectual
property protection for our products or services, or if the scope of the patent and other intellectual property protection obtained is
not sufficiently broad, or as a result of our existing or any future out-licenses of our intellectual property our competitors could develop
and commercialize products competitive with ours, our ability to continue to commercialize our technology or our other products may be
harmed;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Our collection, use, storage, disclosure, transfer
    and other processing of sensitive and personal information could give rise to significant costs, liabilities and other risks, including,
    as a result of investigations, inquiries, litigation, fines, legislative and regulatory action and negative press about our privacy
    and data protection practices, which may harm our business, financial conditions, results of operations; </FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Our current product is supported by a single clinical
    study at a single clinical center involving one spine surgeon who has a financial interest in the Company. If we are unable to replicate the success of our initial clinical
    trial, the efficacy of our product may be in question and our sales, business, financial condition and results of operations will
    be harmed;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">To reach the full market potential of our product,
    we will need to leverage advanced machine learning and artificial intelligence technologies (&ldquo;AI&rdquo;) to a larger degree
    than we do today. Introducing new technologies into our products require that we secure new regulatory approvals and demonstrate
    additional clinical success. If we are unable to secure regulatory approvals for our new products, or if they prove incapable of
    demonstrating clinical success, our market opportunity will be reduced and our sales, business, financial condition and results of
    operations may be harmed; and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Our current product is dependent on certain processes
    that are not optimized to support the scaling of our technology. If we are not able to efficiently automate these processes, the
    Company will not be able to grow and our sales, business, financial condition and results of operations will be harmed.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I>Implications of
being an emerging growth company</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We qualify as an &ldquo;emerging growth company&rdquo;
as defined in the Jumpstart our Business Startups Act of 2012 (the &ldquo;JOBS Act&rdquo;). An emerging growth company may take advantage
of specified reduced reporting and other burdens that are otherwise applicable generally to public companies. These provisions include:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
  <TR>
    <TD STYLE="width: 24px; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 24px; text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">inclusion
    of only two years, as compared to three years, of audited financial statements in addition to any required unaudited interim financial
    statements with correspondingly reduced &ldquo;Management&rsquo;s Discussion and Analysis of Financial Condition and Results of Operations&rdquo;
    disclosure;</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">an
    exemption from the auditor attestation requirement in the assessment of our internal control over financial reporting pursuant to
    the Sarbanes-Oxley Act of 2002 (the &ldquo;Sarbanes-Oxley Act&rdquo;);</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">an
    exemption from compliance with any new requirements adopted by the Public Company Accounting Oversight Board (the &ldquo;PCAOB&rdquo;)
    requiring mandatory audit firm rotation;</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">reduced
    disclosure about executive compensation arrangements; and</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">an
    exemption from the requirement to seek non-binding advisory votes on executive compensation or golden parachute arrangements.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">We may take
advantage of these provisions until we are no longer an emerging growth company. We will remain an emerging growth company until the
earliest of (1) the last day of the fiscal year (a) following the fifth anniversary of the completion of this offering, (b)&nbsp;in
which we have total annual gross revenue of at least $1.07 billion or (c) in which we are deemed to be a large accelerated filer,
which means the market value of our common stock that is held by non-affiliates exceeds $700 million as of the prior December 31st,
and (2) the date on which we have issued more than $1.0 billion in non-convertible debt during the prior three-year
period.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">We have taken advantage
of the reduced reporting requirements in this prospectus. Accordingly, the information contained herein may be different from the information
you receive from other public companies that are not emerging growth companies.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The JOBS Act permits
an emerging growth company such as us to take advantage of an extended transition period to comply with new or revised accounting standards
applicable to public companies until those standards would otherwise apply to private companies.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We were formed under the name Nocimed, LLC, a
limited liability company in January 2008, under the laws of the State of Delaware. In February 2015, Nocimed, LLC was converted into
Nocimed, Inc. a Delaware corporation. On December 3, 2021, we changed our name to Aclarion, Inc. Our principal executive offices are located
at 951 Mariners Island Blvd, Suite 300 San Mateo, California 94404. Our main telephone number is (650) 241-1741. Our internet website
is www.aclarion.com. The information contained in, or that can be accessed through, our website is not incorporated by reference and is
not a part of this prospectus.</P>

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

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

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

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left; background-color: white"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><A NAME="a5"></A><B>The
Offering</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Units offered by the Company</FONT></TD>
    <TD STYLE="text-align: justify"> 2,165,000 <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Units, each Unit consisting of one share of common stock and one Warrant
to purchase one share of common stock at an initial exercise price of $4.35. The Units have no stand-alone rights and will not be certificated
or issued as stand-alone securities. The common stock and Warrants are immediately separable and will be issued separately in this offering.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Underwriters&rsquo; over-allotment option</TD>
    <TD STYLE="text-align: justify"> We have granted the underwriters an option for a period of 45 days to purchase from us up to an additional 324,750
shares of common stock and/or up to an additional 324,750 Warrants to purchase up to 324,750 shares of common stock. See &ldquo;<A HREF="#a19">Underwriting</A>.&rdquo;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Number of shares of common stock outstanding immediately before this offering</TD>
    <TD STYLE="text-align: justify"><P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"> 5,657,148 </P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Number of shares of common stock outstanding after the offering (1) </TD>
    <TD STYLE="text-align: justify"> <P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">7,822,148 shares</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Description of the Warrants</TD>
    <TD STYLE="text-align: justify">The Warrants will have an exercise price of $4.35 per share of common stock, will be immediately exercisable and will expire five years from the date
    of issuance. Each Warrant is exercisable for one share of common stock, subject to adjustment in the event of stock dividends, stock
    splits, stock combinations, reclassifications, reorganizations or similar events affecting our common stock. A holder may not exercise
    any portion of a Warrant to the extent that the holder, together with its affiliates and any other person or entity acting as a group,
    would own more than 4.99% of our outstanding shares of common stock after exercise, as such ownership percentage is determined in
    accordance with the terms of the Warrants, except that upon notice from the holder to us, the holder may waive such limitation up
    to a percentage, not in excess of 9.99%. This prospectus also relates to the offering of the common stock issuable upon exercise
    of the Warrants. To better understand the terms of the Warrants, you should carefully read the &ldquo;Description of Capital Stock&rdquo;
    section of this prospectus. You should also read the form of Warrant, which is filed as an exhibit to the registration statement
    that includes this prospectus.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 35%">Representative&rsquo;s warrants</TD>
    <TD STYLE="width: 65%; text-align: justify">Upon the closing of this offering, we have agreed to issue to the underwriters
warrants exercisable for a period of five years from the commencement of sales in this offering entitling the underwriters to purchase
173,200 shares of common stock at an exercise price of $5.43. The warrants will not be exercisable for a period
of six months from the date of effectiveness of the registration statement. For additional information regarding our arrangement with
the underwriters, please see &ldquo;<A HREF="#a19">Underwriting</A>.&rdquo;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Use of Proceeds</FONT></TD>
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We expect to receive net proceeds from this
        offering of approximately $8,239,330 million, or approximately $9,538,980 million if the underwriters exercise their option to purchase
        additional shares of our common stock and/or Warrants in full. after deducting the underwriting discounts and commissions and
        estimated offering expenses payable by us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We intend to use $2.0 million of the proceeds
    to repay in full our Promissory Note issued in June 2021. We also intend to fund from the net proceeds of this offering (including
    any additional proceeds that we may receive if the underwriters exercise their option to purchase additional shares of our common
    stock and/or Warrants) market development and clinical evidence, product development and quality, and general and administration
    support. See &ldquo;<A HREF="#a_001">Use of Proceeds.</A>&rdquo;</P></TD></TR>
</TABLE>

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

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD> Participation of officers and directors </TD>
    <TD STYLE="text-align: justify"> Certain of our directors and officers have purchased a total of 48,400 Units in this
offering at the offering price.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 35%">&nbsp;</TD>
    <TD STYLE="width: 65%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"> Nasdaq symbols</FONT></TD>
    <TD STYLE="text-align: justify"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
shares of common stock are listed on the Nasdaq Capital Market under the symbol &ldquo;ACON.&rdquo;<BR> <BR> Our Warrants are
listed on the Nasdaq Capital Market under the symbol &ldquo;ACONW.</FONT></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Risk Factors</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investing in our securities
    involves a high degree of risk. See &ldquo;<FONT STYLE="color: blue"><A HREF="#a7">Risk Factors</A></FONT>&rdquo; beginning on
    page 15 of this prospectus for a discussion of factors you should carefully consider before deciding to invest in our common stock.
    </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lock-up</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We, each of our officers,
    directors, and certain of our stockholders have agreed, subject to certain exceptions, not to sell, offer, agree to sell,
    contract to sell, hypothecate, pledge, grant any option to purchase, make any short sale of, or otherwise dispose of or hedge, directly
    or indirectly, any shares of our capital stock or any securities convertible into or exercisable or exchangeable for shares of capital
    stock, for a period of one-hundred eighty (180) days after the date of this prospectus, without the prior written consent of Maxim
    Group, LLC. See &ldquo;<A HREF="#a18">Shares Eligible for Future Sale</A>&rdquo; and &ldquo;<A HREF="#a19">Underwriting</A>&rdquo;
    for additional information.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">The number of shares outstanding after this offering is based on the number
of shares of our common stock outstanding immediately prior to the effectiveness of this offering, after giving effect to (i) a 1-for-7.47
reverse stock split of our shares of common stock, (ii) the conversion of all outstanding shares of preferred stock into 3,279,117 shares
of common stock, (iii) the issuance of an aggregate 971,551 shares of common stock in payment of the accrued dividends on certain outstanding
shares of our preferred stock, (iv) the issuance of 74,027 shares of common stock upon the net exercise of certain outstanding warrants,
and (v) the issuance of 426,767 shares of common stock and warrants for 426,767 shares of common stock in payment of accrued interest
on our $2 million of senior secured debt, and excludes (vi) 2,255,670 shares of our common stock issuable upon the exercise of outstanding
stock options granted under our 2015 Stock Plan, (vii) 2,000,000 shares of common stock reserved for future issuance under our 2022 Equity
Incentive Plan, (viii) 426,767 shares of common stock issuable upon the exercise of outstanding common stock purchase warrants, (ix) 173,200
shares of common stock issuable upon the exercise of the underwriters warrants, (x) shares issuable upon the exercise of the Warrants
offered in this offering, and (xi) assuming no exercise by the underwriters of their option to purchase 324,750 additional shares and/or
324,750 additional Warrants, pursuant to their over-allotment option.</FONT></TD></TR>
  </TABLE>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> The historical audited financial statements included elsewhere
in this prospectus have not been adjusted for the Stock Split. Unless otherwise indicated, all other share and per share data in this
prospectus have been adjusted on a retroactive basis, where applicable, to reflect the Stock Split as if it had occurred at the beginning
of the earliest period presented. </P>

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

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left; background-color: white"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><A NAME="a6"></A><B>INFORMATION
REGARDING FORWARD-LOOKING STATEMENTS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">This prospectus includes
forward-looking statements, which involve risks and uncertainties. These forward-looking statements can be identified by the use of forward-looking
terminology, including the terms &ldquo;believe,&rdquo; &ldquo;estimate,&rdquo; &ldquo;project,&rdquo; &ldquo;anticipate,&rdquo; &ldquo;expect,&rdquo;
&ldquo;seek,&rdquo; &ldquo;predict,&rdquo; &ldquo;continue,&rdquo; &ldquo;possible,&rdquo; &ldquo;intend,&rdquo; &ldquo;may,&rdquo; &ldquo;might,&rdquo;
&ldquo;will,&rdquo; &ldquo;could,&rdquo; would&rdquo; or &ldquo;should&rdquo; or, in each case, their negative, or other variations or
comparable terminology. These forward-looking statements include all matters that are not historical facts. They appear in a number of
places throughout this prospectus and include statements regarding our intentions, beliefs or current expectations concerning, among
other things, our product candidates, research and development, commercialization objectives, prospects, strategies, the industry in
which we operate and potential collaborations. We derive many of our forward-looking statements from our operating budgets and forecasts,
which are based upon many detailed assumptions. While we believe that our assumptions are reasonable, we caution that it is very difficult
to predict the impact of known factors, and, of course, it is impossible for us to anticipate all factors that could affect our actual
results. Forward-looking statements should not be read as a guarantee of future performance or results and may not be accurate indications
of when such performance or results will be achieved. In light of these risks and uncertainties, the forward-looking events and circumstances
discussed in this prospectus may not occur and actual results could differ materially from those anticipated or implied in the forward-looking
statements.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Forward-looking statements
speak only as of the date of this prospectus. You should not put undue reliance on any forward-looking statements. We assume no obligation
to update forward-looking statements to reflect actual results, changes in assumptions or changes in other factors affecting forward-looking
information, except to the extent required by applicable laws. If we update one or more forward-looking statements, no inference should
be drawn that we will make additional updates with respect to those or other forward-looking statements.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">You should read this
prospectus and the documents that we reference in this prospectus and have filed with the SEC as exhibits to the registration statement
of which this prospectus is a part with the understanding that our actual future results, levels of activity, performance and events
and circumstances may be materially different from what we expect. All forward-looking statements are based upon information available
to us on the date of this prospectus. Important factors that could cause our results to vary from expectations include, but are not limited
to:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our expenses, ongoing losses,
    future revenue, capital requirements and need for and ability to obtain additional financing;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">changes in senior management,
    loss of one or more key personnel or our inability to attract, hire, integrate and retain highly skilled personnel;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">the viability and acceptance of our products in the marketplace;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">maintaining our key license agreement with the Regents of the University of California; </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our ability to avoid and
    defend against intellectual property infringement, misappropriation and other claims including breaches of security of confidential
    consumer information;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">difficulties with certain
    vendors and suppliers we rely on or will rely on;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our competition and market
    development; and</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the impact of laws and
    regulations on our operations.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">By their nature, forward-looking
statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the
future. We caution you that forward-looking statements are not guarantees of future performance and that our actual results of operations,
financial condition, business and prospects may differ materially from those made in or suggested by the forward-looking statements contained
in this prospectus. In addition, even if our results of operations, financial condition, business and prospects are consistent with the
forward-looking statements contained in this prospectus, those results may not be indicative of results in subsequent periods.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The foregoing does not
represent an exhaustive list of matters that may be covered by the forward-looking statements contained herein or risk factors that we
are faced with. Forward-looking statements necessarily involve risks and uncertainties, and our actual results could differ materially
from those anticipated in the forward-looking statements due to a number of factors, including those set forth below under &ldquo;Risk
Factors&rdquo; and elsewhere in this prospectus. The factors set forth below under &ldquo;Risk Factors&rdquo; and other cautionary statements
made in this prospectus should be read and understood as being applicable to all related forward-looking statements wherever they appear
in this prospectus. The forward-looking statements contained in this prospectus represent our judgment as of the date of this prospectus.
We caution readers not to place undue reliance on such statements. Except as required by law, we undertake no obligation to update publicly
any forward-looking statements for any reason, even if new information becomes available or other events occur in the future. All subsequent
written and oral forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety
by the cautionary statements contained above and throughout this prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">You should read this
prospectus and the documents that we reference in this prospectus and have filed as exhibits to the registration statement of which this
prospectus is a part completely and with the understanding that our actual future results may be materially different from what we expect.
We qualify all of our forward-looking statements by these cautionary statements.</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a7"></A><B>RISK FACTORS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Investing in our common stock involves a high
degree of risk and uncertainty. You should carefully read, consider, and evaluate the risks described below, as well as all of the other
information contained in this prospectus, including &ldquo;Management&rsquo;s Discussion and Analysis of Results of Operations&rdquo;
and our financial statements and related notes, before investing in our common stock. While we believe that the risks and uncertainties
described below are the material risks currently facing us, additional risks that we do not yet know of or that we currently think are
immaterial may also arise and materially affect our business. If any of the following risks materialize, our business, financial condition
and results of operations could be materially and adversely affected. In that case, the market price of our common stock could decline,
and you may lose some or all of your investment.</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Risks related to the Corona Virus and COVID-19
Pandemic</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B><I>Our business is subject to risks arising
from&nbsp;COVID-19&nbsp;and&nbsp;other epidemic diseases.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The&nbsp;COVID-19&nbsp;pandemic
has presented substantial public health and economic challenges worldwide and is affecting our employees, patients, physicians and
other healthcare providers, communities and business operations, as well as the U.S. and global economies and financial markets. A
pandemic, including COVID-19, or other public health epidemic, poses the risk that we or our employees, contractors,
including our CROs, suppliers, collaborators and other partners may be prevented from conducting business activities for an
indefinite period of time, including due to spread of the disease within these groups or due to shutdowns that may be requested or
mandated by governmental authorities. International and U.S. governmental authorities in impacted regions are taking actions in an
effort to slow the spread of COVID-19, including issuing varying forms of &ldquo;stay-at-home&rdquo; orders, and restricting
business functions outside of one&rsquo;s home. To date we have not experienced material disruptions in our business operations.
However, while it is not possible at this time to estimate the impact that COVID-19 could have on our business in the future,
particularly as we advance our product development and marketing, the continued spread of COVID-19 and the measures taken by the
governmental authorities, and any future epidemic disease outbreaks could: (i) disrupt our operations and the manufacture or
shipment of MRIs and MRSs used with our products and in our research, preclinical studies and clinical trials (ii) delay, limit or
prevent our employees and consultants from continuing research and development activities (iii) impede our clinical trial initiation
and recruitment (iv) impede the ability of patients to continue in clinical trials, including the risk that participants enrolled in
our clinical trials will contract COVID-19 or other epidemic disease while the clinical trials are ongoing, which could impact the
results of clinical trials, and impede testing, monitoring, data collection and analysis and other related activities, any of which
could delay our studies and clinical trials and increase our development costs, and have a material adverse effect on our business,
financial condition and results of operations. The COVID-19&nbsp;pandemic&nbsp;and any future epidemic disease could also
potentially affect the business of the FDA or comparable foreign regulatory authorities, which could result in delays in meetings
related to planned clinical trials. The COVID-19 pandemic&nbsp;and mitigation measures have had and may continue to have, and any
future epidemic disease outbreak may have, an adverse impact on global economic conditions which could have an adverse effect on our
business and financial condition, including impairing our ability to raise capital when needed. The extent to which the COVID-19
pandemic&nbsp;impacts our results will depend on future developments that are highly uncertain and cannot be predicted, including
new information that may emerge concerning the severity of the virus and the actions to contain its impact.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Risks related to financial, operational, commercial and manufacturing
matters</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I>We have incurred
significant net losses since inception and anticipate that we will continue to incur net losses for the foreseeable future and may never
achieve or maintain profitability.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> Since our inception, we have incurred significant
net losses. Our net losses were $4,950,290 and $4,635,245 for the years ended December&nbsp;31, 2021 and 2020, respectively. As of December
31, 2021, we had an accumulated deficit of $31,886,036. To date, we have devoted our efforts toward securing financing, building and
evolving our technology platform and complying with regulatory requirements as well as initiating marketing efforts for our products.
We expect to continue to incur significant expenses and operating losses for the foreseeable future. We anticipate that our expenses
will increase substantially if, and as, we: </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &nbsp; </P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">hire and retain additional sales, accounting and finance,
    marketing and engineering personnel;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">build out our product pipeline;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">add operational, financial and management information
    systems and personnel; and</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">maintain, expand, protect and enforce our intellectual
    property portfolio.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">To become and remain profitable, we must enhance
the marketing and commercial acceptance of our products. This will require us to be successful in a range of challenging activities,
and our expenses will increase substantially as we bring these products to market. We may never succeed in any or all of these activities
and, even if we do, we may never generate revenue that is significant or large enough to achieve profitability. If we do achieve profitability,
we may not be able to sustain or increase profitability on a quarterly or annual basis. Our failure to become and remain profitable would
decrease the value of our company and could impair our ability to raise capital, develop new products, expand our business or continue
our operations. A decline in the value of our company also could cause stockholders to lose all or part of their investment.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In June 2021, the Company issued $2.0 million
promissory notes that mature at the earlier of the consummation of a qualified financing (as defined in the promissory note filed as
Exhibit 10.5 to the registration statement of which this prospectus forms a part) or May 31, 2022 (See Note 8 to the financial statements
for additional information). The promissory notes accrue interest at 33%, which interest will (assuming the qualified financing occurs
before May 31, 2022) automatically convert into the Company securities at 30% (70% discount) of the price per Unit in this offering.
As of February 28, 2022, accrued interest on the Notes totaled $462,904. Assuming a public offering price of $5.50 per Unit, the financing
expense related to the 70% discount, as of February 28, 2022, would be $1,080,110. Accrued interest will increase by about $55,000 per
month until this offering is consummated or May 31, 2022. None of the holders of the promissory notes are existing shareholders, directors,
or employees of the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> <B><I>We have identified a material weakness
in our internal control over financial reporting. Failure to maintain effective internal controls could cause our investors to lose confidence
in us and adversely affect the market price of our common stock. If our internal controls are not effective, we may not be able to accurately
report our financial results or prevent fraud.</I></B> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> Section 404 of the Sarbanes-Oxley Act of 2002,
or Section 404, requires that we maintain internal control over financial reporting that meets applicable standards. We may err in the
design or operation of our controls, and all internal control systems, no matter how well designed and operated, can provide only reasonable
assurance that the objectives of the control system are met. Because there are inherent limitations in all control systems, there can
be no assurance that all control issues have been or will be detected. If we are unable, or are perceived as unable, to produce reliable
financial reports due to internal control deficiencies, investors could lose confidence in our reported financial information and operating
results, which could result in a negative market reaction and a decrease in our stock price. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> Following our initial public offering, we
will be required, pursuant to Section 404, to furnish a report by management on, among other things, the effectiveness of our internal
control over financial reporting. Such report will not be required until our second annual report filed on Form 10-K. We will need to
disclose any material weaknesses identified by our management in our internal control over financial reporting. As an &ldquo;emerging
growth company,&rdquo; we will avail ourselves of the exemption from the requirement that our independent registered public accounting
firm attest to the effectiveness of our internal control over financial reporting under Section 404. However, we may no longer avail
ourselves of this exemption when we cease to be an &ldquo;emerging growth company.&rdquo; When our independent registered public accounting
firm is required to undertake an assessment of our internal control over financial reporting, the cost of our compliance with Section
404 will correspondingly increase. Our compliance with applicable provisions of Section 404 will require that we incur substantial accounting
expense and expend significant management time on compliance-related issues as we implement additional corporate governance practices
and comply with reporting requirements. Moreover, if we are not able to comply with the requirements of Section 404 applicable to us
in a timely manner, or if we or our independent registered public accounting firm identifies deficiencies in our internal control over
financial reporting that are deemed to be material weaknesses, the market price of our stock could decline and we could be subject to
sanctions or investigations by the U.S. Securities and Exchange Commission, or SEC, or other regulatory authorities, which would require
additional financial and management resources. </P>

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> Subsequent to the initial issuance of the
Company's 2020 financial statements, management discovered that the costs associated with the issuance of a simple agreement for future
equity (SAFE) had been erroneously capitalized and amortized as deferred marketing in its financial statements. We identified certain
material weaknesses in our internal controls related to contract review and lack of staffing in the accounting and finance organization.
In connection with these prior material weaknesses, the errors have been corrected by restating each of the affected financial statement
line items for the period. We have committed to hiring additional accounting personnel within ninety days of the offering with experience
in the ongoing identification, design and implementation of internal control over financial reporting. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> If we identify new material weaknesses in
our internal control over financial reporting, if we are unable to comply with the requirements of Section 404 in a timely manner, if
we are unable to assert that our internal control over financial reporting is effective, or if our independent registered public accounting
firm is unable to express an opinion as to the effectiveness of our internal control over financial reporting, we may be late with the
filing of our periodic reports, investors may lose confidence in the accuracy and completeness of our financial reports and the market
price of our common stock could be negatively affected. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I>Even if this offering
is successful, we may need additional funding, which may not be available on acceptable terms, or at all. Failure to obtain this capital
when needed may force us to delay, limit or terminate our product development efforts or other operations.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">We expect our expenses
to increase in connection with our ongoing activities, particularly as we continue to invest in sales, marketing and engineering resources
and bring our products to market. Furthermore, upon the closing of this offering, we expect to incur additional costs associated with
operating as a public company. While we believe that the net proceeds from this offering and our existing cash, cash equivalents and
available-for-sale securities will be sufficient to fund our current operating plans through at least the next 12&nbsp;months, we anticipate
that we may need additional funding to complete the development of our full product line and scale products with a demonstrated market
fit.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Building and scaling
technology products is a time-consuming, expensive and uncertain process that takes years to complete, and we may never generate the
necessary user experience required to obtain market acceptance and achieve meaningful product sales. In addition, our product candidates,
once developed, may not achieve commercial success. The majority of revenue will be derived from or based on sales of software products
that may not be commercially available for many years, if at all. Accordingly, we will need to continue to rely on additional financing
to achieve our business objectives. Adequate additional financing may not be available to us on acceptable terms, or at all.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I>Raising additional
capital may cause dilution to our existing stockholders, restrict our operations or require us to relinquish rights to our technologies
and product candidates.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">We may seek additional
capital through a combination of public and private equity offerings, debt financings, strategic partnerships and alliances and licensing
arrangements. To the extent that we raise additional capital through the sale of equity or convertible debt securities, your ownership
interest will be diluted, and the terms may include liquidation or other preferences that adversely affect your rights as a stockholder.
The incurrence of indebtedness would result in increased fixed payment obligations and could involve restrictive covenants, such as limitations
on our ability to incur additional debt, limitations on our ability to acquire or license intellectual property rights and other operating
restrictions that could adversely impact our ability to conduct our business. If we raise additional funds through strategic partnerships
and alliances and licensing arrangements with third parties, we may have to relinquish valuable rights to our technologies, or our other
product candidates, or grant licenses on terms unfavorable to us.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>We are highly dependent on our senior management
team and key personnel, and our business could be harmed if we are unable to attract and retain personnel necessary for our success.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are highly dependent on our senior management
and key personnel. We have also recently hired a new Chief Executive Officer. Our success will depend on our ability to retain senior
management and to attract and retain qualified personnel in the future, including sales and marketing professionals, engineers, scientists,
clinical trial specialists and other highly skilled personnel and to integrate current and additional personnel in all departments. The
loss of members of our senior management, marketing professionals, engineers, scientists and clinical trial specialists could result
in delays in product development and harm our business.</P>


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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Competition for skilled personnel in our market
is intense and may limit our ability to hire and retain highly qualified personnel on acceptable terms, or at all. To induce valuable
employees to remain at our company, in addition to salary and cash incentives, we have issued stock options that vest over time. The
value to employees of stock options that vest over time may be significantly affected by fluctuations in our stock price that are beyond
our control, and may at any time be insufficient to counteract more lucrative offers from other companies. Despite our efforts to retain
valuable employees, members of our management and other key personnel may terminate their employment with us on short notice. Our employment
arrangements with our employees provide for at-will employment, which means that any of our employees could leave our employment at any
time, with or without notice. We also do not maintain &ldquo;key man&rdquo; insurance policies on the lives of these individuals or the
lives of any of our other employees.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Our MR data post-processing products currently
depend on compatible use with only a limited number of MR scanners that are provided only by one manufacturer of MR devices.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our MR data post-processing software products
are only compatible for post-processing disc MRS data acquired via certain scanner models and operating configurations provided only by
one, third-party scanner vendor - SIEMENS. There are risks associated with our reliance on SIEMENS, and/or the MR service providers who
own and operate the SIEMENS scanners, to maintain those scanners and their operating configurations in a manner that continues to support
compatibility with our products. There are also risks that current compatible scanner platforms may become incompatible as a result of
changes made to those scanners by SIEMENS, or by the scanner owner or related service provider, which would frustrate our ability to continue
supporting that MR provider customer with our products. There are also risks that these SIEMENS scanners do not perform reliably as intended
or expected in performing data acquisition exams as required by our post-processing products, which would also frustrate the ability for
our products to perform as intended. There is also a risk that SIEMENS loses its install base of compatible MR Scanners due to cannibalization
by other non-compatible replacement scanner sales or fails to grow its install base of those compatible scanners, which could adversely
affect the number and locations of compatible scanners for our own market share and penetration. Manifestations of these risks becoming
actually realized in the marketplace could harm our business, financial condition, and results of operations. We are not subject to any
exclusivity agreement or obligations with SIEMENS, nor do we have any fee sharing, royalty, or other exchange of moneys or payments between
us and Siemens. The nexus for our focused relationship with Siemens resulted from our determination that SIEMENS scanner models were optimally
positioned to support our product. We have had a collaborative relationship with Siemens since 2011 and have been party to a Collaborative
Agreement with Siemens since October of 2017, The Collaborative Agreement is terminable.at any time by either party if such party is of
the opinion that the goals of the Collaborative Agreement cannot be achieved for technical, economic and/or clinical reasons. If Siemens
were to terminate its relationship with the Company, it would have a material adverse effect on our business.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>If we are not successful in enhancing awareness
of our technology, driving adoption across our current target population, increasing referrals from surgeons and clinicians, and expanding
the population of eligible patients, our sales, business, financial condition and results of operations will be negatively affected.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our business depends on our ability to successfully
market our technology, which includes increasing the number of patients scanned with our technology, increasing adoption of our technology
and driving utilization of our technology by surgeons and clinicians. Additionally, our technology is primarily recommended and implemented
to provide advanced diagnosis and management of spine and back pain, in particular, for diagnosing painful discs causing discogenic low
back pain. Therefore, we are dependent on widespread market adoption of our technology. While we intend to expand the population of patients
we can provide with our diagnostic technology as well as increase the number of physicians, surgeons and clinicians that can prescribe
technology, there can be no assurance that we will succeed.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The commercial success of
our technology will continue to depend on a number of factors, including the following:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                            actual and perceived effectiveness, safety and reliability, and clinical benefit, of our
                                            technology, especially relative to alternative diagnostic systems and devices;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                            prevalence and severity of any adverse patient events involving the use of our technology;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                            degree to which physicians, surgeons and clinicians, patients and imaging centers adopt our
                                            technology;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                            continued effects of the COVID-19 pandemic;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                            availability, relative cost and perceived advantages and disadvantages of alternative technologies,
                                            or other diagnostic or treatment methods, for spine and back pain;</FONT></TD></TR>
</TABLE>

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

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                            results of additional clinical and other studies relating to the health, safety, economic
                                            or other benefits of our technology;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">whether
                                            key thought leaders in the medical community accept that our clinical efficacy and safety
                                            results are sufficiently meaningful to influence their decision to adopt our technology over
                                            other spine and back pain diagnostics;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                            extent to which we are successful in educating physicians, surgeons, clinicians, patients,
                                            and imaging facilities about the appropriate (and inappropriate) uses and benefits of our
                                            technology;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                            strength of our marketing and distribution infrastructure, including our ability to drive
                                            adoption and utilization of our technology, as well as our ability to develop and maintain
                                            relationships with MRI manufacturers and imaging centers;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">our
                                            ability to obtain, maintain, protect, enforce and defend our intellectual property rights,
                                            in and to our technology;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">our
                                            ability to maintain compliance with all legal and regulatory requirements, including those
                                            applicable to our technology;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">our
                                            ability to maintain our contractual relationships with our vendors and component suppliers,
                                            including single-source vendors and suppliers through which we obtain critical components
                                            for (or compatible use with) our technology;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                            establishment and continued reimbursement coverage of and adequate payment for the use of
                                            our technology and</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">our
                                            ability to continue to attract and retain key personnel.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If we fail to successfully market and sell our
technology cost-effectively and maintain and expand our market share, our sales, business, financial condition and results of operations
will be negatively affected.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Our commercial success will continue to
depend on attaining significant market acceptance of our technology among physicians, surgeons, patients, clinicians and imaging facilities,
and increasing the number of patients diagnosed by our technology. </I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our commercial success will depend, in large
part, on the further acceptance by surgeons, physicians, clinicians, patients and imaging facilities of our technology as safe, useful,
cost-effective, and that it can increase the number of patients that are diagnosed. We cannot predict how quickly, or if at all, additional
surgeons, physicians, clinicians, patients and imaging facilities will adopt our technology over competing diagnostic platforms for support
in on-going care and treatment options that are expected to be supported by the intended diagnostic uses of our technology. For example,
surgeons, other physicians, clinicians, patients, and imaging facilities may be reluctant to use our technology due to familiarity with
pre-existing diagnostic systems that are more established or an otherwise resistance to adopt new technologies or change current practices.
Our ability to grow sales of our technology and drive market acceptance will depend on successfully educating surgeons, physicians, clinicians,
patients and MR imaging facilities on the relative benefits of our Technology.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>We may be unable to compete successfully
with other diagnostic options for low back pain, or may be unable to continue providing value for supporting new treatments that may
not need the diagnostic information our products provide.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The medical device industry is intensely competitive,
subject to rapid change and significantly affected by new product introductions and other market activities of industry participants.
Our current competition primarily resides with the diagnostic standards over which our products are intended to improve &ndash; in particular,
X-ray, lumbar MRI, and PD. Our products are positioned for synergistic use with lumbar MRI, and to enhance the diagnostic value of lumbar
MR exams. However, the existing reliance on lumbar MRI as a standard of care for our DLBP indication, and on PD in some medical practices,
and the potential for other enhancements to those platforms and techniques, nonetheless also represents a competitive threat. To the
extent that these other platforms represent our primary competitors, they are mainly provided by large, well-capitalized companies with
significant market share and resources. Most of our competitors have more established sales and marketing programs than us and have greater
name recognition. These competitors also have long operating histories and may have more established relationships with potential customers.
Also, there can be no assurance that other companies or institutions will not succeed in developing or marketing devices and products
that are more accurate, useful, effective or safer than our technology or that would render our technology obsolete or noncompetitive.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Adoption of our technology depends on positive
clinical data as well as clinician acceptance of the data and our products, and negative clinical data or perceptions among these clinicians
would harm our sales, business, financial condition, and results of operations.</I></B></P>

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

<P STYLE="text-align: justify; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The rate of adoption and sales of our products are heavily influenced
by clinical data. We have published positive clinical data from an Institutional Review Board (&ldquo;IRB&rdquo;), approved more than
100 patient single center trial in a major peer-reviewed spine journal which showed both: (a) high diagnostic accuracy against provocation
discography controls, and (b) much higher patient success outcomes for surgeries that treated discs identified as painful using our products,
versus much lower success rates when discs diagnosed as painful with our products were left untreated. However, there can be no assurance
that our clinical data will continue to be positive for our ongoing or future clinical studies. Additionally, there can be no assurance
that future clinical studies, including those to continue demonstrating the diagnostic accuracy and value of our products in currently
approved patient populations and those to support label retention and expansion for our products, will demonstrate diagnostic acuity
or value. Unfavorable or inconsistent clinical data from ongoing or future clinical studies conducted by us, our competitors, or third
parties, or the potential for negative interpretation of our clinical data by customers, competitors, patients, and regulators, or the
potential for finding new or more frequent adverse events related to the use of our products could harm our sales, business, financial
condition, and results of operations<B><I>.</I></B></P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>If adequate reimbursement is not available
for the procedures implementing our technology, or for clinicians to provide ongoing care for patients diagnosed with our technology,
it could diminish our sales or affect our ability to sell our technology.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our ability to increase sales of our technology
depends, in significant part, on the availability of adequate financial coverage and reimbursement from third-party payors, which include:
(i) governmental payors such as the Medicare and Medicaid programs in the United States; (ii) private managed care organizations; and
(iii) private health insurers. Third-party payers determine which services and treatments they will cover and establish reimbursement
rates for those treatments. While we have secured certain reimbursement codes against which the use of our products can potentially be
billed, we do not yet currently bill any third-party payers directly for our technology. The cost of our customers using our technology
is currently being paid for by either: (i) billing patients to pay directly (ii) allocation at least in part against payments received
by healthcare providers for other procedures conducted in association with the use of our technology, or (c) third-party payer reimbursement
payments to a several of our customers for less than 10 patients through the date of this prospectus. A failure to obtain wide coverage
and adequate reimbursement for using our technology in conducting our new diagnostic procedures, or for clinicians providing ongoing
patient care based on or related to our diagnostic results could diminish our sales and affect our ability to sell our technology.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>If adequate reimbursement for our temporary
Category III CMS Code designation for our products cannot be obtained or we are not successful in obtaining conversion to permanent Category
I codes at an adequate reimbursement level, it would diminish our sales and would affect our ability to market our technology.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On January 1, 2021, our Category III CPT Codes
became effective (see &ldquo;Business&rdquo;, &ldquo;<A HREF="#a24">Reimbursement</A>&rdquo; below). Category III codes represent the first step in the
reimbursement process (See &ldquo;Business&rdquo; &ldquo;<A HREF="#a24">Reimbursement</A>&rdquo; below). The effectiveness of our Category III codes commenced
a five-year period in which, in order to maintain our Category III status, we are required to demonstrate that the medical community
needs (&ldquo;Clinical Needs&rdquo;) the NOCISCAN-LS product. Clinical Needs would be demonstrated to the CPT Committee based on the
volume at which our Category III codes are billed by imaging centers and physicians. In addition to demonstrating that there is Clinical
Needs, we also are required to show that NOCISCAN-LS is clinically effective as indicated by patients having better outcomes when NOCISCAN-LS
reports are used to help guide surgical treatments. We expect to show clinical effectiveness through a combination of clinical registries
and clinical studies that build upon our published clinical study the CPT committee used to create our Category III CPT codes. However,
if we are not able to demonstrate Clinical Needs, nor that NOCISCAN-LS is clinically effective, our revenue would be limited to a direct
patient payment model, which will severely limit our ability to market our products and generate sufficient revenue to continue market
our technology.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Further, for us to obtain a conversion from of
our CPT codes from Category III to Category I, we will need to attract a significant larger number of surgeons and imaging centers to
adopt our technology and thereby increase the volume of reimbursement claims data needed for the CPT committee to determine that our product
is needed in the healthcare marketplace. In addition to generating clinical use volume, we will also need to demonstrate the ongoing clinical
efficacy of our products to secure adequate reimbursement from payers. A failure to convert Category III codes to Category I codes will
ultimately make us more dependent on a patient pay model which will significantly diminish our sales and affect our ability to market
our technology<B><I>.</I></B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Use of our technology requires appropriate
training for proper use of our products, and inadequate training may lead to negative patient outcomes, which could harm our business,
financial condition, and results of operations.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The successful use of our technology depends,
in part, on the training and skill of referring doctors and other healthcare providers for appropriately prescribing our diagnostic exam
for the correctly indicated patients and anatomy, and properly interpreting the results from using our product as indicated under our
related IFUs. It also depends upon MR technicians and operators appropriately implementing and using our technology as indicated under
our related IFUs. MR technicians and operators could also experience difficulty with the steps and techniques necessary to successfully
implement and use our technology protocols. We cannot guarantee that all medical and MR technician professionals will have the necessary
skills and training, according to our instructions for use, or will sufficiently comply with that training and instructions for use in
order to properly prescribe and interpret the results of our diagnostic imaging platform. We cannot be certain that surgeons, other physicians,
MRI technicians or operators, or other healthcare providers that use our technology will have received sufficient training or will continue
to comply with that training in their on-going practice in using our technology. If physicians and surgeons utilize our technology incorrectly
or, without adhering to or completing all relevant training according to our instructions, the utility and value of our diagnostic products
and their related patient outcomes from on-going care following that diagnostic work-up may not be consistent with the outcomes achieved
in our clinical studies or otherwise expected or desired by such care providers or the patients themselves. Adverse treatment outcomes
that could potentially arise from improper or incorrect use of our technology may negatively impact the perception of patient benefit
and safety of our technology, notwithstanding results from our clinical studies. These results could limit adoption of our technology,
which would harm our sales, business, financial condition, and results of operations.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>We expect to increase the size of our organization
in the future, and we may experience difficulties in managing this growth. If we are unable to manage the anticipated growth of our business,
our future revenue and operating results may be harmed.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> As of January 1, 2022, we had 6 full time
employees and 6 part time consultants. As our sales and marketing strategies develop, and as we transition into operating as a public
company, we expect to need additional managerial, operational, sales, marketing, financial and other personnel. Future growth would impose
significant added responsibilities on members of management, including:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">identifying,
                                            recruiting, integrating, maintaining and motivating additional employees;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">managing
                                            our internal development efforts effectively, while complying with our contractual obligations
                                            to contractors and other third parties; and</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">improving
                                            our operational, financial and management controls, reporting systems and procedures.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our future financial performance and our ability
to successfully market and sell our technology will depend, in part, on our ability to effectively manage any future growth, and our
management may also have to divert a disproportionate amount of attention away from day-to-day activities in order to devote a substantial
amount of time to managing these growth activities.</P>

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



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>We may not be able to achieve or maintain
satisfactory pricing and margins for our NOCISCAN-LS disc MRS diagnostic software products and related services, which could harm our
business and results of operations.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Software products classified as medical devices
have a history of price competition and we can give no assurance that we will be able to maintain satisfactory prices for our technology.
The pricing of our technology could be impacted by several factors, including pressure to reduce prices by our customers due to a decline
in the amount that third-party payers reimburse for diagnostic procedures using our technology or for clinicians providing ongoing patient
care related to the diagnostic information we provide. A decline in the amount that third-party payers reimburse our customers for ongoing
patient care could also make it difficult for us to maintain procedural volume without a corresponding reduction in prices for our products.
If we are forced to lower the price we charge for our technology, our gross margins will decrease, which, will harm our ability to invest
in and grow our business. If we are unable to maintain our prices or if our costs increase and we are unable to offset such increase
with an increase in our prices, our margins would erode and could harm our business, financial condition, and results of operations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Our results of operations may be harmed
if we are unable to accurately forecast customer demand for our technology</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our ability to accurately forecast demand for
our products could be negatively affected by many factors, including (i) our potential failure to accurately manage or execute our expansion
strategy, (ii) new product introductions by competitors, (iii) an increase or decrease in customer demand for our products or for other
competing products, (iv) our failure to accurately forecast customer adoption of new products, (v) unanticipated changes in general market
conditions or regulatory matters, (vi) weakening of economic conditions or consumer confidence in future economic conditions, and (vii)
the ongoing COVID-19 pandemic. Software processing capacity, data storage, and related computer hosting resources in excess of customer
demand may result in financial write-downs or write-offs, which would cause our gross margin to be adversely affected and could impair
the strength of our brand. Conversely, if we underestimate customer demand for our products, our technical and IT resource support team,
software processing and storage resources, and computing architectures may not be able to support sufficient processing requirements
to meet the demand for our products; and, this could result in lost sales and damage to our reputation and customer relationships. In
addition, if we experience a significant increase in demand, additional computing and storage capacity and resources, and additional
technical support personnel required to support the increased demand may not be available when required or on terms that are acceptable
to us, or at all, which may negatively affect our sales, business, financial condition, and results of operations.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Risks related to government regulation and
our industry</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Our operations and technology are subject
to pervasive and continuing FDA regulatory requirements, and failure to comply with these requirements could harm our business, financial
condition and results of operations.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Before a regulated new medical device or service,
or a new intended use for an existing device or service, can be marketed in the United States, a company must first receive either 510(k)
clearance, or a PMA from the FDA, unless an exemption applies. In the 510(k) clearance process, before a device may be marketed, the
FDA must determine that: (i) a proposed device is substantially equivalent to a legally-marketed predicate device, which includes a legal
marketed device that has been previously cleared through the 510(k) process, (ii) was legally marketed prior to May 28, 1976 (pre-amendments
device), (iii) was legally marketed pursuant to an approved PMA and later down-classified, or (iv) is covered by a classification regulation
created through the de novo review process.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the process of obtaining PMA approval, which
the FDA could potentially require in the future for our products, the FDA must determine that a proposed device is safe and effective
for its intended use based, in part, on extensive data, including, but not limited to, technical, preclinical, clinical study, manufacturing
and labeling data. The PMA process is typically required for devices that are deemed to pose the greatest risk, such as life-sustaining,
life-supporting or implantable devices.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We believe that one of our products under the
NOCISCAN-LS Suite, NOCICALC-LS, is a Class I 510(k)-exempt medical device, which only requires registration and no pre-market review
with the FDA, and which we registered as such with the FDA. We also believe the other of our products in the suite, NOCIGRAM, is &ldquo;Clinical
Decision Support Software&rdquo; under the 21<SUP>st</SUP> Century Cures Act and as such, is not considered a medical device, and thus
is not regulated by the FDA. Accordingly, we believe that our current products do not require FDA clearance or approval under either
510(k) or PMA approval pathways. However, there can be no assurance that in the future, the FDA will not determine that PMA approval,
de novo classification, or 510(k) clearance is required for our products. If the FDA were to make such a determination, we would not
be able to sell or market our products without or until securing such approval or clearance and may be subject to potential fines and
other penalties or remedial actions for illegally marketing or selling an unapproved medical device, which would affect our sales, business,
financial condition, and results of operation.</P>

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



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>If we are unable to expand the labeling
claims for using our technology to include additional indications, our growth potential could be harmed.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We intend to seek expanded labeling claims for
our technology in the future, including for example: (i) extending the intended indications for use to include disc MRS along the thoracic
or cervical spine, (ii) incorporating certain MRI image post-processing along with MRS data post-processing, and (iii) real-time post-processing
of MRS exam data during the exam itself via our software installed and operated within the MR scanner software environment (vs. our current
products which are for cloud-hosted post-processing of MRS data that is transferred to us, following the MRS exams, via our own remote
computing resources). If regulatory clearance or approval is required to expand the use of our technology, and which clearance and approval
may require clinical trial results, we could incur substantial costs and the attention of management could be diverted throughout this
process. However, there can be no assurance we will be able to obtain and maintain necessary clearance or approvals for additional uses
of our technology, or even if obtained, that the broadened use of our technology would be accepted or adopted by intended users, thus
limiting the growth potential of our business.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Our medical device products may be subject
to recalls, which could divert managerial and financial resources, harm our reputation and our business.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The FDA has the authority to require the recall
of medical device products in certain circumstances. A government mandated or voluntary product recall by us could occur because of device
malfunctions or other adverse events, such as quality-related issues resulting from product operating malfunctions or defects. Any future
recalls of our products could divert managerial and financial resources, harm our reputation and negatively impact our business.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If we initiate a correction or removal of certain
of our products from the market to reduce a risk to health posed by the device, we would be required to submit a Correction and Removal
report to the FDA and, in many cases, similar reports to other regulatory agencies. This report could be classified by the FDA as a device
recall which could lead to increased scrutiny by the FDA and our customers regarding the quality and safety of our products. Furthermore,
the submission of these reports could be used by competitors against us and could harm our reputation, which could cause customers to
delay purchase decisions, cancel orders or decide not to purchase our products and could cause patients to lose trust in our technology.</P>

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

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



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>We may experience difficulties outside
the US in obtaining or maintaining regulatory clearance or approval, or exemptions therefrom, or in successfully gaining third-party
reimbursement or marketing our technology, even if approved or otherwise legally marketed. </I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our NOCISCAN-LS product suite was initially commercialized
as a Class I medical device under European Commission regulations. The process did not require pre-market submission, review, or certification
by a Notified Body in order to be CE marked. A &ldquo;Notified Body&rdquo; is an organization designated by an EU country to assess the
conformity of certain products before being placed on the market.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For commercialization outside the United States,
in particular the European Union (&ldquo;EU&rdquo;) and United Kingdom (&ldquo;UK&rdquo;), the Company, in conjunction with our regulatory
consultants, determined NOCISCAN-LS to be a Class I medical device, for which we secured a CE mark via self-certification. As such, we
self-certified our product for the CE mark under a Declaration of Conformity (&ldquo;DOC&rdquo;) filed by us as part of a dossier with
a qualified EU Representative. Since self-certification was completed by the Company, the EU adopted Medical Device Regulation (EU) 2019/1020,
known as MDR, that went into effect on July 16, 2021. Under these new regulations, we believe NOCISCAN-LS to be considered a Class II(a)
device that requires re-certification for CE mark by a Notified Body prior to May 2024. Notified Bodies carry out tasks related to conformity
assessment procedures set out in the applicable legislation, when a third party is required. Class II(a) device certification is subject
to additional requirements for approval beyond our existing submissions, including requiring pre-market review and CE mark approval by
a Notified Body, and which may require submission and approval of supportive clinical data. We are currently seeking to identify, but
have not yet engaged, a Notified Body for this purpose. The available number of Notified Bodies, and those engaging new company applicants,
has been significantly reduced in recent years and the ability for conducting a Notified Body review and CE mark approval can typically
take more than a year. Certain aspects of the new MDR also place new requirements on Class I medical devices that are not subject to
the extended 2024 grace period and became effective as of May 2021. This applies to new required policies and practices for post-market
surveillance of our products. While we are not currently compliant with these new requirements, we are in the process of updating our
policies and practices and taking the corrective actions to achieve and maintain ongoing compliance. We believe the actions we are taking
are sufficient to support the continuance of our commercial activities in the EU under our CE mark without adverse penalties or other
consequences. However, there is a risk that one or more regulatory body or agency in the EU may determine otherwise, either with respect
to our prior non-compliance that has since been corrected or with respect to the sufficiency of our corrective actions, and which could
result in us incurring certain penalties or other consequences.</P>

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



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If we are unable to engage or receive CE mark
approval from a Notified Body under the MDR by the May 2024 grace period deadline, or are determined to be non-compliant with MDR regulations
not subject to the grace period and therefore applicable to us as of May 2021, we could lose our CE mark, and may become unable to continue
promoting or selling our products for commercial use in the EU, UK, or other countries that relate their medical device regulations to
a CE mark.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In conjunction with Brexit, medical devices in
the UK are no longer governed by CE regulations. As such, the UK has introduced the UKCA marking system which largely follows the CE
marking regulations to include permitting use of the same submissions for approval. The major difference post-Brexit is that CE marking
is regulated by the EU and UKCA marking is regulated by the UK. The only practical implication to the Company is the requirement of a
Notifying Body within both the EU and the UK. If the Company is successful in meeting all requirements of the CE mark under MDR set forth
above, the company believes it will meet all requirements for UKCA marking. While we are not currently compliant with new requirements
in the UK, we are in the process of updating our policies and practices and taking what we believe are corrective actions to achieve
and maintain ongoing compliance in the UK. We believe our activities are sufficient to support the continuance of our commercial activities
in the UK under our CE mark without adverse penalties or other consequences. However, there is a risk that one or more regulatory body
or agency in the UK may determine otherwise, either with respect to our prior non-compliance that we believe has been corrected or with
respect to the sufficiency of those corrective actions and which could result in us incurring certain penalties or other adverse consequences
to our business. There can be no assurance that we can obtain a UKCA mark and if we are not able to secure a UKCA mark, we will lose
our ability to conduct business in the UK.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Sales of our technology outside of the United
States will be subject to foreign regulatory requirements governing clinical studies and marketing approval, as well as additional post-market
requirements. We would incur substantial expenses in connection with any international expansion. Additional risks related to operating
in foreign countries include:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">differing,
                                            and potential changes in, regulatory requirements in foreign countries, including with respect
                                            to data privacy and security;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">differing,
                                            and potential changes in, reimbursement regimes in foreign countries, including price controls;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">unexpected
                                            changes in tariffs, trade barriers, price and exchange controls and other regulatory requirements;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">economic
                                            weakness, including inflation, or political instability in particular foreign economies and
                                            markets;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">compliance
                                            with tax, employment, immigration and labor laws for employees living or traveling abroad;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">foreign
                                            taxes, including withholding of payroll taxes;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">foreign
                                            currency fluctuations, which could result in increased operating expenses or reduced revenue;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">difficulties
                                            staffing and managing foreign operations;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">workforce
                                            uncertainty in countries where labor unrest is more common than in the United States;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">potential
                                            liability under the U.S. Foreign Corrupt Practices Act of 1977, as amended, or the FCPA,
                                            or comparable foreign regulations;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">challenges
                                            enforcing our contractual and intellectual property rights as well as intellectual property
                                            theft or compulsory licensing, especially in those foreign countries that do not respect
                                            and protect intellectual property rights to the same extent as the United States; and</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">business
                                            interruptions resulting from geopolitical actions, including war and terrorism.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">These and other risks associated with international
operations that may harm our ability to attain or maintain profitable operations internationally, which would harm our growth potential.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Furthermore, there are foreign privacy laws and
regulations that impose restrictions on the collection, use, storage, disclosure, transfer and other processing of personal data, including
health information. For example, the European Union General Data Protection Regulation (&ldquo;GDPR&rdquo;), imposes stringent data protection
requirements, including, for example, more robust disclosures to individuals, a strengthened individual data rights regime, shortened
timelines for data breach notifications, limitations on retention of information, increased requirements pertaining to special categories
of data, such as health data, and additional obligations regarding third-party processors in connection with the processing of the personal
data. Our failure to comply with the GDPR or other applicable foreign privacy laws or regulations or significant changes in the laws
and regulations restricting our ability to obtain or use required patient information could significantly impact our business and our
future business plans.</P>

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>If we fail to comply with fraud and abuse
and other healthcare laws and regulations in the U.S. and internationally including those relating to kickbacks and false claims for
reimbursement, we could face substantial penalties and our business, financial condition and results of operations could be harmed.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Healthcare providers play a primary role in the
distribution, recommendation, ordering and purchasing of any of our products. Through our arrangements with healthcare professionals
and hospital facilities, we are exposed to broadly applicable anti-fraud and abuse, anti-kickback, false claims and other healthcare
laws and regulations that may constrain our business, our arrangements and relationships with customers, and how we market, sell and
distribute our marketed medical devices. We have a compliance program, code of conduct and associated policies and procedures, but it
is not always possible to identify and deter misconduct by our employees, contractors, and other third parties, including our customers,
and the precautions we take to detect and prevent noncompliance may not be effective in protecting us from governmental investigations
for failure to comply with applicable fraud and abuse or other healthcare laws and regulations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the United States, we are subject to various
state and federal anti-fraud and abuse laws, including, without limitation, the federal Anti-Kickback Statute and federal civil False
Claims Act, or the FCA. Our relationships with physicians, other health care professionals and hospitals are subject to scrutiny under
these laws. There are also similar laws in other countries that we may become subject to if we expand internationally.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The laws that may affect our ability to operate
include, among others:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
                                            Anti-Kickback Statute, which prohibits, among other things, knowingly and willingly soliciting,
                                            offering, receiving or paying remuneration, directly or indirectly, overtly or covertly,
                                            in cash or in kind, to induce or reward either the referral of an individual, or the purchase,
                                            order or recommendation of, items or services for which payment may be made, in whole or
                                            in part, under a federal healthcare program, such as the Medicare and Medicaid programs;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
                                            federal civil and criminal false claims laws, including the FCA, and civil monetary penalties
                                            laws, which prohibits, among other things, persons or entities from knowingly presenting,
                                            or causing to be presented, a false or fraudulent claim for payment of government funds and
                                            knowingly making, using or causing to be made or used, a false record or statement to get
                                            a false claim paid or to avoid, decrease or conceal an obligation to pay money to the federal
                                            government;</FONT></TD></TR></TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 72px">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">The Health Insurance Portability and Accountability
    Act of 1996, or HIPAA, which applies to our customers and some of their downstream vendors and contractors, imposes criminal and
    civil liability for, among other actions, knowingly and willfully executing, or attempting to execute, a scheme to defraud any healthcare
    benefit program, including private third-party payers, or knowingly and willfully falsifying, concealing or covering up a material
    fact or making a materially false, fictitious or fraudulent statement or representation, or making or using any false writing or
    document knowing the same to contain any materially false, fictitious or fraudulent statement or entry in connection with the delivery
    of or payment for healthcare benefits, items or services;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 72px">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Various state laws governing the privacy and security
    of personal information, including the California Consumer Privacy Act (&ldquo;CCPA&quot;), which became effective on January 1,
    2020, which regulates the processing of personal information of California residents and increases the privacy and security obligations
    of covered companies handling such personal information. The CCPA requires covered companies to, amongst other things, provide new
    and additional disclosures to California residents, and affords such residents new abilities to access their personal information
    and opt out of certain sales of personal information; and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 72px">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">The federal Physician Payments Sunshine Act, also
    known as Open Payments, requires manufacturers of drugs, devices, biologics and medical supplies for which payment is available under
    Medicare, Medicaid or the Children&rsquo;s Health Insurance Program to report annually, with certain exceptions to the Centers for
    Medicare and Medicaid Services, or CMS, information related to payments or other &ldquo;transfers of value&rdquo; made to certain
    physicians or other healthcare providers, as defined by such law, and teaching hospitals, and requires applicable manufacturers and
    group purchasing organizations to report annually to CMS ownership and investment interests held by physicians and their immediate
    family members.</FONT></TD></TR>
  </TABLE>
<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">State and federal regulatory and enforcement
agencies continue to actively investigate violations of healthcare laws and regulations, and the U.S. Congress continues to strengthen
the arsenal of enforcement tools. Enforcement agencies also continue to pursue novel theories of liability under these laws. In particular,
government agencies have increased regulatory scrutiny and enforcement activity with respect to manufacturer reimbursement support activities
and patient care programs, including bringing criminal charges or civil enforcement actions under the Anti-Kickback Statute, the FCA
and HIPAA&rsquo;s healthcare fraud and privacy provisions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Achieving and sustaining compliance with applicable
federal and state anti-fraud and abuse laws may prove costly. If we, or our employees, are found to have violated any of the above laws
we may be subjected to substantial criminal, civil and administrative penalties, including imprisonment, exclusion from participation
in federal healthcare programs, such as Medicare and Medicaid, and significant fines, monetary penalties, forfeiture, disgorgement and
damages, contractual damages, reputational harm, administrative burdens, diminished profits and future earnings and the curtailment or
restructuring of our operations, any of which could adversely affect our ability to operate our business and our financial results. Any
action or investigation against us for the violation of these healthcare fraud and abuse laws, even if successfully defended, could result
in significant legal expenses and could divert our management&rsquo;s attention from the operation of our business. Companies settling
FCA, Anti-Kickback Statute or civil monetary penalties law cases also may be required to enter into a Corporate Integrity Agreement with
the OIG, in order to avoid exclusion from participation (which results in a loss of coverage for their products) in federal healthcare
programs such as Medicare and Medicaid. Corporate Integrity Agreements typically impose substantial costs and operational burdens on
companies to ensure compliance. Defending against any such actions can be detrimental to our reputation and brand and can otherwise be
costly, time-consuming and may require significant personnel resources, and may harm our business, financial condition and results of
operations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>We have financial relationships with certain
physicians and health care providers, research investigators, and authors for our clinical or scientific publications that may be deemed
a conflict of interest and may be subject to certain statutory or regulatory requirements, under which a failure to comply could lead
to enforcement actions against us and other negative consequences for our business.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have certain financial relationships with
medical doctors and other healthcare providers who are investors and shareholders in our Company and/or paid consultants, clinical investigators,
or speakers promoting our products and clinical results, some of whom are also our customers who pay us for patients receiving a NOCISCAN-LS
exam, or otherwise prescribe and get paid for interpreting a NOCISCAN-LS exam. There are risks that one or more of these relationships
may be determined to be a conflict of interest and be in violation of applicable laws, regulations, or guidelines, which could potentially
subject us to significant fines or curtailment of our active commercial operations, and which could also potentially harm our reputation
in the marketplace. If we are deemed to not comply with requirements governing the industry&rsquo;s relationships with physicians or
there is an investigation into our compliance by the Office of the Inspector General, the Department of Justice, states&rsquo; attorney
generals or other government agencies, it could harm our sales, business, financial condition, and results of operations.</P>

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Regulatory compliance is expensive, complex
and uncertain, and a failure to comply could lead to enforcement actions against us and other negative consequences for our business.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The FDA, EU, and other foreign regulatory agencies
or governing bodies, regulate certain of our products as medical devices. Complying with these regulations is costly, time-consuming,
complex and uncertain. For instance, before a new medical device, or a new intended use for an existing device, can be marketed in the
United States, a company must first submit and receive either 510(k) clearance, de novo approval, or approval of a PMA from the FDA,
unless an exemption applies. FDA regulations and regulations of similar agencies are wide-ranging and include, among other things, oversight
of:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">product
                                            design, development, manufacturing (including suppliers) and testing;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">laboratory,
                                            preclinical and clinical studies;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">product
                                            safety and effectiveness;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">product
                                            labeling;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">product
                                            storage and shipping;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">quality
                                            assurance policies, practices, and record keeping;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">pre-market
                                            clearance or approval;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">marketing,
                                            advertising and promotion;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">product
                                            sales and distribution;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">product
                                            changes;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">product
                                            recalls; and</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">post-market
                                            surveillance and reporting of deaths, serious injuries, certain malfunctions, and related
                                            corrective actions.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Further, improvements of our existing technology,
any potential new technology, and new indications for use of our current technology may be subject to extensive regulation, and we may
require permission from regulatory agencies and ethics boards to conduct clinical studies, as well as clearance or approval from the
FDA, or other such foreign regulatory agencies or governing bodies, prior to commercial sale. In order to commercialize and distribute
our products in markets outside of the United States, it will require approval from, or otherwise meeting the requirements of, non-U.S.
regulatory agencies.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The FDA and foreign regulatory bodies can delay,
limit or deny clearance or approval (or otherwise a related &ldquo;exemption&rdquo;) for a device for many reasons, including:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">our
                                            inability to demonstrate to the satisfaction of the FDA or the applicable regulatory entity
                                            or notified body that our products are safe or effective for their intended uses;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">disagreement
                                            of the FDA or the applicable foreign regulatory body with the design or implementation of
                                            our clinical studies or the interpretation of data from clinical studies, or with the regulatory
                                            classification or related pre-market regulatory pathway pursued by the Company for our products;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">adverse
                                            device effects experienced by participants in our clinical studies;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                            insufficiency of data from our preclinical studies and clinical studies to support clearance
                                            or approval, where required;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">our
                                            inability to demonstrate that the clinical and other benefits of our products outweigh the
                                            risks;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">failure
                                            of our manufacturing process or facilities to meet applicable requirements; and</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">significant
                                            changes to the policies or regulations of the FDA or applicable foreign regulatory bodies
                                            that render our clinical data or regulatory classifications, pre-market review pathways,
                                            or related filings insufficient for approval or that otherwise prevent us from legally marketing
                                            our products.</FONT></TD></TR></TABLE>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Future clinical studies may be delayed,
suspended or terminated for many reasons, including to support reimbursement coverage and certain potential label expansions for additional
indications, which will increase our expenses and delay the time it takes to secure reimbursement coverage or support label expansion
for additional indications.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We plan to continue to develop and execute clinical
studies to support reimbursement coverage for using our products, label retention for our products, label expansion for our products
into additional claims for diagnosing painful discs and improving patient outcomes and additional thoracic and cervical discogenic back
pain patient populations. We may also develop and execute clinical studies for new products or for label expansion for our current products
into patient populations suffering from other pain or tissue chemistry-mediated conditions. We may also develop modifications to our
products, and conduct related clinical studies, related to expanding indications for post-processing data from other MRS applications
in the body. We do not know whether future clinical studies will begin on time, will need to be redesigned, have an adequate number of
patients enrolled or be completed on schedule, if at all. The commencement and completion of clinical studies to support label retention
and expansion for additional indications or for new products may be delayed, suspended or terminated as a result of many factors, including:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                            delay or refusal of regulators or Institutional Review Boards, or IRBs, to authorize us to
                                            commence a clinical study at a prospective trial site;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">changes
                                            in regulatory requirements, policies and guidelines;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">delays
                                            or failure to reach agreement on acceptable terms with prospective clinical research organizations,
                                            or CROs, and clinical study sites, the terms of which can be subject to extensive negotiation
                                            and may vary significantly among different CROs and trial sites;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">delays
                                            in patient enrollment and variability in the number and types of patients available for clinical
                                            studies, including due to COVID-19 or other disease outbreak, and delays in or the inability
                                            to monitor enrolled patients, including due to COVID-19 or other disease outbreak;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                            inability to recruit, enroll, or retain a sufficient number of patients;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">deviations
                                            by our CROs or clinical sites from the trial protocol or study discontinuation by participants,
                                            investigators, or study sites;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">safety
                                            or tolerability concerns that could cause us to suspend or terminate a trial if we find that
                                            the participants are being exposed to unacceptable health risks;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">regulators,
                                            Institutional Review Boards (&ldquo;IRBs&rdquo;), Ethics Committees or Data Safety Monitoring
                                            Boards requiring that we or our investigators or study sites suspend or terminate clinical
                                            studies for various reasons, including noncompliance with GCP or other regulatory requirements
                                            or safety concerns;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">lower
                                            than anticipated retention rates of patients and volunteers in clinical studies;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">failure
                                            of our CROs or clinical studies sites to comply with regulatory requirements or meet their
                                            contractual obligations to us in a timely manner, or at all;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">delays
                                            relating to identifying and engaging with and adding new clinical study site that have access
                                            to compatible MR scanners for using our products; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">exceeding
                                            budgeted costs.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, if the FDA concludes that we have
not adequately disclosed financial interests of our investigators or if our disclosed financial relationships with investigators result
in a perceived or actual conflict of interest that may have affected the interpretation of a study, the integrity of the data generated
at the applicable clinical study site or the utility of the clinical study itself, FDA may refuse to consider data from the study. This
could result in the delay or rejection by the FDA. Any such delay or rejection could prevent us from supporting label retention and expansion
for our products.</P>

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>A failure to comply with governmental regulatory
requirements would have a negative impact upon our business.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Failure to comply with applicable U.S. requirements
regarding promoting, manufacturing, labeling, and establishing and complying with appropriate quality assurance policies, systems, and
practices for our products may subject us to a variety of administrative or judicial actions and sanctions. We currently offer the NOCISCAN-LS
product suite via two interactive products, NOCICALC-LS, which is listed with the FDA as a Class I, 510(k)-exempt product, and NOCIGRAM-LS,
a type of medical software that we have concluded is exempt from medical device regulation by the FDA pursuant to the 21<SUP>st</SUP>
Century Cures Act. This product suite is also self-certified and CE Marked as a Class I medical device under MDD requirements, while
we believe it is considered a Class II medical device and requiring Notified Body review and certification under newer MDR regulations
(subject to a grace period until May 2024). These products are marketed and sold with certain labeling and related instructions for use
and are promoted by various marketing and sales materials and related human interactions via our personnel and our target customers.
We have also established, and operate under, certain quality assurance systems, policies, and procedures under our QMS intended to be
compliant with applicable requirements for all relevant territories and jurisdictions related to our commercial activities. In the event
that our establishment, maintenance, marketing, promotion, labeling, or execution of these products, or these systems, policies, practices,
or procedures, are determined to be inadequate or non-compliant with applicable regulatory requirements, such defect could result in
certain potential enforcement actions or other adverse consequences, and our business would be negatively affected.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>If we become subject to enforcement action
by governmental regulatory agencies, our business would be negatively affected. </I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our failure to comply with applicable regulatory
requirements could result in enforcement action by the FDA or other governmental regulatory agencies, which enforcement actions may include
the following:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">untitled
                                            letters, warning letters, fines, injunctions, consent decrees and civil penalties;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">unanticipated
                                            expenditures to address or defend such actions;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">issuance
                                            of form 483s, or other compliance or enforcement notices, communications or correspondence
                                            from regulatory bodies;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">recall,
                                            detention or seizure of our products;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">operating
                                            restrictions or partial suspension or total shutdown of marketing, sales and production or
                                            offering of product-related services;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">refusing
                                            or delaying our requests for 510(k) clearance or de novo classification or PMA approval of
                                            new products or modified products;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">requiring
                                            products that we determined to be classified and listed with the FDA as a Class I, 510(k)-exempt
                                            medical device, or that we determined not to be a medical device and thus unregulated by
                                            the FDA, instead to be submitted for marketing authorization (510(k) clearance, de novo classification,
                                            or PMA approval); </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">operating
                                            restrictions;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">withdrawing
                                            market authorizations that have already been granted; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">refusal
                                            to grant any export approval that might be required for our NOCISCAN-LS product suite; or</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">criminal
                                            prosecution</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If any of these events were to occur, it would
have a negative impact on our business, financial condition and results of operations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>If certain of our medical device products
cause or contribute to a death or a serious injury or malfunction in certain ways, we will be required to report under applicable medical
device reporting regulations, or MDRs, which can result in voluntary corrective actions or agency enforcement actions and harm our reputation,
business, financial condition and results of operations.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">FDA&rsquo;s Medical Device Reporting (&ldquo;MDR&rdquo;)
regulation requires, medical device manufacturers to report to the FDA information of which the manufacturer becomes aware that a device
has or may have caused or contributed to a death or serious injury or has malfunctioned in a way that would likely cause or contribute
to death or serious injury if the malfunction of the device or a similar device marketed by the manufacturer were to recur. If we fail
to report events required to be reported to the FDA within the required timeframes, or at all, the FDA could take enforcement action
and impose sanctions against us. Any such adverse event involving our products also could result in the need to take corrective and preventative
actions, such as changes to design or manufacturing processes, corrections, removals, or recalls or customer notifications, or agency
action, such as inspection or enforcement action. Risk of harm to patients, including without limitation serious injury or death, associated
with using our products could also result in product liability actions against us. Any corrective action, whether voluntary or involuntary,
as well as defending ourselves in a lawsuit, would be costly, distract management from operating our business, could be used by competitors
against us, and may harm our reputation, business, financial condition and results of operations.</P>

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>From time to time, we engage outside parties
to perform services related to certain of our clinical studies. If these third parties do not successfully carry out their contractual
duties or meet expected deadlines, we may not be able to complete our clinical studies on our planned timelines, or at all, and may incur
significant additional costs.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The FDA&rsquo;s investigational device exemption
(&ldquo;IDE&rdquo;) regulations impose requirements on the conduct of certain clinical investigations conducted with medical devices.
The requirements depend on whether the study is considered to be exempt, a nonsignificant risk or a significant risk. In general, clinical
investigations with medical devices, including those that are IDE exempt, must comply with requirements for the protection of human subjects,
which include review and approval by an institutional review board (&ldquo;IRB&rdquo;) and informed consent of subject participants.
Significant risk device studies also must submit an IDE to FDA for approval. The IDE regulations specify the responsibilities of sponsors
and investigators to ensure compliance with IDE requirements, including compliance with Good Clinical Practice (&ldquo;GCP&rdquo;) requirements.
Failure to comply may result in FDA placing a temporary or permanent clinical hold on the study, issuance of warning letters, or other
regulatory actions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">From time to time, we engage consultants to help
design, monitor and analyze the results of certain clinical studies and trials that we sponsor. The consultants we engage may interact
with clinical investigators to enroll patients in our clinical studies. We depend on these consultants and clinical investigators to
conduct clinical studies and trials and monitor and analyze data from these studies and trials under the investigational plan and protocol
for the study or trial and in compliance with applicable regulations and standards. We may face delays in, or be prevented from, completing
our clinical studies if these parties do not perform their obligations in a timely, compliant or competent manner. Such roles, functions,
and related risks, also apply to certain employees of the Company. If these third parties or employees do not successfully carry out
their duties, comply with Good Clinical Practice (GCP) guidelines and other applicable requirements, or meet expected deadlines, or if
the quality, completeness or accuracy of the data they obtain is compromised due to the failure to adhere to our clinical study protocols
or for other reasons, our clinical studies or trials may need to be extended, delayed or terminated by us or be placed on clinical hold
by FDA, or may otherwise prove to be unsuccessful, and we may have to conduct additional studies, which would significantly increase
our costs.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Healthcare reform initiatives and other
administrative and legislative proposals may harm our business, financial condition, results of operations and cash flows in our key
markets.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">There have been, and continue to be, proposals
by the federal government, state governments, regulators and third-party payers to control or manage the increased costs of healthcare
and, more generally, to reform the U.S. healthcare system. Certain of these proposals could limit the prices we are able to charge for
our products or the coverage and reimbursement available for our products and could limit the acceptance and availability of our products.
The adoption of proposals to control costs could harm our business, financial condition and results of operations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">There likely will continue to be legislative
and regulatory proposals at the federal and state levels directed at containing or lowering the cost of healthcare. We cannot predict
the initiatives that may be adopted in the future or their full impact. The continuing efforts of the government, insurance companies,
managed care organizations and other payers of healthcare services to contain or reduce costs of healthcare may harm:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">our
                                            ability to set a price that we believe is fair for our products;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">our
                                            ability to generate revenue and achieve or maintain profitability; and</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                            availability of capital.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Recently there has been heightened governmental
scrutiny over the manner in which companies set prices for their marketed products, which has resulted in several U.S. Congressional
inquiries and proposed and enacted federal legislation designed to bring transparency to product pricing and reduce the cost of products
and services under government healthcare programs. Additionally, individual states in the United States have also increasingly passed
legislation and implemented regulations designed to control product pricing, including price or patient reimbursement constraints, discounts,
restrictions on certain product access and marketing cost disclosure and transparency measures. Moreover, regional healthcare authorities
and individual hospitals are increasingly using bidding procedures to determine what products to purchase and which suppliers will be
included in their healthcare programs. Adoption of price controls and other cost-containment measures, and adoption of more restrictive
policies in jurisdictions with existing controls and measures may prevent or limit our ability to generate revenue and attain profitability.</P>

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Various new healthcare reform proposals are emerging
at the federal and state level. It is also possible that additional governmental action will be taken in response to the COVID-19 pandemic.
Any new federal and state healthcare initiatives that may be adopted could limit the amounts that federal and state governments will
pay for healthcare products and services, and could harm our business, financial condition and results of operations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Our collection, use, storage, disclosure,
transfer and other processing of sensitive and personal information could give rise to significant costs, liabilities and other risks,
including as a result of investigations, inquiries, litigation, fines, legislative and regulatory action and negative press about our
privacy and data protection practices, which may harm our business, financial conditions, results of operations and prospects.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the course of our operations, we collect,
use, store, disclose, transfer and otherwise process an increasing volume of sensitive, and personal information including detailed recordings
of MRI and MRS results from patients as well as information from our employees and third parties with whom we conduct business. The collection,
use, storage, disclosure, transfer and other processing of personal information is increasingly subject to a wide array of federal, state
and foreign laws, rules, regulations, and standards regarding data privacy and security including comprehensive laws of broad application,
such as the CCPA and the GDPR, that are intended to protect the privacy of personal information that is collected, used, stored, disclosed,
transferred or otherwise processed in or from the governing jurisdiction. As we seek to expand our business, we are, and may increasingly
become, subject to various laws, rules, regulations and standards, as well as contractual obligations, relating to data privacy and security
in the jurisdictions in which we operate or in the jurisdictions where our patients may be. When conducting clinical studies, we face
risks associated with collecting trial participants&rsquo; data, especially health data, in a manner consistent with applicable laws
and regulations, such as GCP guidelines or FDA human subject protection regulations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In many cases, these laws, rules, regulations
and standards apply not only to third-party transactions, but also to transfers of information between or among us, any of our affiliates
and other parties with whom we conduct business. These laws, rules, regulations and standards may be interpreted and applied differently
over time and from jurisdiction to jurisdiction, and it is possible that they will be interpreted and applied in ways that may harm our
business, financial condition and results of operations. The regulatory framework for data privacy and security worldwide is continuously
evolving and developing and, as a result, interpretation and implementation standards and enforcement practices are likely to remain
uncertain for the foreseeable future.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are subject to many diverse laws and regulations
relating to data privacy and security. In the United States, various federal and state regulators have adopted, or are considering adopting,
laws and regulations concerning personal information and data security. Additionally, our customers may be subject to additional federal
and state privacy and security laws, rules, regulations and standards, including HIPAA, that they may require us to comply with through
contractual obligations. This patchwork of legislation and regulation may give rise to conflicts or differing views of personal privacy
rights. For example, certain state laws may be more stringent or broader in scope, or offer greater individual rights, with respect to
personal information than federal, foreign or other state laws, and such laws may differ from each other, all of which may complicate
compliance efforts. Additionally, new privacy rules are being enacted in the United States and globally, and existing ones are being
updated and strengthened. The CCPA regulates the processing of personal information of California residents and increases the privacy
and security obligations of covered companies handling such personal information. The CCPA requires covered companies to, amongst other
things, provide new and additional disclosures to California consumers and provide such consumers new data protection and privacy rights,
including the ability to access their personal information and opt out of certain sales of personal information. The CCPA provides for
civil penalties for violations, as well as a private right of action for certain data breaches that result in the loss of personal information.
This private right of action may increase the likelihood of, and risks associated with, data breach litigation. The CCPA was amended
in September 2018 and November 2019, and it is possible that further amendments will be enacted, but even in its current form it remains
unclear how various provisions of the CCPA will be interpreted and enforced. Moreover, a new privacy law, the California Privacy Rights
Act, (&ldquo;CPRA&rdquo;) a consumer privacy ballot initiative that amends and expands the CCPA, was recently passed. The CPRA affords
California residents significantly more control over their personal information, imposes heightened compliance obligations on covered
companies, and establishes a new enforcement agency dedicated to consumer privacy. The CPRA&rsquo;s substantive provisions become effective
January 1, 2023, and new regulations are expected to be introduced by July 1, 2022. While aspects of the CPRA and its interpretation
remain to be determined in practice, they create further uncertainty and may result in additional costs and expenses in an effort to
comply. Further, all 50 states have passed laws regulating the actions that a business must take if it experiences a data breach, such
as prompt disclosure to affected customers. In addition to data breach notification laws, some states have enacted statutes and rules
requiring businesses to reasonably protect certain types of personal information they hold or to otherwise comply with certain specified
data security requirements for personal information. We are also subject to the supervisory and enforcement authority of the Federal
Trade Commission with regard to the collection, use, sharing, and disclosure of certain data collected from or about individuals. State
laws are changing rapidly and there is discussion in Congress of a new federal data protection and privacy law to which we would become
subject if it is enacted. All of these evolving compliance and operational requirements impose significant costs that are likely to increase
over time, may require us to modify our data processing practices and policies, divert resources from other initiatives and projects,
and could restrict the way products and services involving data are offered, all of which may harm our business, financial condition
and results of operations.</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the event we expand our operations internationally,
we may become subject to additional foreign data privacy and security laws, rules, regulations, requirements, and standards, which in
the European Union, for instance, have been significantly reformed. On May 25, 2018, the General Data Protection Regulation (&ldquo;GDPR&rdquo;)
entered into force and became directly applicable in all European Union member states. The GDPR implements more stringent operational
requirements than its predecessor legislation. For example, the GDPR requires companies to make more detailed disclosures to data subjects,
requires disclosure of the legal basis on which companies can process personal data, makes it harder for companies to obtain valid consent
for processing, requires the appointment of data protection officers when sensitive personal data, such as health data, is processed
on a large scale, provides more robust rights for data subjects, introduces mandatory data breach notification through the European Union,
imposes additional obligations on companies when contracting with service providers and requires companies to adopt appropriate privacy
governance including policies, procedures, training and data audits. The GDPR permits data protection authorities to impose large penalties
for violations of the GDPR, including potential fines of up to &euro;20 million or four percent of annual global revenues, whichever
is greater. The GDPR also confers a private right of action on data subjects and consumer associations to lodge complaints with supervisory
authorities, seek judicial remedies, and obtain compensation for damages resulting from violations of the GDPR. If we become subject
to the GDPR and do not comply with our obligations under the GDPR, we could be exposed to significant fines. Compliance with the GDPR
will be a rigorous and time-intensive process that may increase our cost of doing business or require us to change our business practices,
and despite those efforts, there is a risk that we may be subject to fines and penalties, litigation, and reputational harm in connection
with our European activities. In addition, we may be the subject of litigation or adverse publicity, which could negatively affect our
business, financial condition and results of operations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We expect that there will continue to be new
proposed laws and regulations concerning data privacy and security, and we cannot yet determine the impact such future laws, rules, regulations
and standards may have on our business. New laws, amendments to or re-interpretations of existing laws, regulations, standards and other
obligations may require us to incur additional costs and restrict our business operations. Because the interpretation, scope, and application
of laws, regulations, standards and other obligations relating to data privacy and security are still uncertain, it is possible that
these laws, regulations, standards and other obligations may be interpreted and applied in a manner that is inconsistent with our data
processing practices and policies or the features of our products and services. If so, in addition to the possibility of fines, lawsuits,
regulatory investigations, public censure, other claims and penalties, and significant costs for remediation and damage to our reputation,
we could be materially and adversely affected if legislation or regulations are expanded to require changes in our data processing practices
and policies or if governing jurisdictions interpret or implement their legislation or regulations in ways that negatively impact our
business, financial condition and results of operations. We may be unable to make such changes and modifications in a commercially reasonable
manner, or at all. In addition to government regulation, privacy advocates and industry groups have and may in the future propose self-regulatory
standards from time to time. These and other industry standards may legally or contractually apply to us, or we may elect to comply with
such standards. Any inability to adequately address data privacy or security-related concerns, even if unfounded, or to comply with applicable
laws, regulations, standards and other obligations relating to data privacy and security, could result in additional cost and liability
to us, harm our reputation and brand, damage our relationships with consumers and harm our business, financial condition and results
of operations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We make public statements about our use and disclosure
of personal information through our privacy policies, information provided on our website and press statements. Although we endeavor
to comply with our public statements and documentation, we may at times fail to do so or be alleged to have failed to do so. The publication
of our privacy policies and other statements that provide promises and assurances about data privacy and security can subject us to potential
government or legal action if they are found to be deceptive, unfair or misrepresentative of our actual practices. Any concerns about
our data privacy and security practices, even if unfounded, could damage the reputation of our business and harm our business, financial
condition and results of operations.</P>

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Complying with these numerous, complex and often
changing laws, rules, regulations, and standards is expensive and difficult. Any failure or perceived failure by us or our service providers
to comply with our posted privacy policies or with any applicable or potentially applicable federal or state laws, rules, regulations,
standards, certifications or orders relating to data privacy, security or consumer protection, or any compromise of security that results
in the theft, unauthorized access, acquisition, use, disclosure, or misappropriation of personal information or other user data, could
result in significant fines or penalties, negative publicity or proceedings or litigation by governmental agencies or consumers, including
class action privacy litigation in certain jurisdictions, which would subject us to significant awards, penalties or judgments, one or
all of which could require us to change our business practices or increase our costs and could materially and adversely affect our business,
financial condition and results of operations. In addition, if our practices are not consistent, or viewed as not consistent, with applicable
legal and regulatory requirements, including changes in laws, regulations and standards or new interpretations or applications of existing
laws, regulations and standards, we may also become subject to audits, inquiries, whistleblower complaints, adverse media coverage, investigations,
criminal or civil sanctions, all of which may harm our business, financial condition and results of operations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Our employees, independent contractors,
consultants, commercial partners and vendors may engage in misconduct or other improper activities, including noncompliance with regulatory
standards and requirements, which could harm our business, financial condition and results of operations.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are exposed to the risk that our employees,
independent contractors, consultants, commercial partners and vendors may engage in fraudulent or illegal activity. Misconduct by these
parties could include intentional, reckless or negligent conduct or disclosure of unauthorized activities to us that violates: (i) the
laws of the FDA and other similar state or foreign regulatory bodies, including those laws requiring the reporting of true, complete
and accurate information to such regulators, (ii) manufacturing standards, (iii) healthcare fraud and abuse laws in the United States
and similar foreign fraudulent misconduct laws, (iv) laws related to discrimination, harassment, or other conduct relating to a hostile
work environment, or (v) laws that require the true, complete and accurate reporting of financial information or data. These laws may
impact, among other things, future sales, marketing and education programs. In particular, the promotion, sales and marketing of healthcare
items and services, as well as certain business arrangements in the healthcare industry, are subject to extensive laws designed to prevent
fraud, kickbacks, self-dealing and other abusive practices. These laws and regulations may restrict or prohibit a wide range of pricing
arrangements, discounting, marketing and promotion, structuring and commissions, certain customer incentive programs and other business
arrangements generally. These laws also address the improper use of information obtained in the course of patient recruitment for clinical
studies.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have adopted a code of conduct, employee handbook,
and compliance policies, but it is not always possible to identify and deter misconduct by our employees and other third parties, and
the precautions we take to detect and prevent these activities may not be effective in controlling unknown or unmanaged risks or losses
or in protecting us from governmental investigations or other actions or lawsuits stemming from a failure to be in compliance with such
laws or regulations. If any such actions are instituted against us and we are not successful in defending ourselves or asserting our
rights, those actions could result in the imposition of significant fines or other sanctions, including the imposition of civil, criminal
and administrative penalties, damages, monetary fines, disgorgement, imprisonment, reporting and oversight obligations, possible exclusion
from participation in Medicare, Medicaid and other federal healthcare programs, contractual damages, diminished profits and future earnings
and curtailment of operations, any of which could adversely affect our ability to operate our business and our results of operations.
If any such actions are instituted against us and we are not successful in defending ourselves or asserting our rights, those actions
could result in integrity issues, or a negative impact to our reputation or brand. Whether or not we are successful in defending against
any such actions or investigations, we could incur substantial costs, including legal fees, and divert the attention of management in
defending ourselves against any of these claims or investigations, which could harm our business, financial condition and results of
operations.</P>

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Significant disruptions in our information
technology systems, whether through breaches or failures of our technology, unauthorized access or otherwise, may result in both an adverse
impact to our products, as well as the unauthorized use, disclosure, modification or misappropriation of patient personal information,
the occurrence of fraudulent activity, or other data security-related incidents, all of which could have a material and adverse impact
on our business, financial condition and results of operations.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are increasingly dependent on complex information
technology systems for the efficient functioning of our business, including the manufacture, distribution and maintenance of our products,
as well as for accounting, data storage, compliance, purchasing and inventory management purposes. Further, our products collect, use,
store, disclose, transfer, and otherwise process sensitive patient data, such as detailed recordings of MRIs to help clinicians make
more informed treatment decisions and optimize their patients&rsquo; care. These data are recorded by our technology and can be viewed
by the physician during regular patient visits using the Physician Tablet or on demand through a secure website. We also collect, use,
store, disclose, transfer, and otherwise process a growing volume of other personal information and confidential, proprietary and sensitive
data, which may include procedure-based information and sensitive healthcare data, credit card, and other financial information, insurance
information, and other potentially personally identifiable information. Our information technology systems or those of our service providers
may be subject to computer viruses, phishing, social engineering, denial or degradation of service attacks, ransomware, malware attacks
or other threats, cyberattacks, or dishonest acts by computer hackers or terrorists, failures during the process of upgrading or replacing
software, databases or components thereof, power outages, damage or interruption from fires or other natural disasters, hardware failures,
telecommunication failures and user errors, among other malfunctions. Technological interruptions or threats would disrupt our operations,
including the ability of our clinicians to use our products as intended to treat patients, the ability of patients to safely and securely
upload their data using and into our products, as well as our ability to adequately manufacture our products, timely ship and track product
orders, project inventory requirements, manage our supply chain and otherwise adequately service our customers. Additionally, any of
these incidents could result in the theft, unauthorized access, acquisition, use, disclosure, modification, or misappropriation of personal
information of patients that use our products, trial participants, employees, third parties with whom we conduct business, as well as
other confidential, proprietary, and sensitive data, and can also result in fraudulent activity, system disruptions or shutdowns.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The occurrence of any actual or attempted breach,
failure of security or fraudulent activity, the reporting of such an incident, whether accurate or not, or our failure to make adequate
or timely disclosures to the public or law enforcement agencies following any such event, whether due to delayed discovery or a failure
to follow existing protocols, could result in claims made against us or our service providers, which could result in state and/or federal
litigation and related financial liabilities, as well as criminal penalties or civil liabilities, regulatory actions from state and/or
federal governmental authorities, and significant fines, orders, sanctions, litigation and claims against us by consumers or third parties
and related indemnification obligations. Actual or perceived security breaches or failures could also cause financial losses, increased
costs, interruptions in the operations of our businesses, misappropriation of assets, significant damage to our brand and reputation
with customers, patients, employees, and third parties with whom we do business, and result in adverse publicity, loss of consumer confidence,
distraction to our management, and reduced sales and profits, any or all of which could harm our business, financial condition and results
of operations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our technology is also subject to compromise
from internal threats, such as theft, misuse, unauthorized access or other improper actions by employees, service providers and other
third parties with otherwise legitimate access to our systems and website. Data security-related incidents and fraudulent activity are
increasing in frequency and evolving in nature. We rely on a framework of security processes, procedures, tools, and controls designed
to protect our information and assets but, given the unpredictability of the timing, nature and scope of data security-related incidents
and fraudulent activity, there can be no assurance that any security procedures and controls that we or our service providers have implemented
will be sufficient to prevent data security-related incidents or other fraudulent activity from occurring. Furthermore, because the methods
of attack and deception change frequently, are increasingly complex and sophisticated, and can originate from a wide variety of sources,
including third parties such as service providers and even nation-state actors, despite our reasonable efforts to ensure the integrity
of our systems and website, it is possible that we may not be able to anticipate, detect, appropriately react and respond to, or implement
effective preventative measures against, all security breaches and failures and fraudulent activity. In the event we experience significant
disruptions, we may be unable to repair our systems in an efficient and timely manner.</P>

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We also face risks associated with security breaches
affecting third parties with whom we are affiliated or otherwise conduct business. Due to applicable laws and regulations or contractual
obligations, we may be held responsible for any breach, failure or fraudulent activity attributed to our service providers as they relate
to the information we share with them. In addition, while we take precautions in selecting service providers, because we do not control
our service providers and our ability to monitor their data security is limited, we cannot ensure the security measures they take will
be sufficient to protect our information. Any of the foregoing could harm our business, financial condition and results of operations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As data security-related threats continue to
evolve, we may be required to expend significant additional resources to continue to modify or enhance our protective measures or to
investigate and remediate any information security vulnerabilities, or to protect against, respond to and recover from any potential,
attempted, or existing security breaches. In addition, our remediation efforts may not be successful. The inability to implement, maintain
and upgrade adequate safeguards could have a material and adverse impact on our business, financial condition and results of operations.
Moreover, there could be public announcements regarding any data security-related incidents and any steps we take to respond to or remediate
such incidents, and if securities analysts or investors perceive these announcements to be negative, it could, among other things, have
a substantial adverse effect on the price of our common stock. Any of the foregoing could harm our business, financial condition and
results of operations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We currently maintain a cybersecurity insurance
policy and business interruption coverage in order to mitigate certain potential losses but this insurance is limited in amount, and
we cannot be certain that such potential losses will not exceed our policy limits, or will cover all potential claims to which we are
exposed and may not be adequate to indemnify us for all liability that may be imposed. Therefore, failure to maintain or protect our
information systems and data integrity effectively could harm our business, financial condition, and results of operations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>We face potential liability related to
the privacy of health information we obtain.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We may maintain, use, and share sensitive health
information that we receive directly from patients that use our technology, throughout the clinical study process, in the course of our
research collaborations, and from healthcare providers in the course of using our products and systems. Most healthcare providers, including
hospitals from which we obtain patient health information, are subject to privacy and security regulations promulgated under HIPAA, as
amended by the HITECH, and also under GDPR. We believe that we are not currently classified or regulated under HIPAA or GDPR as a Covered
Entity, but we believe we are considered and regulated as a Business Associate. Accordingly, we are subject to HIPAA and GDPR requirements
or penalties as applied to Business Associates. However, in certain situations, any person may be prosecuted under HIPAA&rsquo;s criminal
provisions either directly or under aiding-and-abetting or conspiracy principles. Consequently, depending on the facts and circumstances,
we could face substantial criminal penalties if we knowingly receive, maintain, use, or transfer individually identifiable health information
from a Covered Entity, as defined under HIPAA, that has not satisfied HIPAA&rsquo;s requirements for disclosure of individually identifiable
health information. Furthermore, certain health privacy laws, data breach notification laws, consumer protection laws and genetic testing
laws may apply directly to our operations or those of our collaborators and may impose restrictions on our collection, use and dissemination
of individuals&rsquo; health information As such, we may be subject to state laws requiring notification of affected individuals and
state regulators in the event of a breach of personal information, including certain health information, which is a broader class of
information than the health information protected by HIPAA. To the extent we engage in clinical studies and commercial uses of our products
outside the United States, we may implicate foreign data privacy and security laws and regulations, including the GDPR and legislation
of the European Union member states implementing it.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">To the extent we do business in international
markets now, and in the future, any failure by us or our third-party contractors to comply with the strict rules on the transfer of personal
data from outside of the European Union, the United Kingdom, or other foreign country or territory into the United States in accordance
with such laws and regulations may result in the imposition of criminal and administrative sanctions on such contractors, which could
adversely affect our sales, business, financial condition, and results of operations.</P>

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Moreover, patients about whom we or our contractors
or collaborators obtain or share health information, as well as the providers who share this information with us or whom we share this
data with, may have statutory or contractual rights that limit our ability to use and disclose the information. We may be required to
expend significant capital and other resources to ensure ongoing compliance with applicable privacy and data security laws. Potential
claims alleging that we have violated individuals&rsquo; privacy rights or breached our contractual obligations, even if we are not found
liable, could be expensive and time consuming to defend and could result in adverse publicity that could negatively affect our business,
financial condition and results of operations. If we or third-party contractors or consultants fail to comply with applicable federal,
state or local regulatory requirements, we could be subject to a range of regulatory actions that could affect our or our contractors&rsquo;
ability to develop and commercialize our products and could harm or prevent sales of our technology, or could substantially increase
the costs and expenses of developing, commercializing and marketing our products. Any threatened or actual government enforcement action
could also generate adverse publicity and require that we devote substantial resources that could otherwise be used in other aspects
of our business.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Additionally, data collection, privacy and security
have become the subject of increasing public concern and changing preferences towards data collection, privacy and security could adversely
affect patient willingness to consent to our collection of their health information. Patients may be reluctant or unwilling to consent
to the collecting of their health information, and patients that have opted-in to the collection of their health information may revoke
their consent at any time, including as a result of these concerns or as a result of changes to our data policies that we have implemented
or may implement in the future. In particular, the success of our business depends in part on our ability to lawfully obtain health information
from our patients. If patients choose not to consent to the collection of their health information as a result of these concerns, or
our customers who transfer patient data to us via the use of our products refuse to do so due to concerns for data privacy or potential
related liabilities, or our consent or data privacy protection and management policies or practices are found to be unlawful, this could
negatively impact the growth potential for our business.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have encountered potential customers in the
EU who have been reluctant, and indeed refused, to become customers due to concerns about transferring of any private patient information
from their practice in the EU into the United States. Certain such customers have indicated their opinion that such a transfer is, on
its face, non-compliant with GDPR requirements due to certain rights of the US Federal Government to seize such data from US domiciled
companies or storage facilities. We may need to expand our operations to host at least one foreign instance of our cloud-based post-processing
software products within a foreign country, such as within the European Union, in order to overcome such concerns and reach and engage
more customers to grow our business in the related territory. If we are unable to sufficiently dissuade these concerns held by certain
potential customers outside of the United States, or do not establish certain changes in our private patient health information data
privacy practices, such as moving the hosting of EU-based information to an EU-based instance of our products and storage of related
patient health information we receive via use of our products, our sales, business, financial condition, and results of operations could
be harmed. We could also encounter delays if a clinical study is suspended or terminated by us, by the IRBs or the Ethics Committees
of institutions at which such studies are being conducted, by the Data Safety Monitoring Board for such trial or by the FDA or other
regulatory authorities. Such authorities may suspend or terminate a clinical study due to a number of factors, including failure to conduct
the clinical study in accordance with regulatory requirements, including GC.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Risks related to our intellectual property</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>If we are unable to obtain, maintain, protect,
enforce and defend patents or other intellectual property protection for our technology, or if the scope of our patents and other intellectual
property protections is not sufficiently broad, or as a result of our existing or any future out-licenses of our intellectual property,
our competitors could develop and commercialize products similar to or competitive with our products and services, our ability to continue
to commercialize our technology, or our other products and services, may be harmed.</I></B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I></I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As with other medical device companies, our success
depends, in large part, on our ability to obtain, maintain, protect, enforce and defend a proprietary position for our products and services,
which will depend upon our success in obtaining and maintaining effective patent and other intellectual property protection in the United
States and other countries into which we may expand our business in the future that relate to our technology and any other products, their
manufacturing processes and their intended methods of use. Furthermore, our success will also depend on our ability to enforce and defend
those patents, as well as our other intellectual property. In some cases, we may not be able to obtain patents relating to our products
and services which are sufficient to prevent third parties, such as our competitors, from copying and competing with other products or
services that are the same, similar, or otherwise competitive with our products and services. Or, our competitors may have rights under
current or future out-licenses of our intellectual property which could result in our competitors developing and commercializing products
similar to or competitive with our products and services. Any failure to obtain, maintain, protect, enforce or defend patent and other
intellectual property protection with respect to our NOCISCAN-LS product suite and related services, or other aspects of our business,
could harm our business, competitive position, financial condition and results of operations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Changes in the patent or other intellectual property
laws, or their interpretation, in the United States and other countries may diminish our ability to protect our inventions or to obtain,
maintain, protect, enforce, and defend our patents and other intellectual property rights, and could affect the value of our intellectual
property or narrow the scope of our patents. Additionally, we cannot predict whether the patent applications we are currently pursuing
will issue as patents in any particular jurisdiction or whether the claims of any issued patents will provide sufficient protection from
competitors or other third parties.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The patent prosecution process is expensive, time-consuming
and complex and we may not be able to file, prosecute, maintain, enforce or license all necessary or desirable patents or patent applications
at a reasonable cost or in a timely manner. It is also possible that we will fail to identify patentable aspects of our research and development
output in time to obtain patent protection in one, several, or all geographies. Although we enter into non-disclosure and confidentiality
agreements with parties who have access to our confidential information or patentable aspects of our research and development output,
such as our employees, corporate collaborators, outside scientific collaborators, suppliers, consultants, advisors and other third parties,
any of these parties may breach the agreements and publicly disclose such confidential information or research and development output.
If such unauthorized public disclosure occurs before a patent application is filed, it could compromise or diminish our ability to seek
patent protection. Such third parties could also breach obligations with respect to limited uses of our confidential information, which
may include (i) breaching restrictions against making or inventing improvements or modifications to, or derivations of, our confidential
technologies, and (ii) further separately applying, on their own behalf, for patent protections for such improvements, modifications,
or derivations. Such breaches may compromise our ability to obtain or enforce our own patent protections for such improvements, modifications,
or derivations. In addition, our ability to obtain and maintain valid and enforceable patents depends on whether the differences between
our inventions and the prior art allow our inventions to be patentable over the prior art. Furthermore, the publication of discoveries
in scientific literature often lags behind the actual discoveries, and patent applications in the United States and other jurisdictions
are typically not published until 18 months after filing, or in some cases not at all. As such, we cannot be certain that we were the
first to make the inventions claimed in any of our patents or pending patent applications, or that we were the first to file for patent
protection of such inventions. Moreover, in some circumstances, we may not have the right to control the preparation, filing and prosecution
of patent applications, or to maintain the patents, relating to technology that we license from or license to third parties, including
by way of our license from the Board of Regents of the University of California, and we are therefore reliant on our licensors or licensees.
Therefore, these and any of our patents and patent applications may not be prosecuted and enforced in a manner consistent with the best
interests of our business. Furthermore, our license agreements may be terminated by the licensor. Defects of form in the preparation or
filing of our patents or patent applications may exist, or may arise in the future, for example, with respect to proper priority claims,
inventorship and the like, although we are unaware of any such defects that we believe are of importance. If we or any of our current
or future licensors or licensees fail to obtain, maintain, protect, enforce or defend such patents and other intellectual property rights,
such rights may be reduced or eliminated. If any of our current or future licensors or licensees are not fully cooperative or disagree
with us as to the prosecution, maintenance or enforcement of any patent rights, such patent rights could be compromised. If there are
material defects in the form, preparation or prosecution of our patents or patent applications, such patents or applications may be invalid
and/or unenforceable. Any of these outcomes could impair our ability to prevent competition from third parties, which may harm our business.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The strength of patent rights generally, and
particularly the patent position of medical device companies, involves complex legal and scientific questions, can be uncertain, and
has been the subject of much litigation in recent years. This uncertainty includes changes to the patent laws through either legislative
action to change statutory patent law or court action that may reinterpret existing law or rules in ways affecting the scope or validity
of issued patents. Our current or future patent applications may fail to result in issued patents in the United States or foreign countries
with claims that cover our products, including our technology. Even if patents do successfully issue from our patent applications, third
parties may challenge the validity, enforceability or scope of such patents, which may result in such patents being narrowed, invalidated
or held unenforceable. Any successful challenge to our patents could deprive us of exclusive rights necessary for the successful commercialization
of our products, including our NOCISCAN-LS product suite. Furthermore, even if they are unchallenged, our patents may not adequately
protect our technology or any other products we develop, provide exclusivity for these products or prevent others from designing around
our claims. If the scope of any patent protection we obtain is not sufficiently broad, or if we lose any of our patent protection, our
ability to prevent our competitors from commercializing similar or identical products could be adversely affected. If the breadth or
strength of protection provided by the patents we hold or pursue with respect to our products is challenged, it could dissuade companies
from collaborating with us to develop, or threaten our ability to commercialize, our technology.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Patents have a limited lifespan. In the United
States, the natural expiration of a utility patent is generally 20 years after its effective filing date and the natural expiration of
a design patent is generally 14 years after its issue date, unless the filing date occurred on or after May 13, 2015, in which case the
natural expiration of a design patent is generally 15 years after its issue date. However, the actual protection afforded by a patent
varies from country to country, and depends upon many factors, including the type of patent, the scope of its coverage, any terminal disclaimers
filed or to be filed, overlap in claimed subject matter with other patents in the portfolio, the availability of regulatory-related extensions,
the availability of legal remedies in a particular country and the validity and enforceability of the patent. Various extensions may be
available; however, the life of a patent, and the protection it affords, is limited. Without patent protection for our technology, we
may be open to competition. Further, if we encounter delays in our development efforts, the period of time during which we could market
our technology under patent protection would be reduced and, given the amount of time required for the development, testing and regulatory
review of planned or future technology and products, patents protecting such technology and products might expire before or shortly after
such products are commercialized. For information regarding the expiration dates of patents in our patent portfolio, see &ldquo;Business&mdash;<A HREF="#a25">Intellectual
Property</A>.&rdquo; Our U.S. issued patents are expected to expire between January 3, 2026 and March 15, 2033, without taking into account
all possible patent term adjustments, extensions, or abandonments, and assuming payment of all appropriate maintenance, renewal, annuity,
and other governmental fees. As our patents expire, the scope of our patent protection will be reduced, which may reduce or eliminate
any competitive advantage afforded by our patent portfolio. As a result, our patent portfolio may not provide us with sufficient rights
to exclude others from commercializing products similar or identical to ours.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Moreover, the coverage claimed in a patent application
can be significantly reduced before the patent is issued, and its scope can be reinterpreted after issuance. Even if patent applications
licensed to us or assigned to us, currently or in the future, issue as patents, they may not issue in a form that will provide us with
any meaningful protection, prevent competitors or other third parties from competing with us, or otherwise provide us with any competitive
advantage. Any patents assigned to us may be challenged, narrowed, circumvented or invalidated by third parties. Consequently, we do not
know whether our NOCISCAN-LS product suite or our other products will be protectable or remain protected by valid and enforceable patents.
Our competitors or other third parties may be able to circumvent our patents by developing similar or alternative products in a non-infringing
manner, which could harm our business, financial condition and results of operations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Some of our patents and patent applications may
be co-owned or cross-licensed with third parties. If we give up, do not pursue, or are unable to obtain an exclusive license to any such
third-party co-owners&rsquo; or licensee&rsquo;s interest in such patents or patent applications, such co-owners or cross-licensees may
be able to license or sub-license, respectively, their rights to other third parties, including our competitors, and our competitors
could market competing products and technology. In addition, we may need the cooperation of any such co-owners or co-licensees of our
patents in order to enforce such patents against third parties, and such cooperation may not be provided to us. Any of the foregoing
could harm our sales, business, financial condition and results of operations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We rely on a License from the Regents of the
University of California, as well as other aspects of our own patented technology and intellectual property, in order to be able to
use and sell various proprietary technologies that are material to our business, as well as technologies which we intend to use in our
future commercial activities. Our rights to use these licensed technologies and the inventions claimed in the licensed patents, are subject
to the continuation of, and our compliance with the terms of the license. The License provides that for so long as we pay patent prosecution
costs, the Regents of the University of California will diligently prosecute and maintain the United States and foreign patents
comprising the Patent Rights using counsel of its choice, and the UCSF Regents' counsel will take instructions only from The Regents
of the University of California has the right to terminate the agreement upon advanced notice in the event of a default by us. The
agreement will expire upon the expiration or abandonment of the last of the licensed patents. The patents subject to the agreement expire
between 2025 and 2029. The loss of this license would materially negatively affect our ability to pursue our business objectives and
result in material harm to our business operations.</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>We may not be successful in obtaining or
maintaining necessary rights to any products or processes we may have or develop through acquisitions and in-licenses.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We may find it necessary or prudent to acquire,
obtain, or maintain licenses to intellectual property or proprietary rights held by third parties that we may identify as necessary or
important to our business operations. However, we may be unable to acquire, secure, or maintain such licenses to any intellectual property
or proprietary rights from third parties that we identify as necessary for our technology or any future products we may develop. The
acquisition or licensing of third-party intellectual property or proprietary rights is a competitive area, and our competitors may pursue
strategies to acquire or license third party intellectual property or proprietary rights that we may consider attractive or necessary.
Our competitors may have a competitive advantage over us due to their size, capital resources and greater development and commercialization
capabilities. In addition, companies that perceive us to be a competitor may be unwilling to assign or license rights to us. We also
may be unable to acquire or license third party intellectual property or proprietary rights on terms that would allow us to make an appropriate
return on our investment or at all. We have an existing license with the Board of Regents of the University of California, and which
covers multiple patents and patent applications for inventions that are incorporated into our products, and if we are unable to maintain
this license, we may not be able to legally market or sell our current or future products, which would harm our sales, business, financial
condition, and results of operations. If we are unable to successfully acquire or license third-party intellectual property or proprietary
rights that we require for making, using, or selling our products or services, or to maintain the existing licenses to intellectual property
rights we have, we may have to abandon the development, manufacturing, marketing, or selling of our related products that require those
rights, which could harm our sales, business, financial condition, and results of operations.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Patents directing to our technology could
be found invalid or unenforceable if challenged in court or before administrative bodies in the United States or abroad, which could harm
our business, financial condition and results of operations.</I></B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I></I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The issuance of a patent is not conclusive as
to its inventorship, scope, validity or enforceability, and our patents may be challenged in the courts or patent offices in the United
States and abroad. We may be subject to a third-party pre-issuance submission of prior art to the U.S. Patent and Trademark Office (&ldquo;USPTO&rdquo;),
or become involved in opposition, derivation, revocation, reexamination, post-grant and inter partes review, or IPR, or interference
proceedings or other similar proceedings challenging our patent rights. An adverse determination in any such submission, proceeding or
litigation could reduce the scope of, or invalidate or render unenforceable, such patent rights, allow third parties to commercialize
our products and compete directly with us, without payment to us, or result in our inability to manufacture or commercialize products
without infringing third-party patent rights. Moreover, we may have to participate in interference proceedings declared by the USPTO
to determine priority of invention or in post-grant challenge proceedings, such as oppositions in a foreign patent office, that challenge
our priority of invention or other features of patentability with respect to our patents and patent applications. Such challenges may
result in loss of patent rights, in loss of exclusivity, or in patent claims being narrowed, invalidated or held unenforceable, which
could limit our ability to stop others from using or commercializing similar or identical products or limit the duration of the patent
protection of our products. Such proceedings also may result in substantial cost and require significant time from our management, even
if the eventual outcome is favorable to us.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, if we initiate legal proceedings
against a third party to enforce a patent relating to our products, the defendant could counterclaim that such patent is invalid or unenforceable.
In patent litigation in the United States, defendant counterclaims alleging invalidity or unenforceability are commonplace. Grounds for
a validity challenge could be an alleged failure to meet any of several statutory requirements, including lack of novelty, obviousness
or non-enablement. Grounds for an unenforceability assertion could be an allegation that someone connected with prosecution of the patent
withheld relevant information from the USPTO, or made a false or misleading statement, or otherwise committed inequitable conduct, during
prosecution. Defenses of these types of claims, regardless of their merit, would involve substantial litigation expense, would result
in reputational harm, and would be a substantial diversion of employee resources from our business. Third parties may also raise claims
challenging the validity or enforceability of our patents before administrative bodies in the United States or abroad, even outside the
context of litigation, including through re-examination, post-grant review, IPR, interference proceedings, derivation proceedings and
equivalent or similar proceedings in foreign jurisdictions (such as opposition proceedings). Such proceedings could result in the revocation
of, cancellation of or amendment to our patents in such a way that they no longer relate to our products. The outcome for any particular
patent following legal assertions of invalidity and unenforceability is unpredictable. With respect to the validity question, for example,
we cannot be certain that there is no invalidating prior art, of which we and the patent examiner were unaware during prosecution. Moreover,
potential third-party claims that are validated in a final ruling or determination regarding inequitable conduct with respect to securing
or enforcing a patent could also potentially give rise to other adverse claims, which may include business torts or other causes of action
regarding our enforcement of that patent, and could also potentially carry over and apply downstream to other patents that are related
to (e.g. claim of priority) the instant patent. If a defendant or other third party were to prevail on a legal assertion of invalidity
or unenforceability, we would lose at least part, and potentially all, of the patent protection for the patents raised in such a claim.
Such a loss of patent protection would harm our sales, business, financial condition, and results of operations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>The medical device industry is characterized
by patent litigation and in the future we could become subject to actual or threatened patent or other intellectual property litigation
alleging our products or services infringe or misappropriate third party rights, which could be costly to address and defend, result
in the diversion of management&rsquo;s time and efforts, require us to pay damages, or prevent us from making, using, or selling our
existing or future products.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Patent litigation is prevalent in the medical
device and diagnostic sectors. Our commercial success depends, in part, upon our ability and that of our suppliers to manufacture, market,
sell, and use our proprietary technology without infringing, misappropriating or otherwise violating the intellectual property or proprietary
rights of third parties. We may in the future become party to, or be threatened with, adversarial proceedings or litigation regarding
intellectual property rights with respect to our products. Third parties may assert infringement claims against us based on existing or
future intellectual property rights, regardless of merit. If we are found to infringe a third party&rsquo;s intellectual property rights,
we could be required to incur costs to obtain a license from such third party to continue developing, making, using, or selling our products
and services. We may also elect to enter into such a license in order to settle pending or threatened litigation. However, we may not
be able to obtain any required license on commercially reasonable terms, or at all. Even if we were able to obtain a license, it could
be non-exclusive, thereby giving our competitors access to the same technologies or methods licensed to us and could require us to pay
significant royalties and other fees. We could be forced, including by court order, to cease commercializing the infringing product or
service. In addition, we could be found liable for monetary damages, which may be significant. If we are found to have willfully infringed
a third-party patent, we could be required to pay treble damages and attorneys&rsquo; fees. A finding of infringement could prevent us
from commercializing our planned products in commercially important territories or force us to cease some of our business operations,
which could harm our business and cause brand and reputational harm. An adverse infringement determination in one territory where such
a claim might be brought could also potentially carry over to influence other similarly adverse claims being brought, and/or adverse results
of those additional claims, in other territories where we have or seek a commercial presence. We could also be forced to redesign or otherwise
change those products or services that use or implicate the allegedly infringing intellectual property, which could be costly, disruptive
and infeasible.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Many of our employees were previously employed
at, and many of our current advisors and consultants are employed by, universities or other biotechnology, medical device, healthcare,
or pharmaceutical companies, including our competitors or potential competitors. Although we try to ensure that our employees, advisors
and consultants do not use the proprietary information or know-how of others in their work for us, we may be subject to claims that we,
or these employees, have used or disclosed intellectual property, including trade secrets or other proprietary information, of any such
employee&rsquo;s former employer. Furthermore, although these agreements may be difficult to enforce, we may in the future be subject
to claims that these individuals are violating non-compete agreements with their former employers. These and other claims that we have
misappropriated the confidential information or trade secrets of third parties can have a similar negative impact on our business, including
with respect to the infringement claims discussed above.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Even if we are successful in defending against
intellectual property claims, litigation or other legal proceedings relating to such claims, the claims and related defense may still
cause us to incur significant expenses, cause reputational harm, and could distract our technical and management personnel from their
normal responsibilities. If we fail in defending any such claims, in addition to paying monetary damages or other settlements, we may
lose valuable intellectual property rights or personnel, which could harm our business, financial condition and results of operations.
We could potentially be required, or be forced or choose among other options, to negotiate a settlement of third party infringement claims
that may include cross-licensing of our own patent or other intellectual property rights with the third party bringing the initial adverse
claim against us. This could result in our inability to protect our products and services as exclusively proprietary only to us, and
allow the third party to compete against us, with respect to the inventions or technologies related to those out-licensed rights, and
which could also diminish the value of our products, services, and overall business and company, and harm our sales, business, financial
condition, and results of operations. In addition, there could be public announcements of the results of hearings, motions or other interim
proceedings or developments and if securities analysts or investors perceive these results to be negative, it could have a substantial
negative impact on the price of our shares of common stock. Such litigation or proceedings could substantially increase our operating
losses and reduce our resources available for development activities. We may not have sufficient financial or other resources to adequately
conduct such litigation or proceedings. Some of our competitors may be able to sustain the costs of such litigation or proceedings more
effectively than we can because of their substantially greater financial resources. Uncertainties resulting from the initiation and continuation
of litigation or other intellectual property related proceedings could harm our business, financial condition and results of operations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Obtaining and maintaining our patent protection
depends on compliance with various procedural, document submission, fee payment and other requirements imposed by government patent agencies,
and our patent protection could be reduced or eliminated for non-compliance with these requirements.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Obtaining and maintaining our patent protection
depends on compliance with various procedural measures, document submissions, fee payments and other requirements imposed by government
patent agencies, and our patent protection could be reduced or eliminated for non-compliance with these requirements.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Periodic maintenance fees, renewal fees, annuity
fees and various other government fees on patents and patent applications will be due to be paid to the USPTO and various government
patent agencies outside of the United States over the lifetime of our patents and applications. The USPTO and various non-U.S. government
agencies require compliance with several procedural, documentary, fee payment and other similar provisions during the patent application
process. In some cases, an intentional lapse can be cured by payment of a late fee or by other means in accordance with the applicable
rules. There are situations, however, in which non-compliance can result in the abandonment or lapse of the patent or patent application,
resulting in a partial or complete loss of patent rights in the relevant jurisdiction. In such an event, potential competitors might
be able to enter the market with similar or identical products or technology, which could harm our business, financial condition and
results of operations. Certain legal or contractual requirements, and/or rights of others involved in our development or products, may
permit the U.S. government to disclose our confidential information to third parties. To the extent any of our current or future intellectual
property is generated through the use of U.S. government funding, the provisions of the Bayh-Dole Act may similarly apply. For example,
the National Institute of Health and the Regents of the University of California have limited rights to use certain of our patents and
patent applications for research. Any exercise by the government of any of the foregoing rights could harm our business, financial condition,
results of operations and prospects.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>If we fail to comply with our obligations
in any current or future agreements under which we license intellectual property rights from third parties or otherwise experience disruptions
to our business relationships with our licensors, we could lose license rights that are important to our business.</I></B></P>

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

<P STYLE="text-align: justify; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">We are, and may become, party to license or collaboration
agreements with third parties to advance our research or allow commercialization of our products. Such agreements may impose numerous
obligations, such as development, diligence, payment, commercialization, funding, milestone, royalty, sublicensing, insurance, patent
prosecution, enforcement and other obligations on us and may require us to meet development timelines, or to exercise certain efforts
to develop and commercialize licensed products, in order to maintain the licenses. In spite of our best efforts, our licensors might
conclude that we have materially breached such license agreements and might therefore terminate the license agreements, thereby removing
or limiting our ability to develop and commercialize products and technologies covered by these license agreements.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have an existing license with the
Regents of the University of California which covers multiple patents and patent applications for inventions that are incorporated into
our products. Any termination of this or other licenses could result in the loss of significant rights and could harm our ability to commercialize
our products and competitors or other third parties may have the freedom to seek regulatory approval of, and to market, products identical
to ours, at least to the extent of products and services that incorporate the features captured by those previously licensed patent rights
and assuming our licensor permits such competitive activities, either passively or via further out licensing, under their remaining patent
rights. If we lose our licensed patent rights, we may also be required to cease our development and commercialization of certain of our
products. Any of the foregoing could have a material adverse effect on our competitive position, business, financial conditions, results
of operations, and prospects.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Disputes may also arise between us and our licensors
regarding intellectual property subject to a license agreement, including:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                            scope of rights granted under the license agreement and other interpretation-related issues;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">whether
                                            and the extent to which our technology and processes infringe, misappropriate or otherwise
                                            violate intellectual property rights of the licensor that are not subject to the license
                                            agreement;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">our
                                            right to sublicense patent and other rights to third parties under collaborative development
                                            relationships;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">our
                                            diligence obligations with respect to the use of the licensed technology in relation to our
                                            development and commercialization of our products, and what activities satisfy those diligence
                                            obligations;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                            priority of invention of any patented technology; and</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                            ownership of inventions and know-how resulting from the joint creation or use of intellectual
                                            property by our future licensors and us and our partners.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, the agreements under which we may
license intellectual property or technology from third parties are likely to be complex and certain provisions in such agreements may
be susceptible to multiple interpretations. The resolution of any contract interpretation disagreement that may arise could narrow what
we believe to be the scope of our rights to the relevant intellectual property, or increase what we believe to be our financial or other
obligations under the relevant agreement, either of which could have a material adverse effect on our sales, business, financial condition
or results of operations. Moreover, if disputes over intellectual property that we may license prevent or impair our ability to maintain
future license agreements on acceptable terms, we may be unable to successfully develop and commercialize the affected products, which
could have a material adverse effect on our sales, business, financial conditions or results of operations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our existing license with the Regents
of the University of California, in particular, includes both exclusive rights, as applied to certain aspects of their patent rights under
the license, and partial-exclusive and co-exclusive rights as applied to certain other aspects of the Licensor&rsquo;s patent rights,
under which we have rights for diagnostic-related patent claims. The balance of remaining rights for therapy-related claims are exclusively
licensed to another third-party company. There are risks that the interpretation of which patent rights apply to us under our license,
versus which patent rights apply to the other third-party company under their license, could be the subject of disagreement or dispute,
the existence of which, and potential adverse result from which, could diminish the scope of rights we actually have. This could also
be the subject of disagreement or dispute with respect to patent prosecution matters along the examination path of applications toward
seeking issued patents. Any of the above could diminish, or prevent, our ability to commercialize all aspects of our products as intended,
and which could result in harm to our sales, business, financial condition, or result of operations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our existing license also includes exclusive rights
to certain patents which are co-owned by us and the Board of Regents of the University of California, in relation to inventions that have
been determined to be jointly invented by separate but joint inventors that are under different obligation of assignment to us and them.
If we fail to maintain and/or lose those license rights to one or more of these co-owned patents and patent applications, others would
have the ability to commercialize, or license the ability to commercialize, products or services covered by those patents competitively
against us. This would result in us losing exclusive proprietary advantage with respect to technologies and methods relating to those
patents, which could harm our sales, business, financial condition, and results of operations.</P>

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>If we are unable to obtain patent term
extension under the Hatch-Waxman Amendments, our business may be materially harmed.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Depending upon the timing, duration and specifics
of FDA marketing approval of our products, one or more of the U.S. patents assigned or licensed to us may be eligible for limited patent
term restoration under the Drug Price Competition and Patent Term Restoration Act of 1984, referred to as the Hatch-Waxman Amendments.
The Hatch-Waxman Amendments permit a patent restoration term of up to five years for a patent covering an approved product as compensation
for effective patent term lost during product development and the FDA regulatory review process. However, even if, at the relevant time,
we have an issued patent covering our product, we may not be granted an extension if we were, for example, to fail to exercise due diligence
during the testing phase or regulatory review process, to fail to apply within applicable deadlines or prior to expiration of relevant
patents or otherwise to fail to satisfy applicable requirements. Moreover, the time period of the extension or the scope of patent protection
afforded could be less than we request. Only one patent per approved product can be extended, the extension cannot extend the total patent
term beyond 14 years from approval and only those claims covering the approved product, a method for using it or a method for manufacturing
it may be extended. If we are unable to obtain patent term extension or restoration or the term of any such extension is less than we
request, the period during which we can enforce our patent rights for the applicable product will be shortened and our competitors may
obtain approval of competing products following our patent expiration. As a result, our ability to generate revenues could be adversely
affected. Further, if this occurs, our competitors may take advantage of our investment in development and studies by referencing our
clinical and preclinical data and launch their product earlier than might otherwise be the case. If we do not have adequate patent protection
or other exclusivity for our products, our business, financial condition or results of operations could be adversely affected<B>.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>We have limited foreign intellectual property
rights and may not be able to protect our intellectual property and proprietary rights throughout the world, which could harm our business,
financial condition and results of operations.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have limited intellectual property rights
outside the United States. Filing, prosecuting and defending patents on our products in all countries throughout the world would be prohibitively
expensive, and the laws of foreign countries may not protect our rights to the same extent as the laws of the United States. Consequently,
we may not be able to prevent third parties from practicing our inventions in all countries outside the United States, or from selling
or importing products made using our inventions in and into the United States or other jurisdictions. Competitors may use our technologies
in jurisdictions where we have not obtained patent protection to develop their own products and, further, may export otherwise infringing
products to territories where we have patent protection but enforcement is not as strong as in the United States. While we do not currently
operate or sell our products outside of the United States, these products may compete with our products, and our patents or other intellectual
property rights may not be effective or sufficient to prevent them from competing. Patent protection must ultimately be sought on a country-by-country
basis, which is an expensive and time-consuming process with uncertain outcomes. Accordingly, we may choose not to seek patent protection
in certain countries, and we will not have the benefit of patent protection in such countries, which may impede on our ability to grow
outside of the United States.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Many companies have encountered significant problems
in protecting and defending intellectual property rights in foreign jurisdictions. The legal systems of certain countries, particularly
certain developing countries, do not favor the enforcement of patents, trade secrets and other intellectual property protection, which
could make it difficult for us to stop the infringement of our patents or marketing of competing products in violation of our intellectual
property and proprietary rights generally. Proceedings to enforce our intellectual property and proprietary rights in foreign jurisdictions
could result in substantial costs and divert our efforts and attention from other aspects of our business, could put our patents at risk
of being invalidated or interpreted narrowly, could put our patent applications at risk of not issuing and could provoke third parties
to assert claims against us. We may not prevail in any lawsuits that we initiate, and the damages or other remedies awarded, if any,
may not be commercially meaningful. Accordingly, our efforts to enforce our intellectual property and proprietary rights around the world
may be inadequate to obtain a significant commercial advantage from the intellectual property that we develop or license.</P>

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Many countries have compulsory licensing laws
under which a patent owner may be compelled to grant licenses to third parties. In addition, many countries limit the enforceability
of patents against government agencies or government contractors. In these countries, the patent owner may have limited remedies, which
could materially diminish the value of such patent. If we are forced to grant a license to third parties with respect to any patents
relevant to our business, our competitive position may be impaired, and our business, financial condition and results of operations may
be harmed.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Changes in U.S. patent laws, or patent
laws in other countries and jurisdictions, could diminish the value of patents in general, thereby impairing our ability to protect our
products.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Changes in either the patent laws or interpretation
of the patent laws in the United States, or elsewhere, could increase the uncertainties and costs surrounding the prosecution of patent
applications and the enforcement or defense of issued patents. Assuming that other requirements for patentability are met, prior to March
2013, in the United States, the first to invent the claimed invention was entitled to the patent, while outside the United States, generally
the first to file a patent application was entitled to the patent. After March 2013, under the Leahy-Smith America Invents Act, or the
America Invents Act, enacted in September 2011, the United States transitioned to a first inventor to file system in which, assuming that
other requirements for patentability are met, the first inventor to file a patent application will be entitled to the patent on an invention
regardless of whether a third party, who may have filed a patent application later, was the first to actually invent the claimed invention.
A third party that files a patent application in the USPTO after March 2013, but before we filed a patent application for the same invention
(as defined by claims), could therefore be awarded a patent covering an invention of ours even if we had made the invention before it
was made by such third party. This will require us to be cognizant of the time from invention to filing of a patent application. Since
patent applications in the United States and most other countries are confidential for a period of time after filing or until issuance,
we could continue incurring costs without being certain that we were the first to file any patent application related to our products
or the first to invent any of the inventions claimed in our patents or patent applications.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The America Invents Act also includes a number
of significant changes that affect the way patent applications are prosecuted and also may affect patent litigation. These include allowing
third-party submission of prior art to the USPTO during patent prosecution and additional procedures to attack the validity of a patent
by USPTO administered post-grant proceedings, including post-grant review, inter partes review and derivation proceedings. Because of
a lower evidentiary standard in USPTO proceedings compared to the evidentiary standard in U.S. federal courts necessary to invalidate
a patent claim, a third party could potentially provide evidence in a USPTO proceeding sufficient for the USPTO to hold a claim invalid
even though the same evidence would be insufficient to invalidate the claim if first presented in a district court action. Accordingly,
a third party may attempt to use the USPTO procedures to invalidate our patent claims that would not have been invalidated if first challenged
by the third party as a defendant in a district court action. Additionally, USPTO proceedings provide a venue for challenging the validity
of patents at a cost must lower than district court litigation and on much faster timelines. This lower-cost, faster and potentially
more potent tribunal for challenging patents could itself increase the likelihood that our own patents will be challenged. Therefore,
the America Invents Act and its implementation could increase the uncertainties and costs surrounding the prosecution of our patent applications
and the enforcement or defense of our issued patents. In addition, future actions by the U.S. Congress, the federal courts and the USPTO
could cause the laws and regulations governing patents to change in unpredictable ways. Any of the foregoing could harm our business,
financial condition and results of operations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, recent U.S. Supreme Court rulings
have narrowed the scope of patent protection available in certain circumstances and weakened the rights of patent owners in certain situations.
In addition to increasing uncertainty with regard to our ability to obtain patents in the future, this combination of events has created
uncertainty with respect to the validity and enforceability of patents, once obtained. For example, after the filing of our earlier filed
patent applications, from which we have received granted patents and also continue to prosecute additional patent applications under
priority filing claims, certain laws and interpretation of those laws changed. This includes, in particular, new changes that diminish
or make it more difficult to obtain, enforce, or defend as valid, claims related to medical diagnostics, any methods, and in particular
any methods involving the human body or medical procedures. Our patent portfolio is principally related to medical diagnostic methods,
which in many cases merge these multiple areas of patent laws that have since been changed. Some of our patents were issued prior to
certain such changes in the laws occurring, which could potentially result in certain risks that the patents which were initially valid
when granted, under the laws at that time, had become invalid due to the later changes in the laws. Moreover, some of our patents were
granted after these changes in the laws, but these may still be subject to risk of challenge due to uncertainty in interpreting and applying
these newer changes in the laws related to medical diagnostic methods to our issued patent claims. Depending on future actions by the
U.S. Congress, the federal courts, and the USPTO, the laws and regulations governing patents could change in unpredictable ways that
could weaken our ability to obtain new patents or to enforce our existing patents and patents that we might obtain in the future. We
cannot predict how this and future decisions laws or regulations by the courts, the U.S. Congress or the USPTO may impact the
value of our patents. Any similar adverse changes in the patent laws of other jurisdictions could also harm our business, financial condition,
results of operations and prospects.</P>

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>We may be subject to claims, including
third-party claims of intellectual property infringement, misappropriation or other violations against us or our collaborators, challenging
the ownership or inventorship of our intellectual property and, if unsuccessful in any of these proceedings, we may be required to obtain
licenses from third parties, which may not be available on commercially reasonable terms, or at all, or to cease the development, manufacture
and commercialization of one or more of our products.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The medical device industry is highly competitive
and dynamic. Due to the focused research and development that is taking place by several companies, including us and our competitors in
this field, the intellectual property landscape is in flux and it may remain uncertain in the future. As such, we may be subject to claims
that current or former employees, collaborators or other third parties have an interest, either as an owner, co-owner, or otherwise, in
our patents, trade secrets or other intellectual property as an inventor or co-inventor. Additionally, we could become subject to significant
intellectual property-related litigation and proceedings relating to our or third-party intellectual property and proprietary rights.
For example, we may have inventorship disputes arise from conflicting obligations of employees, consultants or others who are involved
in developing our products, or could face third-party claims of intellectual property infringement, misappropriation or other violations,
including by a licensor from whom we&rsquo;ve licensed certain intellectual property. These risks apply to our existing license from the Regents of the University of California, both in relation to patent rights we co-own with them as a result of joint invention
between our and their respective inventors, and in relation to co-existent license rights that we share with another third-party company
in some of those patent rights, as further summarized above.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Litigation may be necessary to defend against
these and other claims challenging inventorship of our patents, trade secrets or other intellectual property. If we fail in defending
any such claims, in addition to paying monetary damages, we may lose valuable intellectual property rights, such as exclusive ownership
of, or right to use, intellectual property that is important to our products. If we were to lose exclusive ownership of such intellectual
property, other owners may be able to license their rights to other third parties, including our competitors. We also may be required
to obtain and maintain licenses from third parties, including parties involved in any such disputes. Such licenses may not be available
on commercially reasonable terms, or at all, or may be non-exclusive. If we are unable to obtain and maintain such licenses, we may need
to cease the development, manufacture and commercialization of one or more of our products. The loss of exclusivity or the narrowing
of our patent claims could limit our ability to stop others from using or commercializing similar or identical technology and products.
Even if we are successful in defending against such claims, litigation could result in substantial costs and be a distraction to management
and other employees. Any of the foregoing could harm our business, financial condition and results of operations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Additionally, our commercial success depends,
in part, on our and any potential future collaborators&rsquo; ability to develop, manufacture, market and sell any products that we may
develop and use our proprietary technologies without infringing, misappropriating or otherwise violating the patents and other intellectual
property or proprietary rights of third parties. It is uncertain whether the issuance of any third-party patent would require us or any
potential collaborators to alter our development or commercial strategies, obtain licenses or cease certain activities. The medical device
industry is characterized by extensive litigation regarding patents and other intellectual property rights, as well as administrative
proceedings for challenging patents, including interference, inter partes or post-grant review, derivation and reexamination proceedings
before the USPTO or oppositions and other comparable proceedings in foreign jurisdictions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Third parties, including our competitors, may
currently have patents or obtain patents in the future and claim that the manufacture, use or sale of our products infringes upon these
patents. We have not conducted an extensive search of patents issued or assigned to other parties, including our competitors, and no
assurance can be given that patents containing claims relating to our products, parts of our products, technology or methods do not exist,
have not been filed or could not be filed or issued. In addition, because patent applications can take many years to issue and because
publication schedules for pending patent applications vary by jurisdiction, there may be applications now pending of which we are unaware
and which may result in issued patents which our current or future products infringe. Also, because the claims of published patent applications
can change between publication and patent grant, there may be published patent applications that may ultimately issue with claims that
we infringe. Unintentionally abandoned patents or applications can also be revived, so there may be recently revived patents or applications
of which we are unaware. As the number of competitors in our market grows and the number of patents issued in this area increases, the
possibility of patent infringement claims against us escalates. Moreover, we may face claims from non-practicing entities, or NPEs, which
have no relevant product revenue and against whom our own patent portfolio may have no deterrent effect. Third parties may in the future
claim that our products infringe or violate their patents or other intellectual property rights.</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Defense of infringement claims, regardless of
their merit or outcome, would involve substantial litigation expense and would be a substantial diversion of management and other employee
resources from our business, and may impact our reputation. In the event of a successful claim of infringement against us, we may be
enjoined from further developing or commercializing the infringing products and/or have to pay substantial damages for use of the asserted
intellectual property, including treble damages and attorneys&rsquo; fees were we found to willfully infringe such intellectual property.
Claims that we have misappropriated the confidential information or trade secrets of third parties could harm our business, financial
condition and results of operations. We also might have to redesign any our allegedly infringing products or technologies, which
may be impossible or require substantial time and monetary expenditure.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Engaging in litigation, including to defend against
third-party infringement claims is very expensive, particularly for a company of our size, and time-consuming. In addition, there could
be public announcements of the results of hearings, motions or other interim proceedings or developments, and if securities analysts
or investors perceive these results to be negative, it could have a substantial negative impact on our common stock price. Such litigation
or proceedings could substantially increase our operating losses and reduce the resources available for development activities or any
future sales, marketing or distribution activities. We may not have sufficient financial or other resources to conduct such litigation
or proceedings adequately. Some of our competitors may be able to sustain the costs of litigation or administrative proceedings more
effectively than we can because of greater financial resources and more mature and developed intellectual property portfolios. Uncertainties
resulting from the initiation and continuation of patent litigation or other proceedings against us could impair our ability to compete
in the marketplace. The occurrence of any of the foregoing could harm our business, financial condition and results of operations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>We may become involved in lawsuits to protect
or enforce our patents and other intellectual property rights, which could be expensive, time-consuming and unsuccessful.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Competitors may infringe our patents, or the
patents of any current or future licensing partners, or we may be required to defend against claims of infringement. Our ability to enforce
our patent rights against competitors who infringe our patents depends on our ability to detect such infringement. It may be difficult
to detect infringers who do not advertise the components or processes that are used in their products or services. Moreover, it may be
difficult or impossible to obtain evidence of infringement in a competitor&rsquo;s or potential competitor&rsquo;s product. For example,
many of our patents relate to methods and related computer processing architectures and structures for post-processing data. The use
of these methods and structures may not be obvious or certain to assess, and may not be possible or at least may be challenging to reveal
or confirm by reverse engineering, based on limited evidence that might be available to us, such as for example from only being able
to observe the results of using those methods or architectures. We may not prevail in any lawsuits that we initiate and the damages or
other remedies awarded if we were to prevail may not be commercially meaningful.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, our patents or the patents of our
licensing partners also may become involved in inventorship, priority or validity disputes. For example, although we try to ensure that
our employees, consultants and advisors are not in breach of any past contractual obligations and do not use the proprietary information
or know-how of others in the work that they do for us, we may in the future become subject to claims that we or these individuals have,
inadvertently or otherwise, used or disclosed intellectual property, including trade secrets or other proprietary information, of their
former university or employer. Additionally, we may be subject to claims from third parties challenging intellectual property rights
we regard as our own, based on claims that our agreements with employees or consultants obligating them to assign intellectual property
to us are ineffective or in conflict with prior or competing contractual obligations to assign inventions to a previous employer, or
to another person or entity. Furthermore, while it is our policy to require all employees and contractors to execute agreements assigning
relevant intellectual property to us, we may also be unsuccessful in executing such an agreement with each party who, in fact, conceives
or develops intellectual property that we regard as our own. These assignment agreements may not be self-executing or adequate in scope,
and may be breached or challenged, and we may be forced to bring claims against third parties, or defend claims that they may bring against
us, to determine the ownership of what we regard as our intellectual property. We may not have adequate remedies for any such breaches,
and such claims could harm our business, financial condition and results of operations.</P>

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">To counter or defend against such claims can
be expensive and time-consuming and it may be necessary or we may desire to enter into a license to settle any such claims; however,
there can be no assurance that we would be able to obtain a license on commercially reasonable terms, if at all. In an infringement proceeding,
a court may decide that our patent is invalid or unenforceable or may refuse to stop the other party from using the technology at issue
on the grounds that our patents do not cover such technology. An adverse result in any litigation proceeding could put one or more of
our patents at risk of being invalidated or interpreted narrowly. Furthermore, because of the substantial amount of discovery required
in connection with intellectual property litigation, there is a risk that some of our confidential information could be compromised by
disclosure during litigation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Even if resolved in our favor, litigation or
other legal proceedings relating to intellectual property claims may cause us to incur significant expenses and could distract our management
and other personnel from their normal responsibilities. In addition, there could be public announcements of the results of hearings,
motions or other interim proceedings or developments, and if securities analysts or investors perceive these results to be negative,
it could have a substantial negative impact on our common stock price. Such litigation or proceedings could substantially increase our
operating losses and reduce the resources available for development activities or any future sales, marketing or distribution activities.
We may not have sufficient financial or other resources to conduct such litigation or proceedings adequately. Some of our competitors
may be able to sustain the costs of such litigation or proceedings more effectively than we can because of their greater financial resources
and more mature and developed intellectual property portfolios. Uncertainties resulting from the initiation and continuation of patent
litigation or other proceedings could harm our ability to compete in the marketplace, including ability to hire new employees or contract
with independent sales representatives. Additionally, we may lose valuable intellectual property rights or personnel. Any of the foregoing
could harm our business, financial condition and results of operations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>If our trademarks and trade names are not
adequately protected, then we may not be able to build name recognition in our markets of interest and our business may be harmed.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our registered and unregistered trademarks or
trade names may be challenged, infringed, circumvented, declared generic or determined to be violating or infringing on marks held
by others. We may not be able to protect our rights to these trademarks and trade names, which we need to build or sustain name recognition
among potential partners, customers and patients in our markets of interest. At times, competitors or other third parties may adopt trade
names or trademarks similar to ours, thereby impeding our ability to continue to build brand identity and possibly leading to market
confusion. In fact, a practice exists with international scope, and which may become manifest in a given case in any or only certain
territories, in which certain third parties will deliberately secure or allege they own trademarks or tradenames that are specifically
being first used by another party in order to extort license fees or damages in those territories in which the original user of the mark
had not filed or perfected its rights to the mark. In addition, there could be potential trade name or trademark infringement, or dilution
claims brought by owners of other trademarks. Over the long term, if we are unable to establish name recognition based on our trademarks,
trade names, domain names or other intellectual property, then we may not be able to compete effectively, and our business may be adversely
affected. Our efforts to enforce or protect our proprietary rights related to trademarks, trade secrets, domain names or other intellectual
property may be ineffective, could result in substantial costs, diversion of resources, or adverse impact to our brand and could harm
our sales, business, financial condition, and results of operations.</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Intellectual property rights do not necessarily
address all potential threats, and limitations in intellectual property rights could harm our business, financial condition and results
of operations.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The degree of future protection afforded by our
intellectual property rights is uncertain because intellectual property rights have limitations, may evolve, and may not adequately protect
our business or permit us to maintain our competitive advantage. For example:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">others
                                            may be able to make products that are similar to our products or utilize similar technology
                                            but that are not covered by the claims of our patents or that incorporate certain technology
                                            in our products that is in the public domain;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">our
                                            intellectual property strategy may be limited, we may not seek protection for intellectual
                                            property that may ultimately become relevant to our business or our invention disclosure
                                            process may prove insufficient to encourage inventors to come forward with protectable intellectual
                                            property;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">we,
                                            or our current or future licensors or collaborators, might not have been the first to make
                                            the inventions related to the applicable issued patent or pending patent application assigned
                                            or licensed to us now or in the future;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">we,
                                            or our current or future licensors or collaborators, might not have been the first to file
                                            patent applications covering certain of our or their inventions;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">we,
                                            or our current or future licensors or collaborators, may fail to meet our obligations to
                                            the U.S. government regarding any future patents and patent applications funded by U.S. government
                                            grants, leading to the loss or unenforceability of patent rights;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">others
                                            may independently develop similar or alternative technologies or duplicate any of our technologies
                                            without infringing our intellectual property rights;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">it
                                            is possible that our current or future pending patent applications will not lead to issued
                                            patents;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">it
                                            is possible that there are prior public disclosures that could invalidate our patents, or
                                            parts of our patents;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">it
                                            is possible that there are unpublished applications or patent applications maintained in
                                            secrecy that may later issue with claims related to our products or technology similar to
                                            ours;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">it
                                            is possible that our patents or patent applications omit individuals that should be listed
                                            as inventors or include individuals that should not be listed as inventors, which may cause
                                            these patents or patents issuing from these patent applications to be held invalid or unenforceable;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">issued
                                            patents that we hold rights to may be held invalid or unenforceable, including as a result
                                            of legal challenges by our competitors or other third parties;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                            claims of our patents or patent applications, if and when issued, may not cover our products
                                            or technologies;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                            laws of foreign countries may not protect our proprietary rights or the rights of current
                                            or future licensors or collaborators to the same extent as the laws of the United States;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                            inventors of our patents or patent applications may become involved with competitors, develop
                                            products or processes that design around our patents, or become hostile to us or the patents
                                            or patent applications on which they are named as inventors;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">our
                                            competitors or other third parties might conduct research and development activities in countries
                                            where we do not have patent rights and then use the information learned from such activities
                                            to develop competitive products for sale in our major commercial markets;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">we
                                            have engaged in scientific collaborations in the past and will continue to do so in the future
                                            and our collaborators may develop adjacent or competing products that are outside the scope
                                            of our patents;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">we
                                            may not develop additional proprietary technologies that are patentable;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">our
                                            trade secrets may be misappropriated, without an ability to know or reverse engineer the
                                            misappropriation, or we may lose trade secret protections based on a failure to properly
                                            establish or maintain them;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">certain
                                            employees, consultants, or other collaborators may be engaged on terms that do not prevent
                                            them from inventing improvements, modifications, alterations, derivations of our technologies
                                            and methods, or otherwise from inventing alternative or new technologies or methods and pursuing
                                            them outside of and competitive with the company;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                            patents of others may harm our business; or</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">we
                                            may choose not to file a patent in order to maintain certain trade secrets or know-how, and
                                            a third party may subsequently file a patent covering such intellectual property, and thereby
                                            potentially preventing us from continuing to use those related technologies or practice those
                                            related methods.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Any of the foregoing could harm our business,
financial condition and results of operations.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>If we are unable to protect the confidentiality
of our other proprietary information, our business and competitive position may be harmed.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition to patent protection, we also rely
on other proprietary rights, including protection of trade secrets, know-how and other confidential or proprietary information that is
not patentable or that we elect not to patent. However, such information can be difficult to protect, and some courts, for instance,
are less willing or unwilling to protect trade secrets. To maintain the confidentiality of our trade secrets and proprietary information,
we rely heavily on confidentiality provisions that we have in contracts with our employees, consultants, collaborators, suppliers, customers,
and others upon the commencement of their relationship with us. We cannot guarantee that we have entered into such agreements with each
party that may have or have had access to our trade secrets or proprietary technology and processes. Furthermore, we may not be able
to prevent the unauthorized disclosure or use of our technical knowledge or other trade secrets by such third parties, despite the existence
generally of these confidentiality restrictions. These contracts may not provide meaningful protection or equitable remedies for our
trade secrets, know-how, or other proprietary information in the event of any unauthorized use, misappropriation, or disclosure of such
trade secrets, know-how, or other proprietary information. There can be no assurance that such third parties will not breach their agreements
with us, that we will have adequate remedies for any breach, or that our trade secrets will not otherwise become known or independently
developed by competitors. Despite the protections we do place on our intellectual property or other proprietary rights, monitoring unauthorized
use and disclosure of our intellectual property is difficult, and we do not know whether the steps we have taken to protect our intellectual
property or other proprietary rights have or will be adequate. Trade secret violations are often a matter of state law, and the criteria
for protection of trade secrets can vary among different jurisdictions. In addition, the laws of many foreign countries will not protect
our intellectual property or other proprietary rights to the same extent as the laws of the United States. Consequently, we may be unable
to prevent our proprietary technology from being exploited abroad, which could affect our ability to expand to foreign markets or require
costly efforts to protect our products.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We also license rights to use certain proprietary
information and technology from third parties. The use of such proprietary information and technology is therefore subject to the obligations
of the applicable license agreement between us and the owner. For example, the software we developed for our technology includes the
use of open source software that is subject to the terms and conditions of the applicable open source software licenses that grant us
permission to use such software. The owner of any such proprietary information or technology also might not enforce or otherwise protect
its rights in the proprietary information or technology with the same vigilance that we would, which would allow competitors to use such
proprietary information and technology without having to adhere to a license agreement with the owner.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">To the extent our intellectual property or other
proprietary information protection is incomplete, we are exposed to a greater risk of direct competition. A third party could, without
authorization, copy or otherwise obtain and use our products or technology, or develop similar products or technology. Our competitors
could purchase our products and attempt to reverse engineer or replicate some or all of the competitive advantages we derive from our
development efforts or design around our protected products or technology. Our failure to secure, protect and enforce our intellectual
property rights could substantially harm the value of our products, brand and business. The theft or unauthorized use or publication
of our trade secrets and other confidential business information could reduce the differentiation of our products, substantially and
adversely impact our sales and commercial operations and harm our business. Additionally, the value of our investment in development
or business acquisitions could be reduced and third parties might make claims against us related to losses of their confidential or proprietary
information. Any of the foregoing could materially and adversely affect our business, financial condition and results of operations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Further, it is possible that others will independently
develop the same or similar technology or product or otherwise obtain access to our unpatented technology, and in such cases, we could
not assert any trade secret rights against such parties. Costly and time-consuming litigation could be necessary to enforce and determine
the scope of our trade secret rights and related confidentiality and nondisclosure provisions. If we fail to obtain or maintain trade
secret protection, or if our competitors otherwise obtain our trade secrets or independently develop technology or products similar to
and potentially competing with our products, our competitive market position could be materially and adversely affected. In addition,
some courts are less willing or unwilling to protect trade secrets and agreement terms that address non-competition are difficult to
enforce in many jurisdictions and might not be enforceable in certain cases.</P>

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We also seek to preserve the integrity and confidentiality
of our data and other confidential information by maintaining physical security of our premises and physical and electronic security
of our information technology systems. While we have confidence in these individuals, organizations, systems and tools, agreements or
security measures may be breached, whereby detecting the disclosure or misappropriation of confidential information and enforcing a claim
that a party illegally disclosed or misappropriated confidential information is difficult, expensive and time-consuming, and the outcome
is unpredictable. Further, we may not be able to obtain adequate remedies for any breach.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Our inability to use software licensed
from third parties, or our use of open source software under license terms that interfere with our proprietary rights, could disrupt
our business.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our products, including our technology and methods
used, include the use of open source software that is subject to the terms and conditions of the applicable open source software licenses
that grant us permission to use such software. Although we monitor our use of open source software, the terms of many open source licenses
to which we are subject have not been interpreted by U.S. or foreign courts, and there is a risk that such licenses could be construed
in a manner that imposes unanticipated conditions or restrictions on our ability to provide our technology to our customers. Moreover,
we cannot ensure that we have not incorporated additional open source software in our products in a manner that is inconsistent with
the terms of the applicable license or our current policies and procedures. In the future, we could be required to seek licenses from
third parties in order to continue offering our solutions, which licenses may not be available on terms that are acceptable to us, or
at all. Claims related to our use of open source software could also result in litigation, require us to purchase costly licenses or
require us to devote additional research and development resources to change the software underlying our technology, any of which would
have a negative effect on our business, financial condition and operating results and may not be possible in a timely manner. We and
our customers may also be subject to suits by parties claiming infringement due to the reliance by our products on certain open source
software, and such litigation could be costly for us to defend or subject us to injunctions enjoining us from the sale of our products
that contain open source software.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Alternatively, we may need to re-engineer our
products or discontinue using portions of the functionality provided by our products. In addition, the terms of open source software
licenses may require us to provide software that we develop using such software to others on unfavorable terms, such as by precluding
us from charging license fees, requiring us to disclose our source code, requiring us to license certain of our own source code under
the terms of the applicable open source license or requiring us to provide notice on our products using such code. Any such restriction
on the use of our own software, or our inability to use open source or third-party software, could result in disruptions to our business
or operations, or delays in our development of future products or enhancements of our existing products, such as our RNS System, which
could impair our business.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Other risks facing our company</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>If product liability lawsuits are brought
against us, we may incur substantial liabilities and may be required to limit or halt the marketing and sale of our technology. The expense
and potential unavailability of insurance coverage for liabilities resulting from our technology could harm our business and our ability
to sell our technology</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We face an inherent risk of product liability
as a result of the marketing and sale of our technology. Although we have established internal procedures designed to minimize risks
that may arise from quality issues, there can be no assurance that we will eliminate or mitigate occurrences of these issues and associated
liabilities. Our products and services are diagnostic in nature and involve an exam that is non-invasive using other third-party MR scanner
products and technologies. Those exams are also conducted by other third party MR service providers. The results of using our products
are also intended to provide information to doctors that help them perform a diagnosis for their patient, using all other diagnostic
information that is available to them. The downstream results from those diagnoses may also lead to certain treatments being performed,
which are decided upon between that treating doctor and the patient (and related payers), and which are conducted by that treating doctor
on the patient. We are not responsible for the performance of those MR scanners, nor for the performance of the MR service providers
for conducting those patient exams using the MR scanners, nor for the final diagnosis performed by a doctor as assisted via the results
of our products in combination with other available information, nor for the decisions and performance on conducting treatments or other
on-going patient care, or the patient outcomes from that care, following the use of our diagnostic assistance product. However, there
are risks that certain liability exposures or claims could be threatened or actually filed against us with respect to the performance
or results of these other activities around and relating to, but not directly caused by, the use of our products, including with respect
to the use of our products in the overall patient care regimen that might result in adverse patient outcomes. Even if we successfully
defend any such allegation or claim, this could involve significant risk of liability exposure and significant cost and diversion of
resources and focus.</P>

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If we cannot successfully defend ourselves against
product liability claims, we may incur substantial liabilities or be required to limit or halt commercialization of our products. Regardless
of the merits or eventual outcome, liability claims may result in:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">decreased
                                            demand for our technology;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">injury
                                            to our brand or reputation;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">initiation
                                            of investigations by regulators;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">costs
                                            to defend the related litigation;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">increased
                                            insurance premiums;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">a
                                            diversion of management&rsquo;s time and our resources;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">substantial
                                            monetary awards to trial participants or patients;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">regulatory
                                            investigations, product recalls, withdrawals or labeling, marketing or promotional restrictions;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">loss
                                            of revenue;</FONT></TD></TR><TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">exhaustion
                                            of any available insurance and our capital resources; and </FONT></TD></TR>
                            <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the inability
                                            to market and sell our products.</TD></TR>
                            </TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We believe we have adequate product liability
insurance, but it may not prove to be adequate to cover all liabilities that we may incur. Insurance coverage is increasingly expensive.
We currently carry product liability insurance in the amount of $5 million in the aggregate. In the future, we may not be able to maintain
or obtain insurance at a reasonable cost or in an amount adequate to satisfy any liability that may arise. Our insurance policy contains
various exclusions, and we may be subject to a product liability claim for which we have no coverage. The potential inability to obtain
sufficient product liability insurance at an acceptable cost to protect against product liability claims could prevent or inhibit the
marketing and sale of products we may develop. We may have to pay any amounts awarded by a court or negotiated in a settlement that exceed
our coverage limitations or that are not covered by our insurance, and we may not have, or be able to obtain, sufficient capital to pay
such amounts, which would harm our business, financial condition and results of operations. In addition, any product liability claims
brought against us, with or without merit, could increase our product liability insurance rates or prevent us from securing continuing
coverage, harm our patient-focused brand, negatively impact our reputation in the industry, significantly increase our expenses and reduce
product sales.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Some of our customers may also have difficulty
in procuring or maintaining liability insurance to cover their operations, including their use of our products. Medical malpractice carriers
are withdrawing coverage in certain states or substantially increasing premiums. If this trend continues or worsens, our customers may
discontinue using our products and potential additional customers may opt against purchasing our products due to the cost or inability
to procure insurance coverage.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>The failure of third parties to meet their
contractual, regulatory and other obligations could adversely affect our business.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We rely on licensors, suppliers, vendors, partners,
consultants, and other third parties to research, develop, and partake in both the commercialization of our technology, as well as manage
certain parts of our business. Using these third parties poses a number of risks, such as:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">they
                                            may not perform to our standards or legal requirements;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">they
                                            may not produce reliable results;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">they
                                            may not perform in a timely manner;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">they
                                            may not maintain confidentiality of our proprietary information;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">disputes
                                            may arise with respect to ownership of rights to products developed with our partners; and</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">disagreements
                                            could cause delays in, or termination of, the research, development or commercialization
                                            of our products or result in litigation or arbitration.</FONT></TD></TR></TABLE>

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If and as any of one or more of these identified
parties might be replaced in the future by another party with whom we might engage or rely upon for similar technological or business
purposes, or to the extent we may expand our business to involve and rely on still more additional parties for similar purposes as those
listed (e.g. additional MR scanner vendors), similar risks would apply to those other parties.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Moreover, some third parties may be located in
markets subject to political and social risk, corruption, infrastructure problems and natural disasters, in addition to country-specific
privacy and data security risk given current legal and regulatory environments. Failure of third parties to meet their contractual, regulatory
and other obligations may materially affect our business.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Litigation and other legal proceedings
may harm our business.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">From time to time in the future we may become
involved in legal proceedings relating to patent and other intellectual property matters, product liability claims, employee matters,
tort or contract claims, federal regulatory investigations, private rights of action, securities class action and other legal proceedings
or investigations, which could have a negative impact on our reputation, business and financial condition and divert the attention of
our management from the operation of our business.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Litigation is inherently unpredictable and can
result in excessive or unanticipated verdicts, judgements, and/or injunctive relief that affect how we operate our business. We could
incur judgments or enter into settlements of claims for monetary damages or for agreements to change the way we operate our business,
or both. There may be an increase in the scope of these or other matters or there may be additional lawsuits, claims, proceedings or
investigations in the future, which could harm our business, financial condition and results of operations. Adverse publicity about regulatory
or legal action against us, irrespective of outcome, could damage our reputation and brand image, undermine our customers&rsquo; confidence
and reduce long-term demand for our products, even if the regulatory or legal action is unfounded or not material to our operations.&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Our stock price may be volatile, and the
value of our common stock and Warrants may decline.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The market price of our common stock and Warrants
may be highly volatile and may fluctuate or decline substantially as a result of a variety of factors, some of which are beyond our control
or are related in complex ways, including:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 72px">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Actual or anticipated fluctuations in our financial
    condition and results of operations;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Variance in our financial performance from expectations
    of securities analysts or investors;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Changes in the coverage decisions, reimbursement or
    pricing of our technology;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Changes in our projected operating and financial results;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Changes in laws or regulations applicable to our technology;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Announcements by us or our competitors of significant
    business developments, acquisitions, or new offerings;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Publicity associated with issues related to our technology;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Our involvement in regulatory investigations or litigation;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Future sales of our common stock or other securities,
    by us or our stockholders, as well as the anticipation of lock-up releases;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Changes in senior management or key personnel;</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="width: 72px">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">The trading volume of our common stock;</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="width: 72px">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Changes in the anticipated future size and growth
    rate of our market;</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="width: 72px">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">General economic, regulatory, and market conditions,
    including economic recessions or slowdowns;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">The impact of the COVID-19 pandemic;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Changes in the structure of healthcare payment systems;
    and</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Developments or disputes concerning our intellectual
    property or other proprietary rights.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Broad market and industry fluctuations, as well
as general economic, political, regulatory, and market conditions, may negatively impact the market price of our common stock. In addition,
given the relatively small expected public float of shares of our common stock on the Nasdaq Capital Market, the trading market for our
shares may be subject to increased volatility. In the past, securities class action litigation has often been brought against a company
following a decline in the market price of its securities. This risk is especially relevant for us, because medical device companies
have experienced significant stock price volatility in recent years. If we face such litigation, it could result in substantial costs
and a diversion of management&rsquo;s attention and resources, which could harm our reputation and our business.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Our operating results may fluctuate across
periods, which makes our future operating results difficult to predict and could cause our operating results to fall below expectations
or any guidance we may provide.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our quarterly and annual operating results may
fluctuate across periods, which makes it difficult for us to predict our future operating results. Accordingly, the results of any one
quarter or period should not be relied upon as an indication of future performance. Our quarterly and annual operating results may fluctuate
due to a variety of factors, many of which are outside of our control, including, but not limited to:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 72px">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">The level of demand for our technology and any future
    technology, which may vary significantly from period to period;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Expenditures that we may incur to acquire, develop
    or commercialize additional technology;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">The timing and cost of obtaining regulatory approvals
    or clearances to expand our indications and get future approvals of any future technology or features;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Pricing pressures;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Our ability to expand the geographic reach of our
    commercial efforts;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">The degree of competition in our industry and any
    change in the competitive landscape of our industry, including consolidation among our competitors or future partners;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Coverage and reimbursement policies with respect to
    our technology, and potential future technology that compete with our products;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">The timing and success or failure of preclinical or
    clinical studies for expanding the indications of our technology or any future technology we develop or competing technology;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Positive or negative coverage in the media or clinical
    publications of our technology or technology of our competitors or our industry; </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">The impact of COVID-19 on procedure volume or otherwise;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">The timing and cost of, and level of investment in,
    research, development, licenses, regulatory approval, commercialization activities, acquisitions and other strategic transactions,
    or other significant events relating to our technology, which may change from time to time;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">The cost of developing our technology, which may vary
    depending on the terms of our agreements with third-party; and</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Future accounting pronouncements or changes in our
    accounting policies.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The cumulative effects of these factors could
result in fluctuations and unpredictability in our quarterly and annual operating results. As a result, comparing our operating results
on a period-to-period basis may not be meaningful. Further, our historical results are not necessarily indicative of results expected
for any future period, and quarterly results are not necessarily indicative of the results to be expected for the full year or any other
period. Investors should not rely on our past results as an indication of our future performance.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This variability and unpredictability could also
result in our failing to meet the expectations of industry or financial analysts or investors for any period. If our revenue or operating
results fall below the expectations of analysts or investors or below any forecasts we may provide to the market, it could harm our business,
financial condition, and results or operations.&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>We will incur increased costs as a result
of operating as a public company, and our management and board of directors will be required to devote substantial time to compliance
with our public company responsibilities and corporate governance practices.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As a public company, we will incur significant
legal, accounting and other expenses that we did not incur as a private company. We expect such expenses to further increase after we
are no longer an emerging growth company. The Sarbanes-Oxley Act, the Dodd-Frank Wall Street Reform and Consumer Protection Act, the
listing requirements of the Nasdaq Capital Market, and other applicable securities rules and regulations impose various requirements
on public companies. Furthermore, most senior members of our management team as well as our board of directors do not have significant
experience with operating a public company. As a result, our management, board of directors, and other personnel will have to devote
a substantial amount of time to compliance with these requirements. Moreover, these rules and regulations will increase our legal and
financial compliance costs and will make some activities more time-consuming and costly. We cannot predict or estimate the amount of
additional costs we will incur as a public company or the timing of such costs.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>Risks related to this offering and ownership
of our common stock and Warrants</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I>Our management
has broad discretion as to the use of net proceeds from this offering. </I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We currently intend to use the net proceeds that
we receive from this offering to retire a $2 million Promissory Note, for market development and clinical evidence ($2.8M), product development
and quality ($1.3M), and general and administrative ($2.1M) expenses. Our management will have broad discretion in the application of
the net proceeds, including for purposes described in the &ldquo;Use of Proceeds&rdquo; section of this prospectus. Accordingly, you will
have to rely on the judgement of our management with respect to the use of proceeds. Our management may spend a portion or all of the
net proceeds from this offering in ways that holders of our common stock may not desire or that may not yield a significant return or
any return at all. The failure by our management to apply these funds effectively could harm our business. Pending their use, we may also
invest the net proceeds from this offering in a manner that does not produce income or that loses value.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I>After this </I>offering<I>,
our executive officers, directors and principal stockholders will maintain the ability to control all matters submitted to our stockholders
for approval.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The sale by us of 2,165,000
shares in this offering, as part of the Units (or 2,489,750 shares if the underwriters exercise their option to purchase additional shares
of our common stock and/or Warrants in full), our executive officers, directors and stockholders who owned more than 5% of our outstanding
common stock before this IPO will, in the aggregate, beneficially own shares representing approximately 53% of our common stock upon completion
of this offering. As a result, if these stockholders were to act together, they would be most likely be able to control all matters submitted
to our stockholders for approval, as well as our management and affairs. For example, these persons, if they act together, would likely
control the election of directors and approval of any merger, consolidation, or sale of all or substantially all of our assets. This concentration
of voting power could delay or prevent an acquisition of our company on terms that other stockholders may desire or result in management
of our company with which our public stockholders disagree.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I>A significant portion
of our total outstanding shares are restricted from immediate resale but may be sold into the market in the near future, which could cause
the market price of our common stock to drop significantly, even if our business is performing well.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Sales of a substantial number of shares of our
common stock in the public market could occur at any time, subject to certain restrictions described below. These sales, or the perception
in the market that holders of a large number of shares intend to sell shares, could reduce the market price of our common stock. After
this offering, we will have 7,822,148 shares of common stock issued and outstanding. This includes the 2,165,000 shares, as part of the
Units, that we are selling in this offering, but does not include 2,165,000 shares issuable upon the exercise of the Warrants, and 2,255,670
shares of common stock issuable upon the exercise of outstanding common stock options, and 599,967 shares reserved for issuance of preexisting
warrants. Following this offering, 4,127,817 shares will be restricted as a result of securities laws or lock-up agreements but may be
able to be sold commencing 180 days after this offering as described in the &ldquo;Shares eligible for future sale&rdquo; and &ldquo;Underwriting&rdquo;
sections of this prospectus.</P>

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I>If you purchase
shares of common stock in this offering, you will suffer immediate dilution of your investment.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The initial public offering price of our common stock issued as part
of the Units will be substantially higher than the net tangible book value per share of our common stock. Therefore, if you purchase shares
of our common stock in this offering as part of the Units, you will pay a price per share that substantially exceeds our net tangible
book value per share after this offering. After giving effect to the reverse stock split of 1 share of common stock for each 7.47 shares
of common stock which took place at the effectiveness of this offering, you will experience immediate dilution of $3.64 per share, representing
the difference between our pro forma net tangible book value per share after giving effect to this offering at the assumed effective initial
public offering price per share of $4.34. In addition, purchasers of common stock in this offering will have contributed approximately
29.7% of the aggregate price paid by all purchasers of our stock and will own only approximately 27.7% of our common stock outstanding
after this offering. See &ldquo;<A HREF="#a9">Dilution</A>.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I>The issuance of
the Warrants in this offering will cause you to experience additional dilution if those Warrants are exercised.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">In addition to the shares
of common stock we are issuing in this offering, we are also issuing an equal number of Warrants. The Warrants being issued in conjunction
with this offering are exercisable for an equal number of shares of our common stock. If the holders of the Warrants exercise their Warrants,
you will experience dilution at the time they exercise their Warrants.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">We are also offering
a warrant to the representative of the underwriters in this offering that is exercisable for 173,200 shares of common stock (the &ldquo;Representative&rsquo;s
Warrant&rdquo;). If the representative of the underwriters exercises this unit purchase option, you will experience additional dilution.
If the representative of the underwriter exercises its unit purchase over-allotment option, you will experience additional dilution.
For a further description of the dilution that you will experience immediately after this offering, see &ldquo;<A HREF="#a9">Dilution</A>.&rdquo;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I>The price of our
common stock and Warrants may be volatile and fluctuate substantially, which could result in substantial losses for purchasers of our
common stock and Warrants in this offering.</I></B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Our common stock price
and Warrant price are likely to be volatile. The stock market in general and the market for bio-technology companies in particular, has
experienced extreme volatility that has often been unrelated to the operating performance of particular companies. As a result of this
volatility, you may not be able to sell your common stock at or above the initial public offering price. The market price for our common
stock may be influenced by many factors, including:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; background-color: white; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the success of competitive
    products or technologies;</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">regulatory or legal developments
    in the United States, </FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the recruitment or departure
    of key personnel;</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the level of expenses related
    to any of our product candidates, and our commercialization efforts;</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">actual or anticipated changes
    in our development timelines;</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our ability to raise additional
    capital;</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">disputes or other developments
    relating to proprietary rights, including patents, litigation matters and our ability to obtain patent protection for our product
    candidates;</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">significant lawsuits, including
    patent or stockholder litigation;</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">variations in our financial
    results or those of companies that are perceived to be similar to us;</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">general economic, industry
    and market conditions; and</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the other factors described
    in this &ldquo;Risk Factors&rdquo; section.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

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

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><BR>
If our quarterly operating results fall below the expectations of investors or securities analysts, the price of our common stock could
decline substantially. Furthermore, any quarterly fluctuations in our operating results may, in turn, cause the price of our stock to
fluctuate substantially. We believe that quarterly comparisons of our financial results are not necessarily meaningful and should not
be relied upon as an indication of our future performance.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">In the past, following
periods of volatility in the market price of a company&rsquo;s securities, securities class-action litigation often has been instituted
against that company. Such litigation, if instituted against us, could cause us to incur substantial costs to defend such claims and
divert management&rsquo;s attention and resources.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I>Because we do
not expect to pay dividends for the foreseeable future, investors seeking cash dividends should not purchase shares of common stock.
</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have never declared or paid any cash dividends
on our common stock. We currently intend to retain future earnings, if any, to finance the expansion of our business. As a result, we
do not anticipate paying any cash dividends in the foreseeable future. Our payment of any future dividends will be at the discretion
of our Board of Directors after taking into account various factors, including but not limited to our financial condition, operating
results, cash needs, growth plans and the terms of any credit agreements that we may be a party to at the time. Accordingly, investors
seeking cash dividends should not purchase our shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I>The Warrants
are speculative in nature.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Warrants offered pursuant to this prospectus
do not confer any rights of common stock ownership on their holders, such as voting rights or the right to receive dividends, but rather
merely represent the right to acquire shares of our commons stock at a fixed price for a limited period of time. Specifically, commencing
on the date of issuance, holders of the Warrants may exercise their right to acquire the common stock and pay an exercise price of $4.35,
prior to 5 years from the date of issuance, after which date any unexercised Warrants will expire and have no further value. Moreover,
following this offering, the market value of the Warrants is uncertain and there can be no assurance that the market value of the Warrants
will equal or exceed their public offering price. There can be no assurance that the market price of the common stock will ever equal
or exceed the exercise price of the Warrants, and, consequently, whether it will ever be profitable for holders of the warrants to exercise
the Warrants.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I>If securities
analysts do not publish research or reports about our business or if they publish negative evaluations of our stock, the price of our
stock could decline.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The trading market for
our common stock will rely, in part, on the research and reports that industry or financial analysts publish about us or our business.
We do not currently have, and may never obtain, research coverage by industry or financial analysts. If no, or few, analysts commence
coverage of us, the trading price of our stock would likely decrease. Even if we do obtain analyst coverage, if one or more of the analysts
covering our business downgrade their evaluations of our stock, the price of our stock could decline. If one or more of these analysts
cease to cover our stock, we could lose visibility in the market for our stock, which in turn could cause our stock price to decline.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I>An active trading
market for our common stock and Warrants may not develop.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Prior to this offering,
there has been no public market for our common stock and Warrants. The initial public offering price for our common stock and Warrants
will be determined through negotiations with the underwriters. Although this offering will not commence without the approval for the
trading of our common stock and Warrants on the Nasdaq Capital Market, an active trading market for our shares and Warrants may never
develop or be sustained following this offering. If an active market for our common stock and Warrants does not develop, it may be difficult
for you to sell shares and Warrants you purchase in this offering without depressing the market price for the shares and Warrants, or
at all.</P>

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

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

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

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

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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I>If we are unable
to maintain effectiveness of this registration statement of which this prospectus forms a part, the liquidity of our shares of common
stock may be limited</I></B>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under the terms of the underwriting agreement
by and between the Company and the Representative (as defined below), we are obligated to maintain an effective registration statement
for the shares of common stock issued or issuable upon the exercise of the Warrants issued in this offering. The registration statement
of which this prospectus forms a part is intended to satisfy these obligations. We intend to use our best efforts to maintain the effectiveness
of the registration statement, but may not be able to do so. We cannot assure you that no stop order will be issued, or if such a stop
order is issued, we will be able to amend the registration statement to defeat the stop order. If the registration statement is not effective,
the holders of the Warrants ability to sell their shares of common stock issued or issuable upon exercise of the Warrants may be limited,
which would have a material adverse effect on the liquidity of our common stock.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>We are an emerging growth company and a
smaller reporting company, and our compliance with the reduced reporting and disclosure requirements applicable to emerging growth companies
and smaller reporting companies could make our common stock and Warrants less attractive to investors.</I></B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are an emerging growth company, as defined
in the JOBS Act, and we expect to take advantage of certain exemptions from various reporting requirements that are applicable to other
public companies that are not emerging growth companies, including the auditor attestation requirements of Section 404, reduced disclosure
obligations regarding executive compensation in our periodic reports and proxy statements, exemptions from the requirements of holding
a nonbinding advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously approved
and extended adoption period for accounting pronouncements.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Even after we no longer qualify as an emerging
growth company, we may still qualify as a &ldquo;smaller reporting company,&rdquo; which would allow us to continue to take advantage
of many of the same exemptions from disclosure requirements, including not being required to comply with the auditor attestation requirements
of Section 404 of the Sarbanes-Oxley Act and reduced disclosure obligations regarding executive compensation in this prospectus and our
periodic reports and proxy statements.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We cannot predict whether investors will find
our common stock less attractive as a result of our reliance on these exemptions. If some investors find our common stock less attractive
as a result, there may be a less active trading market for our common stock and our stock price may be more volatile.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We will remain an emerging growth company until
the earliest of (i) the end of the fiscal year following the fifth anniversary of the completion of this offering, (ii) the first fiscal
year after our annual gross revenues exceed $1.07 billion, (iii) the date on which we have, during the immediately preceding three-year
period, issued more than $1.00 billion in non-convertible debt securities, or (iv) the end of any fiscal year in which the market value
of our common stock held by non-affiliates exceeds $700 million as of the end of the second quarter of that fiscal year.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Anti-takeover provisions in our charter documents
to be in effect upon the closing of this offering and under Delaware law could make an acquisition of our company more difficult, limit
attempts by our stockholders to replace or remove our current management and limit the market price of our common stock.</P>

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Our amended and restated certificate of
incorporation provides that the Court of Chancery of the State of Delaware or, under certain circumstances, the federal district courts
of the United States of America will be the exclusive forums for certain types of actions and proceedings that may be initiated by our
stockholders, which could limit our stockholders&rsquo; ability to obtain a favorable judicial forum for disputes with us or our directors,
officers, employees or agents.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our amended and restated certificate of incorporation
provides that the Court of Chancery of the State of Delaware (or, if the Court of Chancery of the State of Delaware lacks subject matter
jurisdiction, any state court located within the State of Delaware or, if all such state courts lack subject matter jurisdiction, the
federal district court for the District of Delaware) is the sole and exclusive forum for the following types of actions or proceedings
under Delaware statutory or common law for:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; background-color: white; border-collapse: collapse; font-size: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24px"></TD><TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">any
                                            derivative action or proceeding brought on our behalf;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">any
                                            action asserting a breach of fiduciary duty;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">any
                                            action arising pursuant to the Delaware General Corporation Law, our amended and restated
                                            certificate of incorporation, or our amended and restated bylaws; and</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">any
                                            action asserting a claim against us that is governed by the internal-affairs doctrine.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">These provisions would not apply to suits brought
to enforce a duty or liability created by the Exchange Act or any claim for which the federal district courts of the United States of
America have exclusive jurisdiction. Furthermore, Section 22 of the Securities Act creates concurrent jurisdiction for federal and state
courts over all such Securities Act actions. Accordingly, both state and federal courts have jurisdiction to entertain such claims.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our stockholders cannot waive compliance with
the federal securities laws and the rules and regulations thereunder. Any person or entity purchasing or otherwise acquiring any interest
in shares of our capital stock will be deemed to have notice of, and consented to, the provisions of our amended and restated certificate
of incorporation described in the preceding sentences.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">To prevent having to litigate claims in multiple
jurisdictions and the threat of inconsistent or contrary rulings by different courts, among other considerations, our amended and restated
certificate of provides that the federal district courts of the United States will be the exclusive forum for resolving any complaint
asserting a cause of action arising under the Securities Act. While the Delaware courts have determined that such choice of forum provisions
are facially valid, a stockholder may nevertheless seek to bring a claim in a venue other than those designated in the exclusive forum
provisions. In such instance, we would expect to vigorously assert the validity and enforceability of the exclusive forum provisions of
our amended and restated certificate of incorporation in effect upon the effectiveness of this offering. This may require significant
additional costs associated with resolving such action in other jurisdictions and there can be no assurance that the provisions will be
enforced by a court in those other jurisdictions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">These exclusive forum provisions may limit a stockholder&rsquo;s
ability to bring a claim in a judicial forum that it finds favorable for disputes with us or our directors, officers, or other employees,
which may discourage lawsuits against us and our directors, officers and other employees. If a court were to find either exclusive-forum
provision in our amended and restated certificate of incorporation in effect upon the effectiveness of this offering to be inapplicable
or unenforceable in an action, we may incur further significant additional costs associated with resolving the dispute in other jurisdictions,
all of which could harm our business and financial condition.</P>

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

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

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

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

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

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B><A NAME="a_001"></A>USE
OF PROCEEDS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We expect to receive net proceeds from this offering
of 2,165,000 Units will be approximately $8.2 million, or approximately $9.5 million if the underwriters exercise their option to purchase
additional shares and/or Warrants in full, after deducting the underwriting discounts and commissions and estimated offering expenses
payable by us.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font-size: 10pt">From
the proceeds of the offering the Company will retire a $2 million Promissory Note issued in June 2021 that carries an interest rate of
33% per annum. The principal will be repaid out of the offering proceeds and the accrued interest will convert to shares of common
stock and common stock warrants. For more information on the terms of our obligations which will be reduced or retired in connection
with the offering, see &ldquo;<A HREF="#a10">Management&rsquo;s Discussion and Analysis of Financial Condition and Results of Operations
&ndash; Contractual obligations and commitments</A>&rdquo; and </FONT>Note 8- Short Term Notes and Convertible Debt<FONT STYLE="font-size: 10pt">,
to the Company&rsquo;s Financial Statements included elsewhere in this Prospectus.&nbsp;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We intend to use the balance of the net proceeds
from this offering as follows;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>$0.9 million for market development, which includes securing third party payor coverage and reimbursement, seeking out and educating
key opinion leaders on the value of our technology, and cultivating broad physician adoption of our technology;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>$1.9 million for clinical evidence which entails our investment in clinical research to demonstrate the safety and efficacy of our
technology;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>$1.3 million, for product development; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>$2.1 million for general and administrative expenses, including the payment of approximately $325,000 due to our Executive Chairman
in unpaid salary.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Based on our current operational plans and assumptions, we expect that the net proceeds from
this offering, combined with our current cash, will be sufficient to fund operations over eighteen months following the offering.</P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Our expected use of
net proceeds from this offering represents our current intentions based upon our present plans and business condition. As of the date
of this prospectus, we cannot predict with complete certainty all of the particular uses for the net proceeds to be received upon the
completion of this offering or the actual amounts that we will spend on the uses set forth above. We believe opportunities may exist
from time to time to expand our current business through the acquisition or in-license of complementary product candidates. While we
have no current agreements for any specific acquisitions or in-licenses at this time, we may use a portion of the net proceeds for these
purposes.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The amounts and timing
of our actual expenditures will depend on numerous factors, including the progress of our product development team, the scale achieved
by our sales and marketing team, as well as the amount of cash used in our operations. We therefore cannot estimate with certainty the
amount of net proceeds to be used for the purposes described above. We may find it necessary or advisable to use the net proceeds for
other purposes, and we will have broad discretion in the application of the net proceeds. Pending the uses described above, we plan to
invest the net proceeds from this offering in short- and intermediate-term, interest-bearing obligations, investment-grade instruments,
certificates of deposit or direct or guaranteed obligations of the U.S. government.&nbsp;</P>

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B><A NAME="a_002"></A>DIVIDEND
POLICY</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">We have not declared
or paid any cash dividends on our capital stock since our inception. We intend to retain future earnings, if any, to finance the operation
and expansion of our business and do not anticipate paying any cash dividends in the foreseeable future.</P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><A NAME="a8"></A><B>CAPITALIZATION</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>As described elsewhere in this prospectus,
all share and per share amounts set forth below have been presented on a pro-forma basis to reflect a one-for-7.47 reverse stock split
of our outstanding common stock upon the effectiveness of this offering.</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">In conjunction with the
IPO, all of our outstanding preferred shares will automatically convert into shares of common stock. Any accrued dividends on the preferred
shares will be paid in the form of shares of common stock in accordance with the preferred stock terms. In addition, the accrued interest
on our $2 million Promissory Note issued in June 2021 will convert to shares of common stock and common stock warrants upon the terms
specified in the applicable agreements.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As summarized in the table below, our outstanding
preferred shares, accumulated preferred share dividends, interest on our Note Payable, and the net exercise of certain outstanding warrants
convert into the number of shares of our common stock set forth below.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">Pro Forma Shares of Common Stock Outstanding Prior to the IPO</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 83%; text-align: left">Existing Shares of Common Stock Outstanding</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; text-align: right">905,685</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Conversion of the A-1 Preferred Shares</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">237,969</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD>Conversion of the A-2 Preferred Shares</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">193,312</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Conversion of the A-3 Preferred Shares</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">125,207</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD>Conversion of the A-4 Preferred Shares</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">279,884</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Conversion of the B Preferred Shares</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">690,776</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD>Conversion of the B-1 Preferred Shares</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">973,816</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Conversion of the B-2 Preferred Shares</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">212,137</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD>Conversion of the B-3 Preferred Shares</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">566,017</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Exercise of Convertible Note Warrants</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">74,027</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left">Accrued Preferred Stock Dividends</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">971,551</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Accrued Interest on Notes Payable</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">426,767</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,657,148</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold; text-decoration: underline; text-align: left">Shares of Common Stock Reserved for Stock Option and Warrant Exercises</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Warrants Outstanding</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">426,767</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Stock Options Issued and Outstanding</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2,255,670</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">8,339,586</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>


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



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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following pro-forma table describes our capitalization as of December 31, 2021:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 3%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 3%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 3%; text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 91%"><FONT STYLE="font-size: 10pt">On an actual basis; </FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify; vertical-align: top"> <FONT STYLE="font-size: 10pt">On a pro forma basis to give effect upon the
    effectiveness of this offering, (i) a one-for-7.47 reverse split of our common stock, effected upon the effectiveness of this
    offering (ii) the conversion of all outstanding shares of preferred stock into 3,279,117 shares of common stock, (iii) the issuance
    of an aggregate 971,551 shares of common stock in payment of the accrued dividends on certain outstanding shares of our preferred
    stock, (iv) the issuance of 74,027 shares of common stock upon the net exercise of certain outstanding warrants upon the
    effectiveness of this offering, (v) the issuance of 426,767 shares of common stock and 426,767 warrants in payment of accrued
    interest on our $2 million of senior secured debt, and (vi) the repayment of $2,000,000 of principal on our outstanding senior
    secured debt immediately following the closing of this offering;</FONT> </TD></TR>
  <TR>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-size: 10pt">on a pro forma as-adjusted basis to additionally
give effect to the sale of 2,165,000 Units in this offering, after deducting the underwriting discounts and commissions and estimated
offering expenses payable by us.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The information set
forth in the table below is illustrative only and will be adjusted based on the actual initial public offering price and other terms
of this offering as determined at pricing. You should read the following information together with the information contained under the
heading &ldquo;Management&rsquo;s Discussion and Analysis of Financial Condition and Results of Operations&rdquo; and our financial statements
and the related notes appearing at the end of this prospectus,</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD COLSPAN="7" STYLE="border-bottom: black 1pt solid; text-align: center"> <FONT STYLE="font-size: 10pt"><B>As of December 31,
    2021</B></FONT> </TD>
    <TD> &nbsp; </TD>
    <TD COLSPAN="3" STYLE="text-align: center"> &nbsp; </TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD COLSPAN="3" STYLE="text-align: center"> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD COLSPAN="3" STYLE="text-align: center"> &nbsp; </TD>
    <TD STYLE="text-align: center"> &nbsp; </TD>
    <TD COLSPAN="3"> &nbsp; </TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center"> &nbsp; </TD>
    <TD STYLE="text-align: center"> &nbsp; </TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"> &nbsp; </TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"> <FONT STYLE="font-size: 10pt">Actual</FONT> </TD>
    <TD STYLE="text-align: center"> &nbsp; </TD>
    <TD STYLE="text-align: center"> &nbsp; </TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"> &nbsp; </TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"> <FONT STYLE="font-size: 10pt">Pro Forma (1)</FONT> </TD>
    <TD STYLE="text-align: center"> &nbsp; </TD>
    <TD STYLE="text-align: center"> &nbsp; </TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"> &nbsp; </TD>
    <TD STYLE="border-bottom: black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> Pro Forma as- </P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> Adjusted (1) </P></TD>
    <TD STYLE="text-align: center"> &nbsp; </TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> &nbsp; </TD>
    <TD STYLE="text-align: right"> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: right"> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: right"> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: right"> &nbsp; </TD>
    <TD> &nbsp; </TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD> <FONT STYLE="font-size: 10pt">(Several financial statement line items excluded for presentation purposes)</FONT> </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: right"> &nbsp; </TD>
    <TD STYLE="text-align: right"> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: right"> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: right"> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: right"> &nbsp; </TD>
    <TD> &nbsp; </TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center"> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: right"> &nbsp; </TD>
    <TD STYLE="text-align: right"> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: right"> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: right"> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: right"> &nbsp; </TD>
    <TD> &nbsp; </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 52%"> <FONT STYLE="font-size: 10pt">Promissory Note Payable</FONT> </TD>
    <TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%"> <FONT STYLE="font-size: 10pt">$</FONT> </TD>
    <TD STYLE="width: 13%; text-align: right"> <FONT STYLE="font-size: 10pt">2,000,000</FONT> </TD>
    <TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 13%; text-align: right"> <FONT STYLE="font-size: 10pt">&ndash;</FONT> </TD>
    <TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 13%; text-align: right"> <FONT STYLE="font-size: 10pt">&ndash;</FONT> </TD>
    <TD STYLE="width: 1%"> &nbsp; </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD> <FONT STYLE="font-size: 10pt">Preferred Dividends Payable</FONT> </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-size: 10pt">3,856,898</FONT> </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-size: 10pt">&ndash;</FONT> </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-size: 10pt">&ndash;</FONT> </TD>
    <TD> &nbsp; </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD> <FONT STYLE="font-size: 10pt">Accrued Interest &ndash; Promissory Note</FONT> </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-size: 10pt">356,219</FONT> </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-size: 10pt">&ndash;</FONT> </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-size: 10pt">&ndash;</FONT> </TD>
    <TD> &nbsp; </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: right"> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: right"> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: right"> &nbsp; </TD>
    <TD> &nbsp; </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD> <B>Redeemable Preferred Stock (Mezzanine shares)</B> </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: right"> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: right"> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: right"> &nbsp; </TD>
    <TD> &nbsp; </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD> Series B-2 Preferred Stock </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: right"> 16 </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: right"> &ndash; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: right"> &ndash; </TD>
    <TD> &nbsp; </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD> Series B-3 Preferred Stock </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: right"> 42 </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: right"> &ndash; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: right"> &ndash; </TD>
    <TD> &nbsp; </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD> Additional paid-in capital series B2 and B3 </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: right"><P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"> 7,102,229 </P></TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: right"> &ndash; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: right"> &ndash; </TD>
    <TD> &nbsp; </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD> <B>Total Mezzanine Equity</B> </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: right"><P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"> 7,102,287 </P></TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: right"> &ndash; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: right"> &ndash; </TD>
    <TD> &nbsp; </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD> <FONT STYLE="font-size: 10pt"><B>Shareholders&rsquo; Equity (deficit):</B></FONT> </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: right"> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: right"> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: right"> &nbsp; </TD>
    <TD> &nbsp; </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD> <FONT STYLE="font-size: 10pt">Series A Preferred Stock</FONT> </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-size: 10pt">62</FONT> </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-size: 10pt">&ndash;</FONT> </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-size: 10pt">&ndash;</FONT> </TD>
    <TD> &nbsp; </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD> <FONT STYLE="font-size: 10pt">Series B Preferred Stock</FONT> </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-size: 10pt">52</FONT> </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-size: 10pt">&ndash;</FONT> </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-size: 10pt">&ndash;</FONT> </TD>
    <TD> &nbsp; </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD> <FONT STYLE="font-size: 10pt">Series B-1 Preferred Stock</FONT> </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-size: 10pt">73</FONT> </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-size: 10pt">&ndash;</FONT> </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-size: 10pt">&ndash;</FONT> </TD>
    <TD> &nbsp; </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: right"> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: right"> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: right"> &nbsp; </TD>
    <TD> &nbsp; </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD> <FONT STYLE="font-size: 10pt">Common Stock</FONT> </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-size: 10pt">68</FONT> </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-size: 10pt">328</FONT> </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-size: 10pt">349</FONT> </TD>
    <TD> &nbsp; </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: right"> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: right"> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: right"> &nbsp; </TD>
    <TD> &nbsp; </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD> <FONT STYLE="font-size: 10pt">Additional Paid-in Capital</FONT> </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-size: 10pt">19,054,176</FONT> </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-size: 10pt">32,440,640</FONT> </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-size: 10pt">40,679,948</FONT> </TD>
    <TD> &nbsp; </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-bottom: 1pt"> <FONT STYLE="font-size: 10pt">Accumulated deficit</FONT> </TD>
    <TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"> <FONT STYLE="font-size: 10pt">(31,886,036</FONT> </TD>
    <TD STYLE="padding-bottom: 1pt"> <FONT STYLE="font-size: 10pt">)</FONT> </TD>
    <TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"> <FONT STYLE="font-size: 10pt">(33,957,169</FONT> </TD>
    <TD STYLE="padding-bottom: 1pt"> <FONT STYLE="font-size: 10pt">)</FONT> </TD>
    <TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(33,957,169</FONT></TD>
    <TD STYLE="padding-bottom: 1pt"> <FONT STYLE="font-size: 10pt">)</FONT> </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt"> <FONT STYLE="font-size: 10pt"><B>Total Shareholders&rsquo; Equity (deficit)</B></FONT> </TD>
    <TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"> <FONT STYLE="font-size: 10pt">(12,831,605</FONT> </TD>
    <TD STYLE="padding-bottom: 1pt"> <FONT STYLE="font-size: 10pt">)</FONT> </TD>
    <TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"> <FONT STYLE="font-size: 10pt">(1,516,201</FONT> </TD>
    <TD STYLE="padding-bottom: 1pt"> )&nbsp; </TD>
    <TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"> <FONT STYLE="font-size: 10pt">6,723,128</FONT> </TD>
    <TD STYLE="padding-bottom: 1pt"> <FONT STYLE="font-size: 10pt">&nbsp;</FONT> </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: right"> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: right"> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: right"> &nbsp; </TD>
    <TD> &nbsp; </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt"> <B>Total Mezzanine and Shareholders&rsquo; Equity</B> </TD>
    <TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double"> $ </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"> (5,729,319 </P></TD>
    <TD STYLE="padding-bottom: 2.5pt"> ) </TD>
    <TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double"> $ </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-size: 10pt">(1,516,201</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt"> ) </TD>
    <TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double"> $ </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right"> 6,723,128 </TD>
    <TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD></TR>
  </TABLE>

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



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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 15pt; text-align: right">(1)</TD><TD STYLE="width: 5pt"></TD><TD>Excludes a cash milestone payment due to UCSF. See Note 8 to the Financial Statements &ldquo;Commitments
and Contingencies&rdquo;.</TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The number of shares outstanding after this offering
is based on the number of shares of our common stock outstanding upon the effectiveness of this offering, after giving effect to (i) a
1-for-7.47 reverse stock split of our shares of common stock, (ii) the conversion of all outstanding shares of preferred stock into 3,279,117
shares of common stock, (iii) the issuance of an aggregate 971,551 shares of common stock in payment of the accrued dividends on certain
outstanding shares of our preferred stock, (iv) the issuance of 74,027 shares of common stock upon the net exercise of certain outstanding
warrants upon the effectiveness of this offering, and (v) the issuance of 426,767 shares of common stock and warrants for 426,767 shares
of common stock in payment of accrued interest on our $2 million of senior secured debt, and excludes (vi) 2,255,670 shares of our common
stock issuable upon the exercise of outstanding stock options granted under our 2015 Stock Plan, (vii) 2,000,000 shares of common stock
reserved for future issuance under our 2022 Equity Incentive Plan, (viii) 426,767 shares of common stock issuable upon the exercise of
outstanding common stock purchase warrants, (ix) 173,200 shares of common stock issuable upon the exercise of the outstanding underwriter
warrants, (x) shares issuable upon the exercise of the Warrants offered in this offering, and (xi) assuming no exercise by the underwriters
of their option to purchase 324,750 additional shares and/or 324,750 additional Warrants, pursuant to their over-allotment option.</P>

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B><A NAME="a9"></A>DILUTION</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If you purchase any of Units offered by this prospectus,
your ownership interest will be diluted to the extent of the difference between the initial public offering price in this offering of
$4.35, and the pro forma as adjusted net tangible book value per share of our common stock upon consummation of this offering. As of December
31, 2021, we had a historical net tangible book value of ($6,873,944) or ($1.02) per share of common stock. Our historical net tangible
book value per share represents the book value of our total tangible assets less the book value of our total liabilities divided by the
number of shares of common stock then issued and outstanding.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">After giving pro forma effect to (i) a one-for-7.47
reverse split of our common stock effected upon the effectiveness of this offering, (ii) the conversion of all outstanding shares of preferred
stock into shares of common stock, (iii) the issuance of an aggregate 971,551 shares of common stock in payment of the accrued dividends
on certain outstanding shares of our preferred stock, (iv) the issuance of 74,027 shares of common stock upon the net exercise of certain
outstanding warrants upon the effectiveness of this offering, (v) the issuance of 426,767 shares of common stock and warrants for 426,767
shares of common stock in payment of accrued interest on our $2 million of senior secured debt, and (vi) the repayment of $2 million of
the principal of secured debt, our pro forma net tangible book value as of December 31, 2021 was ($2,660,827), or ($0.47) per share based
on 5,657,148 shares of our common stock outstanding.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">After giving effect to our sale of 2,165,000 shares
of common stock in each Unit in this offering at the initial public offering price, and after deducting the underwriting discounts and
commissions and estimated offering expenses payable by us, our pro forma as-adjusted net tangible book value as of December 31, 2021 would
have been $5,578,503 or $0.71 per share (assuming no exercise of the underwriters&rsquo; option to purchase additional shares of our common
stock and/or Warrants). This represents an immediate and substantial dilution of $3.64 per share to new investors purchasing common stock
in this offering. The following table illustrates this dilution per share:</P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 68%"><FONT STYLE="font-size: 10pt">Assumed initial public offering price per Unit </FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 13%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%"> <FONT STYLE="font-size: 10pt">$</FONT> </TD>
    <TD STYLE="width: 13%; text-align: right">4.35<FONT STYLE="font-size: 10pt"></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-size: 10pt">Historical net tangible book value per shares as of December 31, 2021 </FONT></TD>
    <TD>&nbsp;</TD>
    <TD> <FONT STYLE="font-size: 10pt">$</FONT> </TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-size: 10pt">(1.02</FONT> </TD>
    <TD><FONT STYLE="font-size: 10pt">)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD><FONT STYLE="font-size: 10pt">Increase in Pro forma net tangible book value per share as of December 31, 2021 </FONT></TD>
    <TD>&nbsp;</TD>
    <TD> <FONT STYLE="font-size: 10pt">$</FONT> </TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-size: 10pt">0.55</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-size: 10pt">Increase in pro forma net tangible book value per share attributable to this offering</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid"> <FONT STYLE="font-size: 10pt">$ </FONT> </TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"> <FONT STYLE="font-size: 10pt">1.18</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD><FONT STYLE="font-size: 10pt">Pro forma as adjusted net tangible book value per share after giving effect to this offering </FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid"> <FONT STYLE="font-size: 10pt">$</FONT> </TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"> <FONT STYLE="font-size: 10pt">0.71</FONT> </TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-size: 10pt">Dilution per share to new investors in this offering </FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double"> <FONT STYLE="font-size: 10pt">$</FONT> </TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"> <FONT STYLE="font-size: 10pt">3.64</FONT> </TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If the underwriters exercise their option in full
to purchase additional shares of common stock and/or Warrants in full, the pro forma as adjusted net tangible book value per share after
the offering would be $0.84 per share, the increase in the pro forma net tangible book value per share to existing stockholders would
be $1.31 per share, and the pro forma as adjusted dilution to new investors purchasing common stock in this offering would be $3.51 per
share.</P>

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

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The following table summarizes,
on a pro forma as adjusted basis as of December 31, 2021, the differences between the number of shares of common stock purchased from
us, the total consideration paid and the average price per share paid by existing stockholders and to be paid by the new investors purchasing
shares of common stock in this offering at an offering price of $4.35 per unit, before deducting the underwriting discounts and commissions
and estimated offering expenses payable by us in connection with this offering.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Shares purchased*</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total consideration</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Average price</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Number</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Percent</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Amount</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Percent</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">per share</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 35%; text-align: left">Existing investors</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">5,657,148</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">72.3%</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">22,247,639</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">70.3%</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">3.93</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">New investors in this offering</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2,165,000</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">27.7%</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">9,396,100</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">29.7%</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">4.34</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-bottom: 2.5pt">Total</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">7,822,148</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">100.0%</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">33,295,884</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">100.0%</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">4.05</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>* Presented on a pro forma basis, reflecting
a one-for-7.47 reverse split of our common stock upon the effectiveness of this offering</I></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I></I> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">If the underwriters
exercise in full their option to purchase additional shares of our common stock in the offering, the following will occur:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 24px; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 24px; text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-size: 10pt">the number of shares of our common stock held by new investors will increase to 2,489,750, or 30.6% of the total
number of shares of our common stock outstanding after this offering; and</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-size: 10pt">the pro forma as adjusted net tangible book value would be $0.84 per share
and the dilution to new investors in this offering would be $3.51 per share.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The number of shares of our common stock outstanding
before and after this offering reflected in the tables and discussion above are based on shares of our common and preferred stock outstanding
as of December 31, 2021 after giving effect to (i) a 1-for-7.47 reverse stock split of our common stock, (ii) the conversion of all outstanding
shares of preferred stock into 3,279,117 shares of common stock, (iii) the issuance of an aggregate 971,551 shares of common stock in
payment of the accrued dividends on certain outstanding shares of our preferred stock, (iv) the issuance of 74,027 shares of common stock
upon the net exercise of certain outstanding warrants, and (v) the issuance of 426,767 shares of common stock and warrants for 426,767
shares of common stock in payment of accrued interest on our $2 million of senior secured debt, and excludes (vi) 2,255,670 shares of
our common stock issuable upon the exercise of outstanding stock options granted under our 2015 Stock Plan, (vii) 2,000,000 shares of
common stock reserved for future issuance under our 2022 Equity Incentive Plan, (viii) 426,767 shares of common stock issuable upon the
exercise of outstanding common stock purchase warrants, (ix) 173,200 shares of common stock issuable upon the exercise of the outstanding
underwriter warrants, (x) shares issuable upon the exercise of the Warrants offered in this offering, and (xi) assuming no exercise by
the underwriters of their option to purchase 324,750 additional shares and/or 324,750 additional Warrants, pursuant to their over-allotment
option.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">We expect to require
additional capital to fund our current and future operating plans. To the extent additional capital is raised through the sale of equity
or convertible debt securities, the issuance of these securities could result in further dilution to our stockholders. See &ldquo;<A HREF="#a7">Risk
Factors</A>&mdash;Risks related to this offering and ownership of our common stock&mdash;If you purchase shares of common stock in this
offering, you will suffer immediate dilution of your investment.&rdquo;</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B><A NAME="a10"></A>MANAGEMENT&rsquo;S
DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><I>You should read the
following discussion and analysis of our financial condition and results of operations together with our financial statements and the
related notes included at the end of this prospectus. This discussion and other parts of this prospectus contain forward-looking statements
that involve risks and uncertainties, such as statements of our plans, objectives, expectations and intentions. As a result of many factors,
including those factors set forth in the &ldquo;Risk Factors&rdquo; section of this prospectus, our actual results could differ materially
from the results described in or implied by the forward-looking statements contained in the following discussion and analysis.</I></P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We currently operate as a Delaware corporation,
under the name Aclarion, Inc.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B>Effect of COVID-19
Pandemic on business operations</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The COVID-19 Pandemic is not currently impacting
plans for marketing our products or our continuing development efforts, as all such activities have been conducted by us using remote
work strategies. The Company cannot accurately&nbsp;predict the longer- term impact of the COVID-19 Pandemic on its business.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The following table
summarizes our results of operations for the Twelve Months ended December 31, 2021, and 2020. </P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt"> &nbsp; </TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="7" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> Year Ended December 31, </TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="text-align: center; font-weight: bold; border-bottom: Black 1pt solid"> 2020 to 2021 </TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"> &nbsp; </TD>
    </TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt"> &nbsp; </TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> 2021 </TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"> &nbsp; </TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> 2020 </TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"> &nbsp; </TD>
    <TD STYLE="font-weight: bold; padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> $ Change </TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"> &nbsp; </TD>
    </TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD COLSPAN="6" STYLE="text-align: center"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD COLSPAN="2"> &nbsp; </TD><TD> &nbsp; </TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt; width: 52%; font-weight: bold"> Revenue </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> $ </TD><TD STYLE="width: 13%; text-align: right"> 60,292 </TD><TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> $ </TD><TD STYLE="width: 13%; text-align: right"> 48,652 </TD><TD STYLE="width: 1%; text-align: left"> &nbsp; </TD>
    <TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> $ </TD><TD STYLE="width: 13%; text-align: right"> 11,640 </TD><TD STYLE="width: 1%; text-align: left"> &nbsp; </TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; padding-bottom: 1pt; text-indent: 0pt"> Cost of Revenue </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 69,175 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 66,245 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD>
    <TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 2,930 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-left: 10pt; text-align: left; text-indent: 0pt"> Gross Profit </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> (8,883 </TD><TD STYLE="text-align: left"> ) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> (17,593 </TD><TD STYLE="text-align: left"> ) </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 8,710 </TD><TD STYLE="text-align: left"> &nbsp; </TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt; font-weight: bold; text-align: left"> Operating expenses: </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt; text-align: left"> Sales and marketing </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 330,814 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 336,369 </TD><TD STYLE="text-align: left"> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> (5,555 </TD><TD STYLE="text-align: left"> ) </TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt; text-align: left"> Research and development </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 787,850 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 1,052,127 </TD><TD STYLE="text-align: left"> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> (264,277 </TD><TD STYLE="text-align: left"> ) </TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt; text-align: left"> General and administrative </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 1,825,491 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 1,071,369 </TD><TD STYLE="text-align: left"> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 754,122 </TD><TD STYLE="text-align: left"> &nbsp; </TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt; text-align: left; padding-bottom: 1pt"> Other operating expenses </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> &ndash; </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 2,000,000 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD>
    <TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> (2,000,000 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> ) </TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt; text-align: left; padding-bottom: 1pt"> Total operating expenses </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 2,944,154 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 4,459,865 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD>
    <TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> (1,515,711 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> ) </TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt"> Loss from operations </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> (2,953,037 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> ) </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> (4,477,458 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> ) </TD>
    <TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 1,524,421 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt; font-weight: bold; text-align: left"> Other (expense) income: </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt; text-align: left"> PPP Loan Forgiveness </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 373,511 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &ndash; </TD><TD STYLE="text-align: left"> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 373,511 </TD><TD STYLE="text-align: left"> &nbsp; </TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt; text-align: left"> Interest expense </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> (474,911 </TD><TD STYLE="text-align: left"> ) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> (156,059 </TD><TD STYLE="text-align: left"> ) </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> (318,852 </TD><TD STYLE="text-align: left"> ) </TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt; text-align: left"> Changes in fair value of redeemable preferred stock </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> (1,900,310 </TD><TD STYLE="text-align: left"> ) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &ndash; </TD><TD STYLE="text-align: left"> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> (1,900,310 </TD><TD STYLE="text-align: left"> ) </TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt; text-align: left; padding-bottom: 1pt"> Other, net </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 4,457 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> (1,728 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> ) </TD>
    <TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> 6,185 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt"> Total other (expense)
    income </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> (1,997,253 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> ) </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> (157,787 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> ) </TD>
    <TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> (1,839,466 </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> ) </TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt; text-align: left"> Loss before income taxes </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> (4,950,290 </TD><TD STYLE="text-align: left"> ) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> (4,635,245 </TD><TD STYLE="text-align: left"> ) </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> (315,045 </TD><TD STYLE="text-align: left"> ) </TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt; text-align: left; padding-bottom: 1pt"> Income tax provision </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> &ndash; </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> &ndash; </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD>
    <TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"> &ndash; </TD><TD STYLE="padding-bottom: 1pt; text-align: left"> &nbsp; </TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt; font-weight: bold; text-align: left; padding-bottom: 2.5pt"> Net loss </TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> $ </TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"> (4,950,290 </TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> ) </TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"> (4,635,245 </TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> ) </TD>
    <TD STYLE="font-weight: bold; padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> $ </TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"> (315,045 </TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> ) </TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt; text-align: left"> Dividends Accrued for Preferred shareholders </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> (1,005,598 </TD><TD STYLE="text-align: left"> ) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> (851,676 </TD><TD STYLE="text-align: left"> ) </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> (153,922 </TD><TD STYLE="text-align: left"> ) </TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt; text-align: left"> Net Loss allocable to Common Shareholders </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> (5,955,887 </TD><TD STYLE="text-align: left"> ) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> (5,486,921 </TD><TD STYLE="text-align: left"> ) </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> (468,966 </TD><TD STYLE="text-align: left"> ) </TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt; text-align: left; padding-bottom: 2.5pt"> Net loss per share allocable to common
    shareholders, basic and diluted: </TD><TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"> $ </TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"> (0.88 </TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"> ) </TD><TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"> $ </TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"> (0.81 </TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"> ) </TD>
    <TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"> $ </TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"> (0.07 </TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"> ) </TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt; text-align: left; padding-bottom: 2.5pt">Weighted average shares of common stock
    outstanding, basic and diluted: (1) </TD><TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"> 6,765,470 </TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"> 6,765,470 </TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"> &nbsp; </TD>
    <TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"> 0 </TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"> &nbsp; </TD>
    </TR>
  </TABLE>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(1) The weighted average shares of common stock
outstanding is presented on a pre-reverse split basis. Assuming a 1-for-7.47 reverse stock split of our shares of common stock upon the
effectiveness of this offering, the post reverse split weighted average of common stock
outstanding would be 905,973.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B>&nbsp;</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> <I>Years ended December 31, 2021 and 2020</I> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> <I>&nbsp;</I> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> <I>Total revenues.</I>&nbsp;Total revenues
for the year ended December 31, 2021 were $60,292 which was an increase of $11,640 or 24%, from $48,652 for the year ended December 31,
2020. The increase in revenues resulted from an increase in the number of medical professionals ordering Nociscan reports for their patients,
with no increase in prices during the year. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Cost of Revenue.&nbsp;</I>Direct Cost of Revenue
is comprised of hosting and software costs, field support, UCF royalty cost, NuVasive commission of 6%, partner fees (Radnet), and credit
card fees. Total Cost of Services was $69,175 for the year ended December 31, 2021, compared to $66,245 for the year ended December 31,
2020, an increase of 4.4%. This increase was primarily due to an increase in software hosting expenses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> <I>Sales and Marketing.</I>&nbsp;Sales and
marketing expenses were $330,814 for the year ended December 31, 2021 compared to $336,369 for the year ended December 31, 2020, a decrease
of $5,555 or 1.7%, This slight decrease was driven by maintaining controls on hiring and a reduction in employee travel related to the
COVID-19 Pandemic restrictions. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> <I>&nbsp;</I> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> <I>Research and Development.</I>&nbsp;Research
and development expenses were $787,850 for the year ended December 31, 2021, compared to $1,052,127 for the year ended December 31, 2020,
a decrease of $264,277 or 25.1%. This decrease was due to less utilization of independent service providers in the areas of clinical
and reimbursement, offset in part by an increase in quality and regulatory services. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &nbsp;&nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> <I>General and Administrative</I>. General
and administrative expenses were $1,825,491 for the year ended December 31, 2021, an increase of $754,122 or 70.4%, from $1,071,369 for
the year ended December 31, 2020. This increase resulted primarily from higher legal and professional fees in anticipation of a public
offering and hiring new management. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Other Operating Expenses.</I> In February
2020, NuVasive and the Company entered into an amended and restated commission agreement (the &ldquo;Commission Agreement&rdquo;). The
Company agreed to pay NuVasive a commission of 6% of certain revenues of the Company related to Aclarion&rsquo;s Nociscan technology
through December 31, 2023, and issue to NuVasive the right to the Company&rsquo;s preferred shares subject to the terms of a $2 million
&ldquo;SAFE&rdquo; (Simple Agreement for Future Equity). The Company recorded a $2 million charge to operations in that month.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> <I>PPP Loan Forgiveness</I>. During the year
ended December 31, 2021, the Company was forgiven for two PPP Loans and accrued interest in the amount of $373,511 </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> <I>Interest Expense.</I>&nbsp;Total Interest
expense was $474,911 for the year ended December 31, 2021, an increase of $318,852, from the $156,059 for the year ended December 31,
2020. This increase was due primarily to accrued interest at 33% related to the issuance of $2.0 million of Promissory Notes in June
2021. The Company also accrued interest charges at 10% through June 2021 related to convertible notes sold in prior years and through
June 2021. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> <I>Changes in Fair Value of Redeemable Preferred
Stock.</I> In the year ended December 31, 2021, the Company recorded $1,900,310 of changes in the fair value of a B2 and B3 series preferred
stock commitment prior to the issuance of those shares on December 3, 2021. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> <I>Other Net Expenses</I>. During the year
ended December 31, 2021, Other Net expenses were $4,457 (gain), which included a $5,000 grant from the California Relief Program and
cash rewards from credit card programs, offset in part by payment of government fees and realized exchange rate losses. During the year
ended December 31, 2020, Other Net expenses were ($1,728), which included bank interest, government fees, and realized exchange rate
losses. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> <I>Net income (loss).</I>&nbsp; A net loss
of $4,950,290 for the year ended December 31, 2021 compared to a net loss of $4,635,245 for the year ended December 31, 2020. The year
2021 included a $1.9 million fair value adjustment and higher interest expense, while the year 2020 included a $2 million charge related
to the amended NuVasive marketing agreement. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B>Critical accounting
policies and use of estimates</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Our Management&rsquo;s
Discussion and Analysis of Financial Condition and Results of Operations is based on our financial statements, which have been prepared
in accordance with generally accepted accounting principles in the United States. The preparation of our financial statements and related
disclosures requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities, costs and expenses
and the disclosure of contingent assets and liabilities in our financial statements. We base our estimates on historical experience,
known trends and events and various other factors that we believe are reasonable under the circumstances, the results of which form the
basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. We evaluate
our estimates and assumptions on an ongoing basis. Our actual results may differ from these estimates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">While our significant
accounting policies are described in more detail in the notes to our financial statements appearing at the end of this prospectus, we
believe that the following accounting policies are those most critical to the judgments and estimates used in the preparation of our
financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B>Revenue Recognition</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company derives its revenues from one source,
the delivery of Nociscan reports to medical professionals. Revenues are recognized when a contract with a customer exists and the control
of the promised services are transferred to our customers. The amount of revenue recognized reflects the consideration we expect to receive
in exchange for those services. Substantially all of our revenues are generated from contracts with customers in the United States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I></I></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I></I></B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I>Equity-based compensation</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Certain of our employees and consultants have
received grants of common stock options in our company. These awards are accounted for in accordance with guidance prescribed
for accounting for equity-based compensation. Based on this guidance and the terms of the awards, the awards are equity classified.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">We are a private company
with no active public market for our common equity. Therefore, we have periodically determined the overall value of our company and the
estimated per share fair value of our common equity at their various dates using contemporaneous valuations performed in accordance with
the guidance outlined in the American Institute of CPA&rsquo;s Practice Aid. Once a public trading market for our common stock has been
established in connection with the completion of this IPO, it will no longer be necessary for us to estimate the fair value of our common
stock in connection with our accounting for equity awards we may grant, as the fair value of our common stock will be its public market
trading price.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> For financial reporting purposes, we performed
common stock valuations with the assistance of a third-party specialist </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B>Liquidity and Going
Concern</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Our working capital
deficiency, stockholders&rsquo; deficit, and recurring losses from operations raise substantial doubt about our ability to continue as
a going concern. As a result, our independent registered public accounting firm included an explanatory paragraph in its report on our
financial statements for the year ended December&nbsp;31, 2021 with respect to this uncertainty. Our ability to continue as a going concern
will require us to obtain additional funding. We believe that the net proceeds from this initial public offering (&ldquo;IPO&rdquo;)
and our existing cash will be sufficient to fund our current operating plans through at least the next 12&nbsp;months. We have based
these estimates, however, on assumptions that may prove to be wrong, and we could spend our available financial resources much faster
than we currently expect and need to raise additional funds sooner than we anticipate. If we are unable to raise capital when needed
or on acceptable terms, we would be forced to delay, reduce, or eliminate our technology development and commercialization efforts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B>Liquidity and capital
resources</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I>Sources of liquidity</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">To date, we have financed
our operations primarily through private placements of preferred shares and debt financing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> Through December 31, 2021, we raised an aggregate
of $24,247,639 of gross proceeds from $19,319,098 of preferred and common stock, respectively, $2,928,541 from the sale of convertible
notes, and $2,000,000 from notes payable. As of December 31, 2021, we had cash of $452,530. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">We expect our expenses
to increase in connection with our ongoing activities, particularly as we continue to invest in sales, marketing and engineering resources
to expand the number of medical professionals utilizing our services. Furthermore, upon the closing of this IPO, we expect to incur additional
costs associated with operating as a public company. We believe that the net proceeds from this IPO and our existing cash, cash equivalents
and available-for-sale securities will be sufficient to fund our current operating plans through at least the next 12&nbsp;months.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I>Cash flows</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The following table
summarizes our sources and uses of cash for each of the periods presented:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; vertical-align: bottom"> &nbsp; </TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom"> &nbsp; </TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; text-align: center"> <FONT STYLE="font-size: 10pt"><B>Year Ended December
    31,</B></FONT> </TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; vertical-align: bottom"> &nbsp; </TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"> <FONT STYLE="font-size: 10pt"><B>2021</B></FONT> </TD>
    <TD> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"> <FONT STYLE="font-size: 10pt"><B>2020</B></FONT> </TD>
    <TD> &nbsp; </TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; width: 67%"> &nbsp; </TD>
    <TD STYLE="white-space: nowrap; width: 2%"> &nbsp; </TD>
    <TD STYLE="white-space: nowrap; width: 1%"> &nbsp; </TD>
    <TD STYLE="white-space: nowrap; width: 13%"> &nbsp; </TD>
    <TD STYLE="white-space: nowrap; width: 2%"> &nbsp; </TD>
    <TD STYLE="white-space: nowrap; width: 1%"> &nbsp; </TD>
    <TD STYLE="white-space: nowrap; width: 13%"> &nbsp; </TD>
    <TD STYLE="white-space: nowrap; width: 1%"> &nbsp; </TD>
    </TR>
  <TR STYLE="background-color: #E7E6E6">
    <TD STYLE="text-align: justify"> <FONT STYLE="font-size: 10pt">Cash used in operating activities</FONT> </TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom"> &nbsp; </TD>
    <TD> <FONT STYLE="font-size: 10pt">$</FONT> </TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-size: 10pt">(2,349,949</FONT> </TD>
    <TD> <FONT STYLE="font-size: 10pt">)</FONT> </TD>
    <TD> <FONT STYLE="font-size: 10pt">$</FONT> </TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-size: 10pt">(3,793,803</FONT> </TD>
    <TD> <FONT STYLE="font-size: 10pt">)</FONT> </TD>
    </TR>
  <TR STYLE="background-color: white">
    <TD STYLE="text-align: justify"> <FONT STYLE="font-size: 10pt">Cash used in investing activities</FONT> </TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom"> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-size: 10pt">(152,005</FONT> </TD>
    <TD> <FONT STYLE="font-size: 10pt">)</FONT> </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-size: 10pt">(179,026</FONT> </TD>
    <TD> <FONT STYLE="font-size: 10pt">)</FONT> </TD>
    </TR>
  <TR STYLE="background-color: #E7E6E6">
    <TD STYLE="text-align: justify"> <FONT STYLE="font-size: 10pt">Cash provided by financing activities</FONT> </TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom"> &nbsp; </TD>
    <TD STYLE="border-bottom: black 1pt solid"> &nbsp; </TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"> <FONT STYLE="font-size: 10pt">2,939,500</FONT> </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="border-bottom: black 1pt solid"> &nbsp; </TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"> <FONT STYLE="font-size: 10pt">3,859,648</FONT> </TD>
    <TD> &nbsp; </TD>
    </TR>
  <TR STYLE="background-color: white">
    <TD> <FONT STYLE="font-size: 10pt">Net increase (decrease) in cash and cash equivalents</FONT> </TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom"> &nbsp; </TD>
    <TD STYLE="border-bottom: black 2.25pt double"> <FONT STYLE="font-size: 10pt">$</FONT> </TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"> <FONT STYLE="font-size: 10pt">437,546</FONT> </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="border-bottom: black 2.25pt double"> <FONT STYLE="font-size: 10pt">$</FONT> </TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"> <FONT STYLE="font-size: 10pt">(113,181</FONT> </TD>
    <TD> <FONT STYLE="font-size: 10pt">)</FONT> </TD>
    </TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B><I>Investing activities</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> During the year ended December 31, 2021 and
2020, investing activities used $152,005 and $179,026 of cash, respectively. These investing activities consisted almost entirely of
patent and license maintenance. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B><I>Financing activities</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> During the year ended December 31, 2021, net cash provided by financing activities
was $2,939,500, due principally to the proceeds of $2,000,000 of promissory notes, the sale of $814,500 of convertible notes, and a $125,000
PPP Loan. During the year ended December&nbsp;31, 2020, net cash provided by financing activities was $3,859,648, including $1,614,457
of proceeds from our sale of convertible notes and the issuance of a $245,191 PPP loan to the Company. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I>Funding requirements</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Developing medical technology
products is a time-consuming, expensive and uncertain process that takes years to complete and we may never generate meaningful revenues.
Accordingly, we may need to obtain substantial additional funds to achieve our business objectives.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Adequate additional
funds may not be available to us on acceptable terms, or at all. We do not currently have any committed external source of funds. To
the extent that we raise additional capital through the sale of equity securities, your ownership interest may be diluted. Any debt or
preferred equity financing, if available, may involve agreements that include restrictive covenants that may limit our ability to take
specific actions, such as incurring additional debt, making capital expenditures or declaring dividends, which could adversely impact
our ability to conduct our business, and may require the issuance of warrants, which could potentially dilute existing stockholders&rsquo;
ownership interests.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">If we raise additional
funds through licensing agreements and strategic collaborations with third parties, we may have to relinquish valuable rights to our
technology, future revenue streams, research programs, or product candidates or grant licenses on terms that may not be favorable to
us. If we are unable to raise additional funds, we may be required to delay, limit, reduce and/or terminate development of our product
candidates or any future commercialization efforts or grant rights to develop and market product candidates that we would otherwise prefer
to develop and market ourselves.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>Contractual obligations and commitments</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table summarizes our contractual
obligations not on our balance sheet as of December 31, 2021 and the effects that such obligations are expected to have on our
liquidity and cash flows in future periods:</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>&nbsp;&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="18" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Payments
    due by period</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Total</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Less&nbsp;Than<BR>
    1 Year</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1&nbsp;-&nbsp;3<BR>
    Years</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>4&nbsp;-&nbsp;5<BR>
    Years</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>More&nbsp;Than<BR>
    5 Years</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 25%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Operating lease commitments<SUP>&nbsp;(1)</SUP></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="width: 12%; border-bottom: black 1pt solid; text-align: right"> 30<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">,582</FONT> </TD>
    <TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; border-bottom: black 1pt solid"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT> </TD>
    <TD STYLE="width: 12%; border-bottom: black 1pt solid; text-align: right"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">30,582</FONT> </TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 12%; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-0-</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 12%; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-0-</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 12%; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-0-</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>&nbsp;</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Represents minimum payments due for the lease of office
    space</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>&nbsp;</B></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B>Off-balance sheet
arrangements</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">We did not have, during
the periods presented, and we do not currently have any off-balance sheet arrangements as defined in the rules and regulations of the
Securities and Exchange Commission (&ldquo;SEC&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B>Recently issued accounting
pronouncements</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">We have reviewed all
recently issued standards and have determined that, other than as disclosed in Note 2 to our financial statements appearing at the end
of this prospectus, such standards will not have a material impact on our financial statements or do not otherwise apply to our operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B>Emerging growth company
status</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The JOBS Act permits an emerging growth company
such as us to take advantage of an extended transition period to comply with new or revised accounting standards applicable to public
companies until those standards would otherwise apply to private companies. We have irrevocably elected to apply of this extended transition
period and, as a result, we will not adopt new or revised accounting standards on the relevant dates on which adoption of such standards
is required for public entities. Accordingly, our financial statements may not be comparable to other public companies that do not elect
the extended transition period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;<B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left; background-color: white"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a11"></A><B>BUSINESS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Aclarion, Inc. is a healthcare technology company
that employs MR Spectroscopy and AI technology to optimize clinical treatments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The first application of Aclarion&rsquo;s technology
is focused on improving surgical decision making when surgical intervention is being contemplated for patients with low back pain. The
Company&rsquo;s first commercial product, which we have named &ldquo;NOCISCAN-LS&rdquo;, utilizes our proprietary biomarkers and algorithms
to provide surgeons with information about which intervertebral discs are determined to be consistent with generating pain, and which
are not. We believe that surgeons can use this information to better plan their surgical treatments and improve outcomes in their patients.
In a clinical study published in the European Spine Journal in April 2019 it was shown that patients where all discs identified as painful
by NOCISCAN-LS were included in the surgical treatment. In that study, 97% of the treated patients met the criteria for significant clinical
improvement. This compared to only 54% of surgical patients achieving clinically significant improvement when discs identified as painful
by NOCISCAN-LS were omitted from the surgical treatment, or discs identified as not painful by NOCISCAN-LS were included in the treatment.
Some authors of this study had a financial relationship with Aclarion, who sponsored the study.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Based on the results of this clinical study,
the Company believes that use of NOCISCAN-LS could become the standard protocol for assisting in the treatment plan of patients with
low back pain undergoing surgical intervention. Utilizing the results our European Spine Journal Study, we applied to the American Medical
Association for CPT codes to begin the process of securing insurance coverage to pay for NOCISCAN-LS. On January 1, 2021, Category III
CPT codes became effective. The Company is now executing its plan to commercialize NOCISCAN-LS. See &ldquo;<A HREF="#a24">Reimbursement</A>&rdquo; below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The core technology underlying NOCISCAN-LS is
the use of MR spectroscopy to identify the chemical makeup of intervertebral discs with a focus on identifying specific proprietary biomarkers
known to be correlated to pain and to the structural degradation of discs. We believe this technology, in combination with advanced machine
learning and AI platforms, has the potential to not only become included in the standard of care for patients undergoing surgical intervention
for low back pain, but to become a core data input for optimally managing entire segments of patients suffering from low back and neck
pain.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B>Industry Overview</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><U>Low Back Pain</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">According to the Global Burden of Disease Study
2017, low back pain (LBP) is among the top three causes for years lived with disability. A 2020 JAMA (Journal of the American Medical
Association) article established the cost of low back and neck pain at $134.5B in the U.S, making it the most costly healthcare condition
in the United States, surpassing cardiac disease, diabetes and cancer</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Low back pain (LBP)
can be caused by many different problems and abnormalities along and around the spine, other than DLBP, including conditions such as
spondylolisthesis or instability of the vertebral bodies, vertebral body fractures, facet pathologies, central canal and foraminal stenosis,
disc herniations, pars fracture, congenital abnormalities and tumors. Many of the causes of low back pain are readily detected by standard
MRI imaging of the spine, which reveals clear structural abnormalities, i.e., fractures and tumors. However, in many cases the source
of the pain is not clear. As a result, the success rates of surgical care for LBP ranges from 41 to 57%, with 5-16% early complication
and reoperation rates also reported.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">We believe that poor
surgical outcomes for discogenic LBP are largely due to difficulties in reliably and accurately diagnosing the specific spinal discs
that are causing pain. The current primary diagnostic standard, lumbar MRI, is useful for showing abnormal structures and tissue dehydration,
but, we believe, cannot reliably identify specific discs that are causing pain. To diagnose specific discs that are causing pain, a needle-based
Provocation Discogram test (&ldquo;PD Test&rdquo;) has been developed. A PD Test has been shown to be highly accurate when performed
properly. However, a PD Test is invasive, subjective and unpleasant for the patient, as the patient is required to be awake in order
to tell the physician if the pain the physician is purposefully causing in the disc is the same as the pain the patient feels when they
are experiencing a back pain episode. In addition, recent evidence has shown that the action of inserting a needle into a normal disc
during PD Test, leads to an increased rate of degeneration in these previously normal discs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Due to the current lack
of uniform acceptance of a diagnostic platform to safely and reliably diagnose the specific discs that cause DLBP, patients with DLBP
are faced with the options of surgical intervention with a risk of a poor surgical outcomes, or, non-surgical treatment with powerful
pain killing drugs, such as opiates and synthetic opiates. Those patients who choose surgery and have a poor surgical outcome with no
surgical alternatives will be faced with the possibility of enduring disabling, intractable pain, and often extended dangerous pain medication
use.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><U>Diagnostic Imaging</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Diagnostic imaging involves
the use of non-invasive procedures to generate representations of internal anatomy and function that can be recorded on film or digitized
for display on a video monitor. Diagnostic imaging procedures facilitate the early diagnosis and treatment of diseases and disorders
and may reduce unnecessary invasive procedures, often minimizing the cost and amount of care for patients. Diagnostic imaging procedures
include MRI, CT, PET, nuclear medicine, ultrasound, mammography, X-ray and fluoroscopy.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">While X-ray remains
the most commonly performed diagnostic imaging procedure, one of the fastest growing procedures is the MRI. The number of MRI scans performed
annually in the United States continues to grow due to its wider acceptance by physicians and third party payers, an increasing number
of applications for their use and a general increase in demand due to the aging population. MRI has long been a widely accepted diagnostic
standard of care for spine and low back pain, including discogenic low back pain patients, which is the target medical condition for
our diagnostic products.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B>Diagnostic Imaging
Settings</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Diagnostic imaging services
are typically provided in one of the following settings:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I>Fixed-site, freestanding
outpatient diagnostic facilities</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">These facilities range
from single-modality to multi-modality facilities and are generally not owned by hospitals or clinics. These facilities depend upon physician
referrals for their patients and generally (although not always) do not maintain dedicated, contractual relationships with hospitals
or clinics. In fact, these facilities may compete with hospitals or clinics that have their own imaging systems to provide services to
patients. These facilities bill third-party payers, such as managed care organizations, insurance companies, Medicare or Medicaid, and
workers&rsquo; compensation providers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I>Hospitals</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><B><I></I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Many hospitals provide both inpatient and outpatient
diagnostic imaging services, typically on site or at a dedicated center located on or nearby the hospital campus. These can be owned and
operated by the hospital and provide imaging services to inpatients as ordered or outpatients through physician referrals. The hospital
normally bills third-party payors such as managed care organizations, insurance companies, Medicare or Medicaid, and workers&rsquo; compensation
providers. We have entered into joint ventures with certain hospitals both provide and manage their diagnostic imaging services, allowing
them to leverage our industry expertise.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I>Mobile Imaging</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">While many hospitals
own or lease their own equipment, certain hospitals provide diagnostic imaging services by contracting with providers of mobile imaging
services. Using specially designed trailers, mobile imaging service providers transport imaging equipment and provide services to hospitals
and clinics on a part-time or full-time basis, thus allowing small to mid-size hospitals and clinics that do not have the patient demand
to justify fixed on-site access to advanced diagnostic imaging technology. Diagnostic imaging providers contract directly with the hospital
or clinic and are typically reimbursed directly by them. We do not provide mobile imaging services. The cloud-based software products
and services we do provide, however, are compatible for use for post-processing data that may be acquired by certain MR scanners that
are deployed in a mobile imaging setting and model.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Company History</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Aclarion&rsquo;s technology was originally invented,
and initially tested, via successful proof of concept by Aclarion co-Founder and head of our Scientific Advisory Board, Jeffrey Lotz,
PhD, at the University of California San Francisco (&ldquo;UCSF&rdquo;). Early research, which was published in a major peer-reviewed
journal in 2005, was premised upon a growing suspicion and interest that discs may become painful due to chemical changes, in particular
elevated acidity related to hypoxia, that are not tested using a standard MRI. With that theory in mind, Dr. Lotz&rsquo;s initial study
looked to identify chemical biomarkers for painful discs using MRS, which applies a pulsed magnetic field to tissues in order to vibrate
the different chemicals in that tissue and generate a spectrum that allows for measuring those different chemicals based on their different
peaks along that spectrum. NMR equipment was used to conduct MRS chemical analysis of painful discs that were surgically removed for
DLBP fusion surgery versus normal, non-painful discs that were surgically removed from spinal deformity (i.e. scoliosis) patients for
lumbar spine reconstruction. Those ex vivo 11T MRS spectral measurement results showed that all (n=9) of the painful discs were
distinguished from all of the non-painful discs based on the highly repeatable (100%) differences in their ratios between lactic acid,
a painful chemical resulting from hypoxia, and proteoglycan, a structural chemical of the disc that holds water for hydration. It was
observed that with degenerative painful discs, proteoglycan reduces with the degeneration, and lactic acid elevates with the pain. Hence,
the MRS-based test and identifiable structural and degenerative pain biomarkers were able to be identified.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">This
work became the subject of the first patent granted to </FONT>the Regents of the University of California <FONT STYLE="font-family: Times New Roman, Times, Serif">and
exclusively licensed to Aclarion. Thereafter, a strategic collaboration with SIEMENS, a major MRI equipment manufacturer, was initiated
and a clinical study, the Gornet Study, involving 100 patients was published in the European Spine Journal, a major peer-reviewed publication
(See &ldquo;Clinical Evidence&rdquo; below). Our NOCICALC-LS and NOCOGRAM-LS products were subsequently registered with the FDA, CE marked
and launched in the US, EU, and UK markets through a customer pay model since insurance codes were not yet in existence.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>License Agreement with the Regents of the University of California
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">On
January 8, 2008 the Company entered into an Exclusive License Agreement which was amended and restated on December 9, 2014, (the &ldquo;License
Agreement&rdquo;) with </FONT>the Regents of the University of California<FONT STYLE="font-family: Times New Roman, Times, Serif; color: #2A2A2A">,
</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif">and was further amended on March 31, 2017. The License Agreement
encompassed certain intellectual property and patents covering inventions generally characterized as systems, materials, and methods
to localize and evaluate pain and degenerative properties of tissue, molecular markers that differentiate painful from non-painful discs;
and MR Spectroscopy System and Method for diagnosing painful and non-painful intervertebral discs.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the License Agreement, the Company
obtained a worldwide, exclusive license to intellectual property including certain patent rights related to the patents and technology
which the Company utilizes. Under the License Agreement, we agreed to pay a royalty fee of 4% (subject to reduction to a minimum of 2%
of net sales, in the event the Company pays a royalty on revenues to a third party) of net sales of the licensed products or technology
and 10% of gross revenues we may receive from possible sub-licensees, affiliates or joint venture partners. Additionally, we agreed to
pay a minimum annual royalty fee of $50,000, accountable against actual earned royalties, plus other costs and expenses related to the
prosecution of existing or future patents related to the technology, and certain additional one-time fees that were contingent upon the
occurrence of certain defined milestones.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
License Agreement also provides that for so long as we pay patent prosecution costs, the Regents of </FONT> the University
of California <FONT STYLE="font-family: Times New Roman, Times, Serif">will diligently prosecute and maintain the United States and
foreign patents comprising the Patent Rights using counsel of its choice, and the UC Regents' counsel will take instructions only from
The Regents</FONT> of the University of California<FONT STYLE="font-family: Times New Roman, Times, Serif">.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">In
the event the Company completes an IPO or there is a change of control of the Company, we agreed to pay </FONT>the Regents of the University
of California <FONT STYLE="font-family: Times New Roman, Times, Serif">a contingent one-time &ldquo;Indexed Milestone Payment&rdquo; of
an amount of cash determined by multiplying the amount of shares outstanding at such time the Company raises $1 million in capital, by
3% and then multiplying the 3% number by the IPO price. The Indexed Milestone Payment would be due and payable within 60 days following
an IPO. In 2009, the Company raised $1 million in capital at a time when there were 7,104,420 shares outstanding, 3% of which equaled
213,133.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> The Regents of the University of California
<FONT STYLE="font-family: Times New Roman, Times, Serif">has the right to terminate the License Agreement upon advanced notice in
the event of a default by us. The License Agreement will expire upon the expiration or abandonment of the last of the licensed patents.
The patents subject to the License Agreement expire between 2025 and 2029.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We rely on this license, as well as other aspects
of our own patented technology and intellectual property, in order to be able to use and sell various proprietary technologies that are
material to our business, as well as technologies which we intend to use in our future commercial activities. Our rights to use these
licensed technologies and the inventions claimed in the licensed patents, are subject to the continuation of, and our compliance with
the terms of the license. The loss of this license would materially negatively affect our ability to pursue our business objectives and
result in material harm to our business operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Transactions with NuVasive, Inc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> In 2015, NuVasive, Inc. (&ldquo;NuVasive&rdquo;) purchased approximately
$2.0 million of the Company&rsquo;s Series B preferred shares. NuVasive and the Company also entered into a marketing agreement pursuant
to which NuVasive would be the exclusive, other than the Company, marketing provider for the Company&rsquo;s technology and NuVasive
would receive a commission (the &ldquo;Commission&rdquo;) of all sales of the technology made by NuVasive. In conjunction with the
marketing agreement, the Company entered into a Right of First Offer (&ldquo;ROFO&rdquo;) Agreement pursuant to which the Company agreed
that in the event that the Company determined to enter into a sale event (defined to include a sale of 50% or more of the Company&rsquo;s
outstanding voting securities, a sale of substantially all of the Company&rsquo;s assets, or a sale or exclusive license of substantially
all of the Company&rsquo;s intellectual property) NuVasive would have the right to receive notice (&ldquo;ROFO Notice&rdquo;), and
NuVasive would have a 60-day period to determine whether it wanted to acquire the Company on terms set forth in the ROFO Notice. The
ROFO obligations will expire 42 months after the FDA issues its first regulatory clearance of a Company product or service.
The ROFO obligations do not apply to any proposed sale event in which the acquisition price is $40 million or more. </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In February 2020, NuVasive agreed to purchase
$308,720 of convertible notes, convertible into Series B-1 preferred shares and in connection with such purchase, was issued a warrant
to purchase 171,511 shares of common stock at an exercise price of $.18 per share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In February 2020, NuVasive and the Company also
entered into an amended and restated commission agreement (the &ldquo;Commission Agreement&rdquo;), pursuant to which the Company agreed
to pay NuVasive a commission of 6% of certain revenues of the Company related to Aclarion&rsquo;s Nociscan technology through December
31, 2023, and issued to NuVasive the right to receive the Company&rsquo;s preferred shares subject to the terms of a $2 million &ldquo;SAFE&rdquo;
(Simple Agreement for Future Equity). The SAFE provided that NuVasive would receive $2 million of capital stock if the Company would
raise a minimum of $10.0 million of new capital on or before December 31, 2020, which was later extended to June 30, 2021. If the $10.0
million was not raised, the Company would issue to NuVasive 1,584,660 Series B-2 preferred shares. The $10.0 million was not raised and
the Company issued 1,584,660 Series B-2 preferred shares to NuVasive in December 2021. In connection with the Commission Agreement, NuVasive
agreed that: (i) NuVasive would cease to market the Company&rsquo;s technology, (ii) NuVasive would reduce their Commission to 6%, and
(iii) Commissions to NuVasive would terminate on December 31, 2023.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> In December 2021, NuVasive&rsquo;s convertible
notes were converted into Series B-3 preferred shares. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Products and Solutions</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Aclarion has developed a software application
consisting of two products called NOCISCAN-LS&reg;. NOCISCAN-LS uses the existing MRS capabilities of many commercially available scanners
to non-invasively analyze the chemical makeup of intervertebral discs in the spine. The software post-processes the MRS exam data and
detects the presence of chemical biomarkers that Aclarion, in conjunction with spine researchers at UCSF, have demonstrated to be associated
with degenerative pain and structural integrity of the lumbar discs. After processing the MRS exam data, Aclarion sends the ordering
clinician a report that details how to interpret the results of the MRS exam. We believe these results help clinicians make faster and
more informed decisions about which lumbar discs are painful, and which are not. We believe the ordering clinician can then use this
information to determine the optimal treatment plan for an individual patient.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">NOCISCAN-LS is entirely non-invasive and only
briefly extends an otherwise standard MRI exam. The MRI scan is the most frequently used type of pulse sequence for operating Nuclear
Magnetic Resonance (NMR) scanners. It uses a powerful magnet to apply a pulsed magnetic field to a patient, sensors to detect radio waves
that emanate from the resonant vibrations of different chemicals in the body in response to that pulsed magnetic field and a computer
to create detailed images of tissue structures in the patient based on those detected chemical signals. Because water and fat are the
most prevalent chemicals in the body, standard MRI images are typically based on the different levels of water and fat between different
tissues. MRS, however, is another type of pulse sequence that uses NMR scanners in a similar way as an MRI, but instead of using the
chemical resonances to create an image, MRS creates a spectrum for a tissue with different peaks that represent many different chemicals,
in addition to water and fat, in that tissue. The relative amounts of those chemicals can be calculated by measuring their respective
spectral peaks. While MRS has been used previously for diagnosing certain cancers (e.g. brain, breast, prostate) by measuring unique
chemical biomarkers for tumors, NOCISCAN-LS uses MRS for measuring the relative levels of degenerative pain and structural integrity
biomarkers in discs. The relative levels of degenerative pain and structural integrity biomarkers are derived through the use of proprietary
post processing technologies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The platform used to
conduct a NOCISCAN-LS involves: (i) an MRS exam of an intervertebral disc performed according to a proprietary protocol, (ii) a data
transfer portal to securely transfer data from the MRS exam to Aclarion&rsquo;s cloud based post-processer technology, (iii) post-processor
technology that identifies biomarker peaks and leverages calculation tables that evaluate a number of ratios of biomarker peaks, where
pain biomarkers are in the numerator and structural biomarkers are in the denominator, and (iv) a final diagnostic report called a Nocigram
that identifies discs as painful or not.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; color: #0070C0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; color: #0070C0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; color: #0070C0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; color: #0070C0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white"><B>(a)&nbsp;&nbsp;&nbsp;&nbsp;<U>NOCISCAN-LS
MRS Exam Protocol</U></B>: We have developed a custom software protocol and technique for using commercially available MRS pulse sequences
in scanning intervertebral discs which extends the time of a standard lumbar MRI exam by an average of about 30 minutes for 5 lumbar
discs. The custom protocol is a proprietary series of settings and instructions for MRS to conduct the NOCISCAN-LS exam to obtain optimal
and reliable MRS data. This protocol is not a product sold by the Company. The software protocol was created by Aclarion for insertion
within a pre-existing software file format and is downloaded onto the MRS by the MRS owner, for use within the MRS&rsquo;s operating
system environment. Currently, our software protocol is compatible with only certain MRS models and operating systems available from
SIEMENS, as those SIEMENS models specifically provide for user-defined customizations available for running our custom pulse sequences
on SIEMENS MRS equipment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white"><B>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Data
Transfer</U>:</B> Data is routinely transferred from MR scanners to externally hosted cloud post-processors in many settings and applications,
with an existing market of products and protocols for doing so. Aclarion provides MR imaging providers two options for data transfer:
(1) a licensed proprietary imaging data transfer platform provided by AMBRA&reg; Healthcare, and (2) NOCIWEB&reg;, a custom developed
web-interface developed and offered by Aclarion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white"><B>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>The
NOCISCAN-LS Post-Processor Suite</U>:</B> This comprises the products that Aclarion currently markets and sells. The post-processor technology
requires MRS exam data acquired only according to Aclarion&rsquo;s proprietary MRS exam protocols described in (a) above. The NOCISCAN-LS
Post-Processor Suite comprises of two software products that interact with each other:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">NOCICALC-LS&reg; receives the raw un-processed NOCISCAN-LS
    MRS exam data and post-processes that raw data into final spectra, and performs various degenerative pain biomarker calculations
    from those spectra, for each disc examined. NOCICALC-LS is Registered as a Class I Medical Device with the FDA. </FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">NOCIGRAM&reg;
                                            further processes the NOCICALC-LS results into individual NOCISCORES, on a 0-10 scale, that
                                            represent the different relative levels of degenerative pain biomarkers the various discs
                                            examined in the patient. High/low NOCISCORE ranges are also correlated to painful (indicated
                                            as &ldquo;NOCI+&rdquo; result) versus non-painful (indicated as a &ldquo;NOCI-result). The
                                            NOCISCORE scale was developed according to a reference PD TEST that was used as a standard
                                            control in a peer reviewed clinical development trial for our technology. The post-processed
                                            MRS results are shown in an intuitive NOCIGRAM-LS report with reference to certain MRI images
                                            of the related patient&rsquo;s lumbar spine. The NOCIGRAM-LS report is provided to the physician
                                            to aide in the physician&rsquo;s diagnosis and treatment planning. NOCIGRAM is commercially
                                            available in the United States as &ldquo;Clinical Decision Support Software&rdquo; under
                                            the 21<SUP>st</SUP> Century Cures Act, and as such is not considered a medical device nor
                                            regulated by the FDA.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; color: #0070C0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Advantages over current technology and procedures</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">NOCISCAN-LS provides new information to help
doctors better diagnose which intervertebral discs may contribute to patients back pain and thereby assist in treatment planning and
potentially improve patient outcomes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">More specifically, current standards of care
for the diagnostic workup of LBP include lumbar X-Ray and MRI and less prevalently, needle-based provocative discography testing (PD
Tests). While lumbar X-Ray and MRI can show various pathologic structural abnormalities and degeneration and can be helpful for diagnosing
certain non-discogenic sources of pain, these techniques are unreliable for identifying painful discs in LBP patients. The PD TEST is
another test that typically follows MRI for the purpose of identifying painful discs. PD Tests have been shown to be highly accurate
when performed properly, however, a PD Test is invasive, subjective and unpleasant for the patient as the patient needs to be awake in
order to tell the physician if the pain the physician is purposefully causing in the disc is the same as the pain the patient feels when
they are experiencing a back pain episode. In addition, recent evidence has shown that the action of inserting a needle into a normal
disc during a discogram procedure leads to an increased rate of degeneration in these previously normal discs. We believe NOCISCAN-LS
advantages include: (a) enhancing the ability and value of otherwise standard lumbar MRI exams to, for the first time, reliably identify
chemically painful discs causing DLBP; and (b) providing a &ldquo;Virtual Discogram&trade;&rdquo; as an entirely non-invasive, objectively
quantitative, pain-free, non-significant risk, and more widely adoptable alternative to needle-based PD exams (which share none of those
advantages).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">More specifically, NOCISCAN-LS offers many specific
advantages to the marketplace, from a diagnostic point of view, including:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">1)</TD><TD>Readily and widely adoptable;</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">2)</TD><TD>Non-invasive;</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">3)</TD><TD>Non-painful;</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">4)</TD><TD>Nonsignificant risk to patients;</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">5)</TD><TD>Objective, quantitative diagnostic information;</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">6)</TD><TD>Enhances the diagnostic value of MR exams for painful disc
                                            diagnosis in DLBP patients;</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">7)</TD><TD>Correlative to the modern standard and accurate technique
                                            of PD diagnostic exams for DLBP diagnosis - but without the invasive, painful, subjective,
                                            potentially harmful, and limited adoptability shortcomings of PD;</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">8)</TD><TD>First and only known ability to non-invasively assess degenerative
                                            painful disc chemistry;</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">9)</TD><TD>More informed ability to reliably diagnose painful vs. non-painful
                                            discs;</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">10)</TD><TD>More informed ability to predict the potential for ASD to
                                            develop or advance in discs next to neighboring discs that are initial surgical targets;</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">11)</TD><TD>More informed ability to reliably diagnose actual ASD in
                                            discs following a prior surgery in neighboring discs;</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">12)</TD><TD>Potential for improved patient outcomes in DLBP patients
                                            resulting from more informed diagnostic acuity for painful vs. non-painful discs and related
                                            targeted treatment planning; and</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">13)</TD><TD>The only known non-invasive disc chemistry measurement and
                                            monitoring tool to support clinical research, development, and evaluation of new therapies,
                                            e.g. injectable biologics/cell therapies, that have therapeutic mechanisms of action related
                                            to disc chemistry interactions and changes.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">NOCISCAN-LS incorporates many patented technologies
and features that we believe provide several technical advantages to the MRS field in general. Prior applications of MRS, e.g. for brain,
prostate, or breast cancer diagnosis encountered technical challenges related to acquiring reliably robust spectra for making accurate
quantitative chemical measurements. These technical challenges resulted in poor sensitivity and specificity for prior MRS products addressing
clinical applications. The novel features and advantages provided in the NOCISCAN-LS platform are designed to address the technical and
diagnostic challenges of MRS in the past. Accordingly, we believe Aclarion improvements do not only propose benefits for disc MRS, but
potentially for other MRS applications more broadly. Improvements in processing raw MRS data incorporated in Aclarion IP are summarized
below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">1)</TD><TD STYLE="text-align: justify">Introducing novel signal processing
                                            approaches for enhanced reliability of the underlying spectra and related chemical biomarker
                                            &lsquo;peak&rsquo; measurements:</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">a)</TD><TD STYLE="text-align: justify">increased signal noise ratio or
                                            &ldquo;SNR&rdquo; for more reliably identifying and measuring chemical peaks - in particular,
                                            by averaging spectra from multiple acquisitions using (i) only strong acquired signals and
                                            filtering out weak ones (&ldquo;frame editing&rdquo;), and (ii) a &ldquo;smart&rdquo; form
                                            of frequency shift correction to align multiple acquisitions for &ldquo;coherent&rdquo; averaging;
                                            and</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">b)</TD><TD STYLE="text-align: justify">detecting spectral artifacts that
                                            might compromise the reliability of spectral peak measurements and related chemical measurements,
                                            and which can occasionally result from technical issues during MRS exams in the scanner (generally
                                            observed in &lt;10% of discs), and then either: (i) correct for the artifact (e.g. patient
                                            motion artifact correction), or (ii) identify the compromised MRS acquisition as a technical
                                            failure and unable to perform reliable spectroscopic measurement (i.e., occasionally supplanting
                                            a risk for inaccurate diagnosis instead of a technical failure and indeterminate diagnostic
                                            result).</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">2)</TD><TD STYLE="text-align: justify">Basing diagnostic results on relative,
                                            normalized comparisons of the differences between chemical biomarkers for multiple different
                                            disc tissues in the same patient vs. assigning diagnostic thresholds for chemical measurements
                                            that are empirically derived from a separate clinical trial patient population and are not
                                            patient specific.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-size: 10pt">3)</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Evaluating only multi-chemical &ldquo;degenerative
    pain&rdquo; biomarkers that use ratios between spectral peaks for chemicals associated with (i) pain and (ii) structural degeneration,
    thus providing for: (a) a two-fold and bi-directional sensitivity in the combined biomarker from both the ratio&rsquo;s numerator
    (pain biomarker) and its denominator (structural degeneration biomarker), and (b) reduction of patient anatomy-dependent variables
    in the MRS data to thereby enhance the personalization of the data and increase the generalizability of the diagnostic algorithms
    across diverse populations.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-size: 10pt">4)</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Using multi-peak spectral ranges, representing multiple
    different painful acids, as a single pain biomarker used in the combined ratios for degenerative pain biomarkers (e.g. &ldquo;LAAL&rdquo;
    painful chemical biomarker range combining adjacent <B><U>L</U></B>actic <B><U>A</U></B>cid and <B><U>AL</U></B>anine peaks, and
    &ldquo;ALPA&rdquo; combining <B><U>A</U></B>lanine, <B><U>L</U></B>actic acid, and <B><U>P</U></B>ropionic <B><U>A</U></B>cid peaks)
    &ndash; thereby removing the need for accurately differentiating each individual peak, and thus reducing the risk for inaccuracy
    in the spectral measurements and diagnostic interpretations.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Clinical Evidence</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have pursued a clinical study (the &ldquo;Gornet
Study&rdquo;) to demonstrate the benefits of our technology to surgeons, imaging centers, third party payers, and patients. Without strong
clinical data in support of our technology to improve clinical outcomes, the opportunity to secure new reimbursement codes and change
existing treatment pathways would be limited.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In a clinical study sponsored by us, and authored
by, among others, a spine surgeon who has a financial interest in the Company. and published in the European Spine Journal in April 2019,
it was shown that 97% of the treated patients met the criteria for significant clinical improvement, where all discs identified as painful
by NOCISCAN-LS were included in the surgical treatment. This compared to 54% of surgical patients achieving clinically significant improvement
when discs identified as painful by NOCISCAN-LS were omitted from the surgical treatment, or discs identified as not painful by NOCISCAN-LS
were included in the treatment. Some authors of this study had a financial relationship with Aclarion, who sponsored the study.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This clinical study included 139 chronic low back
pain patients who collectively underwent a NOCISCAN-LS exam across 623 lumbar discs. Seventy-three patients underwent surgical intervention,
consisting of fusion or disc replacement, and reached six months follow up. Clinical improvement post surgically was evaluated using the
industry standard Oswestry Disability Index (ODI), and the Visual Analog Scale (VAS). ODI evaluates patient disability on a scale of 1-100
with a higher score indicating less impairment. VAS evaluates subjective pain on a scale of 1-10 with a lower score indicating less pain.
Significant clinical improvement in the study was defined as a 15-point improvement in ODI and a 2-point improvement in VAS. NOCISCAN-LS
data was not used in surgical decision making.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Post-operatively, patients were separated into
various groups for analysis. One group consisted of patients where the surgical intervention included every disc that was identified by
NOCISCAN-LS as painful. This group consisted of 36 patients with 26 undergoing a one-level surgical procedure and 10 undergoing a two-level
surgical procedure. 97% (35 of 36) of the patients in this category met the criteria for significant clinical improvement. The one failure
in this group did meet the VAS requirement and missed the ODI cutoff of 15 by only one point.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In another group consisting of 13 patients, a
disc identified as painful by NOCISCAN-LS was not included in the surgical intervention. In this group only 54% (7 of 13) of patients
met the criteria for clinically significant improvement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We believe the results of this study indicates
that using NOCISCAN-LS data to help determine the appropriate level for surgical intervention will significantly improve the outcomes
for patients undergoing spine surgery for back pain. However, the Gornet Study was a single (relatively small) clinical study at a single clinical center sponsored
by us, and authored by, among others, a spine surgeon who has a financial interest in the Company, and there can be no assurance that
the results of such study accurately support our conclusions related to the market opportunity of our products.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Market Opportunity</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The current NOCISCAN-LS product addresses the
$10B that is spent in the U.S. on spine fusion procedures annually. Our early clinical evidence points to a marked improvement in surgical
outcomes when discs identified as painful by our technology are included in the surgical treatment. We believe this market is actionable
now and a significant portion of the proceeds of this offering will be directed towards commercializing this market opportunity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As we continue our commercialization efforts,
we plan to track patients through clinical registries in order to build on our early clinical evidence. We expect to use these registries
to track NOCISCAN-LS patients regardless of what treatment path they may follow. Through the date of this prospectus, NOCISCAN-LS has
only been evaluated in formal clinical studies for patients primarily undergoing surgical interventions for fusion or disc replacement.
The Company plans on expanding clinical registries to capture patients undergoing surgical interventions for back pain that include all
surgical interventions, not just fusion and disc replacement procedures. If we are able to correlate specific MRS findings to improved
surgical outcomes for all spine surgeries, we believe this would expand the size of our market opportunity in the U.S. from what we believe
is $10B, to an estimated $40B, inclusive of pre-surgical conservative therapy costs. However, there can be no assurance that we will
be successful in marketing our products, regardless of the size of the estimated market.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our ultimate objective for NOCISCAN-LS is to
address the entire low back and neck pain market which at $134.5B annually represents the largest amount of healthcare dollars spent
to treat any disease. To address this market, our current algorithms will need to expand to include advanced machine learning techniques
that incorporate multiple data inputs besides the chemical composition of discs. These additional inputs will all need to be correlated
to clinical outcomes for treatments ranging from physical therapy to regenerative therapies, and surgical interventions. To further this
process, we have been selected as a participant in a $150M NIH funded study ( the NIH BACPAC Initiative&rdquo;) focused on evaluating
the most promising data inputs for predicting the optimal treatment path for back pain patients.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition to participation in external studies
such as the NIH BACPAC initiative, we expect to create our own internal data by adding patients undergoing conservative and regenerative
treatment plans to our clinical registries correlating NOCISCAN-LS results to outcomes in order to utilize AI to associate spectroscopy
signals with the optimal treatment pathway. If we are successful in demonstrating the clinical effectiveness of these associations, we
intend to expand our market opportunity to the management of entire segments of low back and neck pain patients, thereby, we believe,
increasing the size of our addressable market. However, there can be no assurance that we will be successful in marketing our products,
regardless of the size of the estimated market.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Although we believe that we are addressing a
large U.S. and European market, there are practical limitations to the market opportunity that must be overcome by us. We believe the
two biggest limitations are the lack of deployment of spectroscopy software across the install base of existing MRI&rsquo;s worldwide
and the fact that only certain MR scanner models are compatible with our technology. For compatible MRI machines, that do not have spectroscopy
hardware and software installed, the onetime cost of the hardware and software ranges from $25,000 to $50,000. Currently, our NOCISCAN-LS
platform is only compatible with certain MR scanner models provided by SIEMENS, of which there are an estimated 1,500 in the United States,
and 4,320 worldwide. We plan to collaborate with other MRI scanner vendors to establish compatibility of their respective scanners and
MRS capabilities for use with our products, to include discounted pricing on spectroscopy software for MRI sites interested in providing
DLBP patients with the Nociscan-LS offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Plan of Operation and Growth Strategies</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our primary near-term growth strategy is to secure
payer contracts to cover our Category III CPT codes. We believe that with favorable payer coverage decisions comes the opportunity to
more efficiently market to spine surgeons and imaging centers to adopt our technology.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company is currently generating the vast
majority of its revenue directly from patients paying out of pocket. With the introduction of Category III CPT codes and the proceeds
of this offering, the Company is transitioning to full commercial operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In order to effectively commercialize, the plan
is to focus on developing individual geographical markets where there is an installed base of compatible MRI&rsquo;s and garnering the
support of spine surgeons within that geographical area. As of the date of this prospectus, there are ten MRS sites that are fully operational
(7 in the U.S. and 3 in the EU). There are also five sites (4 in the U.S. and 1 in the EU) that are trained but not operational. Based
primarily on the strength of physician engagement, the Company is prioritizing the following markets as our initial top five:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 2pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt; text-align: left">1.</TD><TD STYLE="text-align: justify">New York City Metropolitan
                                            Area</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 2pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt; text-align: left">2.</TD><TD STYLE="text-align: justify">Los Angeles, California</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 2pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt; text-align: left">3.</TD><TD STYLE="text-align: justify">Dallas, Texas</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 2pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt; text-align: left">4.</TD><TD STYLE="text-align: justify">Denver, Colorado</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 2pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt; text-align: left">5.</TD><TD STYLE="text-align: justify">St Louis, Missouri</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Within each market, we intend to place a market
manager and a team of business development executives focused on building physician support and securing favorable coverage decisions
from payers for our technology. Expansion of provider networks to include additional imaging centers and surgeons so there is increasing
geographical coverage to grow volume and revenue from positive coverage decisions across each payer will be critical.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We believe the following strategies will contribute
to growth in the prescription and use of NOCISCAN-LS.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 72px">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Enhance our multi-tiered sales/marketing/branding
    campaign targeted at (i) referring physicians, (ii) MR imaging providers, (iii) DLBP patients, (iv) spine implant equipment suppliers,
    (v) injectable biologics and cell therapy providers, (vi) MR scanner vendors, (vii) third party payors, and (viii) employers, all
    to grow awareness and demand for NOCISCAN-LS;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Increase
                                            third party payer reimbursement coverage via reimbursement code utilization, payer negotiations,
                                            growing clinical evidence dossier via published registry studies and Randomized Control Trials
                                            (&ldquo;RCT&rdquo;), and converting temporary Category III CPT codes into permanent CPT Category
                                            I codes see &ldquo;Third Party Reimbursement &rdquo; below;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Expand
                                            MR scanner compatibility to additional scanner models, including within the Siemens product
                                            lines and other manufacturers/vendors;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Expand
                                            into international markets; </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Evolve
                                            the adaptations and positioning of our products to support new emerging technologies, and
                                            clinical trials, in particular for injectable biologic and cell therapies; </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Continue
                                            to conduct clinical trials, and publish clinical trial results in peer-reviewed journals
                                            in relevant fields to our business (e.g. MR/radiology, spine, and pain);</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Continue
                                            to engage and expand Key Opinion Leader (&ldquo;KOL&rdquo;) advisory boards and specialty
                                            medical society support for supporting and driving awareness of our products and services
                                            to wider audiences of potential customers and other stakeholders; and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Pursue
                                            additional applications of our technology, including other regions of the spine (e.g. thoracic,
                                            cervical), areas of the anatomy outside of the spine, and integrative use of our diagnostic
                                            platform with other diagnostic platforms and tests to potentially improve the management
                                            and outcomes of populations of low back and neck pain patients.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Strategic Relationships</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Siemens</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The NOCISCAN-LS product suite is currently compatible
for use only with certain MR scanner models and configurations provided by SIEMENS. We are not subject to any exclusivity agreement or
obligations with SIEMENS, nor do we have any fee sharing, royalty, or other exchange of moneys or payments between us and Siemens. The
nexus for our focused relationship with Siemens resulted from our determination that Siemens scanner models were optimally positioned
to support our product. We have had a collaborative relationship with Siemens since 2011.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On May 2, 2012, following a prior period of informal
collaboration, we entered a Memorandum of Understanding (&ldquo;MOU&rdquo;) with SIEMENS, under which SIEMENS agreed to support Aclarion&rsquo;s
research and development of what later became the NOCISCAN-LS product suite for compatible use with SIEMENS scanners. The MOU included
the development of certain custom features and technical support that SIEMENS would make available to support the development effort by
Aclarion. The relationship was non-exclusive. The MOU was replaced by a Strategic Collaboration Agreement for Phased Commercialization
of the SIEMENS-compatible NOCISCAN-LS Product of Aclarion, Inc. (the &ldquo;SIEMENS Agreement&rdquo;) that we entered into with SIEMENS
Healthcare GmbH on December 31, 2017. This agreement comprised a collaboration to identify, onboard and provide technical support for
the SIEMENS-compatible NOCISCAN-LS platform with early commercial users in the European Union, including a free trial period for those
initial commercial users to activate and use the SIEMENS SVS pulse sequence option package that is required to be purchased by our customers
in order to perform disc MRS according to the specifications for compatible use with our products. The SIEMENS Agreement also provided
for plans for global joint marketing, potential business model/fee agreement and a potential integration of the NOCISCAN-LS product suite
into the SIEMENS Next Generation Frontier App Store model. While these plans have not yet been realized, the agreement still remains in
effect through automatic extensions and we are in on-going dialogue and negotiations toward some, or possibly all, of these objectives.
The Siemens Agreement is terminable.at any time by either party if such party is of the opinion that the goals of the Collaborative Agreement
cannot be achieved for technical, economic and/or clinical reasons. If Siemens were to terminate its relationship with the Company, it
would have a material adverse effect on our business. Further, there can be no assurance that there will be any joint marketing or that
future financial arrangements between us and SIEMENs will be established, and even if established, that such agreements will be successful
or profitable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>RadNet</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Two of the Company&rsquo;s imaging centers that
are fully operational to perform NOCISCAN&rsquo;s are owned by RadNet, Inc., (&ldquo;RadNet&rdquo;) a leading provider of outpatient
imaging centers in the United States. RadNet currently own 353 outpatient imaging centers across seven states. Larry Tannenbaum is one
of our current board members and will be leading the radiology section of our Medical Advisory Board subsequent to this offering. The
New York/New Jersey area is one of our top targets for early commercialization post IPO and we expect to leverage RadNet&rsquo;s extensive
relationship with commercial payers to secure introductions that we believe will lead to early coverage decisions from payers in support
of our growth plans. Although we have ambitions to grow the RadNet relationship, the current arrangement is limited to the flow of revenue
between Aclarion and RadNet for the performance of an MRS exam by RadNet and the subsequent generation of a Nociscan report by Aclarion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><A NAME="a24"></A>Reimbursement </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Current Procedural Terminology or &ldquo;CPT&rdquo;
codes are developed by the American Medical Association (&ldquo;AMA&rdquo;) to describe a wide range of health care services provided
by physicians, hospitals and other health care professionals. These codes are utilized to communicate with: other physicians, hospitals,
and insurers for claims processing. There are three categories of CPT Codes: Category I, Category II, and Category III (also often referred
to interchangeably as &ldquo;Levels&rdquo;):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Category
                                            I CPT codes are used for reporting devices and drugs (including vaccines) required for the
                                            performance of a service or procedure, services or procedures performed by physicians and
                                            other health care providers, services or procedures performed intended for clinical use,
                                            services or procedures performed according to current medical practice, and services or procedures
                                            that meet CPT requirements. These codes are billable for reimbursement. </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Category
                                            II CPT Codes are used for reporting performance measures reducing the necessity for chart
                                            review and medical records abstraction. </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Category
                                            III CPT codes are used for reporting emerging technology in a number of capacities including
                                            services or procedures recently performed on humans, clinical trials and etc. These codes
                                            are temporary codes and must be accepted for placement in Level I by the CPT committee within
                                            five years, be renewed for another five more years, or be removed from the book.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our NOCISCAN-LS product suite was initially commercialized
without existing CPT codes or other pathways for seeking reimbursement coverage from third party payers. Accordingly, to date, the commercial
uses of our products have been principally paid for directly by patients or their spine surgery care provider. The first third party
payer reimbursement occurred in May 2021 via the payment of a Workman&rsquo;s Compensation claim in Colorado.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Effective January 1, 2021, a previously retired
Category I CPT Code 76390 for MR Spectroscopy was reinstated and reactivated by the Centers for Medicare and Medicaid Services (&ldquo;CMS&rdquo;).
This resulted from our own direct efforts with CMS in hopes of achieving this result. In addition, also effective January 1, 2021, the
AMA approved four new Category III CPT Codes for performing MRS exams specifically on intervertebral discs. More specifically, these codes
were assigned respectively to: (i) determine and localize discogenic pain via SVS (0609T), (ii) transmit the MRS derived biomarker data
for software analysis (0610T), (iii) post-process the biomarker data for algorithmic analysis to determine relative chemical differences
between discs (0611T), and (iv) interpret and report those results. Ambulatory Payment Classification (&ldquo;APC&rdquo;) pricing assignments
were also made by CMS for three of these Level 1 T-codes, while the fourth (0612T) was not priced and left for us, or interpreting doctors,
to negotiate payment pricing amounts with Medicare Administrative Contractors (MACs) and third-party payers. The creation, activation,
and APC pricing assignment of these four new Level 3 codes was also the result of our Company directly pursuing and negotiating with the
AMA toward these interim objectives. We intend to further explore APC assignments such as a New Technology APC to ensure our NOCISCAN-LS
product suite is assigned an APC that is appropriate in terms of clinical characteristics and resource costs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The table below further explains these four new
Level III CPT Codes:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: #4F81BD">
    <TD STYLE="width: 9%; border-top: white 1pt solid; border-right: white 1pt solid; border-left: white 1pt solid; border-bottom: white 3pt solid"><FONT STYLE="font-size: 10pt; color: white"><B>CPT Code</B></FONT></TD>
    <TD STYLE="width: 91%; border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: white 3pt solid"><FONT STYLE="font-size: 10pt; color: white"><B>Description</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #D0D8E8">
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; border-left: white 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">0609T</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid"><FONT STYLE="font-size: 10pt">MRS, determination and localization of discogenic pain (cervical, thoracic, or lumbar); <B>acquisition of single voxel data, per disc</B>, <B>in &ge;3 discs</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #E9EDF4">
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; border-left: white 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">0610T</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid"><FONT STYLE="font-size: 10pt">MRS, determination and localization of discogenic pain (cervical, thoracic, or lumbar); <B>transmit biomarker data for software analysis</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #D0D8E8">
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; border-left: white 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">0611T</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid"><FONT STYLE="font-size: 10pt">MRS, determination and localization of discogenic pain (cervical, thoracic, or lumbar); <B>postprocessing for algorithmic analysis of biomarker data </B>for determination of relative chemical differences between discs</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #E9EDF4">
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; border-left: white 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">0612T</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid"><FONT STYLE="font-size: 10pt">MRS, determination and localization of discogenic pain (cervical, thoracic, or lumbar); <B>interpretation and report</B></FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Due to a lack of operating capital, we have not
yet begun to seek reimbursement coverage or promote or suggest our customers use these codes. However, we plan to use the proceeds of
this offering to hire the personnel and expend our financial resources do so. The Category III Codes become more valuable and
useful upon being converted into Level I, when widespread reimbursement coverage is expected to be achievable. We plan to support conversion
of codes from Category III to Category I by advancing multiple clinical studies and related peer-reviewed clinical publications intended
to further support improved patient outcomes (such as success rates following DLBP surgeries), and various economic advantages to be
achieved by incorporating the use of our NOCISCAN-LS platform into the DLBP patient&rsquo;s healthcare journey. However, there can be
no assurance that the Category III codes will be converted and replaced with corresponding Level I Codes, and if there is a delay in
the conversion of the Codes to Level 1 or there is ultimately no conversion of Codes to Level I, our business will be materially adversely
affected. Further, even if the Codes are converted to Level 1, there can be no assurance that we will be successful in increasing the
use of our technology by patients and health care professionals.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><A NAME="a25"></A>Intellectual Property - Licenses, Patents
and Trademarks</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We rely on a combination of licenses, patents,
trade secrets, copyrights and trademarks, as well as contractual protections to establish and protect our intellectual property rights.
Our success depends in part on our ability to obtain and maintain intellectual property protection for our technology. We seek to protect
our technology and any potential future technology related to our NOCISCAN-LS platform through a variety of methods, including seeking
and maintaining patents intended to cover current and future technology, their methods of use and processes, and any other inventions
that are commercially important to the development of our business. We seek to obtain domestic and foreign patent protection which includes,
in addition to filing and prosecuting patent applications in the United States, typically filing counterpart patent applications in additional
countries where we believe such foreign filing is likely to be beneficial, including Europe, Australia, Canada, China, Japan, India and
South Africa.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B></B>On December 9, 2014, the Company
entered into an amended and restated exclusive license agreement (the &ldquo;License Agreement&rdquo;) with the Regents of the University
of California <FONT STYLE="color: #2A2A2A">for certain</FONT> <FONT STYLE="color: #161616">inventions</FONT><FONT STYLE="color: #3F3F3F">,
</FONT><FONT STYLE="color: #2A2A2A">generally characterized as</FONT> systems, materials, and methods to localize and evaluate pain and
degenerative properties of tissue, molecular markers that differentiate painful from non-painful discs; and MR Spectroscopy System and
Method for diagnosing painful and non-painful intervertebral discs <FONT STYLE="color: #3F3F3F">(collect</FONT><FONT STYLE="color: #161616">i</FONT><FONT STYLE="color: #3F3F3F">ve</FONT><FONT STYLE="color: #161616">ly
the </FONT><FONT STYLE="color: #2A2A2A">&ldquo;Invention&rdquo;). </FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: #2A2A2A"></FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the License Agreement, the Company
obtained a royalty-bearing, worldwide, exclusive license to the Invention, including certain patent rights related to the patents and
technology the Company uses. Under the agreement, we agreed to pay a royalty of 4% of net sales of the licensed products. Additionally,
we agreed to pay a minimum annual royalty fee starting on the third anniversary of the effective date of the agreement, which escalates
each anniversary and is currently $50,000. UCSF has the right to terminate the agreement upon advanced notice in the event of a default
by us. The agreement will expire upon the expiration or abandonment of the last of the licensed patents. The U.S. patents subject to the
agreement expire between 2026 and 2029, without considering any possible patent term adjustment or extensions and assuming payment of
all appropriate maintenance, renewal, annuity, or other governmental fees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 28, 2021, our intellectual property
portfolio has 21 issued patent and 6 pending patent applications in the U.S., and 17 patent grants and 7 pending patent applications outside
the United States. The overall patent portfolio includes patents and patent applications that are (i) assigned exclusively to the Company,
(ii) assigned exclusively to the Regents of the University of California but exclusively licensed to the Company, and (iii) assigned to
both the Company and the Regents of the University of California (also exclusively licensed to the Company). Many of these patents relate
to, inventions involved in, the Company&rsquo;s first product, the NOCISCAN-LS product suite for post-processing disc MRS exam data. Others
relate to potential enhancements of the NOCISCAN-LS disc MRS exam (as conducted at the MR scanner) and also other alternative diagnostic
approaches (e.g. molecular imaging and gene expression testing). Our portfolio of patents and patent applications, if issued, are expected
to expire between January 30, 2026 and June 16, 2037 in the U.S., in each case without considering any possible patent term adjustments
or extensions and assuming payment of all appropriate maintenance, renewal, annuity, or other governmental fees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our intellectual property portfolio includes four
patent families (each reflecting multiple families, if based on different original applications), that relate to our NOCISCAN-LS technology&thinsp;and/or
to other potential future pipeline products.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The first patent family is directed to inventions
for signal processing techniques to include leveraging artificial intelligence technologies for improving the quality, reliability, and
accuracy of MRS-based chemical biomarker measurements and related diagnostic interpretations. Many of these patented inventions are included
in our NOCICALC-LS product under the NOCISCAN-LS Suite and cover uses specifically for disc MRS, and for MRS in any other tissues. This
first family includes 8 issued patents and 1 pending patent application assigned to the Company in the US, and 3 issued patents and 1
pending patent application outside the U.S. (Europe and Australia). All of these are assigned to the Company. The U.S. granted patents
and pending patent applications, if issued, are expected to expire between October 14, 2029 and March 15, 2033, without considering any
possible patent term adjustment or extensions and assuming payment of all appropriate maintenance, renewal, annuity, or other governmental
fees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The second patent family relates to inventions
for novel diagnostic systems and methods for providing diagnostically useful information based on MRS-based chemical biomarkers. Many
of these patented inventions are incorporated in our NOCIGRAM-LS product and related diagnostic report under the NOCISCAN-LS Suite and
relate to uses specifically for discogenic pain, conditions related to discs more generally, and more broadly any degenerative pain-related
diagnosis in any tissue. This family includes patents relating to diagnosing degenerative painful discs (and other tissues) using the
primary degenerative pain biomarkers evaluated by our NOCIGRAM-LS product. The second patent family includes 6 issued patents and 3 pending
patent applications in the US, and 9 patent grants and 6 pending patent applications outside the U.S. (Europe, Australia, Canada, China,
Japan, India, South Africa). These are either assigned to the Regents of the University of California or assigned to both the Regents
of the University of California and the Company, in all cases with the UC&rsquo;s rights exclusively licensed to the Company. The U.S.
granted patents and pending patent applications, if issued, are expected to expire between January 30, 2026 and June 16, 2037, without
considering any possible patent term adjustment or extensions and assuming payment of all appropriate maintenance, renewal, annuity, or
other governmental fees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our third patent family relates to inventions
that enhance the efficiency and reliability of certain aspects related to conducting MRS exams at the MR scanner. This includes enhancing
the efficiency and quality of NOCISCAN-LS disc MRS exams and other applications of MRS in general. These patented inventions are not currently
incorporated into our commercial products but are in the research and development phase for potential pipeline products. This third patent
family includes 3 issued US patents that are expected to expire on November 23, 2031, without considering any possible patent term adjustment
or extensions and assuming payment of all appropriate maintenance, renewal, annuity, or other governmental fees. These patents are all
assigned to the Company. This patent family also includes a pending U.S. patent application that relates to the use of Artificial Intelligence
for enhancing MRS exams, which is in the research and development phase for potential pipeline products.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Our
fourth patent family relates to inventions for other novel diagnostic systems and methods that represent potential future pipeline products,
or otherwise provide potential exclusionary rights against related potential competitive threats. This includes patents related to discogenic
pain diagnosis using molecular imaging and/or gene expression testing. The fourth patent family includes 4 issued patents and 1 pending
patent application in the US, and 5 patent grants outside the U.S. (Europe, Canada, China). These patents are assigned to </FONT>the Regents
of the University of California <FONT STYLE="font-family: Times New Roman, Times, Serif">and exclusively licensed to the Company (and
in certain aspects, co-exclusively licensed under which the Company has exclusive rights to diagnostic aspects and another third-party
licensee has limited exclusive rights to only certain treatment aspects). The U.S. granted patents and pending patent applications, if
issued, are expected to expire between September 21, 2026 and May 29, 2029, without considering any possible patent term adjustment or
extensions and assuming payment of all appropriate maintenance, renewal, annuity, or other governmental fees.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We cannot be sure that patents will be granted
with respect to any of our pending patent applications or with respect to any patent applications we may own or license in the future.
We cannot be sure that any of our existing patents or any patents we may own or license in the future will be useful in protecting our
technology. Please see &ldquo;<I><A HREF="#a7">Risk Factors</A>&thinsp;&mdash;&thinsp;Risks Related to Our Intellectual Property</I>&rdquo;
for additional information on the risks associated with our intellectual property strategy and portfolio.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We continually assess and refine our intellectual
property strategies to fortify our position. We file additional patent applications when our intellectual property strategy warrants
such filings. We intend to pursue additional intellectual property protection to the extent that we believe it would be beneficial and
cost-effective. Our ability to stop third-parties from making, using, selling, offering to sell, importing or otherwise commercializing
any of our patented inventions, either directly or indirectly, will depend in part on our success in obtaining, defending and enforcing
patent claims that relate to our technology, inventions, and improvements. With respect to our intellectual property, we cannot provide
any assurance that any of our current or future patent applications will result in the issuance of patents in any particular jurisdiction,
or that any of our current or future issued patents will effectively protect any of our tests or technology from infringement or prevent
others from commercializing infringing tests or technology. Even if our pending patent applications are granted as issued patents, those
patents may be challenged, circumvented or invalidated by third parties. Consequently, we may not obtain or maintain adequate patent
protection for any of our tests or technology.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition to our reliance on patent protection
for our inventions and technology, we also rely on trade secrets, know-how, confidentiality agreements and continuing technological innovation
to develop and maintain our competitive position. For example, some elements of our analytics techniques and processes, computational-biological
algorithms and related processes and software are based on unpatented trade secrets and know-how that are not publicly disclosed. Although
we take steps to protect our proprietary information and trade secrets, including through contractual means with our employees, advisors
and consultants, these agreements may be breached, and we may not have adequate remedies for any breach. In addition, third parties may
independently develop substantially equivalent proprietary information and techniques or otherwise gain access to our trade secrets or
disclose our technology. As a result, we may not be able to meaningfully protect our trade secrets. For further discussion of the risks
relating to intellectual property, see the section titled &ldquo;<A HREF="#a7">Risk factors</A>&thinsp;&mdash;&thinsp;Risks Related
to our Intellectual Property.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Trademarks</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company holds the following trademarks for
its previous corporate brand name as well as for its key products and brands (&ldquo;&reg;&rdquo; designates registered trademark, &ldquo;&trade;&rdquo;
designates unregistered trademark under common law protection):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">NOCIMED&reg;Corporate brand name</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">NOCISCAN&reg; - Primary data acquisition exam
(procedure) and software-based post-processing suite (product)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">NOCIGRAM&reg; - Post-processed report, one of
two products in the NOCISCAN-LS product suite</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">NOCISCORE&reg; - Feature of NOCIGRAM Report</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">NOCICALC&trade; - MRS spectral processor and biomarker
calculator, one of two products in the NOCISCAN suite</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">NOCI+&trade; - Feature of NOCIGRAM Report</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">NOCI-&trade; - Feature of NOCIGRAM Report</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">NOCImild&trade; - Feature of NOCIGRAM Report</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">NOCIWEB&trade; - Web-hosted user interface</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">SI-SCORE&trade; - Feature of NOCIGRAM Report</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">VIRTUAL DISCOGRAM&trade; - Additional name associated
with NOCIGRAM</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">With respect to involved
meanings, the recurrent prefix term &ldquo;NOCI&rdquo; among these marks is derived from Latin origins for &ldquo;<I>pain</I>&rdquo;
(e.g. nerves that report pain are called &ldquo;<I>noci</I>ceptors&rdquo;)</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Research and Development</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Research and Development (&ldquo;R&amp;D&rdquo;)
activities at Aclarion primarily explore the use of AI, our post-processing technologies and clinical registry data to expand the use
of our technology.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The company is researching the application of
AI and machine learning platforms to analyze both the raw spectroscopy data and the post-processed signal to evaluate whether AI platforms
can more efficiently and more effectively associate MRS data with clinical outcomes. We expect this type of AI research and development
to be an ongoing process applied not only to the various treatment paths associated with back pain, i.e., conservative therapies, regenerative
and cell therapies and surgical intervention, but to potentially expand into other clinical explorations involving the diagnosis of brain,
breast and prostate tumors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Clinical research at Aclarion includes the building
of clinical registries that provide the data inputs required to train the AI models to improve the efficiency and effectiveness of our
technology for surgical decisioning as well as extend the use of our technology for potentially optimizing the treatment of neck and
low back pain through other interventions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Clinical registries track the MRS results for
each disc being evaluated and correlates the MRS signature of the disc to patient specific data such as MRI imaging, Oswestry Disability
Index (ODI) and Visual Analog Scores (VAS). These methods are proven tools to assess low back pain, clinical treatments performed and
to identify conservative therapies such as physical therapy and chiropractic intervention, regenerative and cell therapies or surgical
interventions. By tracking specific treatments applied to each patient over time and correlating the effectiveness of those treatments
to the MRS data of each disc, we expect to create a large repository of clinical data that can be used to train advanced machine learning
algorithms that correlate MRS signatures from specific discs to improved outcomes from conservative and regenerative therapies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Government Regulation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>United States FDA.&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the United States, the FDA has broad regulatory
powers with respect to pre-clinical and clinical testing of new medical devices and the designing, manufacturing, labeling, storage,
record keeping, marketing, advertising, promotion, distribution, post-approval monitoring and reporting and import and export of medical
devices. Unless an exemption applies, federal law and FDA regulations require that all new or significantly modified medical devices
introduced into the market be preceded either by a pre-market notification clearance order under section&nbsp;510(k)&nbsp;of the Federal
Food, Drug and Cosmetic Act (FDCA), or an approved Denovo or pre-market approval (PMA) application. Under the FDCA, medical devices are
classified into one of three classes&mdash;Class&nbsp;I, Class&nbsp;II or Class&nbsp;III&mdash;depending on the degree of risk associated
with each medical device and the extent of control needed to provide reasonable assurances with respect to safety and effectiveness.
Class&nbsp;I devices are those for which safety and effectiveness can be reasonably assured by adherence to a set of regulations, referred
to as General Controls, which require compliance with the applicable portions of the FDA&rsquo;s Quality System Regulation (QSR) facility
registration and product listing, reporting of adverse events and malfunctions and appropriate, truthful and non-misleading labeling,
advertising and promotional materials. Some Class&nbsp;I devices, also called Class&nbsp;I reserved devices, also require premarket clearance
by the FDA through the 510(k)&nbsp;premarket notification process described below. Most Class&nbsp;I products are exempt from the premarket
notification requirements, and subject only to registration requirements (which the FDA does not typically review, thus determined and
submitted solely by the applicant product owner).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Class&nbsp;II devices are those that are subject
to the General Controls, as well as Special Controls as deemed necessary by the FDA, which can include performance standards, guidelines
and post-market surveillance. Most Class&nbsp;II devices are subject to premarket review and clearance by the FDA. Premarket review and
clearance by the FDA for Class&nbsp;II devices is accomplished through the 510(k) premarket notification process. Under the 510(k) process,
the manufacturer must submit to the FDA a premarket notification, demonstrating that the product for which clearance has been sought
is substantially equivalent to a previously cleared 510(k)&nbsp;device or a device that was in commercial distribution before May&nbsp;28,
1976 for which the FDA had not yet called for the submission of pre-market approval applications. To be substantially equivalent, the
proposed device must have the same intended use as the predicate device, and either have the same technological characteristics as the
predicate device or have different technological characteristics and not raise different questions of safety or effectiveness than the
predicate device. Clinical data is sometimes required to support substantial equivalence.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">After a 510(k)&nbsp;notice is submitted, the
FDA determines whether to accept it for substantive review. If it lacks necessary information for substantive review, the FDA will refuse
to accept the 510(k)&nbsp;notification. If it is accepted for filing, the FDA begins a substantive review. By statute, the FDA is required
to complete its review of, and clear or deny, a 510(k)&nbsp;notification within 90&nbsp;days of receiving the 510(k)&nbsp;notification.
As a practical matter, clearance often takes longer, and clearance is never assured. Although many 510(k)&nbsp;premarket notifications
are cleared without clinical data, the FDA may require further information, including clinical data, to make a determination regarding
substantial equivalence, which may significantly prolong the review process. If the FDA agrees that the device is substantially equivalent,
it will grant clearance to commercially market the device.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">After a device receives 510(k)&nbsp;clearance,
any modification that could significantly affect its safety or effectiveness, or that would constitute a new or major change in its intended
use, will require a new 510(k)&nbsp;clearance or, depending on the modification, could require a De Novo or PMA application. The FDA requires
each manufacturer to make this determination initially, but the FDA can review any such decision and can disagree with a manufacturer&rsquo;s
determination. If the FDA disagrees with a manufacturer&rsquo;s determination regarding whether a new premarket submission is required
for the modification of an existing device, the FDA can require the manufacturer to cease marketing and/or recall the modified device
until 510(k)&nbsp;clearance or approval of a De Novo or PMA application is obtained. If the FDA requires us to seek 510(k)&nbsp;clearance
or approval of a De Novo or PMA application for any modifications to a previously cleared product, we may be required to cease marketing
or recall the modified device until we obtain this clearance or approval. In addition, in these circumstances, we may be subject to significant
regulatory fines or penalties for failure to submit the requisite PMA application(s). In addition, the FDA is currently evaluating the
510(k) process and may make substantial changes to industry requirements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Class&nbsp;III devices include devices deemed
by the FDA to pose the greatest risk such as life-supporting or life-sustaining devices, or implantable devices, in addition to those
deemed not substantially equivalent following the 510(k)&nbsp;process. The safety and effectiveness of Class&nbsp;III devices cannot
be reasonably assured solely by the General Controls and Special Controls described above. Therefore, these devices are subject to the
PMA application process, which is generally more costly and time consuming than the 510(k)&nbsp;process.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the event a device might be considered Class
III due to lack of an equivalent predicate device, but which does not pose a significant risk to patients, it may be &lsquo;down-classified&rsquo;
to a relatively newer De Novo pathway for pre-market notification review and approval, which typically involves burdens and review cycle
times between what are typical for 510(k) and PMA pathways. In addition to the above classifications and related FDA regulatory pathways
in the United States, certain technologies that were previously considered medical devices have recently been reclassified and not considered
a medical device, and thus not regulated by the FDA. On December 13, 2016 the 21<SUP>st</SUP> Century Cures Act (&ldquo;Cures Act&rdquo;)
was signed into law (Public Law 114-255, 130 STAT. 1033), and was designed to help accelerate medical product development and bring new
innovations and advances to patients who need them faster and more efficiently. Section 3060 of the Cures Act was created as an amendment
to section 520 of the Federal Food, Drug, and Cosmetic Act (FD&amp;C Act), which addressed how medical devices are defined. This outlined software functions that would be exempt from FDA regulation,
such as those used for administrative purposes, encouraging a healthy lifestyle, electronic health records, clinical laboratory test results
and related information, and clinical decision tools.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the United States, the NOCISCAN-LS product
suite is only partially regulated as a medical device by the FDA. The NOCICALC-LS product is considered a Class I &ldquo;exempt&rdquo;
medical device and is registered as such with the FDA under product Classification &ldquo;Calculator/Data Processing Module, for Clinical
Use,&rdquo; Product Code &ldquo;JQP,&rdquo; Regulation Number 862.2100, and Registration Number 3015426626. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The process to determine whether a product can
be considered a Class I &ldquo;exempt&rdquo; medical device consists of self-determining whether the product is adequately described by
one of the existing categories classified by the FDA. In conjunction with our regulatory consultants, we determined that the product Classification
&ldquo;Calculator/Data Processing Module, for Clinical Use,&rdquo; adequately described our NOCICALC-LS product.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In contrast, we believe the NOCIGRAM-LS product
is considered Clinical Decision Support software (CDS) under the 21<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>st
</SUP>Century Cures Act and not a medical device. As such, we believe NOCIGRAM-LS  is not regulated by the FDA. Our conclusion that
NOCISCAN-LS would be considered Clinical Decision Support software (&ldquo;CDS&rdquo;), which under the 21st Century Cures Act&rsquo;
is not a device and therefore exempted from medical device regulation,&rdquo; is based upon the following analysis:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under the Cures Act provision, a software product
is not considered a device if it meets the following four elements:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24.3pt"></TD><TD STYLE="width: 17.45pt"><FONT STYLE="color: #33342A">&bull;</FONT></TD><TD STYLE="text-align: justify">&quot;[Not] intended to acquire, process, or analyze a medical image or a signal from an in vitro diagnostic
device or a pattern or signal from a signal acquisition system;&quot;</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24.3pt"></TD><TD STYLE="width: 17.45pt"><FONT STYLE="color: #33342A">&bull;</FONT></TD><TD STYLE="text-align: justify">&quot;[I]ntended ...&#9;for the purpose of... displaying, analyzing, or printing medical information about
a patient or other medical information (such as peer-reviewed clinical studies and clinical practice guidelines);&quot;</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24.3pt"></TD><TD STYLE="width: 17.45pt"><FONT STYLE="color: #33342A">&bull;</FONT></TD><TD STYLE="text-align: justify">&quot;[I]ntended ...&#9;for the purpose of... supporting or providing recommendations to a health care
professional about prevention, diagnosis, or treatment of a disease or condition;&quot; and</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24.3pt"></TD><TD STYLE="width: 17.45pt"><FONT STYLE="color: #33342A">&bull;</FONT></TD><TD STYLE="text-align: justify">&quot;[I]ntended ... for the purpose of. .. enabling such health care professional to independently review
the basis for such recommendations that such software presents so that it is not the intent that such health care professional rely primarily
on any of such recommendations to make a clinical diagnosis or treatment decision regarding an individual patient.&quot;<SUP>4</SUP></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Since December 13, 2016, the FDA has issued draft
guidance which provides further insight into the interpretation of the above four elements. The draft guidance, entitled &quot;Clinical
and Patient Decision Support Software&quot; (Dec. 2017) ( ''Draft Guidance&quot;), reviews section 520(o)(l)(E) of the FDC Act and provides
additional clarity on each element.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">With respect to the last element listed above,
the Draft Guidance elaborates on what is meant by allowing health professionals to &quot;independently&quot; review the basis for recommendations
such that the CDS software is not intended to be &quot;primarily&quot; relied upon in a diagnosis or treatment decision. To that end,
according to the Draft Guidance, the user must be told: &quot;(I) The purpose or intended use of the software function; (2) The intended
user (e.g., ultrasound technicians, vascular surgeons); (3) The inputs used to generate the recommendation (e.g., patient age and gender);
and (4) The rationale or support for the recommendation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As described above, FDA will not regulate software
that meets the four requirements in the Cures Act as a medical device. Although there are some ambiguities as to the meaning of the relevant
statutory terms, we believe NOCIGRAM-LS meets all four of these requirements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">First, the NOCIGRAM-LS is not intended to acquire,
process, or analyze a medical image or a signal from an in vitro diagnostic device or a pattern or signal from a signal acquisition system.
Rather, it receives information from the NOCICALC-LS, which separately performs such operations and produces a table of calculated disc
chemistry ratio values for each disc examined. It is this table that the NOCIGRAM-LS references in performing its analysis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Second, NOCIGRAM-LS is intended for the purpose
of displaying, analyzing, or printing medical information about a patient or other medical information. The NOCISCORE Table and graphical
plots provide medical information about the patient and analyze the data into classifications.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Third, NOCIGRAM-LS is intended for the purpose
of supporting or providing recommendations to a health care professional about prevention, diagnosis, or treatment of a disease or condition.
The information generated by the product is intended to support recommendations on how to manage patients presenting with low back pain
that may be discogenic in nature. It does this by providing additional disc chemistry-based information to be considered by the physician
in combination with other available patient information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The fourth element of the statute is also met
by NOCIGRAM-LS, although the requirements for this element are more involved than the other three elements. This element requires a means
for the health care professional to independently review the basis for any recommendation to prevent primary reliance on the software.
In its recent Draft Guidance, FDA provides four elements that can be used to determine whether the CDS software allows for independent
review: whether it explains (1) the purpose or intended use; (2) the intended user; (3) the inputs used to generate the recommendation;
and (4) the rationale for the recommendation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The NOCIGRAM-LS explains the purpose of the intended
use. It instructs the user that it is intended to provide analyses of chemical ratio information obtained from the NOCICALC-LS product,
which was separately derived from data via an MRS device, for the purpose of supporting recommendations about diagnosing and/or treating
patients with certain back conditions. This information is explained in the product labeling. The product labeling also explicitly states
that the intended user is a professional medical healthcare provider trained and skilled in diagnosing and recommending treatment options
for low back pain and related lumbar spine disorders. Thus, both the first and second elements set forth in the Draft Guidance are satisfied.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As to the third element, the inputs used to generate
any calculations for the health care professional consist of the chemical ratio information obtained from the NOCICALC-LS device, and
also the adjustment and analysis factors (e.g. weighting and thresholding/ranges) for analyzing that disc chemistry data. The labeling
for NOCIGRAM-LS will describe the NOCICALC-LS outputs as the source disc chemistry data, and will also reference the published clinical
trial results (i.e. correlations to discogram results) and related adjustment and analysis factors. This satisfies the third element.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The fourth element requires that the health care
professional is able to independently review the rationale for the CDS software recommendation. FDA's Draft Guidance indicates that the
sources supporting a recommendation should, among other things, be publicly available. Tracking the statute, FDA suggests that clinical
practice guidelines and published literature would fit this description. The Company intends to publish the various factors (i.e. weighting
and thresholds) applied to adjusting and analyzing the various input chemical ratios, and the correlative analysis to the PD reference
test (as well as certain related treatment outcomes), in medical literature in marketing NOCIGRAM-LS. The user is informed of the medical
literature in the instructions for use of NOCIGRAM-LS.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Moreover, the physician-user will have three means
to independently verify the results of the NOCIGRAM-LS. First, the user can manually input the adjustment factors and thresholding of
the ratios as custom inputs for the NOCICALC-LS product to derive the same custom output results from NOCICALC-LS as those results provided
by NOCIGRAM-LS. Second, the user can independently (apart from NOCICALC-LS) perform these same factor-adjusted and threshold classifier
calculations based on the values obtained from NOCICALC-LS using the methods described in publicly available literature. Third, the user
can further verify the NOCI+/- results of the NOCIGRAM-LS, which are correlated to discogram as a reference test based on clinical trial
data, by conducting a discogram on the same discs in the patient. This will either confirm or disprove the correlation of NOCI+/ - to
discogram results in those particular discs in that specific patient. These three verification options sufficiently address the issue
of a proprietary database or algorithm that is essentially a &quot;black box&quot; to users, creating primary reliance on the CDS software
rather than aiding informed decision making.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">However, although we believe the above analysis
is reasonable, whenever a company self classifies, there is a risk that FDA could disagree with the classification. Accordingly, in that
context, it is possible that FDA could potentially disagree that the NOCIGRAM-LS falls under the CDS software exemption to the definition
of a device and there can be no assurance that the FDA will agree with our conclusion and in the event the FDA does not agree, our business
would be severely negatively impacted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">FDA clearance or approval, when granted, may
entail limitations on the indicated uses for which a product may be marketed, and such product approvals, once granted, may be withdrawn
if problems occur after initial marketing. Manufacturers of FDA-regulated products are subject to pervasive and continuing post-approval
governmental regulation, including, but not limited to: (i) the registration and listing regulation, which requires manufacturers to
register all manufacturing facilities and list all medical devices placed into commercial distribution, (ii) the QSR, which requires
manufacturers, including third party manufacturers, to follow stringent design, validation, testing, production, control, supplier/contractor
selection, complaint handling, documentation and other quality assurance procedures during the manufacturing process, (iii) labeling
regulations and unique device identification requirements, (iv) advertising and promotion requirements, (v) restrictions on sale, distribution
or use of a device, (vi) PMA annual reporting requirements, (vii) the FDA&rsquo;s general prohibition against promoting products for
unapproved or &ldquo;off-label&rdquo; uses, (viii) the Medical Device Reporting (MDR) regulation, which requires that manufacturers report
to the FDA if their device may have caused or contributed to a death or serious injury or malfunctioned in a way that would likely cause
or contribute to a death or serious injury if it were to reoccur, (ix) medical device correction and removal reporting regulations, which
require that manufacturers report to the FDA field corrections and product recalls or removals if undertaken to reduce a risk to health
posed by the device or to remedy a violation of the FDCA that may present a risk to health; recall requirements, including a mandatory
recall if there is a reasonable probability that the device would cause serious adverse health consequences or death; an order of repair,
replacement or refund, (x) device tracking requirements, and (xi) post-approval study and post-market surveillance requirements. The
FDA has also established a Unique Device Identification (&ldquo;UDI&rdquo;) system that was phased in over a period of years. The UDI
system requires manufacturers to mark certain medical devices distributed in the United States with unique device identifiers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The FDA recently finalized its guidance for managing
post-market cybersecurity for connected medical devices. This guidance places additional expectations on our technology to build in cybersecurity
controls when we design and develop our devices to assure safe performance in the face of cyber threats. It is also incumbent on us to
monitor third party software for new vulnerabilities and verify and validate any software updates or patches meant to address vulnerabilities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our facilities, records and manufacturing processes
are subject to periodic unscheduled inspections by the FDA. Failure to comply with the applicable United States medical device regulatory
requirements could result in, among other things, warning letters, untitled letters, fines, injunctions, consent decrees, civil penalties,
unanticipated expenditures, repairs, replacements, refunds, recalls or seizures of products, operating restrictions, total or partial
suspension of production, the FDA&rsquo;s refusal to issue certificates to foreign governments needed to export products for sale in
other countries, the FDA&rsquo;s refusal to grant future premarket clearances or approvals, withdrawals or suspensions of current product
clearances or approvals and criminal prosecution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Coverage and Reimbursement.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Government and private sector initiatives to
limit the growth of healthcare costs, including price regulation and competitive pricing, coverage and payment policies, comparative
effectiveness therapies, technology assessments and managed care arrangements, are continuing in many countries where we do business,
including the United States, Europe and Asia. As a result of these changes, the marketplace has placed increased emphasis on the delivery
of more cost-effective medical therapies. In addition, because there is generally no separate reimbursement from third-party payers to
our customers for many of our products, the additional costs associated with the use of our products can impact the profit margin of
our customers. Accordingly, these various initiatives have created increased price sensitivity over healthcare products generally and
may impact demand for our products and technologies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Healthcare cost containment efforts have also
prompted domestic hospitals and other customers of medical devices to consolidate into larger purchasing groups to enhance purchasing
power, and this trend is expected to continue. The medical device industry has also experienced some consolidation, partly in order to
offer a broader range of products to large purchasers. As a result, transactions with customers are larger, more complex and tend to
involve more long-term contracts than in the past. These larger customers, due to their enhanced purchasing power, may attempt to increase
the pressure on product pricing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Significant healthcare reforms have had an impact
on medical device manufacturer and hospital revenues. The Patient Protection and Affordable Care Act as amended by the Health Care and
Education and Reconciliation Act of 2010, collectively referred to as the Affordable Care Act, is a sweeping measure designed to expand
access to affordable health insurance, control healthcare spending and improve healthcare quality. Many states have also adopted or are
considering changes in healthcare policies, in part due to state budgetary pressures. Ongoing uncertainty regarding implementation of
certain aspects of the Affordable Care Act makes it difficult to predict the impact the Affordable Care Act or state law proposals may
have on our business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Other Healthcare Laws.&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition to FDA restrictions on marketing
and promotion of drugs and devices, other federal and state laws restrict our business practices. These laws include, without limitation,
data privacy and security laws, anti-kickback and false claims laws, and transparency laws regarding payments or other items of value
provided to healthcare providers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As a participant in the healthcare industry,
we are subject to extensive regulations protecting the privacy and security of patient health information that we receive, including
the Health Insurance Portability and Accountability Act of 1996 (HIPAA), as amended by the Health Information Technology for Economic
and Clinical Health Act of 2009 (HITECH), which was enacted as part of the American Recovery and Reinvestment Act of 2009. Among other
things, these regulations impose extensive requirements for maintaining the privacy and security of individually identifiable health
information, known as &ldquo;protected health information.&rdquo; The HIPAA privacy regulations do not preempt state laws and regulations
relating to personal information that may also apply to us. Our failure to comply with these regulations could expose us to civil and
criminal sanctions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The HIPAA provisions also created federal criminal
statutes that prohibit among other actions, knowingly and willfully executing, or attempting to execute, a scheme to defraud any healthcare
benefit program, including private third-party payers, knowingly and willfully embezzling or stealing from a healthcare benefit program,
willfully obstructing a criminal investigation of a healthcare offense, and knowingly and willfully falsifying, concealing or covering
up a material fact or making any materially false, fictitious or fraudulent statement in connection with the delivery of or payment for
healthcare benefits, items or services. A person or entity does not need to have actual knowledge of the statutes or specific intent
to violate them in order to have committed a violation. Also, many states have similar fraud and abuse statutes or regulations that may
be broader in scope and may apply regardless of payer, in addition to items and services reimbursed under Medicaid and other state programs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The federal Anti-Kickback Statute prohibits,
among other things, knowingly and willfully offering, paying, soliciting or receiving any remuneration (including any kickback, bribe
or rebate), directly or indirectly, overtly or covertly, to induce or in return for the purchasing, leasing, ordering, or arranging for
or recommending the purchase, lease or order of items or services for which payment may be made, in whole or in part, under Medicare,
Medicaid or other federal healthcare programs. The term &ldquo;remuneration&rdquo; has been broadly interpreted to include anything of
value. Although there are a number of statutory exceptions and regulatory safe harbors protecting some common activities from prosecution,
the exceptions and safe harbors are drawn narrowly. Further, a claim including items or services resulting from a violation of the federal
Anti-Kickback Statute constitutes a false or fraudulent claim for purposes of the federal civil False Claims Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The federal False Claims Act prohibits, among
other things, any person or entity from knowingly presenting, or causing to be presented, a false or fraudulent claim for payment or
approval to the federal government, or knowingly making, using or causing to be made or used a false record or statement material to
a false or fraudulent claim to the federal government. A claim includes &ldquo;any request or demand&rdquo; for money or property presented
to the U.S. Government. Medical device manufacturers have been held liable under these laws if they are deemed to cause the submission
of false or fraudulent claims by, for example, providing customers with inaccurate billing or coding information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">These laws impact the kinds of financial arrangements
we may have with potential users of our technology. They particularly impact how we structure our marketing, including discount practices, customer support, education and training programs, physician consulting, research grants and other service arrangements. If our
operations are found to be in violation of any of the health regulatory laws described above or any other laws that apply to us, we may
be subject to penalties, including potentially significant criminal and civil and administrative penalties, damages, fines, disgorgement,
imprisonment, exclusion from participation in government healthcare programs, contractual damages, reputational harm, and the curtailment
or restructuring of our operations, any of which could adversely affect our ability to operate our business and our results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Additionally, there has been a trend towards
increased federal and state regulation of payments and other transfers of value provided to healthcare professionals or entities. The
federal Physician Payment Sunshine Act requires that certain device manufacturers track and report to the government information regarding
payments and other transfers of value to physicians and teaching hospitals, as well as ownership and investment interests held by physicians
and their family members. A manufacturer&rsquo;s failure to submit timely, accurately and completely the required information for all
payments, transfers of value or ownership or investment interests may result in civil monetary penalties of up to an aggregate of $150,000
per&nbsp;year, and up to an aggregate of $1&nbsp;million per&nbsp;year for &ldquo;knowing failures.&rdquo; Certain states also mandate
implementation of compliance programs, impose restrictions on device manufacturer marketing practices and/or require the tracking and
reporting of gifts, compensation and other remuneration to healthcare professionals and entities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are subject to similar laws in foreign countries
where we conduct business. For example, within the EU, the control of unlawful marketing activities is a matter of national law in each
of the member states. The member states of the EU closely monitor perceived unlawful marketing activity by companies. We could face civil,
criminal, and administrative sanctions if any member state determines that we have breached our obligations under its national laws.
Industry associations also closely monitor the activities of member companies. If these organizations or authorities name us as having
breached our obligations under their regulations, rules&nbsp;or standards, our reputation would suffer and our business and financial
condition could be adversely affected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Other Foreign Healthcare Regulations </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are also subject to regulation in the foreign
countries in which we manufacture and market our products. For example, the commercialization of certain products, including certain
medical devices, in the EU is regulated under a system that presently requires all such products sold in the EU to bear the CE mark&mdash;an
international symbol of adherence to quality assurance standards.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The International Medical Device Regulators Forum
has implemented a global approach to auditing manufacturers of medical devices. This audit system, called the Medical Device Single Audit
Program (&ldquo;MDSAP&rdquo;), provides for an annual audit of a medical device manufacturer by a certified body on behalf of various
regulatory authorities. Current authorities participating in MDSAP include the Therapeutic Goods Administration of Australia, Brazil&rsquo;s
Agencia Nacional de Vigilancia Sanitaria, Health Canada, Japan&rsquo;s Ministry of Health, Labour and Welfare, and the Japanese Pharmaceuticals
and Medical Devices Agency and the FDA. It is expected that more regulatory authorities will participate in MDSAP in the future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We, and other medical device manufacturers, are
currently adjusting to major changes in the EU&rsquo;s decades-old regulatory framework which governs market access to the EU. The Medical
Devices Regulation (&ldquo;MDR&rdquo;) went into effect on May 26, 2021 and replaces the EU&rsquo;s prior Medical Device Directive (93/42/EEC).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="text-align: justify; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Our NOCISCAN-LS product suite is subject to these
EU regulations, and is CE Marked via self-certification as a Class I medical device. However, this was secured prior to enactment of
the MDR. Under the MDR, we expect to be considered a Class II medical device and subject to stricter requirements for pre-market review
and certification for CE Marking by a Notified Body, including with respect to clinical data that must be submitted in support of our
claimed indications and labeling. However, manufacturers of certain classes of currently approved medical devices will have a transition
time to meet certain aspects of the new requirements under the MDR.&nbsp;A grace period until May 2024 is provided for Class I medical
devices that were self-certified for CE Marking prior to the MDR conversion to become CE Mark certified as a Class II medical device
by a Notified Body. We are still, however, required to continue monitoring and ensuring our on-going compliance with certain other provisions
under the new MDR requirements with respect to post-market surveillance of our products, as of May 2021.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The MDR differs in several important ways from
the EU&rsquo;s prior MDD directives for medical devices and active implantable medical devices. The most significant changes in the regulation
include:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
                                            definition of medical devices covered under the MDR will be significantly expanded to include
                                            devices that may not have a medical intended purpose, such as colored contact lenses. Also
                                            included in the scope of the regulation are devices designed for the purpose of &ldquo;prediction
                                            and prognosis&rdquo; of a disease or other health condition;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Device
                                            manufacturers will be required to identify at least one person within their organization
                                            who is ultimately responsible for all aspects of compliance with the requirements of the
                                            new MDR. The organization must document the specific qualifications of this individual relative
                                            to the required tasks;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
                                            MDR requires rigorous post-market oversight of medical devices;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
                                            MDR will allow the EU Commission or expert panels to publish &ldquo;Common Specifications&rdquo;,
                                            such as requirements for technical documentation, risk management, or clinical evaluation,
                                            which devices shall be required to meet;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Devices
                                            will be reclassified according to risk, contact, duration, and invasiveness;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Systematic
                                            clinical evaluation will be required for Class&nbsp;IIa and Class&nbsp;IIb medical devices;
                                            and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">All
                                            currently approved devices must be recertified in accordance with the new MDR requirements.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75pt; text-align: justify">Following Brexit, certain medical
devices, including our products, are also required to meet the local regulatory requirements within the U.K., separate and apart from
EU regulations that previously also covered commercial practices in the U.K. While our CE Mark still applies for the U.K., other U.K.
requirements for regulatory monitoring and compliance must also be met. Our quality and regulatory compliance systems and practices are
currently in the process of being updated for ensuring compliance with the applicable U.K. regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>General Data Protection Regulation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The implementation on May&nbsp;25, 2018 of the
General Data Protection Regulation (&ldquo;GDPR&rdquo;), a regulation in the EU on data protection and privacy for all individuals in
the EU and the European Economic Area (&ldquo;EEA&rdquo;), applies to all enterprises, regardless of location, that are doing business
in the EU or that collect and analyze data tied to EU and EEA residents. GDPR creates a range of new compliance obligations, including
stringent technical and security controls surrounding the storage, use, and disclosure of personal information, and significantly increases
financial penalties for noncompliance (including possible fines of up to 4% of global annual turnover for the preceding financial&nbsp;year
or &euro;20&nbsp;million (whichever is higher) for the most serious infringements).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In July&nbsp;2020, the European Commission invalidated
the EU.-U.S. Privacy Shield framework, of which we were registrants. This has resulted in some uncertainty related to continuing obligations
and future data transfer compliance obligations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>California Consumer Privacy Act</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The California Consumer Privacy Act, &ldquo;CCPA&rdquo;,
became effective on January&nbsp;1, 2020 along with a number of complex privacy regulations affecting the processing of personal information
of California residents. If we fail to comply with the CCPA, we may be subject to significant financial penalties or adverse regulatory
actions. In addition to the CCPA, the California legislature is exploring additional regulations to expand the scope and depth of the
state&rsquo;s data protection controls.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Competition</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the diagnostic and connected care markets,
competition is also based on a variety of factors including product performance, functionality, value and breadth of sales and service
organization. We believe that currently, there is a scarcity of new diagnostic platforms on the market, or otherwise proposed and approaching
the market, that are competitive with our products for our primary intended discogenic low back pain indication. Accordingly, our primary
competition resides with the current diagnostic standards over which our products are intended to improve &ndash; in particular, X-ray,
lumbar MRI, and provocation discography (PD). While we believe our products are positioned for synergistic use with lumbar MRI, and to
enhance the diagnostic value of lumbar MR exams, the existing reliance on MRI as a standard of care for our indication, and other potential
enhancements to those platforms and techniques, nonetheless also represent competition. To the extent these other platforms represent
our primary competitors, they are mainly provided by large, well-capitalized companies with significant market share and resources. Our
competitors have more established sales and marketing programs than we do and have greater name recognition. These competitors also have
long operating histories and may have more established relationships with our potential customers. In addition to competing for market
share, competitors may develop or acquire patents or other rights that may limit our ability to compete.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Competition could result
in price reductions, reduced margins and loss of our potential market share. We believe that our NOCISCAN-LS product suite is superior
to currently known competition in this market as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 27px">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">We believe we are superior to standard lumbar MRI
    because:</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 75px">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-size: 10pt">o</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Standard lumbar MRI only indicates structural defects,
    degeneration, and hydration, which have not been well correlated to identifying painful discs in DLBP patients, whereas our products
    have been highly correlated to pain as indicated by positive Provocation Discogram results in a clinical trial published in a major
    peer-reviewed spine journal;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 56.15pt"></TD><TD STYLE="width: 18pt">o</TD><TD STYLE="text-align: justify">Standard lumbar MRI does not identify
                                            nor allow for measuring levels of acidic chemicals, such as lactic acid, that have been identified
                                            as a source of causing discs to become painful, and which we both identify and measure objectively
                                            and quantitatively; and</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 56.15pt"></TD><TD STYLE="width: 18pt">o</TD><TD STYLE="text-align: justify">Patient outcomes from surgeries
                                            following standard lumbar MRI diagnosis, but without the benefit of or following our diagnosis,
                                            have resulted in a much lower &lt;60% success rate versus much higher &gt;90% success rates
                                            shown for patient outcomes following surgeries that treat painful discs identified via our
                                            diagnostic products, as also demonstrated in the same published clinical trial referenced
                                            above.</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20.25pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">We
                                            believe we are superior to standard Provocation Discogram (PD) because:</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 56.25pt"></TD><TD STYLE="width: 18pt">o</TD><TD STYLE="text-align: justify">PD is highly invasive, whereas our
                                            test is entirely non-invasive;</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 56.25pt"></TD><TD STYLE="width: 18pt">o</TD><TD STYLE="text-align: justify">PD is painful by deliberate design,
                                            whereas our test is entirely pain-free;</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 56.25pt"></TD><TD STYLE="width: 18pt">o</TD><TD STYLE="text-align: justify">PD has certain risks of harm, including
                                            certain reports of &gt;1% risk of infection and increased risks of accelerating degeneration
                                            and/or herniation rates in discs after receiving needle injections form PD, whereas our test
                                            is non-significant risk and no more risky that standard lumbar MRI or other applications
                                            of MRS;</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 56.25pt"></TD><TD STYLE="width: 18pt">o</TD><TD STYLE="text-align: justify">PD is subjective, based both on
                                            patient reporting of subjective pain and physician subjectivity in interpreting results,
                                            whereas our test is entirely objective; and</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 56.25pt"></TD><TD STYLE="width: 18pt">o</TD><TD STYLE="text-align: justify">PD is often performed, for optimal
                                            reliability and accuracy, with a CT scan to evaluate the distribution of injected dye in
                                            and around the disc, which requires a second diagnostic imaging exam and additional related
                                            costs, and which also exposes the patient to radiation, whereas our test is only a single
                                            exam, is more cost effective, and is entirely radiation free.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Employees</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> As of January 1, 2022, we had 6 total
employees, 3 of whom were engaged in full-time research and development activities and 3 of whom were engaged in general administration.
We believe that we maintain good relations with our employees.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Legal Proceedings</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">From time to time, we may be involved in litigation
relating to claims arising out of our operations in the normal course of business. We are not currently a party to any material legal
proceedings, the adverse outcome of which, in our management&rsquo;s opinion, individually or in the aggregate, could have a material
adverse effect on the results of our operations or financial position. There are no material proceedings in which any of our directors,
officers or affiliates or any registered or beneficial stockholder of more than 5% of our common stock is an adverse party or has a material
interest adverse to our interest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left; background-color: white"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><A NAME="a12"></A><B>MANAGEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>Executive officers and directors</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Set forth below are the names, ages and positions
of our executive officers and directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">Name</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Age</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">Position(s) held</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold"><P STYLE="text-align: center; margin-top: 0; margin-bottom: 0">Served
                                            as a Director</P>
                                                                  <P STYLE="text-align: center; margin-top: 0; margin-bottom: 0">and/or
                                            Officer Since</P></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 24%; text-align: left">Jeff Thramann, M.D.</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 10%; text-align: center">57</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 39%; text-align: left">Executive Director and Executive Chairman and Director</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 21%; text-align: left">2020(1)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Brent Ness</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">55</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Chief Executive Officer, President and Director</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">2021(2)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left">John Lorbiecki</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center"> 59 </TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Chief Financial Officer</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"> 2021(3) </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Ryan Bond</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">47</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Chief Strategy Officer</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"> 2021 </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left">Jeffrey Lotz, PhD.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">64</TD><TD>&nbsp;</TD>
    <TD>Director</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"> (4) </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Robert K. Eastlack M.D</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">49</TD><TD>&nbsp;</TD>
    <TD>Director</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"> (4) </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left">Lawrence Tannenbaum</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">64</TD><TD>&nbsp;</TD>
    <TD>Director</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"> (4) </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">David Neal</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">50</TD><TD>&nbsp;</TD>
    <TD>Director</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"> 2016 </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left">William Wesemann</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">65</TD><TD>&nbsp;</TD>
    <TD>Director</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"> 2016 </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold; text-align: left">New Directors</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left">Amanda Sequira</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">44</TD><TD>&nbsp;</TD>
    <TD>Director</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"> (5) </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Steve Deitsch</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">49</TD><TD>&nbsp;</TD>
    <TD>Director</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"> (5) </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left">Scott Breidbart</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">66</TD><TD>&nbsp;</TD>
    <TD>Director</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"> (5) </TD></TR>
  </TABLE>




<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">_________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>(1</B>) Dr. Thramann has been a director
since 2020. He was appointed Executive Director as of March 2021, and will become Executive Chairman as of the date of this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>(2) </B> Mr. Ness was appointed CEO and
a director on September 15, 2021.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(3)
</B>Mr. Lorbiecki was appointed Chief Financial Officer on October 1, 2021.</FONT> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"> <B>(4)</B> <B> </B>Jeffrey Lotz, Robert
Eastlack, and Larry Tannenbaum will resign as directors as at the date of this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"> <B>(5)</B> Amanda Sequira, Steve Deitsch,
and Scott Breidbart have been appointed as directors commencing as of the date of this Prospectus.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Jeff Thramann, M.D., Executive Chairman
and Director: </I></B>Jeff Thramann has been a director since September, 2020. He is also an executive Director since March of 2021, which
is an executive officer of the Company. He will transition to Executive Chairman as of the date of this prospectus. He oversees strategic
initiatives, capitalization and governance at the company. This includes day-to-day involvement in working with senior management to establish
the strategic vision of the company, assist in KOL development, work with the Chief Executive Officer and Chief Financial Officer on financial
plans, clinical reimbursement and product strategies, and assisting the Chief Executive Officer in recruitment and hiring of senior executives
and the pursuit of business development activities. His responsibilities also include leading investor relations efforts, building the
board of directors and leading board meetings. Dr. Thramann is currently the founder and Executive Chairman of Auddia Inc. (NASDAQ: AUUD),
a technology company that is reinventing how consumers interact with audio through an AI platform that enables unique consumer experiences
across radio and podcast listening. Dr. Thramann founded Auddia Inc. in January 2012. He has served in a similar capacity at Auddia since
February, 2021 as he does at Aclarion. In 2002, Dr. Thramann was the founder (and became the chairman) of Lanx, LLC (&ldquo;Lanx&rdquo;).
Lanx was an innovative medical device company focused on the spinal implant market that created the interspinous process fusion space
with the introduction of its patented Aspen product. Lanx was sold to Biomet, Inc., an international orthopedic conglomerate, in November,
2013. Concurrent with Lanx, in July, 2006 Dr. Thramann was the founder and chairman of ProNerve, LLC (&ldquo;ProNerve&rdquo;). ProNerve
was a healthcare services company that provided monitoring of nerve function during high-risk surgical procedures affecting the brain
and spinal cord. ProNerve was sold to Waud Capital Partners, a private equity firm, in 2012. Prior to ProNerve and concurrent with Lanx,
Dr. Thramann was the founder and chairman of U.S. Radiosurgery (USR). USR is a healthcare services company that provides advanced radiosurgical
treatments for tumors throughout the body. USR became the largest provider of robotic guided CyberKnife treatments of such tumors in the
U.S. and was sold to Alliance Healthcare Services (NASDAQ: AIQ) in April, 2011. From July, 2001 through April, 2008, Dr. Thramann was
the founder and senior partner of Boulder Neurosurgical Associates, a neurosurgical practice serving Boulder County, Colorado. Dr. Thramann
is the named inventor on over 100 U.S. and international issued and pending patents. He completed his neurosurgical residency and complex
spinal reconstruction fellowship at the Barrow Neurological Institute in Phoenix, AZ, in June, 2001. He is a graduate of Cornell University
Medical College in New York City and earned his Bachelor of Science degree in electrical engineering management at the U. S. Military
Academy in West Point, NY.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">We believe Dr. Thramann&rsquo;s
experience in the healthcare industry as well as his extensive understanding of our business, operations and strategy qualifies him to
serve on our board of directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I>Brent Ness, Chief
Executive Officer. </I></B>Mr. Ness became our Chief Executive Officer on September 15, 2021. From December 2019 through April 2021,
he was a consultant and then became President and Chief Commercial Officer of Cleerly, Inc., (&ldquo;Cleerly&rdquo;). Cleerly is a developer
of an AI enabled non-invasive digital care pathway aimed at improving clinicians understanding of their patients&rsquo; risk of sudden
coronary death. At Cleerly, Mr. Ness co-led efforts to create a partnership with Canon, Inc. who co-markets Cleerly solutions as part
of their offerings. From March 2016 to December 2019, Mr. Ness was the Chief Operating Officer of Mighty Oak Medical (&ldquo;Mighty Oak&rdquo;)
whose principal products progressed from pre-FDA clearance through an international full market launch of their platform called FIREFLY.&nbsp;
FIREFLY is a 3D Printed patient specific solution that is intended to provide spine surgeons with a highly accurate alternative to navigation
and robotic applications in the spinal navigation space. FIREFLY involves the use of CT scans as the core data upon which sophisticated
pre-surgical plans are created along with guides and bone models. From MONT 2014 through MONTH 2016, Mr. Ness was the Chief Commercial
Officer of HeartFlow, Inc., (&ldquo;Heartflow&rdquo;). HeartFlow is a medical technology company created and developed a non-invasive
cardiac test enabling physicians to make more informed decisions for their patients with suspected coronary heart disease. Mr. Ness led
the business from pre-FDA clearance through a global expansion of early adopter sites. Along with the senior leadership team at HeartFlow,
he deployed a strong clinical evidence-based approach in the early launch of the SaaS platform to engage Key Opinion Leader Physicians
and the third party payer community. This resulted in the issuance of Category III CPT Codes and multiple private payer coverage decisions.
From 2008 through 2013, he was President of ProNerve, LLC, (&ldquo;ProNerve&quot;). ProNerve is a provider of intraoperative neuromonitoring
services which involves the use of a variety of electro-physiological monitoring procedures during spine and brain surgery, to allow
early warning and avoidance of injury to nervous system structures. As President of ProNerve, Mr. Ness presided over a roll up of the
highly fragmented Interoperative Nerve Monitoring Industry. From 2004 to 2008, Mr. Ness served as Vice President- Global Sales and Marketing
for Medtronic Navigation, a division of Medtronic, Inc. Earlier in his career he was employed by GE Healthcare as Director of Corporate
Accounts and for Philips North America as Vice President of Sales Operations, which companies are suppliers of diagnostic imaging equipment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Mr. Ness currently serves
as an advisor to Mighty Oak Medical, K2 Capital and Cleerly. Mr. Ness has a Bachelor&rsquo;s Degree in Marketing from the University
of North Dakota and an MBA from the University of Colorado.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">We believe Mr. Ness&rsquo;
extensive experience and background in the medical device and healthcare industries qualifies him to serve on our board of directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>John Lorbiecki, Chief Financial Officer:</I></B>
Mr. Lorbiecki became our Chief Financial Officer on October 1, 2021. He has over 25 years of financial management and operational experience
which includes serving as the divisional CFO for two business units within Medtronic, Inc. From January 2019 through October 1, 2021,
Mr. Lorbiecki was a principal of Strategic Finance Solutions LLC, a financial consulting company. From April 2021 to October 2021, he
also advised Fusion Robotics LLC through their merger with Integrity Implants Inc., now doing business as Accelus Inc. From January 2020
through April 2021, Mr. Lorbiecki held the lead finance role at Honeybee Robotics, an aerospace company that designs and builds advanced
robotic systems. He led the financial dimensions of the strategic planning process, managed monthly project reviews to measure progress
and ensure economic targets were met, and oversaw monthly accounting activities. From March 2017 through July 2018, he served as Chief
Operating Officer at Colorado Therapeutics LLC, a medical startup focused on innovative biologic soft tissue repair products where he
was instrumental in completing the relocation of the company headquarters and increasing manufacturing capacity. From 1991 through 2017
he was with Medtronic, among the largest medical device companies in the world. He led sales operations, including pricing and contracting,
for the Cardiac Surgery Division, and moved through other business unit and corporate financial leadership roles. Mr. Lorbiecki has a
Bachelor&rsquo;s Degree in Economics from the University of St. Thomas where he graduated magna cum laude and an MBA from the University
of Chicago Booth School of Business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Ryan Bond, Chief Strategy Officer: </I></B>Commencing
in September 2021, Mr. Bond has been our Chief Strategy Officer. From December 2018 to August 2021, he has been our Vice President, Business
Development, where he led business development, sales and marketing including a limited commercial launch of Aclarion&rsquo;s cloud-based
SaaS with early adopters in the US, EU, and UK, Mr. Bond coordinated multiple research trials sponsored by our customers, where Aclarion&rsquo;s
proprietary, adjunctive diagnostic technology is employed. Mr. Bond was instrumental in working with reimbursement consultants to gain
Category III CPT Codes for Aclarion with assigned APC rates and advocating to CMS for the removal of a long-standing non-coverage policy
for magnetic resonance spectroscopy (MRS, CPT Code 76390). From November 2014 to September 2018 Mr. Bond was Director, Healthcare Solutions
at NuVasive, a company in the global spine market. While at NuVasive, he led several strategic initiatives involving strategic partnerships,
channel development, pricing, contracting, and sales training. From 2005 to 2014, Mr. Bond was with Accelero Health Partners (&ldquo;Accelero&rdquo;),
a consulting firm focused on musculoskeletal service line development using a combination of strategic organizational development programs
and a proprietary cloud-based business intelligence tool that discretely measured a cadre of clinical, functional, operational, and volume-based
metrics, while simultaneously illustrating the interrelated cause-effect of each. In 2006, Accelero was acquired by Zimmer Holdings. Mr.
Bond serves on an Advisory Board to the College of Business at Ohio University, where he earned a Bachelor of Science Degree in Engineering
from the Russ College of Engineering and Technology.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I></I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><I>Continuing Directors</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">In addition to executive
officers Jeffrey Thramann and Brent Ness, the following directors will continue as directors subsequent to the date of this prospectus:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I></I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>David Neal, Director:</I></B> Mr. Neal has
been a director since September 2016. He is the founder and a current member of SC Capital 1 LLC which was formed in 2016. SC Capital
1 LLC is a securitized LLC formed to invest in breakthrough medical technologies and therapies. Also, from April 2015 to the present,
he has been a partner of Frontier Wealth Enterprises, LLC a financial services firm providing advice-based financial services to high-net
worth families. From 2000 to 2015, he held various positions with UBS, including Portfolio Manager and manager of a Regional Office in
Wichita Kansas. He was on the Hutchinson Regional Medical Center board of directors for 9 years and currently is a member of the board
of the Hutchinson Community Foundation. He holds a Bachelor of Sport Science degree from the University of Kansas and a Master of Management
Science degree from the John Cook School of Business at Saint Louis University.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We believe Mr. Neal&rsquo;s executive management experience qualifies
him to serve on our board of directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I>William (Bill)
Wesemann, Director: </I></B>Mr. Wesemann has been a director since 2016. Mr. Wesemann has been an independent businessman and investor
since June 2002. Prior to 2002 his experience included serving in chief executive, sales leadership, and advisory roles at technology
companies. From 2004 to the date of this prospectus, he has been a director of LivePerson (Nasdaq: LPSN), a global technology company
that develops conversational commerce and AI software. He is also, a director of Stationhead, Inc. (commencing in 2019), a consumer social
audio platform; and a director of Mylio, Inc (commencing in 2013) a photo management company. Mr. Wesemann received a B.A. from Glassboro
State College (Rowan University).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We believe Mr.&nbsp;Wesemann&rsquo;s executive management experience
qualifies him to serve on our board of directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><I>New Directors</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><I></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Upon the effectiveness of this offering
the following persons will be appointed as directors.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Amanda Sequira, Director:</I></B> Ms. Sequira
is currently the Senior Vice President of Clinical, Quality and Regulatory at ViewRay, Inc. (Nasdaq: &ldquo;VRAY&rdquo;), a healthcare
company that integrates real time MRI imaging of tumors with the delivery of high dose radiation for improved treatment accuracy. She
joined ViewRay in October of 2018 and brings 20 years of experience in the medical device space. From December, 2017 to September, 2018,
she was the Head of Regulatory with the Image Guided Therapy Devices and Systems divisions of Philips. From July, 2010 to December, 2017
Ms. Sequira was the Senior Director (2010-2013) and Vice President (2013-2017) of Clinical and Regulatory with The Spectranetics Corp.,
(now part of Philips), and from 2003 to 2010 she was Manager, and then Director of Regulatory of AGA Medical Corp (now part of Abbott).
Prior to these roles, she worked as a Regulatory Specialist with Vascular Solutions and as a Chemist with GE &ndash; Osmonics. In these
positions, she worked on a diverse range of products, including cardiovascular treatment, implantable heart defect device, combination
drug/device and large capital equipment (both imaging and treatment) devices.&nbsp; At Spectranetics, she led teams that completed multiple
global randomized clinical studies. She holds a Master&rsquo;s of Science in Regulatory from Northeastern University and a Bachelor&rsquo;s
of Science in Chemistry from the University of Minnesota.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We believe Ms. Sequira&rsquo;s extensive experience
and background in the medical imaging and healthcare industries qualifies her to serve on our board of directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Steve Deitsch, Independent Director and
Audit Committee Chair:</I></B> Steve&nbsp;Deitsch is currently the CFO of Paradigm 28, a medical device company focused on surgical implants
for the foot and ankle. Steve has extensive strategic, operational, and financial leadership experience at both publicly traded and privately
held companies. From April 2017 to August 2019, Mr. Deitsch served as Senior Vice President and Chief Financial Officer of BioScrip, Inc.,
which is now part of Option Care Health, Inc. (NASDAQ: BIOS). From August&nbsp;2015 to April 2017, Mr. Deitsch served as Executive Vice
President, Chief Financial Officer and Corporate Secretary of Coalfire, Inc., a leading cyber-security firm owned by The Carlyle Group.
Steve served as the Chief Financial Officer of the Zimmer Biomet Spine, Bone Healing, and Microfixation business from July 2014 to July
2015 and as Vice President Finance, Biomet Corporate Controller from February 2014 to July&nbsp;2014. Mr. Deitsch was the Chief Financial
Officer of Lanx from September 2009 until it was acquired by Biomet in October 2013. From 2002 to 2009, Mr. Deitsch also served in various
senior financial leadership roles at Zimmer Holdings, Inc. (now part of Zimmer Biomet, Inc.), including Vice President Finance, Reconstructive
and Operations, and Vice President Finance, Europe. Steve is a director of Green Sun Medical, a privately held medical device company,
a position he has held since October 2017, and a director and audit committee chair of Auddia Inc. (NASDAQ: AUUD), since February of 2021.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We believe Mr. Deitsch&rsquo;s experience as a
chief financial officer, and his experience in corporate governance and capital markets qualifies him to serve on our board of directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Scott Breidbart, M.D., Director: </I></B>Dr.
Scott Breidbart has been the Chief Medical Officer of Affinity Health Plans since January 2018. Affinity Health Plan is an independent,
not-for-profit organization founded in 1986 to offer affordable, high quality health care coverage to underserved New Yorkers. From October
2016 to January 2018, he was Chief Medical Officer of Solera Health and from October 2015 to September 2016, he was the Chief Clinical
Officer of Emblem Health. From November 2008 to October 2015, Mr. Breidbart served as the Chief Medical Officer of Empire BlueCross BlueShield,
and from May 1998 to August 2008 he had various roles in medical management for HealthNet. Dr. Breidbart practiced pediatric endocrinology
for ten years on the faculty of New York Medical College. He is Board Certified in Pediatrics and Pediatric Endocrinology and is licensed
to practice medicine in NY. He holds a BA in Mathematics from Yale, an MD from Columbia, and an MBA from Pace University.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We believe Dr.&nbsp;Breitbard&rsquo;s experience
in the healthcare insurance industry and his experience as a practicing physician qualifies him to serve on our board of directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I>Retiring Directors</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I></I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following directors will be retiring as of
the effectiveness date of this offering.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I>Professor Jeffrey
Lotz, Phd. Director</I></B>. Dr. Lotz is the David S. Bradford M.D. Endowed Chair in Orthopedic Surgery and Vice Chair of Orthopedic
Research at UCSF. He has led the Orthopedic Tissue Engineering Laboratory at UCSF since 1992, and is principal investigator of one of
the three Mechanistic Research Centers funded through the NIH Back Pain Consortium (BACPAC) Research Program (under NIH HEAL). BACPAC
is a translational, patient-centered effort to address the need for effective and personalized therapies for chronic low back pain. Dr.
Lotz is also director of three other research centers, including the NIH/NIDCR-funded Center for Dental, Oral and Craniofacial Tissue
and Organ Regeneration (C-DOCTOR); the NIH-funded Core Center for Musculoskeletal Biology in Medicine (CCMBM); and the NSF-funded Industry/University
Cooperative Research Center (CDMI). Dr. Lotz has expertise in spine biomechanics, intervertebral disc biology, and tissue engineering.
His laboratory work focuses on identifying mechanisms of disc degeneration, developing novel diagnostics and therapies for low back pain,
and the biomechanics of spinal instrumentation, with over 200 peer-reviewed publications on these topics. Dr. Lotz earned a doctorate
degree in Medical Engineering from the Harvard/MIT Division of Health Sciences and Technology, a Master of Science Degree in Mechanical
Engineering Design from Stanford University, and Bachelor of Science in Mechanical Engineering from UC Berkeley. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Dr. Robert K. Eastlack, Director. </I></B>Dr.
Eastlack is currently Head of the Division of Spine Surgery at Scripps Clinic, a Director of Clinical Research, and Co-Director for the
Spine Fellowship Training Program at Scripps Clinic and the San Diego Spine Foundation in San Diego, CA. He is President of the San Diego
Orthopedic Society, and a member of the International Spine Study Group, focused on adult deformity and minimally invasive research in
spine surgery. He is an active fellow in the Scoliosis Research Society and is a Director of the San Diego Spine Foundation. Dr. Eastlack
has published over 100 articles and over 175 studies/abstracts, in addition to contributing chapters to 11 books. He received his fellowship
training in spine surgery from Mayo Clinic, after completing an orthopedic surgery residency and research fellowship at UC San Diego.
Prior to that, he obtained his medical degree from Baylor College of Medicine, and graduated from Stanford University after studying
Human Biology with a focus in neurophysiology. Dr. Eastlack has been involved with Aclarion as an investor and advisor for over a decade,
and has served on the Board of Directors since 2016. He has contributed to the foundational clinical science, along with utilizing the
technology for his patients. Dr. Eastlack will transition to leading the surgical section of the Company&rsquo;s Medical Advisory Board
commencing upon the date of this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Lawrence Tanenbaum, MD FACR Director. </I></B>Dr.
Tanenbaum is currently Vice President, Chief Technology Officer and Director of Advanced Imaging at RadNet Inc. (since 2015), having
come from Icahn School of Medicine at Mount Sinai in New York where he attended in Neuroradiology and served as an Associate Professor
of Radiology, Director of MRI, CT and Outpatient / Advanced Imaging Development since 2008. Prior to that he spent over 20 years in the
private practice of Radiology at the JFK Medical Center / New Jersey Neuroscience Institute as Director of MRI, CT and Neuroradiology.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Dr. Tanenbaum is a senior
member of the American Society of Neuroradiology, and long-term member of the Radiological Society of North America. He is a past President
of the Eastern Society of Neuroradiology, and the national Clinical Magnetic Resonance Imaging Society and former Editor in Chief of
their Journal <I><U>Vision</U></I>. He is a member of the Roster of Distinguished Scientific Advisors of the RSNA as well as several
panels and committees of the American College of Radiology including the Expert Panel on Neuroimaging and the CPI / Neuroradiology Expert
Review Panel. Dr. Tanenbaum is a member of the editorial boards of several journals and educational organizations and is the Associate
Editor for Artificial Intelligence of Applied Radiology.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Dr. Tanenbaum is a long-term
collaborator with the medical imaging industry and chairs several advisory boards (OEM, pharma, and AI). He has authored over 100 scholarly
and peer reviewed articles which have been cited over 1000 times, continues to chair educational and academic meetings and has delivered
close to 2000 invited lectures around the world.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Advisory Boards</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">We have established
a Scientific Advisory Board and a Medical Advisory Board comprised of a world-class team of experts, which includes leading physicians
and researchers. We regularly seek advice and input from these experienced leaders on matters related to our research and development
programs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Our Scientific Advisory
Board is headed by Jeff Lotz.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I>Jeffrey Lotz,
PhD: </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Our Medical Advisory
board consists of a Surgical Section headed by Robert K. Eastlack, M.D., and a Radiology Section headed by Lawrence Tannenbaum, M.D.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I>&nbsp;</I></B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B>Composition of the
Board of Directors</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">At the conclusion of
this offering, our board will consist of 7 members, each of whom serves as a director pursuant to the board composition provisions of
our Amended and Restated Certificate of Incorporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I>Director independence</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Applicable Nasdaq rules
require a majority of a listed company&rsquo;s board of directors to be comprised of independent directors within one year of listing.
In addition, Nasdaq rules require that, subject to specified exceptions, each member of a listed company&rsquo;s audit, compensation
and nominating and corporate governance committees be independent and that audit committee members also satisfy independence criteria
set forth in Rule&nbsp;10A-3 under the Exchange Act. The Nasdaq independence definition includes a series of objective tests, such as
that the director is not, and has not been for at least three years, one of our employees and that neither the director nor any of his
family members has engaged in various types of business dealings with us. In addition, under applicable Nasdaq rules, a director will
only qualify as an &ldquo;independent director&rdquo; if, in the opinion of the listed company&rsquo;s board of directors, that person
does not have a relationship that would interfere with the exercise of independent judgment in carrying out the responsibilities of a
director.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our board of directors has determined that all
members of the board of directors, except Jeffrey Thramann, Brent Ness and David Neal, are independent directors, as defined under applicable
Nasdaq rules. In making such determination, our board of directors considered the relationships that each such non-employee&nbsp;director
has with our company and all other facts and circumstances that our board of directors deemed relevant in determining his or her independence,
including the beneficial ownership of our common stock by each&nbsp;non-employee director.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> Upon the closing of this offering, we expect
that the composition of our committees will comply with all applicable requirements of Nasdaq and the rules and regulations of the SEC.
There are no family relationships among any of our directors or executive officers. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Our bylaws provide that
the authorized number of directors may be changed only by resolution approved by a majority of our board of directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I>Role of our board
of directors in risk oversight</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">One of the key functions
of our board of directors is informed oversight of our risk management process. Our board of directors does not have a standing risk
management committee, but rather administers this oversight function directly through the board of directors as well as through various
standing committees of our board of directors that address risks inherent in their respective areas of oversight. In particular, our
board of directors is responsible for monitoring and assessing strategic risk exposure. Our audit committee has the responsibility to
consider and discuss our major financial risk exposures and the steps our management has taken to monitor and control these exposures,
including guidelines and policies to govern the process by which risk assessment and management is undertaken. The audit committee also
monitors compliance with legal and regulatory requirements. Our compensation committee evaluates risks associated with our compensation
practices and policies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B>Committees of our
board of directors</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I>Audit committee</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Our audit committee
consists of Bill Wesemann, Scott Breidbart and Steve Deitsch, with Steve Deitsch serving as its chairman. Nasdaq Rules require that all
of the members of the Audit Committee meet the independence standards set forth above. Our board of directors has determined that Bill
Wesemann, Scott Breidbart and Steve Deitsch meet the independence requirements of the Sarbanes-Oxley Act, Rule&nbsp;10A-3&nbsp;under
the Exchange Act, and the applicable listing standards of the Nasdaq. Each member of our audit committee can read and understand fundamental
financial statements in accordance with the Nasdaq audit committee requirements. In arriving at this determination, the board has examined
each audit committee member&rsquo;s employment and other experience. Our board of directors has determined that Steve Deitsch qualifies
as an audit committee financial expert within the meaning of SEC regulations and meets the financial sophistication requirements of the
Nasdaq listing rules. In making this determination, our board has considered formal education and previous and current experience in
financial roles. Both our independent registered public accounting firm and management periodically meet privately with our audit committee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The functions of our
audit committee include, among other things:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; background-color: white; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="width: 5%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%; text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">evaluating
    the performance, independence and qualifications of our independent auditors and determining whether to retain our existing independent
    auditors or engage new independent auditors;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; background-color: white; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="width: 5%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%; text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">reviewing
    and approving the engagement of our independent auditors to perform audit services and any permissible&nbsp;non-audit&nbsp;services;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; background-color: white; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="width: 5%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%; text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">monitoring
    the rotation of partners of our independent auditors on our engagement team as required by law;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; background-color: white; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="width: 5%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%; text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">prior
    to engagement of any independent auditor, and at least annually thereafter, reviewing relationships that may reasonably be thought
    to bear on their independence, and assessing and otherwise taking the appropriate action to oversee the independence of our independent
    auditor;</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">reviewing
    our annual and quarterly financial statements and reports, including the disclosures contained under the caption &ldquo;Management&rsquo;s
    Discussion and Analysis of Financial Condition and Results of Operations,&rdquo; and discussing the statements and reports with our
    independent auditors and management;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; background-color: white; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="width: 5%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%; text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">reviewing
    with our independent auditors and management any significant issues that arise regarding accounting principles and financial statement
    presentation and matters concerning the scope, adequacy and effectiveness of our financial controls;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; background-color: white; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="width: 5%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%; text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">reviewing
    with management and our auditors any earnings announcements and other public announcements regarding material financial developments;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; background-color: white; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="width: 5%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%; text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">establishing
    procedures for the receipt, retention and treatment of complaints received by us regarding financial controls, accounting or auditing
    matters and other matters;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; background-color: white; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="width: 5%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%; text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">preparing
    the audit committee report that the SEC requires in our annual proxy statement;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; background-color: white; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="width: 5%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%; text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">reviewing
    and providing oversight of any related-person transactions in accordance with our related-person transaction policy and reviewing
    and monitoring compliance with legal and regulatory requirements, including our code of business conduct and ethics;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; background-color: white; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="width: 5%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%; text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">reviewing
    our major financial risk exposures, including the guidelines and policies to govern the process by which risk assessment and risk
    management is implemented;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; background-color: white; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="width: 5%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%; text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">reviewing
    on a periodic basis our investment policy; and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; background-color: white; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="width: 5%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%; text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">reviewing
    and evaluating on an annual basis the performance of the audit committee and the audit committee charter.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">We believe that the
composition and functioning of our audit committee complies with all applicable requirements of the Sarbanes-Oxley Act and all applicable
SEC and Nasdaq rules and regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I>Compensation committee</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our compensation committee consists of Amanda
Sequira, Scott Breidbart, and Bill Wesemann, with Mr. Wesemann serving as chairman. Each of these individuals is a non-employee director,
as defined in Rule 16b-3 promulgated under the Exchange Act, and each of Amanda Sequira, Scott Breidbart, and Bill Wesemann is
an outside director, as defined pursuant to Section 162(m) of the Internal Revenue Code of 1986, as amended (the &ldquo;Code&rdquo;).
Our board of directors has determined that each of these individuals is independent as defined under the applicable listing standards
of Nasdaq, including the standards specific to members of a compensation committee. The functions of our compensation committee include,
among other things:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; background-color: white; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="width: 5%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%; text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">reviewing,
    modifying and approving or making recommendations to the full board of directors regarding our overall compensation strategy and
    policies;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; background-color: white; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="width: 5%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%; text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">reviewing,
    modifying and approving or making recommendations to the full board of directors regarding the compensation and other terms of employment
    of our chief executive officer or our other executive officers;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; background-color: white; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="width: 5%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%; text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">reviewing,
    modifying and approving or making recommendations to the full board of directors regarding performance goals and objectives relevant
    to the compensation of our executive officers and assessing their performance against these goals and objectives;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; background-color: white; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="width: 5%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%; text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">reviewing
    and approving or making recommendations to the full board of directors regarding the equity incentive plans, compensation plans and
    similar programs advisable for us, as well as modifying, amending or terminating existing plans and programs;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; background-color: white; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="width: 5%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%; text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">evaluating
    risks associated with our compensation policies and practices and assessing whether risks arising from our compensation policies
    and practices for our employees are reasonably likely to have a material adverse effect on us;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; background-color: white; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="width: 5%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%; text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">reviewing
    and making recommendations to the full board of directors regarding the type and amount of compensation to be paid or awarded to
    our independent board members;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; background-color: white; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="width: 5%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%; text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">establishing
    policies with respect to votes by our stockholders to approve executive compensation to the extent required by the Exchange Act and,
    if applicable, determining our recommendations regarding the frequency of advisory votes on executive compensation;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; background-color: white; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="width: 5%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%; text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">reviewing
    and assessing the independence of compensation consultants, legal counsel and other advisors to the compensation committee as required
    by the Exchange Act;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; background-color: white; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="width: 5%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%; text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">administering
    our equity incentive plans;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; background-color: white; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="width: 5%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%; text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">establishing
    policies with respect to our equity compensation arrangements;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; background-color: white; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="width: 5%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%; text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">reviewing
    the competitiveness of our executive compensation programs and evaluating the effectiveness of our compensation policies and strategy
    in achieving expected benefits to us;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; background-color: white; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="width: 5%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%; text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">reviewing
    and making recommendations to the full board of directors regarding the terms of any employment agreements, severance arrangements,
    change in control protections and any other compensatory arrangements for our executive officers;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; background-color: white; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="width: 5%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%; text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">reviewing
    with management and approving our disclosures under the caption &ldquo;Compensation Discussion and Analysis&rdquo; as may be applicable
    in our periodic reports or proxy statements to be filed with the SEC, to the extent such caption is included in any such report or
    proxy statement;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; background-color: white; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="width: 5%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%; text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">preparing
    the compensation committee report that the SEC requires in our annual proxy statement; and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; background-color: white; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="width: 5%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%; text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">reviewing
    and evaluating on an annual basis the performance of the compensation committee and the compensation committee charter.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">We believe that the
composition and functioning of our compensation committee complies with all applicable requirements of the Sarbanes-Oxley Act, and all
applicable SEC and Nasdaq rules and regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B><I>Nominating and corporate governance
committee</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Our nominating and corporate
governance committee consists of Bill Wesemann, Scott Breidbart, and Amanda Sequira, with Amanda Sequira serving as its chairman. Our
board of directors has determined that each of these individuals is independent as defined under the applicable listing standards of
Nasdaq, including the standards specific to members of a compensation committee. The functions of our nominating and corporate governance
committee include, among other things:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; background-color: white; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="width: 5%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%; text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">determining
    the minimum qualifications for service on our board of directors;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; background-color: white; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="width: 5%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%; text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">evaluating
    director performance on the board and applicable committees of the board and determining whether continued service on our board is
    appropriate;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; background-color: white; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="width: 5%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%; text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">identifying,
    evaluating, nominating and recommending candidates for membership on our board of directors;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; background-color: white; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="width: 5%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%; text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">evaluating
    nominations by stockholders of candidates for election to our board of directors;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; background-color: white; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="width: 5%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%; text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">considering
    and assessing the independence of members of our board of directors;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; background-color: white; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="width: 5%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%; text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">developing
    a set of corporate governance policies and principles and recommending to our board of directors any changes to such policies and
    principles;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; background-color: white; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="width: 5%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%; text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">overseeing,
    at least annually, the self-evaluation process of the board of directors and its committees;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; background-color: white; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="width: 5%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%; text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">overseeing
    our code of business conduct and ethics and approving any waivers thereof;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; background-color: white; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="width: 5%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%; text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">considering
    questions of possible conflicts of interest of directors as such questions arise; and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; background-color: white; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="width: 5%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%; text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">reviewing
    and evaluating on an annual basis the performance of the nominating and corporate governance committee and the nominating and corporate
    governance committee charter.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">We believe that the
composition and functioning of our nominating and corporate governance committee complies with all applicable requirements of the Sarbanes-Oxley
Act, and all applicable SEC and Nasdaq rules and regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B>Compensation committee
interlocks and insider participation </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">None of the current
members of our compensation committee has ever been an executive officer or employee of ours. None of our executive officers currently
serves, or has served during the last completed fiscal year, on the compensation committee or board of directors of any other entity
that has one or more executive officers serving as a member of our board of directors or compensation committee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B>Code of business
conduct and ethics</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Prior to the completion
of this offering, we will adopt a Code of Business Conduct and Ethics, or the &ldquo;Code of Conduct&rdquo;, applicable to directors,
executive officers and employees, including our principal executive officer, principal financial officer, principal accounting officer
or controller, or persons performing similar functions. The Code of Conduct will be available on the Investor Relations portion of our
website at www.aclarion.com. The nominating and corporate governance committee of our board of directors will be responsible for overseeing
the Code of Conduct and must approve any waivers of the Code of Conduct for employees, executive officers and directors. In addition,
we intend to post on our website all disclosures that are required by law or the listing standards of Nasdaq concerning any amendments
to, or waivers of, any provision of the Code of Conduct.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><A NAME="a01"></A><B>COMPENSATION
OF OUR DIRECTORS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"> There were no cash fees paid to non-employee
directors in 2021. Directors who are also executive officers do not receive compensation for their services as a director. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"> In September 2021, the Company&rsquo;s
board approved a $100,000 cash payment to David Neal for his service as the board chairman. Such payment will be made following the completion
of this offering. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"> During 2021, the Company made stock option
grants to non-employee directors as described in the table below. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"> <B>2021 Director Compensation
Table</B> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"> <B>&nbsp;</B> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left; background-color: white"> <B></B> </P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 25%; border: black 1pt solid"> &nbsp; </TD>
    <TD STYLE="width: 15%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"> <FONT STYLE="font-size: 10pt"><B>Fees
    earned or <BR>
    paid in cash ($)</B></FONT> </TD>
    <TD STYLE="width: 15%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"> <FONT STYLE="font-size: 10pt"><B>Stock
    <BR>
    awards ($)</B></FONT> </TD>
    <TD STYLE="width: 15%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"> <FONT STYLE="font-size: 10pt"><B>Option<BR>
    awards ($)(1)</B></FONT> </TD>
    <TD STYLE="width: 15%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"> <FONT STYLE="font-size: 10pt"><B>All
    other <BR>
    compensation</B></FONT> </TD>
    <TD STYLE="width: 15%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"> <BR>
    <FONT STYLE="font-size: 10pt"><B>Total ($)</B></FONT> </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid"> &nbsp; </TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"> &nbsp; </TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"> &nbsp; </TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"> &nbsp; </TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"> &nbsp; </TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"> &nbsp; </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid"> <FONT STYLE="font-size: 10pt">Jeffrey
    Lotz</FONT> </TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"> &nbsp; </TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"> &nbsp; </TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"> <FONT STYLE="font-size: 10pt">12,856</FONT> </TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"> &nbsp; </TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"> <FONT STYLE="font-size: 10pt">12,586&nbsp;</FONT> </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid"> <FONT STYLE="font-size: 10pt">Robert
    K. Eastlack</FONT> </TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"> &nbsp; </TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"> &nbsp; </TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"> <FONT STYLE="font-size: 10pt">14,768</FONT> </TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"> &nbsp; </TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"> <FONT STYLE="font-size: 10pt">14,768&nbsp;</FONT> </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid"> <FONT STYLE="font-size: 10pt">Lawrence
    Tannenbaum</FONT> </TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"> &nbsp; </TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"> &nbsp; </TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"> <FONT STYLE="font-size: 10pt">10,403</FONT> </TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"> &nbsp; </TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"> <FONT STYLE="font-size: 10pt">10,403&nbsp;</FONT> </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid"> <FONT STYLE="font-size: 10pt">David
    Neal</FONT> </TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"> <FONT STYLE="font-size: 10pt">100,000
    (2)</FONT> </TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"> &nbsp; </TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"> <FONT STYLE="font-size: 10pt">43,649</FONT> </TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"> &nbsp; </TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"> <FONT STYLE="font-size: 10pt">143,649&nbsp;</FONT> </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid"> <FONT STYLE="font-size: 10pt">William
    Wesemann</FONT> </TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"> &nbsp; </TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"> &nbsp; </TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"> <FONT STYLE="font-size: 10pt">6,547</FONT> </TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"> &nbsp; </TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"> <FONT STYLE="font-size: 10pt">6,547&nbsp;</FONT> </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid"> &nbsp; </TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"> &nbsp; </TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"> &nbsp; </TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"> &nbsp; </TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"> &nbsp; </TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center"> &nbsp; </TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left; background-color: white"> <B>&nbsp;</B> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> (1) <FONT STYLE="background-color: white">Represents
the grant date fair value of stock option awards computed in accordance with FASB ASC Topic 718, excluding the effect of estimated forfeitures.
For information regarding assumptions underlying the valuation of equity awards, see Note 11 to our financial statements included elsewhere
in this prospectus.</FONT> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> (2) <FONT STYLE="background-color: white">Reflects
</FONT>a cash payment to Mr. Neal for his service as board chair approved in September 2021. Such payment will be made following the
completion of this offering. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>Non-Employee&nbsp;Director Compensation
Policy</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Prior to this offering,
we did not have a fixed policy to provide any cash or equity compensation to our&nbsp;non-employee&nbsp;directors for their service
on our board of directors or committees of our board of directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">In September 2021, our
board of directors approved compensation for our non-employee directors, to be effective after the completion of this offering.
Beginning after this offering, our non-employee directors will receive annual cash compensation of $25,000 for service on the board and
additional cash compensation for the chairperson and committee members as set forth below. All cash payments will be made quarterly in
arrears, and pro-rated for any partial quarters of service.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; background-color: white; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="width: 9%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%; text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Audit
    Committee Chair: $20,000</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; background-color: white; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="width: 9%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%; text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Compensation
    Committee Chair: $10,000</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; background-color: white; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="width: 9%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%; text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Nominating
    and Corporate Governance Committee Chair: $10,000</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, each of our new non-employee directors
will be granted an option to purchase 63,000 shares of our common stock upon the director&rsquo;s initial appointment to our Board upon
the effectiveness of this offering. Such stock options will have an exercise price equal to the Company&rsquo;s closing stock price on
Nasdaq on its first day of trading. The grant will vest in 36 equal installments on each monthly anniversary of the date of grant, such
that the grant will become fully vested and exercisable on the three-year anniversary of the date of grant, subject to the director&rsquo;s
continued service through each applicable vesting date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B><A NAME="a13"></A>COMPENSATION
OF OUR EXECUTIVE OFFICERS </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B>Named Executive Officers</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Our Named Executive Officers,
are:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Jeff Thramann (1)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Brent Ness (2)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: justify"> <FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT> </TD>
    <TD STYLE="text-align: justify"> <FONT STYLE="font-size: 10pt">James C. Peacock III (3)</FONT> </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: justify"> <FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT> </TD>
    <TD STYLE="text-align: justify"> <FONT STYLE="font-size: 10pt">Ryan Bond</FONT> </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: justify"> <FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT> </TD>
    <TD STYLE="text-align: justify"> <FONT STYLE="font-size: 10pt">John Lorbiecki (4)</FONT> </TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">____________</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%"><FONT STYLE="font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="width: 97%; text-align: justify"><FONT STYLE="font-size: 10pt">Dr. Thramann was appointed Executive Director as of March, 2021, and will become Executive Chairman as of the date of this prospectus.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%"><FONT STYLE="font-size: 10pt">(2)</FONT></TD>
    <TD STYLE="width: 97%; text-align: justify"><FONT STYLE="font-size: 10pt">Mr. Ness was appointed Chief Executive Officer and President on October 1, 2021.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%"> <FONT STYLE="font-size: 10pt">(3)</FONT> </TD>
    <TD STYLE="width: 97%; text-align: justify"> <FONT STYLE="font-size: 10pt">Mr. Peacock was Chief Executive Officer from October
    6, 2020 through September 15, 2021</FONT> </TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%"> <FONT STYLE="font-size: 10pt">(4)</FONT> </TD>
    <TD STYLE="width: 97%; text-align: justify"> <FONT STYLE="font-size: 10pt">Mr. Lorbiecki was appointed Chief Financial Officer
    on October 1, 2021.</FONT> </TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B></B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>Compensation of our Executive Officers
for 2021 and 2020 </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>Summary Compensation
Table Year Ended December 31, 2021 and 2020 </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The following table
contains information about the compensation paid to or earned by each of our Named Executive Officers during the most recently completed
fiscal year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"></P>




<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid"> <FONT STYLE="font-size: 10pt"><B>Name and Principal Position</B></FONT> </TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"> <FONT STYLE="font-size: 10pt"><B>Year</B></FONT> </TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"> <FONT STYLE="font-size: 10pt"><B>Salary<BR>
    ($)</B></FONT> </TD>
    <TD> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"> <FONT STYLE="font-size: 10pt"><B>Bonus<BR>
    ($)(1)</B></FONT> </TD>
    <TD> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> <B>Option</B> </P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> <B>Awards<BR>
    ($)(2)</B> </P></TD>
    <TD> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> <B>All Other Compensation</B> </P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> <B>($)</B> </P></TD>
    <TD> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"> <FONT STYLE="font-size: 10pt"><B>Total<BR>
    ($)</B></FONT> </TD>
    <TD> &nbsp; </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 40%"> <FONT STYLE="font-size: 10pt">Jeff Thramann, Executive Director (3)</FONT> </TD>
    <TD STYLE="width: 10%; text-align: center"> <FONT STYLE="font-size: 10pt">2021</FONT> </TD>
    <TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 8%; text-align: right"> <FONT STYLE="font-size: 10pt">250,000</FONT> </TD>
    <TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 8%; text-align: right"> &nbsp; </TD>
    <TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 8%; text-align: right"> <FONT STYLE="font-size: 10pt">672,603</FONT> </TD>
    <TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 8%; text-align: right"> &nbsp; </TD>
    <TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 8%; text-align: right"> <FONT STYLE="font-size: 10pt">922,603</FONT> </TD>
    <TD STYLE="width: 1%"> &nbsp; </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: right"> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: right"> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: right"> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: right"> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: right"> &nbsp; </TD>
    <TD> &nbsp; </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD> <FONT STYLE="font-size: 10pt">Brent Ness, Chief Executive Officer (4)</FONT> </TD>
    <TD STYLE="text-align: center"> <FONT STYLE="font-size: 10pt">2021</FONT> </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-size: 10pt">100,000</FONT> </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: right"> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-size: 10pt">186,216</FONT> </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: right"> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-size: 10pt">286,216</FONT> </TD>
    <TD> &nbsp; </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: right"> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: right"> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: right"> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: right"> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: right"> &nbsp; </TD>
    <TD> &nbsp; </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD> <FONT STYLE="font-size: 10pt">James Peacock, Former Chief Executive Officer (5)</FONT> </TD>
    <TD STYLE="text-align: center"> <FONT STYLE="font-size: 10pt">2021</FONT> </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-size: 10pt">172,500</FONT> </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: right"> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-size: 10pt">69,838</FONT> </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: right"> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-size: 10pt">242,338</FONT> </TD>
    <TD> &nbsp; </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD> <FONT STYLE="font-size: 10pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: center"> <FONT STYLE="font-size: 10pt">2020</FONT> </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-size: 10pt">12,500</FONT> </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: right"> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: right"> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: right"> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-size: 10pt">12,500</FONT> </TD>
    <TD> &nbsp; </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: right"> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: right"> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: right"> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: right"> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: right"> &nbsp; </TD>
    <TD> &nbsp; </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD> <FONT STYLE="font-size: 10pt">Ryan Bond, Chief Strategy Officer</FONT> </TD>
    <TD STYLE="text-align: center"> <FONT STYLE="font-size: 10pt">2021</FONT> </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-size: 10pt">185,417</FONT> </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-size: 10pt">17,188</FONT> </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-size: 10pt">3,983</FONT> </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: right"> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-size: 10pt">206,587</FONT> </TD>
    <TD> &nbsp; </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD> <FONT STYLE="font-size: 10pt">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: center"> <FONT STYLE="font-size: 10pt">2020</FONT> </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-size: 10pt">164,990</FONT> </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-size: 10pt">8,594</FONT> </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: right"> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: right"> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-size: 10pt">173,584</FONT> </TD>
    <TD> &nbsp; </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD> <FONT STYLE="font-size: 10pt">John Lorbiecki, Chief Financial Officer (6)</FONT> </TD>
    <TD STYLE="text-align: center"> <FONT STYLE="font-size: 10pt">2021</FONT> </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-size: 10pt">56,250</FONT> </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: right"> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-size: 10pt">36,513</FONT> </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: right"> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-size: 10pt">92,763</FONT> </TD>
    <TD> &nbsp; </TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD> <FONT STYLE="font-size: 10pt">(1)</FONT> </TD>
    <TD> <FONT STYLE="font-size: 10pt">The Company implemented a cash bonus plan related to the temporary reduction of all employees&rsquo;
    base salaries by 50% effective as of October 16, 2020. The cash bonus earned in 2021 was equal to 150% of the amount of temporary
    salary reduction incurred by the employee during the same period.</FONT> </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD> <FONT STYLE="font-size: 10pt">(2)</FONT> </TD>
    <TD> Represents the grant date fair value of stock option awards computed in accordance with FASB ASC Topic 718, excluding the
    effect of estimated forfeitures. For information regarding assumptions underlying the valuation of equity awards, see Note 10 to
    our financial statements included elsewhere in this prospectus. </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%"> <FONT STYLE="font-size: 10pt">(3)</FONT> </TD>
    <TD STYLE="width: 98%; text-align: justify"> <FONT STYLE="font-size: 10pt">Dr. Thramann joined the Company as of March 1, 2021.</FONT> </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD> <FONT STYLE="font-size: 10pt">(4)</FONT> </TD>
    <TD STYLE="text-align: justify"> <FONT STYLE="font-size: 10pt">Mr. Ness joined the Company as of September 15, 2021.</FONT> </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD> <FONT STYLE="font-size: 10pt">(5)</FONT> </TD>
    <TD> <FONT STYLE="font-size: 10pt">Mr. Peacock served as the Chief Executive Officer from October 6, 2020 to September 15, 2021.</FONT> </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD> <FONT STYLE="font-size: 10pt">(6)</FONT> </TD>
    <TD> <FONT STYLE="font-size: 10pt">Mr. Lorbiecki joined the Company as of October 1, 2021.</FONT> </TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>Employment Agreements</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B><I>Dr. Jeff Thramann</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> On June 15, 2021, we entered into a consulting agreement with Dr.
Jeff Thramann which was retroactively made effective to March 1, 2021.&nbsp; The parties agreed to convert Dr. Thramann's consultant
status to employee status effective October 1, 2021. The employment agreement provided that Dr. Thramann would:&nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.25pt; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Receive a salary of $25,000 per month, to be accrued
    and paid from the proceeds of this offering and continue as the salary post IPO;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Be appointed as Executive Director (an executive officer
    position with the Company), as an &ldquo;at will&rdquo; employee, until the date of this prospectus, at which time he will transition
    from Executive Director to Executive Chairman, an executive officer of the Company; and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.25pt; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"> <FONT STYLE="font-size: 10pt">Be issued options (the &ldquo;Thramann Options&rdquo;)
    to purchase 9,000,000 shares (1,205,202 shares post-reverse split) of common stock (the &ldquo;Thramann Option Shares&rdquo;) of
    the Company subject to the terms and conditions set forth in the Company&rsquo;s equity incentive plan, at an exercise price of $0.26
    ($1.94 post-split) per share. The options have a 10-year term. The vesting of the Thramann Options shall be on the date of this prospectus,
    with the number of Thramann Options vesting equal to 16.67% of the fully diluted number of shares outstanding immediately prior to
    this offering, inclusive of the Thramann Option Shares. In the event that the amount of Thramann Options is less than 9,000,000,
    then the number of Thramann Options not vested shall be cancelled.</FONT> </TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I>&nbsp;</I></B></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I></I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I>Brent Ness</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On September 15, 2021, we entered into an Employment
Agreement with Brent Ness. The employment agreement provides that Mr. Ness would:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Be
                                            appointed Chief Executive Officer of the Company;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 31.5pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Receive
                                            an annual base salary of $300,000, plus an additional $100,000 if the Company
                                            completes an initial public offering and its securities are listed for trading on Nasdaq
                                            or the NYSE;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 31.5pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Commencing
                                            in 2022, Mr. Ness will also receive, upon certain conditions, an annual incentive bonus up
                                            to 50% of Mr. Ness&rsquo; base salary, with the amount (the &ldquo;Bonus Amount&rdquo;) determined
                                            by our Board, which Bonus Amount will be payable within 90 days of the fiscal year end of
                                            the Company. The employment agreement is terminable &lsquo;at will&rsquo; by the Company
                                            or Mr. Ness; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 31.5pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
  <TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
  <TD STYLE="text-align: justify"> Be issued options to purchase 2,550,000 shares of common stock (341,474
shares post-reverse stock split) of the Company, subject to the terms and conditions set forth in the Company&rsquo;s equity incentive
plan, at an exercise price of $0.26 ($1.94 post-split) per share. The stock options have a 10-year term. The stock options will vest in
48 equal installments on each monthly anniversary of the date of grant, such that the grant will become fully vested and exercisable on
the four-year anniversary of the date of grant. </TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I>John Lorbiecki
</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">On September 22, 2021,
we entered into an Employment Agreement with John Lorbiecki. The employment agreement provides that Mr. Lorbiecki would:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Be appointed Chief Financial Officer of the Company
    as an &ldquo;at will&rdquo; employee;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Receive an annual base salary of $225,000;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Commencing in 2022, Mr. Lorbiecki will also receive,
    upon certain conditions, an annual incentive bonus up to 50% of Mr. Lorbiecki&rsquo;s base salary, with the amount (the &ldquo;Bonus
    Amount&rdquo;) determined by our Board, which Bonus Amount will be payable within 90 days of the fiscal year end of the Company;
    and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"> <FONT STYLE="font-size: 10pt">Be issued options to purchase 500,000 shares of common stock (66,956 shares
post-reverse stock split) of the Company subject to the terms and conditions set forth in the Company&rsquo;s equity incentive plan, at
an exercise price of $0.26 ($1.94 post-split) per share. The stock options have a 10-year term. The stock options will vest in 48 equal
installments on each monthly anniversary of the date of grant, such that the grant will become fully vested and exercisable on the four-year
anniversary of the date of grant.</FONT> </TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> <B>Outstanding Equity Awards at <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">December
31, 2021</FONT></B> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table sets forth information regarding
equity awards held by our Named Executive Officers as of December 31, 2021. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"></P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD COLSPAN="7" STYLE="border-bottom: black 1pt solid; text-align: center"> <FONT STYLE="font-size: 10pt"><B>Equity Incentive Plan
    (1)</B></FONT> </TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid"> <FONT STYLE="font-size: 10pt"><B>Name</B></FONT> </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"> <FONT STYLE="font-size: 10pt"><B>Number of <BR>
    Shares<BR>
    Exercisable</B></FONT> </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"> <FONT STYLE="font-size: 10pt"><B>Number of <BR>
    Shares<BR>
    Unexercisable</B></FONT> </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"> <FONT STYLE="font-size: 10pt"><B>Option<BR>
    Exercise <BR>
    Price </B></FONT> </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"> <FONT STYLE="font-size: 10pt"><B>Option<BR>
    Expiration <BR>
    Date</B></FONT> </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #EEEEEE">
    <TD STYLE="width: 44%"> <FONT STYLE="font-size: 10pt">Jeff Thramann</FONT> </TD>
    <TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 13%; text-align: right"> <FONT STYLE="font-size: 10pt">&ndash;</FONT> </TD>
    <TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 13%; text-align: right"> <FONT STYLE="font-size: 10pt">1,205,202</FONT> </TD>
    <TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 13%; text-align: center"> <FONT STYLE="font-size: 10pt">$1.94</FONT> </TD>
    <TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 13%; text-align: right"> <FONT STYLE="font-size: 10pt">9/27/2031</FONT> </TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD> <FONT STYLE="font-size: 10pt">James Peacock</FONT> </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-size: 10pt">50,455</FONT> </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-size: 10pt">&nbsp;&ndash;</FONT> </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> <FONT STYLE="font-size: 10pt">$1.19</FONT> </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-size: 10pt">4/4/2027</FONT> </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #EEEEEE">
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-size: 10pt">40,173</FONT> </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: right"> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> <FONT STYLE="font-size: 10pt">$1.94</FONT> </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-size: 10pt">4/16/2031</FONT> </TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-size: 10pt">66,956</FONT> </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-size: 10pt">&ndash;</FONT> </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> <FONT STYLE="font-size: 10pt">$1.94</FONT> </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-size: 10pt">9/4/2031</FONT> </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #EEEEEE">
    <TD> <FONT STYLE="font-size: 10pt">Brent Ness</FONT> </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-size: 10pt">21,342</FONT> </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-size: 10pt">320,132</FONT> </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> <FONT STYLE="font-size: 10pt">$1.94</FONT> </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-size: 10pt">9/1/2031</FONT> </TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD> <FONT STYLE="font-size: 10pt">John Lorbiecki</FONT> </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-size: 10pt">2,790</FONT> </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-size: 10pt">64,166</FONT> </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> <FONT STYLE="font-size: 10pt">$1.94</FONT> </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-size: 10pt">10/1/2031</FONT> </TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">_______________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> (1) </P></TD>
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> Number of shares and exercise price have been adjusted to give
    effect to a 1:7.47 reverse stock split to become effective in connection with this offering: </P></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>Equity Incentive Plans</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"> <B><I>Nocimed,</I></B> <B><I>
Inc. 2015 Stock Plan</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"> We maintain the Nocimed,
Inc. 2015 Stock Plan, or the &ldquo;Existing Plan&rdquo;, under which we may grant 2,440,365 shares (assuming a 1:7.47 reverse stock
split) or options of the Company to our employees, consultants and other service providers. We have suspended the Existing Plan in
connection with this IPO. No further awards will be granted under the Existing Plan, but awards granted prior to the suspension date
will continue in accordance with their terms and the terms of the Existing Plan. We will cease granting awards under the Existing Plan
upon the implementation of the 2022 Plan, described below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I>2022 Aclarion Equity
Incentive Plan</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">In anticipation of this
IPO, our board of directors has adopted the 2022 Aclarion Equity Incentive Plan, or &ldquo;2022 Plan&rdquo;, contingent upon the consummation
of this IPO. Our shareholders have approved the 2022 Plan contingent upon the effectiveness of this IPO. We believe that a new
Equity Incentive Plan is appropriate in connection with an initial public offering of our common stock not only to continue to enable
us to grant awards to management to reward and incentivize their performance and retention, but also to have a long-term equity plan
that is appropriate for us as a public company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The material terms of
the 2022 Plan are summarized below. The following summary is qualified in its entirety by reference to the complete text of the 2022 Plan,
a copy of which will be filed as an exhibit to the registration statement of which this prospectus forms a part.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><I>Administration of
the plan</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Our board of directors
has appointed the compensation committee of our board of directors as the committee under the 2022 Plan with the authority to administer
the 2022 Plan. We refer to our board of directors or compensation committee, as applicable, as the &ldquo;Administrator&rdquo;. The Administrator
is authorized to grant awards to eligible employees, consultants and non-employee directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><I>Number of authorized
shares and award limits</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The aggregate number
of our shares of common stock that may be issued or used for reference purposes under the 2022 Plan may not exceed 2,000,000 shares (subject
to adjustment as described below). Our shares of common stock that are subject to awards will be counted against the overall limit
as one share for every share granted or covered by an award. If any award is cancelled, expires or terminates unexercised for any reason,
the shares covered by such award will again be available for the grant of awards under the 2022 Plan, except that any shares that are
not issued as the result of a net exercise or settlement or that are used to pay any exercise price or tax withholding obligation will
not be available for the grant of awards. Shares of common stock that we repurchase on the open market with the proceeds of an option
exercise price also will not be available for the grant of awards. Awards that may be settled solely in cash will not be deemed to use
any shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The maximum number of
our shares of common stock that may be subject to any award of stock options, any restricted stock or other stock-based award denominated
in shares that may be granted under the 2022 Plan during any fiscal year to each employee or consultant is 500,000 shares per
type of award; provided that the maximum number of our shares of common stock for all types of awards during any fiscal year is 500,000
shares per each employee, consultant or director. The maximum number of our shares of common stock that may be granted pursuant to
awards under the 2022 Plan during any fiscal year to any non-employee director is 500,000 shares. In addition, the maximum grant
date value of any other stock-based awards denominated in cash and the maximum payment under any performance-based cash award granted
under the 2022 Plan payable with respect to any fiscal year to an employee or consultant is $200,000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The foregoing individual
participant limits are cumulative; that is, to the extent that shares of common stock that may be granted to an individual in a fiscal
year are not granted, the number of shares of common stock that may be granted to such individual is increased in the subsequent fiscal
years during the term of the 2022 Plan until used. In addition, the foregoing limits (other than the limit on the maximum number of our
shares of common stock for all types of awards during any fiscal year) will not apply (i)&nbsp;to options, restricted stock or other stock-based
awards that constitute &ldquo;restricted property&rdquo; under Section&nbsp;83 of the Code to the extent granted during the reliance period
(as described below), or (ii)&nbsp;to performance-based cash awards or other types of other stock-based awards to the extent paid or otherwise
settled during the reliance period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">For companies that become
public in connection with an initial public offering, the deduction limit under Section 162(m) does not apply during a &ldquo;reliance
period&rdquo; under the Treasury Regulations under Section 162(m) until the earliest of: (i)&nbsp;the expiration of the 2022 Plan, (ii)&nbsp;the
date the 2022 Plan is materially amended for purposes of Treasury Regulation Section&nbsp;1.162-27(h)(1)(iii);&nbsp;(iii) the date all
shares of common stock available for issuance under the 2022 Plan have been allocated; or (iv)&nbsp;the date of the first annual meeting
of our stockholders at which directors are to be elected that occurs after the close of the third calendar year following the calendar
year in which the initial public offering occurs, such period is referred to herein as the reliance period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The Administrator will,
in accordance with the terms of the 2022 Plan, make appropriate adjustments to the above aggregate and individual limits (other than cash
limitations), to the number and/or kind of shares or other property (including cash) underlying awards and to the purchase price of shares
underlying awards, in each case, to reflect any change in our capital structure or business by reason of any stock split, reverse stock
split, stock dividend, combination or reclassification of shares, any recapitalization, merger, consolidation, spin off, split off, reorganization
or any partial or complete liquidation, any sale or transfer of all or part of our assets or business, or any other corporate transaction
or event that would be considered an &ldquo;equity restructuring&rdquo; within the meaning of FASB ASC Topic 718. In addition, the Administrator
may take similar action with respect to other extraordinary events.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><I>Eligibility and participation</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">All of our current and
prospective employees and consultants, as well as our non-employee directors, are eligible to be granted non-qualified&nbsp;stock options,
restricted stock, performance-based cash awards and other stock-based awards under the 2022 Plan. Only our and our subsidiaries&rsquo;
employees, if any, are eligible to be granted incentive stock options, (&ldquo;ISOs&rdquo;), under the 2022 Plan. Eligibility for awards
under the 2022 Plan is determined by the Administrator in its discretion. In addition, each member of our board of directors who is not
an employee of the company or any of our affiliates is expected to be eligible to receive awards under the 2022 Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><I>Types of awards</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><I>Stock options</I>.<I>&nbsp;</I>The
2022 Plan authorizes the Administrator to grant ISOs to eligible employees and&nbsp;non-qualified&nbsp;stock options to purchase shares
to employees, consultants, prospective employees, prospective consultants and&nbsp;non-employee&nbsp;directors. The Administrator will
determine the number of shares of common stock subject to each option, the term of each option, the exercise price (which may not be less
than the fair market value of the shares of common stock at the time of grant, or 110% of fair market value in the case of ISOs granted
to 10% stockholders), the vesting schedule and the other terms and conditions of each option. Options will be exercisable at such times
and subject to such terms as are determined by the Administrator at the time of grant. The maximum term of options under the 2022 Plan
is ten years (or five years in the case of ISOs granted to 10% stockholders). Upon the exercise of an option, the participant must make
payment of the full exercise price, either in cash or by check, bank draft or money order; solely to the extent permitted by law and authorized
by the Administrator, through the delivery of irrevocable instructions to a broker, reasonably acceptable to us, to promptly deliver to
us an amount equal to the aggregate exercise price; or on such other terms and conditions as may be acceptable to the Administrator (including,
without limitation, the relinquishment of options or by payment in full or in part in the form of shares of common stock).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><I>Restricted stock</I>.<I>&nbsp;</I>The
2022 Plan authorizes the Administrator to grant restricted stock. Recipients of restricted stock enter into an agreement with us subjecting
the restricted stock to transfer and other restrictions and providing the criteria or dates on which such awards vest and such restrictions
lapse. The restrictions on restricted stock may lapse and the awards may vest over time, based on performance criteria or other factors
(including, without limitation, performance goals that are intended to comply with the performance-based compensation exception under
Section 162(m), as discussed below), as determined by the Administrator at the time of grant. Except as otherwise determined by the Administrator,
a holder of restricted stock has all of the attendant rights of a stockholder including the right to receive dividends, if any, subject
to and conditioned upon vesting and restrictions lapsing on the underlying restricted stock, the right to vote shares and, subject to
and conditioned upon the vesting and restrictions lapsing for the underlying shares, the right to tender such shares. However, the Administrator
may in its discretion provide at the time of grant that the right to receive dividends on restricted stock will not be subject to the
vesting or lapsing of the restrictions on the restricted stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><I>Other stock-based
awards</I>.<I>&nbsp;</I>The 2022 Plan authorizes the Administrator to grant awards of shares of common stock and other awards that are
valued in whole or in part by reference to, or are payable in or otherwise based on, shares of common stock, including, but not limited
to, shares of common stock awarded purely as a bonus and not subject to any restrictions or conditions; shares of common stock in payment
of the amounts due under an incentive or performance plan sponsored or maintained by us or an affiliate; stock appreciation rights; stock
equivalent units; restricted stock units; performance awards entitling participants to receive a number of shares of common stock (or
cash in an equivalent value) or a fixed dollar amount, payable in cash, stock or a combination of both, with respect to a designated performance
period; or awards valued by reference to book value of our shares of common stock. In general, other stock-based awards that are denominated
in shares of common stock will include the right to receive dividends, if any, subject to and conditioned upon vesting and restrictions
lapsing on the underlying award, but the Administrator may in its discretion provide at the time of grant that the right to receive dividends
on a stock-denominated award will not be subject to the vesting or lapsing of the restrictions on the performance award.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><I>Performance-based
cash awards</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The 2022 Plan authorizes
the Administrator to grant cash awards that are payable or otherwise based on the attainment of&nbsp;pre-established&nbsp;performance
goals during a performance period. As noted above, following the Reliance Period, performance-based cash awards granted under the 2022
Plan that are intended to satisfy the performance-based compensation exception under Code Section 162(m) will vest based on attainment
of specified performance goals established by the Administrator. These performance goals will be based on the attainment of a certain
target level of, or a specified increase in (or decrease where noted), criteria selected by the Administrator.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Such performance goals
may be based upon the attainment of specified levels of company, affiliate, subsidiary, division, other operational unit, business segment
or administrative department performance relative to the performance of other companies. The Administrator may designate additional business
criteria on which the performance goals may be based or adjust, modify or amend those criteria, to the extent permitted by Section 162(m).
Unless the Administrator determines otherwise, to the extent permitted by Section 162(m), the Administrator will disregard and exclude
the impact of special, unusual or non-recurring items, events, occurrences or circumstances; discontinued operations or the disposal of
a business; the operations of any business that we acquire during the fiscal year or other applicable performance period; or a change
in accounting standards required by generally accepted accounting principles or changes in applicable law or regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><I>Effect of certain
transactions; Change in control</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">In the event of a change
in control, as defined in the 2022 Plan, except as otherwise provided by the Administrator, unvested awards will not vest. Instead, the
Administrator may, in its sole discretion provide that outstanding awards will be: assumed and continued; purchased based on the price
per share paid in the change in control transaction (less, in the case of options and stock appreciation rights (&ldquo;SARs&rdquo;),
the exercise price), as adjusted by the Administrator for any contingent purchase price, escrow obligations, indemnification obligations
or other adjustments to the purchase price; and/or in the case of stock options or other stock-based appreciation awards where the change
in control price is less than the applicable exercise price, cancelled. However, the Administrator may in its sole discretion provide
for the acceleration of vesting and lapse of restrictions of an award at any time including in connection with a change in control.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><I>Non-transferability&nbsp;of
awards</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Except as the Administrator
may permit, at the time of grant or thereafter, awards granted under the 2022 Plan are generally not transferable by a participant other
than by will or the laws of descent and distribution. Shares of common stock acquired by a permissible transferee will continue to be
subject to the terms of the 2022 Plan and the applicable award agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><I>Term</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Awards under the 2022
Plan may not be made after January 1, 2032, but awards granted prior to such date may extend beyond that date. We may seek stockholder
re-approval of the performance goals in the 2022 Plan. If such stockholder approval is obtained, on or after the first stockholders&rsquo;
meeting in the fifth year following the year of the last stockholder approval of the performance goals in the 2022 Plan, awards under
the 2022 Plan may be based on such performance goals in order to qualify for the &ldquo;performance-based compensation&rdquo; exception
under Section 162(m).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><I>Amendment and termination</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Subject to the rules
referred to in the balance of this paragraph, our board of directors or the Administrator (to the extent permitted by law) may at any
time amend, in whole or in part, any or all of the provisions of the 2022 Plan, or suspend or terminate it entirely, retroactively or
otherwise. Except as required to comply with applicable law, no such amendment, suspension or termination may reduce the rights of a participant
with respect to awards previously granted without the consent of such participant. In addition, without the approval of stockholders,
no amendment may be made that would: increase the aggregate number of shares of common stock that may be issued under the 2022 Plan; increase
the maximum individual participant share limitations for a fiscal year or year of a performance period; change the classification of individuals
eligible to receive awards under the 2022 Plan; extend the maximum term of any option; reduce the exercise price of any option or SAR
or cancel any outstanding &ldquo;in-the-money&rdquo; option or SAR in exchange for cash; substitute any option or SAR in exchange for
an option or SAR (or similar other award) with a lower exercise price; alter the performance goals; or require stockholder approval in
order for the 2022 Plan to continue to comply with Section 162(m) or Section&nbsp;422 of the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><I>Federal income tax
implications of the incentive plans</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The federal income tax
consequences arising with respect to awards granted under the Existing Plan and 2022 Plan will depend on the type of award. From the recipients&rsquo;
standpoint, as a general rule, ordinary income will be recognized at the time of payment of cash, or delivery of actual shares. Future
appreciation on shares held beyond the ordinary income recognition event will be taxable at capital gains rates when the shares are sold.
We, as a general rule, will be entitled to a tax deduction that corresponds in time and amount to the ordinary income recognized by the
recipient, and we will not be entitled to any tax deduction in respect of capital gain income recognized by the recipient. Exceptions
to these general rules may arise under the following circumstances: (i)&nbsp;if shares, when delivered, are subject to a substantial risk
of forfeiture by reason of failure to satisfy any employment or performance-related condition, ordinary income taxation and our tax deduction
will be delayed until the risk of forfeiture lapses (unless the recipient makes a special election to ignore the risk of forfeiture);
(ii) if an employee is granted an ISO, no ordinary income will be recognized, and we will not be entitled to any tax deduction, if shares
acquired upon exercise of the ISO are held longer than the later of one year from the date of exercise and two years from the date of
grant; (iii)&nbsp;for awards granted after the reliance period, we may not be entitled to a tax deduction for compensation attributable
to awards granted to one of our Named Executive Officers (other than our Chief Financial Officer), if and to the extent such compensation
does not qualify as &ldquo;performance-based&rdquo; compensation under Section 162(m), and such compensation, along with any other&nbsp;non-performance-based
compensation paid in the same calendar year, exceeds $1 million; and (iv)&nbsp;an award may be taxable at 20% above ordinary income tax
rates at the time it becomes vested, even if that is prior to the delivery of the cash or stock in settlement of the award, if the award
constitutes &ldquo;deferred compensation&rdquo; under Section 409A of the Code, and the requirements of Section 409A of the Code are not
satisfied. The foregoing provides only a general description of the application of federal income tax laws to certain awards under the
Incentive Plans, and is not intended as tax guidance to participants in the Incentive Plans, as the tax consequences may vary with the
types of awards made, the identity of the recipients and the method of payment or settlement. This summary does not address the effects
of other federal taxes (including possible &ldquo;golden parachute&rdquo; excise taxes) or taxes imposed under state, local, or foreign
tax laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Non-employee director compensation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Following the consummation
of this offering, we intend to implement a director compensation program pursuant to which our&nbsp;non-employee directors will receive
the following compensation for their service on our board of directors:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; background-color: white; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No annual retainer, but
    a reimbursement of actual travel and lodging expenses; and </FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; background-color: white; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">An annual grant of stock
    options and other compensation to be determined by the board of directors. </FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left; background-color: white"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left; background-color: white"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left; background-color: white"><B>&nbsp;</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B><A NAME="a14"></A>CERTAIN
RELATIONSHIPS AND RELATED-PERSON TRANSACTIONS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>&nbsp;</B></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In addition to the executive officer and director
compensation arrangements discussed above under &ldquo;Compensation of our executive officers and directors,&rdquo; below we describe
transactions since January&nbsp;1, 2019 to which we have been or will be a participant, in which the amount involved in the transaction
exceeds or will exceed $120,000 and in which any of our directors, executive officers or beneficial holders of more than 5% of our capital stock, or 5% Security Holders, or any immediate family member of, or person sharing the household with, any of these individuals,
had or will have a direct or indirect material interest.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Commencing
January 2020 and through the date of this prospectus, we paid a total of $125,324 to the Regents of the University of California pursuant
to our License Agreement with them<I>. </I>Professor Jeffrey Lotz, PhD. who is a Director of the Company, is the Vice Chair of Orthopedic
Research at UCSF. Dr. Lotz will be retiring as a director as of the date of this prospectus, but will continue as a member of our Scientific
Advisory Board. We will continue to make payments to </FONT>the Regents of the University of California <FONT STYLE="font-family: Times New Roman, Times, Serif">for
the duration of our License Agreement with UCSF (See &ldquo;Business- License Agreement with the Regents of the University of California&rdquo;
above).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> We have entered into a number of investment
and commercial transactions with Nuvasive. See &ldquo;Business &ndash; Transactions with Nuvasive.&rdquo; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> Since January 2019, SC Capital 1 LLC and Clark
Gunderson, M.D. have invested in (i) our Series B-1 preferred stock financing and (ii) our 6% convertible preferred note financing. Such
investments were made on the same terms offered to other investors. David Neal, one of our directors, is the founder and a current member
of SC Capital 1, LLC. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B>Policy for approval
of related-person transactions</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Prior to this offering,
we have not had a formal policy regarding approval of transactions with related persons. In connection with this offering, our board
of managers has adopted a related-person transaction policy that sets forth our procedures for the identification, review, consideration
and approval or ratification for the review of any transaction, arrangement or relationship in which we are a participant, the amount
involved exceeds $120,000 and one of our executive officers, directors, director nominees or each person whom we know to beneficially
own more than 5% of our outstanding common stock (a &ldquo;5% stockholder&rdquo;) (or their immediate family members), each of whom we
refer to as a &ldquo;related person,&rdquo; has a direct or indirect material interest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">If a related person
proposes to enter into such a transaction, arrangement or relationship, which we refer to as a &ldquo;related-person transaction,&rdquo;
the related person must report the proposed related-person transaction to our outside general counsel. The policy calls for the proposed
related-person transaction to be reviewed by and if deemed appropriate approved by, the audit committee of our board of directors. Whenever
practicable, the reporting, review and approval will occur prior to entry into the transaction. If advance review and approval is not
practicable, the audit committee will review and, in its discretion, may ratify the related-person transaction. The policy also permits
the chair of the audit committee to review, and if deemed appropriate approve, proposed related-person transactions that arise between
audit committee meetings, subject to ratification by the audit committee at its next meeting. Any related-person transactions that are
ongoing in nature will be reviewed annually.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">A related-person transaction
reviewed under the policy will be considered approved or ratified if it is authorized by the audit committee after full disclosure of
the related person&rsquo;s interest in the transaction. As appropriate for the circumstances, the committee will review and consider:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; background-color: white; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="width: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 0.25in; text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    related person&rsquo;s interest in the related-person transaction;</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    approximate dollar amount involved in the related-person transaction;</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    approximate dollar amount of the related person&rsquo;s interest in the transaction without regard to the amount of any profit or
    loss;</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">whether
    the transaction was undertaken in the ordinary course of our business;</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">whether
    the terms of the transaction are no less favorable to us than terms that could have been reached with an unrelated third party;</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    purpose of, and the potential benefits to us of, the related-person transaction; and</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any
    other information regarding the related-person transaction or the related person in the context of the proposed transaction that
    would be material to investors in light of the circumstances of the particular transaction.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The audit committee
may approve or ratify the transaction only if the audit committee determines that, under all of the circumstances, the transaction is
not inconsistent with our best interests. The audit committee may impose any conditions on the related-person transaction that it deems
appropriate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The policy provides
that transactions involving compensation of executive officers shall be reviewed and approved by the compensation committee of our board
of directors in the manner specified in its charter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B><A NAME="a15"></A>PRINCIPAL
STOCKHOLDERS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The following table sets
forth information regarding the beneficial ownership of our common stock as of April 21, 2022 by (i) each 5% stockholder, (ii) each director,
(iii) each Named Executive Officer and (iv) all directors and executive officers as a group. Unless otherwise indicated, the address of
each executive officer and director is c/o Aclarion, Inc. at 951 Mariners Island Blvd, Suite 300 San Mateo, California 94404.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The following table does
not include Ms. Sequira, Mr. Deitch and Dr. Breidbart, each of whom (i) will join the board in connection with this offering, and (ii)
does not beneficially own any securities of the Company as of April 21, 2022.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The number of shares
of common stock &ldquo;beneficially owned&rdquo; by each stockholder is determined under rules issued by the SEC regarding the beneficial
ownership of securities. This information is not necessarily indicative of beneficial ownership for any other purpose. Under these rules,
beneficial ownership of shares of our common stock includes (1) any shares as to which the person or entity has sole or shared voting
power or investment power and (2) any shares as to which the person or entity has the right to acquire beneficial ownership within 60
days after April 21, 2022.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">In computing the number
of shares beneficially owned by an individual or entity and the percentage ownership of that person, shares of stock subject to options,
warrants, or other rights held by such person that are currently exercisable or will become exercisable within 60 days of April 21, 2022
or issuable pursuant to RSUs that are subject to vesting and settlement conditions expected to occur within 60 days of April 21, 2022
are considered outstanding, although these shares are not considered outstanding for purposes of computing the percentage ownership of
any other person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Unless otherwise noted,
each holder&rsquo;s percentage ownership percentage before this offering is based on 7,822,148 shares of common stock outstanding as of
April 21, 2022, after giving effect to (i) a one-for-7.47 reverse split of our common stock, (ii) the conversion of all outstanding shares
of preferred stock into 3,279,117 shares of common stock, (iii) the issuance of an aggregate 971,551 shares of common stock in payment
of the accrued dividends on certain outstanding shares of our preferred stock, (iv) the issuance of 74,027 shares of common stock upon
the net exercise of outstanding warrants that will be exercised upon the effectiveness of this offering, and (v) the issuance of 426,767
shares of common stock in payment of accrued interest on our $2 million of senior secured debt.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Unless otherwise noted
each holder&rsquo;s percentage ownership after this offering is based on shares of common stock to be outstanding immediately after the
consummation of this offering, and excludes (i) 2,255,670 shares of our common stock issuable upon the exercise of outstanding stock options
granted under our Existing Plan, (ii) 2,000,000 shares reserved for issuance in connection with future equity grants that could be made
under the 2022 Plan, (iii) 426,767 shares of common stock issuable upon the exercise of warrants offered in payment of accrued interest
on our $2 million of senior secured debt, (iv) 173,200 shares of common stock issuable upon the exercise of the Representative&rsquo;s
Warrant, (v) 2,165,000 shares of common stock issuable upon the exercise of the Warrants offered as part of this offering, and also (vi)
assumes no exercise by the underwriters of their option to purchase up to an additional 324,750 shares of common stock and/or up to an
additional 324,750 Warrants, pursuant to their over-allotment option.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Unless otherwise indicated
below, and subject to community property laws where applicable, to our knowledge, all persons named in the table have sole voting and
investment power with respect to their shares of common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Name of Beneficial Owner</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Number&nbsp;of&nbsp;Shares<BR>
Beneficially<BR>
Owned (10)</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Percentage of<BR>
Shares Beneficially<BR>
Owned Before Offering</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Percentage of Shares Beneficially Owned after the Offering</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD><FONT STYLE="font-size: 10pt"><B>5% Stockholders:</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 60%"><FONT STYLE="font-size: 10pt">SC Capital 1 LLC (1) </FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 11%; text-align: right"><FONT STYLE="font-size: 10pt">1,110,651</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 11%; text-align: center"><FONT STYLE="font-size: 10pt">19.6%</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 11%; text-align: center"><FONT STYLE="font-size: 10pt">14.2%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD><FONT STYLE="font-size: 10pt">NuVasive Inc. (2) </FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">1,114,247</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">19.7%</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">14.2%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-size: 10pt">James Peacock (3) </FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">515,161</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">9.1%</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">6.6%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD><FONT STYLE="font-size: 10pt">Clark Gunderson (4) </FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">448,056</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">7.9%</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">5.7%&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-size: 10pt">Richard Minicozzi (5)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">426,767</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">7.5%</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">5.5%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-size: 10pt"><B>Executive Officers and Directors:</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD><FONT STYLE="font-size: 10pt">Jeff Thramann (6) </FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">1,204,819</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">17.6%</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">13.3%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-size: 10pt">Brent Ness </FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">64,006</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">1.1%&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">0.8%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD><FONT STYLE="font-size: 10pt">John Lorbiecki </FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">11,156</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">0.2%</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">0.1%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-size: 10pt">Ryan Bond </FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">24,849</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">0.4%</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">0.3%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD><FONT STYLE="font-size: 10pt">David Neal (7) </FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">70,281</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">1.2%</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">0.9%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-size: 10pt">William Wesemann </FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">51,776</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">0.9%</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">0.7%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD><FONT STYLE="font-size: 10pt">Jeffrey Lotz, PhD (8) </FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">185,652</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">3.3%</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">2.4%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-size: 10pt">Robert K. Eastlack (8) (9) </FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">217,277</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">3.8%</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">2.8%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD><FONT STYLE="font-size: 10pt">Lawrence Tanenbaum (8) </FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">20,006</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">0.4%</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">0.3%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD><FONT STYLE="font-size: 10pt"><B>All directors and executive officers as a group (9 persons)</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">1,849,823 </FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">26.9%</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">20.4%</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">__________________________</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; text-align: justify"> <FONT STYLE="font-size: 10pt">(1) </FONT> </TD>
    <TD STYLE="text-align: justify; width: 95%"> <FONT STYLE="font-size: 10pt">Michael W. Dirks serves as the manager for SC Capital 1, LLC and
    may be deemed to have voting and investment power over the shares held by SC Capital 1, LLC. Mr. Dirks disclaims beneficial ownership
    of such shares except to the extent of his pecuniary interests therein. The principal business address for SC Capital 1, LLC is One
    Compound Drive, Hutchinson, KS 67502.</FONT> </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"> <FONT STYLE="font-size: 10pt">(2)</FONT> </TD>
    <TD STYLE="text-align: justify"> <FONT STYLE="font-size: 10pt">The principal business address for NuVasive, Inc. is 7475 Lusk
    Boulevard, San Diego, California 92121.</FONT> </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"> <FONT STYLE="font-size: 10pt">(3)</FONT> </TD>
    <TD STYLE="text-align: justify"> <FONT STYLE="font-size: 10pt">The principal business address for Mr. Peacock is c/o Aclarion,
    Inc. at 951 Mariners Island Blvd, Suite 300 San Mateo, California 94404.</FONT> </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"> <FONT STYLE="font-size: 10pt">(4)</FONT> </TD>
    <TD STYLE="text-align: justify"> <FONT STYLE="font-size: 10pt">The principal business address for Dr. Gunderson is c/o Aclarion,
    Inc. at 951 Mariners Island Blvd, Suite 300 San Mateo, California 94404.</FONT> </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">(5)</TD>
    <TD STYLE="text-align: justify">The principal business address for Mr. Minicozzi is c/o Aclarion, Inc.
at 951 Mariners Island Blvd, Suite 300 San Mateo, California 94404.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"> <FONT STYLE="font-size: 10pt">(6)</FONT> </TD>
    <TD STYLE="text-align: justify"> <FONT STYLE="font-size: 10pt">Represents outstanding stock options held by Dr. Thramann. Dr. Thramann&rsquo;s
beneficial ownership calculations reflect that all such options became vested in connection with this offering. See &ldquo;<A HREF="#a13">Compensation of Our Executive Officers</A> &ndash; Employment Agreements.&rdquo;</FONT> </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"> <FONT STYLE="font-size: 10pt">(7) </FONT> </TD>
    <TD STYLE="text-align: justify"> <FONT STYLE="font-size: 10pt">Reflects securities held personally by Mr. Neal. Mr. Neal
    was a founder and is a current member of SC Capital 1 LLC which was formed in 2016. Mr. Neal does not have voting and
    investment power over the shares held by SC Capital 1, LLC.</FONT> </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"> <FONT STYLE="font-size: 10pt">(8) </FONT> </TD>
    <TD STYLE="text-align: justify"> <FONT STYLE="font-size: 10pt">Jeffrey Lotz, Robert Eastlack, and Lawrence Tanenbaum will resign
    as directors as of the date of this prospectus.</FONT> </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"> <FONT STYLE="font-size: 10pt">(9)</FONT> </TD>
    <TD STYLE="text-align: justify"> <FONT STYLE="font-size: 10pt">Includes 38,219 shares owned by the Eastlack Family Living Trust, 16,659 vested
stock options held by Robert Eastlack, 9,538 shares owned by the Eastlack Family Trust, and 152,861 shares /options owned by Baker and
Eastlack Fund I LP.</FONT> </TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: justify"> <FONT STYLE="font-size: 10pt">(10)</FONT> </TD>
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> Reflects a 1-for-7.47 reverse stock split of our shares of common stock
which became effective on April 21, 2022 upon the effectiveness of  this offering. </P></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><A NAME="a16"></A><B>DESCRIPTION
OF CAPITAL STOCK</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>The following description is intended as a
summary of our Amended and Restated Certificate of Incorporation (which we refer to as our &ldquo;charter&rdquo;) and our bylaws, each
of which is filed as an exhibit to the registration statement of which this prospectus forms a part and which will become effective upon
the effectiveness of this offering, and to the applicable provisions of the Delaware General Corporation Law. The description of our common
stock and preferred stock reflects the completion of this offering. Because the following is only a summary, it does not contain all of
the information that may be important to you. For a complete description, you should refer to our charter and bylaws.</I></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I></I></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>General</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our charter authorizes 200,000,000 shares of common
stock, $0.00001 par value per share, and 20,000,000 shares of preferred stock, $0.00001 per value per share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Upon the effectiveness of this offering, we will
have 5,180,711 shares of our common stock outstanding and approximately 180 stockholders of record. No shares of our preferred stock
will be designated, issued or outstanding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B>Warrants</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 31, 2021 the Company granted 76,156
warrants to certain investors who participated over an agreed investment minimum amount in the purchase of our convertible notes, which
have an average exercise price of $.90 per share. 60,003 of these warrants will expire in 2030 and 16,153 expire in 2031. None
of these warrants may be exercised for a period of six months from the date of this prospectus.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B>Common stock</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I>Voting rights</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Each holder of our common
stock is entitled to one vote for each share on all matters submitted to a vote of the stockholders, including the election of directors.
Our stockholders do not have cumulative voting rights in the election of directors. Accordingly, holders of a majority of the voting
shares are able to elect all of the directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I>Dividends</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Subject to preferences
that may be applicable to any then-outstanding preferred stock, holders of our common stock are entitled to receive dividends, if any,
as may be declared from time to time by our board of directors out of legally available funds.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">We have not declared
or paid any cash dividends on our capital stock since our inception. We intend to retain future earnings, if any, to finance the operation
and expansion of our business and do not anticipate paying any cash dividends in the foreseeable future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I>Liquidation</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">In the event of our
liquidation, dissolution or winding up, holders of our common stock will be entitled to share ratably in the net assets legally available
for distribution to stockholders after the payment of all of our debts and other liabilities and the satisfaction of any liquidation
preference granted to the holders of any then-outstanding shares of preferred stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I>Rights and preferences</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Holders of our common
stock have no preemptive, conversion, subscription or other rights, and there are no redemption or sinking fund provisions applicable
to our common stock. The rights, preferences and privileges of the holders of our common stock are subject to and may be adversely affected
by the rights of the holders of shares of any series of our preferred stock that we may designate in the future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I>Fully paid and
nonassessable</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">All of our outstanding
shares of common stock are, and the shares of common stock to be issued in this offering will be, fully paid and nonassessable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B>Preferred stock</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our board of directors has the authority, without
further action by our stockholders, to issue up to 20,000,000 shares of preferred stock in one or more and to fix the rights,
preferences, privileges and restrictions thereof. These rights, preferences and privileges could include dividend rights, conversion
rights, voting rights, terms of redemption, liquidation preferences and sinking fund terms, any or all of which may be greater than the
rights of common stock. The issuance of our preferred stock could adversely affect the voting power of holders of common stock and the
likelihood that such holders will receive dividend payments and payments upon our liquidation. In addition, the issuance of preferred
stock could have the effect of delaying, deferring or preventing a change in control of our company or other corporate action. Immediately
after consummation of this offering, no shares of preferred stock will be outstanding, and we have no present plan to issue any shares
of preferred stock.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Convertible Notes </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In June 2021, we issued $2.0 million of
senior secured promissory notes. These notes bear interest at 33% and will mature upon the consummation of this offering. Upon the
consummation of this offering, the $2 million principal will be repaid in cash, and the accrued interest will be converted into
shares of common stock and common stock warrants at a conversion price equal to 30% of the initial public offering price of the
Units.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"> <B><I>Registration
Rights</I></B> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> Certain investors in our Company have specified
demand and piggyback registration rights pursuant to a registration rights agreement. All registration rights which might be applicable
to this offering have been waived by the investors. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B>Anti-takeover effects
of provisions of our charter, our bylaws and Delaware law</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Some provisions of Delaware
law, our charter and our bylaws, contain provisions that could have the effect of delaying, deterring or preventing another party from
acquiring or seeking to acquire control of us through the use of the following: acquisition of us by means of a tender offer; acquisition
of us by means of a proxy contest or otherwise; or removal of our incumbent officers and directors. These provisions may delay, deter
or prevent a change in control or other takeover of our company that our stockholders might consider to be in their best interests, including
transactions that might result in a premium being paid over the market price of our common stock and also may limit the price that investors
are willing to pay in the future for our common stock. These provisions may also have the effect of preventing changes in our management.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">These provisions are
intended to discourage certain types of coercive takeover practices and inadequate takeover bids and to encourage anyone seeking to acquire
control of us to negotiate first with our board of directors. We believe that the benefits of increased protection of our potential ability
to negotiate with the proponent of an unfriendly or unsolicited proposal to acquire or restructure us outweigh the disadvantages of discouraging
these proposals because negotiation of these proposals could result in an improvement of their terms.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I>Charter and bylaws
provisions</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Our charter and our
bylaws, include a number of provisions that could deter hostile takeovers or delay or prevent changes in control of our company, including
the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; background-color: white; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="width: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 0.25in; text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Board
    of Directors Vacancies:</I>&nbsp;Our charter and bylaws authorize only our board of directors to fill vacant directorships, including
    newly created seats. In addition, the number of directors constituting our board of directors may only be set by a resolution adopted
    by a majority vote of our entire board of directors. These provisions would prevent a stockholder from increasing the size of our
    board of directors and then gaining control of our board of directors by filling the resulting vacancies with its own nominees. This
    makes it more difficult to change the composition of our board of directors but promotes continuity of management.</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Stockholder
    Action; Special Meetings of Stockholders:</I>&nbsp;Our charter provides that our stockholders may not take action by written consent,
    but may only take action at annual or special meetings of our stockholders. As a result, a holder controlling a majority of our capital
    stock would not be able to amend our bylaws or remove directors without holding a meeting of our stockholders called in accordance
    with our bylaws. Further, our bylaws and charter will provide that special meetings of our stockholders may be called only by a majority
    of our Board, the Executive Chairman of our Board or our Chief Executive Officer, thus prohibiting a stockholder from calling a special
    meeting. These provisions might delay the ability of our stockholders to force consideration of a proposal or for stockholders controlling
    a majority of our capital stock to take any action, including the removal of directors.</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Advance
    Notice Requirements for Stockholder Proposals and Director Nominations:</I>&nbsp;Our bylaws provide advance notice procedures for
    stockholders seeking to bring matters before our annual meeting of stockholders or to nominate candidates for election as directors
    at our annual meeting of stockholders. Our bylaws also specify certain requirements regarding the form and content of a stockholder&rsquo;s
    notice. These provisions might preclude our stockholders from bringing matters before our annual meeting of stockholders or from
    making nominations for directors at our annual meeting of stockholders if the proper procedures are not followed. We expect that
    these provisions might also discourage or deter a potential acquirer from conducting a solicitation of proxies to elect the acquirer&rsquo;s
    own slate of directors or otherwise attempting to obtain control of our company.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; background-color: white; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="width: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 0.25in; text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Supermajority
    Voting:</I>&nbsp;The DGCL, provides, generally, that the affirmative vote of a majority of the shares entitled to vote on any matter
    is required to amend a corporation&rsquo;s certificate of incorporation or bylaws, unless a corporation&rsquo;s certificate of incorporation
    or bylaws, as the case may be, requires a greater percentage. Our bylaws may be amended or repealed by a majority vote of our Board
    or the affirmative vote of the holders of at least two-thirds of the votes that all our stockholders would be entitled to cast in
    an annual election of directors. In addition, the affirmative vote of the holders of at least two-thirds of the votes that all our
    stockholders would be entitled to cast in an election of directors is required to amend or repeal or to adopt certain provisions
    of our charter.</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>No
    Cumulative Voting:</I>&nbsp;The DGCL provides that stockholders are not entitled to the right to cumulate votes in the election of
    directors unless a corporation&rsquo;s certificate of incorporation provides otherwise. Our charter does not provide for cumulative
    voting.</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Removal
    of Directors Only for Cause:</I>&nbsp;Our charter provides that stockholders may remove directors only for cause and only by the
    affirmative vote of the holders of at least&nbsp;two-thirds&nbsp;of our outstanding common stock.</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Exclusive
                                    Forum Provision in Certificate of Incorporation. </I>Our certificate of incorporation provides that
                                    the Court of Chancery of the State of Delaware is the exclusive forum for the following types of
                                    actions or proceedings: any derivative action or proceeding brought on behalf of the Company, any
                                    action asserting a claim of breach of a fiduciary duty owed by any director, officer or other employee
                                    of the Company to the Company or the Company&rsquo;s stockholders, any action asserting a claim against
                                    the Company arising pursuant to any provision of the DGCL or the Company&rsquo;s certificate of incorporation
                                    or bylaws, or any action asserting a claim against the Company governed by the internal affairs doctrine.
                                    Our certificate of incorporation also provides that unless the Company consents in writing to the
                                    selection of an alternative forum, the federal district courts of the United States of America shall
                                    be the exclusive forum for the resolution of any complaint asserting a cause of action arising under
                                    the Securities Act. Despite the fact that the certificate of incorporation provides for this exclusive
                                    forum provision to be applicable to the fullest extent permitted by applicable law, Section 27 of
                                    the <B>Exchange Act</B>, creates exclusive federal jurisdiction over all suits brought to enforce
                                    any duty or liability created by the Exchange Act or the rules and regulations thereunder and Section
                                    22 of the Securities Act, creates concurrent jurisdiction for federal and state courts over all suits
                                    brought to enforce any duty or liability created by the Securities Act or the rules and regulations
                                    thereunder. As a result, this provision of the Company&rsquo;s certificate of incorporation would
                                    not apply to claims brought to enforce a duty or liability created by the Exchange Act, or any other
                                    claim for which the federal courts have exclusive jurisdiction. However, there is uncertainty as
                                    to whether a Delaware court would enforce the exclusive Federal Forum provisions for Securities Act
                                    Claims and that investors cannot waive compliance with the federal securities laws and rules and
                                    regulations thereunder.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Unless the Company
    consents in writing to the selection of an alternative forum, the federal district courts of the United States of America shall be
    the exclusive forum for the resolution of any complaint asserting a cause of action arising under the Securities Act.</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left; background-color: white"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a17"></A><B>DESCRIPTION OF SECURITIES
WE ARE OFFERING</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">We are offering Units,
consisting of one share of common stock and one Warrant. The shares of common stock and Warrants are immediately separable from the Units.
Each Warrant is exercisable for one share of common stock. The shares of common stock issuable from time to time upon exercise of the
Warrants are also being offered pursuant to this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B>Common Stock</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The material terms and
provisions of our common stock and each other class of securities which qualifies or limits our common stock are described under the
caption &ldquo;Description of Capital Stock&rdquo; in this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B>Warrants</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><I>Warrants</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Each purchaser of Units
in this offering will receive, for each Unit purchased, a Warrant representing the right to purchase one share of common stock at an
exercise price of $4.35. The Warrants will be exercisable on the date that the warrants are issued and will terminate on the 5th anniversary
date the warrants are first exercisable. The exercise price and number of shares for which each Warrant may be exercised is subject to
adjustment in the event of stock dividends, stock splits, reorganizations or similar events affecting our common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><I>Provisions Applicable
to Warrants</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">There is no established
public trading market for our Warrants, and there can be no assurances that a market will develop. In the event our common stock price
does not exceed the per share exercise price of the Warrants during the period when the warrants are exercisable, the Warrants will not
have any value.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Holders of the Warrants
may exercise their Warrants to purchase shares of our common stock on or before the termination date by delivering an exercise notice,
appropriately completed and duly signed. Payment of the exercise price for the number of shares for which the Warrants is being exercised
must be made within two trading days following such exercise. In the event that the registration statement relating to the Warrants
shares is not effective, a holder of Warrants may only exercise its Warrants for a net number of Warrant shares pursuant to the cashless
exercise procedures specified in the Warrants. Warrants may be exercised in whole or in part, and any portion of a Warrant not exercised
prior to the termination date shall be and become void and of no value. The absence of an effective registration statement or applicable
exemption from registration does not alleviate our obligation to deliver common stock issuable upon exercise of a Warrant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Upon the holder&rsquo;s
exercise of a Warrant, we will issue the shares of common stock issuable upon exercise of the Warrant within three trading days of our
receipt of notice of exercise, subject to timely payment of the aggregate exercise price therefor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The shares of common
stock issuable on exercise of the Warrants will be, when issued in accordance with the Warrants, duly and validly authorized, issued
and fully paid and non-assessable. We will authorize and reserve at least that number of shares of common stock equal to the number of
shares of common stock issuable upon exercise of all outstanding warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">If, at any time a Warrant
is outstanding, we consummate any fundamental transaction, as described in the Warrants and generally including any consolidation or
merger into another corporation, the consummation of a transaction whereby another entity acquires more than 50% of our outstanding common
stock, or the sale of all or substantially all of our assets, or other transaction in which our common stock is converted into or exchanged
for other securities or other consideration, the holder of any Warrants will thereafter receive upon exercise of the Warrants, the securities
or other consideration to which a holder of the number of shares of common stock then deliverable upon the exercise or conversion of
such Warrants would have been entitled upon such consolidation or merger or other transaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The Warrants are not
exercisable by their holder to the extent (but only to the extent) that such holder or any of its affiliates would beneficially own in
excess of 4.99% of our common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Amendments and waivers
of the terms of the Warrants require the written consent of the holder of such Warrants and us. The Warrants will be issued in book-entry
form under a warrant agent agreement between V-Stock Transfer Company, Inc. as warrant agent, and us, and shall initially be represented
by one or more book-entry certificates deposited with The Depository Trust Company, or DTC, and registered in the name of Cede&nbsp;&amp;&nbsp;Co.,
a nominee of DTC, or as otherwise directed by DTC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">You should review a
copy of the warrant agent agreement and the form of&nbsp;the Warrants, each of which are included as exhibits to the registration statement
of which this prospectus forms a part.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><I>Representative's Warrant</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">In addition, we have
agreed to issue the Representative&rsquo;s Warrant to the Representative, which enables the Representative to purchase up to an aggregate
of 8.0% of the aggregate number of shares of common stock sold in this offering, at an exercise price equal to 125% of the price per
unit sold in this offering. The Representative&rsquo;s Warrant will contain a cashless exercise feature. Each Representative&rsquo;s
Warrant is exercisable for one share of common stock. All exercises may commence on a date which is six months from the date of effectiveness
of the registration statement of which this prospectus is a part and shall expire on a date which is no more than five years from such
effective date, in compliance with FINRA Rule 5110(g)(8)(A). The Representative&rsquo;s Warrant is subject to the lockup restrictions
of FINRA Rule 5110(e)(1), and shall not be sold, transferred, assigned, pledged or hypothecated, or be the subject of any hedging, short
sale, derivative, put or call transaction for a period of 180 days from the date of the commencement of sales of the offering, except
as allowed by FINRA Rule 5110 (e)(2). The Representative&rsquo;s Warrant contains limitations on exercise that prevent the holder from
acquiring shares upon exercise that would result in the number of shares beneficially owned by the Representative and its affiliates,
including the shares issuable upon exercise, exceeding 9.99% of the total number of shares of our common stock then issued and outstanding.
The Representative&rsquo;s Warrant will contain provisions for piggyback registration rights for a period of five (5) years from the
commencement of sales of this offering at the Company&rsquo;s expense.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The Representative&rsquo;s
Warrant is not exercisable by its holder to the extent (but only to the extent) that such holder or any of its affiliates would beneficially
own in excess of 9.99% of our common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B>THE HOLDER OF A WARRANT
WILL NOT POSSESS ANY RIGHTS AS A STOCKHOLDER UNDER THAT WARRANT UNTIL THE HOLDER EXERCISES THE WARRANT. THE WARRANTS MAY BE TRANSFERRED
INDEPENDENT OF THE COMMON STOCK WITH WHICH THEY WERE ISSUED, SUBJECT TO APPLICABLE LAWS.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I>Delaware law</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">We are subject to the
provisions of Section&nbsp;203 of the DGCL, regulating corporate takeovers. In general, DGCL Section&nbsp;203 prohibits a publicly held
Delaware corporation from engaging in a business combination with an interested stockholder for a period of three years following the
date on which the person became an interested stockholder unless:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; background-color: white; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="width: 5%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%; text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">prior
    to the date of the transaction, the board of directors of the corporation approved either the business combination or the transaction
    which resulted in the stockholder becoming an interested stockholder;</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">upon
    consummation of the transaction that resulted in the stockholder becoming an interested stockholder, the interested stockholder owned
    at least 85% of the voting stock of the corporation outstanding at the time the transaction commenced, excluding for purposes of
    determining the voting stock outstanding, but not the outstanding voting stock owned by the interested stockholder, (i)&nbsp;shares
    owned by persons who are directors and also officers and (ii)&nbsp;shares owned by employee stock plans in which employee participants
    do not have the right to determine confidentially whether shares held subject to the plan will be tendered in a tender or exchange
    offer; or</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">at
    or subsequent to the date of the transaction, the business combination is approved by the board of directors of the corporation and
    authorized at an annual or special meeting of stockholders, and not by written consent, by the affirmative vote of at least&nbsp;two-thirds&nbsp;of
    the outstanding voting stock that is not owned by the interested stockholder.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Generally, a business
combination includes a merger, asset or stock sale, or other transaction or series of transactions together resulting in a financial
benefit to the interested stockholder. An interested stockholder is a person who, together with affiliates and associates, owns or, within
three years prior to the determination of interested stockholder status, did own 15% or more of a corporation&rsquo;s outstanding voting
stock. We expect the existence of this provision to have an anti-takeover effect with respect to transactions our board of directors
does not approve in advance. We also anticipate that DGCL Section&nbsp;203 may also discourage attempts that might result in a premium
over the market price for the shares of common stock held by stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B>Limitations on liability,
indemnification of officers and directors and insurance</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Our charter and bylaws
contain provisions that limit the liability of our directors for monetary damages to the fullest extent permitted by Delaware law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B>Listing</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our common stock and Warrants will trade on the
Nasdaq Capital Market, under the symbols &ldquo;ACON&rdquo; and &ldquo;ACONW&rdquo; respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B>Transfer agent and
registrar</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The transfer agent and
registrar for the shares of our common stock will be V Stock Transfer Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B><A NAME="a18"></A>SHARES
ELIGIBLE FOR FUTURE SALE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Prior to this offering,
there has been no public market for our common stock and a liquid trading market for our common stock may not develop or be sustained
after this offering. Future sales of our common stock in the public market after this offering, or the perception that those sales may
occur, could cause the prevailing market price for our common stock to fall or impair our ability to raise equity capital in the future.
As described below, only a limited number of shares of our common stock will be available for sale in the public market for a period of
several months after consummation of this offering due to contractual and legal restrictions on resale described below. Future sales of
our common stock in the public market either before (to the extent permitted) or after restrictions lapse, or the perception that those
sales may occur, could adversely affect the prevailing market price of our common stock at such time and our ability to raise equity capital
at a time and price we deem appropriate. Although our common stock and Warrants will trade on the Nasdaq Capital
Market under the symbols &ldquo;ACON&rdquo; and &ldquo;ACONW&rdquo;, respectively, we cannot assure you that there will be an active public
market for our common stock or Warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B>Sale of restricted
shares</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Based on the number of shares of our common stock
outstanding as of April 21, 2022, and assuming no exercise of the underwriters&rsquo; option to purchase additional shares of common stock
and/or Warrants, we will have outstanding 7,822,148 shares of common stock. This includes the 2,165,000 shares that we are selling in
this offering, but does not include (i) 2,165,000 shares of common stock issuable upon the exercise of the Warrants offered hereby, (ii)
173,200 shares of common stock issuable upon the exercise of the Representative&rsquo;s Warrant, (iii) 2,255,670 shares of common stock
issuable upon the exercise of outstanding stock options granted under our equity incentive plans, and (iv) 599,967 shares of common stock
issuable upon the exercise of outstanding common stock purchase warrants. Following this offering, shares will be restricted as a result
of securities laws or lock-up agreements but may be able to be sold commencing 180 days after the offering as described in the &ldquo;Shares
eligible for future sale&rdquo; and &ldquo;Underwriting&rdquo; sections of this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">All of the 2,165,000
shares of common stock to be sold in this offering, and any shares of common stock sold upon exercise of the underwriters&rsquo; option
to purchase additional shares of common stock, will be freely tradable in the public market without restriction or further registration
under the Securities Act, unless the shares are held by any of our &ldquo;affiliates&rdquo; as such term is defined in Rule 144 of the
Securities Act. Of the remaining 5,657,148 shares of common stock held by existing stockholders upon the effectiveness of this offering,
1,575,308 will be freely tradable without restriction immediately after the consummation of this offering and 4,081,840 will be &ldquo;restricted
securities&rdquo; as such term is defined in Rule 144. The restricted securities were issued and sold by us in private transactions and
are eligible for public sale only if registered under the Securities Act or if they qualified for an exemption from registration under
the Securities Act, including the exemptions provided by Rule 144 or Rule 701, which rules are summarized below. As a result of the contractual
180-day lock-up period described below and the provisions of Rule 144 and 701 of the Securities Act, the currently outstanding shares
of common stock will be available for sale in the public markets as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="width: 25%; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Date
    Available for Sale</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 20%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Shares
    Eligible for<BR>
    Sale</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 53%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Description</B></FONT></TD></TR>
  <TR STYLE="background-color: #EEEEEE">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date of Prospectus</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,694,331</FONT> </TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shares sold in this
    offering and shares saleable under Rule 144 that are not subject to a 180-day lock-up period.</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="background-color: #EEEEEE">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">90 Days after Date of Prospectus</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-0-</FONT> </TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shares saleable under
    Rules 144 and 701 that are not subject to a 180-day lock-up period.</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #EEEEEE">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">180 Days after Date of Prospectus</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"> 4,127,817 </TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lock-up shares released and saleable under Rules 144
    and 701</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B>Rule 144</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">In general, under Rule
144, as currently in effect, once we have been subject to the public company reporting requirements of the Exchange Act, for at least
90 days, a person (or persons whose shares are required to be aggregated) who is not deemed to have been one of our &ldquo;affiliates&rdquo;
for purposes of Rule 144 at any time during the three months preceding a sale, and who has beneficially owned restricted securities within
the meaning of Rule 144 for at least six months, including the holding period of any prior owner other than one of our &ldquo;affiliates,&rdquo;
is entitled to sell those shares in the public market (subject to the&nbsp;lock-up&nbsp;agreement referred to below, if applicable) without
complying with the manner of sale, volume limitations or notice provisions of Rule&nbsp;144, but subject to compliance with the public
information requirements of Rule 144. Rule 144(a)(1) defines an &ldquo;affiliate&rdquo; of an issuing company as a person that directly,
or indirectly through one or more intermediaries, controls, or is controlled by, or is under common control with, such issuer. Directors,
officers and holders of ten percent or more of the Company&rsquo;s voting securities (including securities which are issuable within
the next sixty days) are deemed to be affiliates of the issuing company. If such a person has beneficially owned the shares proposed
to be sold for at least one year, including the holding period of any prior owner other than &ldquo;affiliates,&rdquo; then such person
is entitled to sell such shares in the public market without complying with any of the requirements of Rule 144 (subject to the lock-up
agreement referred to below, if applicable). In general, under Rule 144, as currently in effect, once we have been subject to the public
company reporting requirements of the Exchange Act for at least 90 days, our &ldquo;affiliates,&rdquo; as defined in Rule 144, who have
beneficially owned the shares proposed to be sold for at least six months, including the holding period of any prior owner other than
one of our &ldquo;affiliates,&rdquo; are entitled to sell in the public market, upon expiration of any applicable lock-up agreements
and within any three-month period, a number of those shares of our common stock that does not exceed the greater of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; background-color: white; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="width: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 0.25in; text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1%
    of the number of shares of common stock then outstanding, which will equal approximately 100,000 shares of common stock immediately
    after this offering (calculated assuming no exercise of the underwriters&rsquo; option to purchase additional shares and no exercise
    of outstanding options or warrants); or</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; background-color: white; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="width: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 0.25in; text-align: justify"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    average weekly trading volume of our common stock on the Nasdaq during the four calendar weeks preceding the filing of a notice on
    Form 144 with respect to such sale.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Such sales under Rule
144 by our &ldquo;affiliates&rdquo; or persons selling shares on behalf of our &ldquo;affiliates&rdquo; are also subject to certain manner
of sale provisions, notice requirements and to the availability of current public information about us. Notwithstanding the availability
of Rule 144, the holders of substantially all of our restricted securities have entered into&nbsp;lock-up&nbsp;agreements as referenced
above and their restricted securities will become eligible for sale (subject to the above limitations under Rule 144) upon the expiration
of the restrictions set forth in those agreements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B>Rule 701</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The Rule 701 exemption
is not available to Exchange Act reporting companies. In general, under Rule 701 as currently in effect, any of our employees, directors,
officers, consultants or advisors who acquired common stock from us in connection with a written compensatory stock or option plan or
other written agreement in compliance with Rule 701 under the Securities Act before the effective date of the registration statement
of which this prospectus is a part (to the extent such common stock is not subject to a lock-up agreement) is entitled to rely on Rule
701 to resell such shares beginning 90 days after we become subject to the public company reporting requirements of the Exchange Act.
Our affiliates can resell shares in reliance on Rule 144 without having to comply with the holding period requirement, and non-affiliates
of the Company can resell shares in reliance on Rule 144 without having to comply with Rule 144&rsquo;s current public information and
holding period requirements in Rule 144. Accordingly, subject to any applicable lock-up agreements, beginning 90 days after we become
subject to the public company reporting requirements of the Exchange Act, under Rule 701 persons who are non-affiliates may resell those
shares without complying with the minimum holding period or public information requirements of Rule 144, and affiliates of the Company
may resell those shares without compliance with Rule 144&rsquo;s minimum holding period requirements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B>Equity incentive
plans</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Our board and stockholders
have previously adopted the Nocimed 2015 Stock Plan. <FONT STYLE="background-color: white">In connection with this IPO, our board
and stockholders have adopted the 2022 Plan. </FONT>For a description of our equity plans, see &ldquo;Compensation of our executive
officers and directors&mdash;Equity incentive plans.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B>Lock-up&nbsp;agreements</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">In connection with this
offering, we, our officers and directors, and certain of our existing security holders have agreed that, for a period of 180 days from
the date of this prospectus, we and they will not, without the prior written consent of Maxim Group, LLC dispose of or hedge any shares
or any securities convertible into or exchangeable for our common stock, subject to certain exceptions, Maxim Group, LLC in their sole
discretion may release any of the securities subject to these lock-up agreements at any time. If the restrictions under the lock-up agreements
are waived, shares of our common stock may become available for resale into the market, subject to applicable law, which could reduce
the market price for our common stock. See &ldquo;Underwriting.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a19"></A>UNDERWRITING </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have entered into an underwriting agreement
with Maxim Group LLC as the sole representative of the underwriters (&ldquo;Maxim&rdquo; or the &ldquo;Representative&rdquo;), with respect
to the Units being offered. Maxim is the sole book running manager for the offering. Subject to the terms and conditions of an underwriting
agreement between us and the Representative, we have agreed to sell to each underwriter named below, and each underwriter named below
has severally agreed to purchase, at the public offering price less the underwriting discounts set forth on the cover page of this prospectus,
the number of shares of common stock listed next to its name in the following table:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Name of Underwriter</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Number of Units</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #EEEEEE">
    <TD STYLE="width: 83%"><FONT STYLE="font-size: 10pt">Maxim Group LLC </FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 13%; text-align: right">2,165,000</TD>
    <TD STYLE="white-space: nowrap; width: 1%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #EEEEEE">
    <TD><FONT STYLE="font-size: 10pt">Total </FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right">2,165,000</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The underwriters are committed to purchase all
the Units offered by this prospectus if they purchase any Units. The underwriting agreement also provides that if an underwriter defaults,
the purchase commitments of non-defaulting underwriters may be increased or the offering may be terminated. The underwriters are not
obligated to purchase the Units covered by the underwriters&rsquo; over-allotment option described below. The underwriters are offering
the Units, subject to prior sale, when, as and if issued to and accepted by them, subject to approval of legal matters by their counsel,
and other conditions contained in the underwriting agreement, such as the receipt by the underwriters of officer&rsquo;s certificates
and legal opinions. The underwriters reserve the right to withdraw, cancel or modify offers to the public and to reject orders in whole
or in part.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Over-Allotment Option</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have granted to the underwriters an option,
exercisable no later than 45 calendar days after the date of the underwriting agreement, to purchase up to 324,750 shares of common stock
at a price per share assuming a price of $4.34 and/or up to an additional 324,750 Warrants to purchase up to 324,750 shares of common
stock at a price per Warrant of $0.01, less, in each case, underwriting discounts and commissions. The underwriters may exercise this
option only to cover over-allotments, if any, made in connection with this offering. To the extent the option is exercised and the conditions
of the underwriting agreement are satisfied, we will be obligated to sell to the underwriters, and the underwriters will be obligated
to purchase, these additional shares of common stock and/or Warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Representative&rsquo;s Warrant</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Upon the closing of this
offering, we have agreed to issue the Representative&rsquo;s Warrant to the Representative, which enables the Representative to purchase
173,200 shares of common stock at an exercise price of $5.43. The Representative&rsquo;s Warrant is exercisable commencing six (6) months
after the effective date of the registration statement related to this offering, and will expire five years after the commencement of
sales of this offering. The Representative&rsquo;s Warrant is not redeemable by us. We have agreed to a one-time demand registration of
the shares of common stock underlying the Representative&rsquo;s Warrant for a period of five years from the commencement of sales of
this offering. The Representative&rsquo;s Warrant also provides for unlimited &ldquo;piggyback&rdquo; registration rights at our expense
with respect to the underlying shares of common stock during the five-year period from the commencement of sales of this offering. The
Representative&rsquo;s Warrant and the shares of common stock underlying the Representative&rsquo;s Warrant, have been deemed compensation
by FINRA and are therefore subject to a 180-day lock-up pursuant to Rule 5110(e)(1) of FINRA. The underwriters (or permitted assignees
under the Rule) may not sell, transfer, assign, pledge or hypothecate the Representative&rsquo;s Warrant or the securities underlying
the Representative&rsquo;s Warrant, or engage in any hedging, short sale, derivative, put or call transaction that would result in the
effective economic disposition of the Representative&rsquo;s Warrant or the underlying securities for a period of 180 days from the commencement
of sales of this offering, except to any FINRA member participating in the offering, their officers or partners, registered persons or
affiliates. The Representative&rsquo;s Warrant will provide for adjustment in the number and price of such Representative&rsquo;s Warrant
(and the shares of common stock underlying such Representative&rsquo;s Warrant) to prevent dilution in the event of a forward or reverse
stock split, stock dividend or similar recapitalization.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Discounts and Commissions; Expenses</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table shows the public offering
price, underwriting discount and proceeds, before expenses, to us. The information assumes either no exercise or full exercise by the
Representative of the over-allotment option.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Per Unit (1)</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total<BR> Without<BR> Over-<BR> Allotment<BR> Option</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total With<BR> Full Over-<BR> Allotment<BR> Option</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 55%">Public offering price</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 11%; text-align: right">4.350</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 11%; text-align: right">9,417,750</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 11%; text-align: right">10,830,413</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Underwriting discount (8%)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0.348</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">753,420</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">866,433</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left">Proceeds, before expenses, to us</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">4.002</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">8,664,330</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">9,963,980</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">____________________</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1) </FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The fees shown do not include the warrant to purchase
    the shares issuable to the underwriters at closing. </FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The underwriters propose to offer the Units offered
by us to the public at the public offering price per share set forth on the cover of this prospectus. In addition, the underwriters may
offer some of the Units to other securities dealers at such price less a concession of $0.174 per Unit. After the initial offering, the
public offering price and concession to dealers may be changed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have paid an expense deposit of $25,000 to
the Representative, which will be applied against the accountable expenses that will be paid by us to the Representative in connection
with this offering and returned to us to the extent the deposit exceeds actual expenses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have also agreed to reimburse the Representative
for reasonable out-of-pocket expenses not to exceed $140,000 (including the deposit). We estimate that total expenses payable by us in
connection with this offering, other than the underwriting discount, will be approximately $425,000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Lock-Up Agreements</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to certain &ldquo;lock-up&rdquo; agreements,
we, our executive officers and directors, and certain of our stockholders have agreed, subject to certain exceptions, not to offer,
sell, assign, transfer, pledge, contract to sell, or otherwise dispose of or announce the intention to otherwise dispose of, or enter
into any swap, hedge or similar agreement or arrangement that transfers, in whole or in part, the economic risk of ownership of, directly
or indirectly, engage in any short selling of any common stock or securities convertible into or exchangeable or exercisable for any
common stock, whether currently owned or subsequently acquired, without the prior written consent of the Representative, for a period
of 180 days from the date of effectiveness of this offering. In addition, each such person agrees that, without the prior written consent
of the Representative on behalf of the underwriters, such other person will not, during the restricted period, make any demand for, or
exercise any right with respect to, the registration of any shares of common stock or any security convertible into or exercisable or
exchangeable for common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The restrictions in the immediately preceding
paragraph do not apply to our directors or officers or certain stockholders in certain circumstances, including the (i) transfers of
our common stock acquired in open market transactions after the completion of this offering; (ii) transfers of our common stock as bona
fide gifts, by will, to an immediate family member or to certain trusts provided that no filing under Section 16(a) of the Exchange Act
would be required or voluntarily made; (iii) distributions of our common stock to another corporation, partnership, limited liability
company, trust or other business entity that is an affiliate, or to an entity controlled or managed by an affiliate provided that no
filing under Section 16(a) of the Exchange Act would be required or voluntarily made; (iv) distributions of our common stock to the stockholders,
partners or members of such holders provided that no filing under Section 16(a) of the Exchange Act would be required or voluntarily
made; (v) the exercise of options, settlement of restricted stock units or other equity awards granted under a stock incentive plan or
other equity award plan described in this prospectus, or the exercise of Warrants outstanding described in this prospectus; (vi) transfers
of our common stock to us for the net exercise of options, settlement of restricted stock units or warrants granted pursuant to our equity
incentive plans or to cover tax withholding for grants pursuant to our equity incentive plans; (vii) the establishment by such holders
of trading plans under Rule 10b5-1 under the Exchange Act provided that such plan does not provide for the transfer of common stock during
the restricted period; (viii) transfers of our common stock pursuant to a domestic order, divorce settlement or other court order; (ix)
transfers of our common stock to us pursuant to any right to repurchase or any right of first refusal we may have over such shares; (x)
conversion of our outstanding securities into common stock in connection with the closing of this offering; and (xi) transfers of our
common stock pursuant to a bona fide third-party tender offer, merger, consolidation or other similar transaction that is approved by
our board of directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Certain of these exceptions are subject to a
requirement that the transferee enter into a lock-up agreement with the underwriters containing similar restrictions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The restrictions contained in the preceding paragraph
do not apply to (i) the securities to be sold in connection with this offering, (ii) the issuance by of shares of common stock upon the
exercise of a stock option or warrant or the conversion of a security outstanding prior to this offering, (iii) the issuance by of any
security under any equity compensation plan, (iv) the issuance of shares of common stock in the connection with mergers, acquisitions
or joint ventures, and (v) the issuance of up to $50,000 worth of shares of common stock to consultants in our ordinary course of business
and not for capital raising transactions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Right of First Refusal</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have granted Maxim a right of first refusal,
for a period of twenty four (24) months from the commencement of sales of this offering, to act as sole and exclusive investment banker,
book-runner, financial advisor, underwriter and/or placement agent, at the Maxim&rsquo;s sole and exclusive discretion, for each and
every future public and private equity and debt offering, including all equity linked financings (each, a &ldquo;Subject Transaction&rdquo;),
during such twenty four (24) month period, of the Company, or any successor to or subsidiary of the Company, on terms and conditions
customary to the Maxim for such Subject Transactions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Indemnification</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have agreed to indemnify the underwriters
against certain liabilities, including liabilities under the Securities Act, and to contribute to payments that the underwriters may
be required to make for these liabilities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Nasdaq Capital Market</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Our common stock and
Warrants will trade on the Nasdaq Capital Market, under the symbols &ldquo;ACON&rdquo; and &ldquo;ACONW&rdquo;, respectively. There is
no established public trading market for the common stock and Warrants. No assurance can be given that a trading market will develop for
the common stock or Warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Price Stabilization, Short Positions, and
Penalty Bids</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In connection with this offering, the underwriters
may engage in transactions that stabilize, maintain or otherwise affect the price of our common stock. Specifically, the underwriters
may over-allot in connection with this offering by selling more shares than are set forth on the cover page of this prospectus. This
creates a short position in our common stock for its own account. The short position may be either a covered short position or a naked
short position. In a covered short position, the number of shares common stock over-allotted by the underwriters is not greater than
the number of shares of common stock that they may purchase in the over-allotment option. In a naked short position, the number of shares
of common stock involved is greater than the number of shares common stock in the over-allotment option. To close out a short position,
the underwriters may elect to exercise all or part of the over-allotment option. The underwriters may also elect to stabilize the price
of our common stock or reduce any short position by bidding for, and purchasing, common stock in the open market</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The underwriters may also impose a penalty bid.
This occurs when a particular underwriter or dealer repays selling concessions allowed to it for distributing a security in this offering
because the underwriter repurchases that security in stabilizing or short covering transactions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Finally, the underwriters may bid for, and purchase,
shares of our common stock in market making transactions, including &ldquo;passive&rdquo; market making transactions as described below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">These activities may stabilize or maintain the
market price of our common stock at a price that is higher than the price that might otherwise exist in the absence of these activities.
The underwriters are not required to engage in these activities, and may discontinue any of these activities at any time without notice.
These transactions may be effected on Nasdaq, in the over-the-counter market, or otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In connection with this offering, the underwriters
and selling group members, if any, or their affiliates may engage in passive market making transactions in our common stock immediately
prior to the commencement of sales in this offering, in accordance with Rule 103 of Regulation M under the Exchange Act. Rule 103 generally
provides that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a passive market maker may not effect transactions
    or display bids for our common stock in excess of the highest independent bid price by persons who are not passive market makers;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">net purchases by a passive market maker on each day
    are generally limited to 30% of the passive market maker&rsquo;s average daily trading volume in our common stock during a specified
    two-month prior period or 200 shares, whichever is greater, and must be discontinued when that limit is reached; and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">passive market making bids must be identified as such.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Electronic Distribution</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A prospectus in electronic format may be made
available on a website maintained by the representatives of the underwriters and may also be made available on a website maintained by
other underwriters. The underwriters may agree to allocate a number of shares to underwriters for sale to their online brokerage account
holders. Internet distributions will be allocated by the representatives of the underwriters to underwriters that may make Internet distributions
on the same basis as other allocations. In connection with the offering, the underwriters or syndicate members may distribute prospectuses
electronically. No forms of electronic prospectus other than prospectuses that are printable as Adobe<SUP>&reg;</SUP>&nbsp;PDF will be
used in connection with this offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The underwriters have informed us that they do
not expect to confirm sales of shares offered by this prospectus to accounts over which they exercise discretionary authority.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Other than the prospectus in electronic format,
the information on any underwriter&rsquo;s website and any information contained in any other website maintained by an underwriter is
not part of the prospectus or the registration statement of which this prospectus forms a part, has not been approved and/or endorsed
by us or any underwriter in its capacity as underwriter and should not be relied upon by investors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Determination of Offering Price</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Prior to this offering, there was no public market
for our common stock or warrants. The initial public offering price will be determined by negotiation between us and Maxim. The principal
factors to be considered in determining the initial public offering price include, but are not limited to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the information
                                            set forth in this prospectus and otherwise available to Maxim;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>our history
                                            and prospects and the history and prospects for the industry in which we compete;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>our past and
                                            present financial performance;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>our prospects
                                            for future earnings and the present state of our development;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the general
                                            condition of the securities market at the time of this offering;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the recent
                                            market prices of, and demand for, publicly traded shares of generally comparable companies;
                                            and</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>other factors
                                            deemed relevant by the underwriter and us.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The estimated public offering price range set
forth on the cover page of this preliminary prospectus is subject to change as a result of market conditions and other factors. Neither
we nor the underwriter can assure investors that an active trading market will develop for our common stock or that the common stock
will trade in the public market at or above the initial public offering price.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Certain Relationships</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Certain of the underwriters and their affiliates
may provide, from time to time, investment banking and financial advisory services to us in the ordinary course of business, for which
they may receive customary fees and commissions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Selling Restrictions</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Canada</I></B>. The securities may be sold
in Canada only to purchasers purchasing, or deemed to be purchasing, as principal that are accredited investors, as defined in National
Instrument 45-106 Prospectus Exemptions or subsection 73.3(1) of the Securities Act (Ontario), and are permitted clients, as defined
in National Instrument 31 103 Registration Requirements, Exemptions and Ongoing Registrant Obligations. Any resale of the securities
must be made in accordance with an exemption from, or in a transaction not subject to, the prospectus requirements of applicable securities
laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Securities legislation in certain provinces or
territories of Canada may provide a purchaser with remedies for rescission or damages if this prospectus supplement (including any amendment
thereto) contains a misrepresentation, provided that the remedies for rescission or damages are exercised by the purchaser within the
time limit prescribed by the securities legislation of the purchaser&rsquo;s province or territory. The purchaser should refer to any
applicable provisions of the securities legislation of the purchaser&rsquo;s province or territory for particulars of these rights or
consult with a legal advisor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to section 3A.3 of National Instrument
33 105 Underwriting Conflicts (NI 33 105), the underwriters are not required to comply with the disclosure requirements of NI 33-105
regarding underwriters conflicts of interest in connection with this offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>European Economic Area</I></B>. In relation
to each Member State of the European Economic Area which has implemented the Prospectus Directive (each, a &ldquo;Relevant Member State&rdquo;)
an offer to the public of any securities may not be made in that Relevant Member State, except that an offer to the public in that Relevant
Member State of any securities may be made at any time under the following exemptions under the Prospectus Directive, if they have been
implemented in that Relevant Member State:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>to any legal
                                            entity which is a qualified investor as defined in the Prospectus Directive;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>to fewer than
                                            100 or, if the Relevant Member State has implemented the relevant provision of the 2010 PD
                                            Amending Directive, 150, natural or legal persons (other than qualified investors as defined
                                            in the Prospectus Directive), as permitted under the Prospectus Directive, subject to obtaining
                                            the prior consent of the representatives for any such offer; or</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>in any other
                                            circumstances falling within Article 3(2) of the Prospectus Directive, provided that no such
                                            offer of securities shall result in a requirement for the publication by us or any underwriters
                                            of a prospectus pursuant to Article 3 of the Prospectus Directive.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the purposes of this provision, the expression
an &ldquo;offer to the public&rdquo; in relation to any securities in any Relevant Member State means the communication in any form and
by any means of sufficient information on the terms of the offer and any securities to be offered so as to enable an investor to decide
to purchase any securities, as the same may be varied in that Member State by any measure implementing the Prospectus Directive in that
Member State, the expression &ldquo;Prospectus Directive&rdquo; means Directive 2003/71/EC (and amendments thereto, including the 2010
PD Amending Directive, to the extent implemented in the Relevant Member State), and includes any relevant implementing measure in the
Relevant Member State, and the expression &ldquo;2010 PD Amending Directive&rdquo; means Directive 2010/73/EU.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>United Kingdom</I></B>. Each underwriter
has represented and agreed that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>it has only
                                            communicated or caused to be communicated and will only communicate or cause to be communicated
                                            an invitation or inducement to engage in investment activity (within the meaning of Section
                                            21 of the Financial Services and Markets Act 2000 (the FSMA) received by it in connection
                                            with the issue or sale of the securities in circumstances in which Section 21(1) of the FSMA
                                            does not apply to us; and</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>it has complied
                                            and will comply with all applicable provisions of the FSMA with respect to anything done
                                            by it in relation to the securities in, from or otherwise involving the United Kingdom.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Switzerland</I></B>. The securities may
not be publicly offered in Switzerland and will not be listed on the SIX Swiss Exchange (the SIX) or on any other stock exchange or regulated
trading facility in Switzerland. This document has been prepared without regard to the disclosure standards for issuance prospectuses
under art. 652a or art. 1156 of the Swiss Code of Obligations or the disclosure standards for listing prospectuses under art. 27 ff.
of the SIX Listing Rules or the listing rules of any other stock exchange or regulated trading facility in Switzerland. Neither this
document nor any other offering or marketing material relating to the securities or the offering may be publicly distributed or otherwise
made publicly available in Switzerland.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Neither this document nor any other offering
or marketing material relating to the offering, or the securities have been or will be filed with or approved by any Swiss regulatory
authority. In particular, this document will not be filed with, and the offer of securities will not be supervised by, the Swiss Financial
Market Supervisory Authority FINMA, and the offer of securities has not been and will not be authorized under the Swiss Federal Act on
Collective Investment Schemes (CISA). Accordingly, no public distribution, offering or advertising, as defined in CISA, its implementing
ordinances and notices, and no distribution to any non-qualified investor, as defined in CISA, its implementing ordinances and notices,
shall be undertaken in or from Switzerland, and the investor protection afforded to acquirers of interests in collective investment schemes
under CISA does not extend to acquirers of securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Australia</I></B>. No placement document,
prospectus, product disclosure statement or other disclosure document has been lodged with the Australian Securities and Investments
Commission (ASIC), in relation to the offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This prospectus does not constitute a prospectus,
product disclosure statement or other disclosure document under the Corporations Act 2001 (the Corporations Act) and does not purport
to include the information required for a prospectus, product disclosure statement or other disclosure document under the Corporations
Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Any offer in Australia of the securities may
only be made to persons (the Exempt Investors) who are &ldquo;sophisticated investors&rdquo; (within the meaning of section 708(8) of
the Corporations Act), &ldquo;professional investors&rdquo; (within the meaning of section 708(11) of the Corporations Act) or otherwise
pursuant to one or more exemptions contained in section 708 of the Corporations Act so that it is lawful to offer the securities without
disclosure to investors under Chapter 6D of the Corporations Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The securities applied for by Exempt Investors
in Australia must not be offered for sale in Australia in the period of 12 months after the date of allotment under the offering, except
in circumstances where disclosure to investors under Chapter 6D of the Corporations Act would not be required pursuant to an exemption
under section 708 of the Corporations Act or otherwise or where the offer is pursuant to a disclosure document which complies with Chapter
6D of the Corporations Act. Any person acquiring securities must observe such Australian on-sale restrictions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This prospectus contains general information
only and does not take account of the investment objectives, financial situation or particular needs of any particular person. It does
not contain any securities recommendations or financial product advice. Before making an investment decision, investors need to consider
whether the information in this prospectus is appropriate to their needs, objectives and circumstances, and, if necessary, seek expert
advice on those matters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Notice to Prospective Investors in the
Cayman Islands</I></B>. No invitation, whether directly or indirectly, may be made to the public in the Cayman Islands to subscribe for
our securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Taiwan</I></B>. The securities have not
been and will not be registered with the Financial Supervisory Commission of Taiwan pursuant to relevant securities laws and regulations
and may not be sold, issued or offered within Taiwan through a public offering or in circumstances which constitutes an offer within
the meaning of the Securities and Exchange Act of Taiwan that requires a registration or approval of the Financial Supervisory Commission
of Taiwan. No person or entity in Taiwan has been authorized to offer, sell, give advice regarding or otherwise intermediate the offering
and sale of the securities in Taiwan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Notice to Prospective Investors in Hong
Kong</I></B>. The contents of this prospectus have not been reviewed by any regulatory authority in Hong Kong. You are advised to exercise
caution in relation to the offer. If you are in any doubt about any of the contents of this prospectus, you should obtain independent
professional advice. Please note that (i) our shares may not be offered or sold in Hong Kong, by means of this prospectus or any document
other than to &ldquo;professional investors&rdquo; within the meaning of Part I of Schedule 1 of the Securities and Futures Ordinance
(Cap.571, Laws of Hong Kong) (SFO) and any rules made thereunder, or in other circumstances which do not result in the document being
a &ldquo;prospectus&rdquo; within the meaning of the Companies Ordinance (Cap.32, Laws of Hong Kong) (CO) or which do not constitute
an offer or invitation to the public for the purpose of the CO or the SFO, and (ii) no advertisement, invitation or document relating
to our shares may be issued or may be in the possession of any person for the purpose of issue (in each case whether in Hong Kong or
elsewhere) which is directed at, or the contents of which are likely to be accessed or read by, the public in Hong Kong (except if permitted
to do so under the securities laws of Hong Kong) other than with respect to the shares which are or are intended to be disposed of only
to persons outside Hong Kong or only to &ldquo;professional investors&rdquo; within the meaning of the SFO and any rules made thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Notice to Prospective Investors in the
People&rsquo;s Republic of China</I></B>. This prospectus may not be circulated or distributed in the PRC and the shares may not be offered
or sold, and will not offer or sell to any person for re-offering or resale directly or indirectly to any resident of the PRC except
pursuant to applicable laws, rules and regulations of the PRC. For the purpose of this paragraph only, the PRC does not include Taiwan
and the special administrative regions of Hong Kong and Macau.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Israel. </I></B>The Units offered by this
prospectus have not been approved or disapproved by the Israel Securities Authority, or the ISA, nor have such Units been registered
for sale in Israel. The Units may not be offered or sold, directly or indirectly, to the public in Israel, absent the publication of
a prospectus that has been approved by the ISA. The ISA has not issued permits, approvals or licenses in connection with this offering
or publishing this prospectus, nor has it authenticated the details included herein, confirmed their reliability or completeness, or
rendered an opinion as to the quality of the Units being offered.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This document does not constitute a prospectus
under the Israeli Securities Law and has not been filed with or approved by the ISA. In the State of Israel, this document may be distributed
only to, and may be directed only at, and any offer of the Units may be directed only at, (i) to the extent applicable, a limited number
of persons in accordance with the Israeli Securities Law and (ii) investors listed in the first addendum to the Israeli Securities Law,
or the Addendum, consisting primarily of joint investment in trust funds, provident funds, insurance companies, banks, portfolio managers,
investment advisors, members of the Tel Aviv Stock Exchange Ltd., underwriters, venture capital funds, entities with equity in excess
of NIS 50 million and &ldquo;qualified individuals,&rdquo; each as defined in the Addendum (as it may be amended from time to time),
collectively referred to as qualified investors (in each case purchasing for their own account or, where permitted under the Addendum,
for the accounts of their clients who are investors listed in the Addendum). Qualified investors will be required to submit written confirmation
that they fall within the scope of the Addendum, are aware of the meaning of same and agree to it.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Transfer Agent and Registrar</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The transfer agent and registrar for our common
stock and the warrant agent for our Warrants is vStock Transfer LLC, at 18 Lafayette Place, Woodmere, NY 11598. The transfer agent&rsquo;s
telephone number is (212) 828-8436.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><A NAME="a20"></A><B>LEGAL
MATTERS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Bingham &amp; Associates
Law Group, APC of Encinitas, CA will pass upon the validity of the shares of common stock offered hereby for us. The underwriters are
represented by Ellenoff Grossman &amp; Schole LLP.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B><A NAME="a21"></A>EXPERTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The financial statements as of December&nbsp;31,
2020 and 2021 included in this prospectus have been so included in reliance on the reports (which contain explanatory paragraphs relating
to the Company&rsquo;s ability to continue as a going concern).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The financial statements for the year ended December
31, 2021 and December 31, 2020 were audited by Daszkal Bolton LLP (&ldquo;Daszkal&rdquo;), 490 Sawgrass Corporate Pkwy, Fort Lauderdale, FL 33325, an independent registered public accounting firm, given on the authority of said firm as experts in auditing and accounting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><A NAME="a22"></A><B>WHERE
YOU CAN FIND MORE INFORMATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">We have filed with the
SEC a registration statement on Form&nbsp;S-1&nbsp;under the Securities Act with respect to the shares of our common stock being offered
by this prospectus. This prospectus, which constitutes part of that registration statement, does not contain all of the information set
forth in the registration statement or the exhibits and schedules that are part of the registration statement. Some items included in
the registration statement are omitted from the prospectus in accordance with the rules and regulations of the SEC. For further information
with respect to us and the common stock offered in this prospectus, we refer you to the registration statement and the accompanying exhibits
and schedules filed therewith. Statements contained in this prospectus regarding the contents of any contract or any other document that
is filed as an exhibit to the registration statement are not necessarily complete, and each such statement is qualified in all respects
by reference to the full text of such contract or other document filed as an exhibit to the registration statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">A copy of the registration
statement and the accompanying exhibits and any other document we file may be inspected without charge at the public reference facilities
maintained by the SEC at 100 F Street, N.E., Washington, D.C. 20549 and copies of all or any part of the registration statement may be
obtained from that office upon the payment of the fees prescribed by the SEC. The public may obtain information on the operation of the
public reference facilities in Washington, D.C. by calling the SEC at 1-800-SEC-0330. Our filings with the SEC are available to the public
from the SEC&rsquo;s website at www.sec.gov.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Upon the completion of
this offering, we will be subject to the information and periodic reporting requirements of the Exchange Act and, in accordance therewith,
we will file proxy statements, periodic information and other information with the SEC. All documents filed with the SEC are available
for inspection and copying at the public reference room and website of the SEC referred to above. We maintain a website at www.nocimed.com.
You may access our reports, proxy statements and other information free of charge at this website as soon as reasonably practicable after
such material is electronically filed with, or furnished to, the SEC. The information contained in, or that can be accessed through, our
website is not incorporated by reference and is not a part of this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B><A NAME="a_19"></A>INDEX
TO FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt"><B>Aclarion, Inc.</B></FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt"><I>Financial Statements</I></FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #EEEEEE">
    <TD STYLE="width: 95%"><A HREF="#fs_001"><FONT STYLE="font-size: 10pt">Report of Independent Registered Public Accounting Firm</FONT></A></TD>
    <TD STYLE="width: 5%; text-align: center"><FONT STYLE="font-size: 10pt">F-2</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #EEEEEE">
    <TD><FONT STYLE="font-size: 10pt"><A HREF="#fs_002">Balance Sheets at December 31, 2021, and 2020</A> </FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">F-3</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #EEEEEE">
    <TD><FONT STYLE="font-size: 10pt"><A HREF="#fs_003">Statements of Operations, for the Years Ended December 31, 2021, and 2020</A></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">F-4</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #EEEEEE">
    <TD><FONT STYLE="font-size: 10pt"><A HREF="#fs_004">Statements of Changes in Deficiency in Shareholders&rsquo; Equity, for the Years Ended December&nbsp;31, 2021 and 2020</A> </FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">F-5</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #EEEEEE">
    <TD><FONT STYLE="font-size: 10pt"><A HREF="#fs_005">Statements of Cash Flows, for the Years Ended December&nbsp;31, 2021, and 2020</A> </FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">F-7</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #EEEEEE">
    <TD><FONT STYLE="font-size: 10pt"><A HREF="#fs_006">Notes to Financial Statements</A></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">F-8</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><U><A NAME="fs_001"></A>Report
of Independent Registered Public Accounting Firm</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 244.7pt 0pt 0">To the Board of Directors and Stockholders</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 244.7pt 0pt 0">Aclarion, Inc. (fka Nocimed, Inc.)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">San Mateo, California</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6.95pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Opinion on the Financial Statements</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have audited the accompanying balance sheets
of Aclarion, Inc. (fka Nocimed, Inc.) (the &ldquo;Company&rdquo;) at December 31, 2021 and 2020, and the related statements of operations,
changes in deficiency in shareholders&rsquo; equity and cash flows for each of the years in the two-year period ended December 31, 2021,
and the related notes (collectively referred to as the financial statements). In our opinion, the financial statements present fairly,
in all material respects, the financial position of the Company at December 31, 2021 and 2020, and the results of its operations and
its cash flows for each of the years in the two-year period ended December 31, 2021, in conformity with accounting principles generally
accepted in the United States of America.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Emphasis of Matter</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As discussed in Note 3 to the financial statements,
the financial statements for the year ended December 31, 2020 have been restated to correct a misstatement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Going Concern Uncertainty</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The accompanying financial statements have been
prepared assuming that the Company will continue as a going concern. As discussed in Note 1 to the financial statements, the Company has
suffered recurring losses from operations and has a deficiency in shareholders&rsquo; equity that raise substantial doubt about its ability
to continue as a going concern. Management's plans in regard to these matters are also described in Note 1. The financial statements do
not include any adjustments that might result from the outcome of this uncertainty.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Basis for Opinion</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">These financial statements are the responsibility
of the Company&rsquo;s management. Our responsibility is to express an opinion on the Company&rsquo;s financial statements based on our
audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are
required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and
regulations of the Securities and Exchange Commission and the PCAOB.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We conducted our audits in accordance with the
standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated
financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we
engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding
of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Company&rsquo;s
internal control over financial reporting. Accordingly, we express no such opinion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our audits included performing procedures to assess
the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond
to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated
financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management,
as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable
basis for our opinion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Critical Audit Matters</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The critical audit matters communicated below
are matters arising from the current period audit of the financial statements that were communicated or required to be communicated to
the audit committee and that: (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our
especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion
on the financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate opinions
on the critical audit matters or on the accounts or disclosures to which they relate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Intangible Assets Impairment Assessments</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As described in Notes 7 to the financial statements,
the Company has intangible assets, mainly comprised of patents and license costs of approximately $1.1 million at December 31, 2021. No
directly observable market inputs are available to measure the fair value to determine if the asset is recoverable. Therefore, an estimate
is derived indirectly and is based on net present value techniques utilizing post-tax cash flows and discount rates. The estimates that
management used in calculating the net present values depend on assumptions specific to the nature of the markets in which its product
operates with regard to the amount and timing of projected future cash flows; long-term demand forecasts; actions of competitors, future
tax and discount rates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The principal considerations for our determination
that performing procedures relating to the intangible assets impairment assessment is a critical audit matter are the significant judgment
by management when developing the net present value of the intangible assets. This in turn led to a high degree of auditor judgment, subjectivity,
and effort in performing procedures and evaluating management&rsquo;s significant assumptions related to the amount and timing of projected
future cash flows and the discount rate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Addressing the matter involved performing procedures
and evaluating audit evidence in connection with forming our overall opinion on the financial statements. These procedures included testing
management&rsquo;s process for developing the fair value estimate; evaluating the appropriateness of the net present value techniques;
testing the completeness and accuracy of underlying data used in the model; and evaluating the significant assumptions used by management,
including the amount and timing of projected future cash flows and the discount rate. Evaluating management&rsquo;s assumptions related
to the amount and timing of projected future cash flows and the discount rate involved evaluating whether the assumptions used by management
were reasonable considering the current and past performance of the intangible assets, the consistency with external market and industry
data, and whether these assumptions were consistent with evidence obtained in other areas of the audit.<B><I></I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>/s/ Daszkal Bolton LLP</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Daszkal Bolton LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We have served as the Company&rsquo;s auditor since 2021</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Fort Lauderdale, Florida</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">March 3, 2022</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 358pt 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 358pt 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Aclarion, Inc. (fka Nocimed, Inc.)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="fs_002"></A>Balance Sheets</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>December 31, 2021 and 2020</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31,</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2021</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2020</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold; text-decoration: underline">ASSETS</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Current assets:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 70%">Cash</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">452,530</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">14,984</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Accounts receivable, net</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,280</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">22,502</TD><TD STYLE="text-align: left">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Prepaids &amp; Other current assets</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">273,394</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">59,643</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Total current assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">732,204</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">97,129</TD><TD STYLE="text-align: left">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Non-current assets:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left">Property and equipment (net)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,636</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">25,617</TD><TD STYLE="text-align: left">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Intangible Assets (net)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,144,625</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,169,011</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Total non-current assets</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,157,261</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,194,628</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total assets</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">1,889,465</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">1,291,757</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold; text-decoration: underline; text-align: left; padding-bottom: 1pt">LIABILITIES AND DEFICIENCY IN SHAREHOLDERS' EQUITY</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left">Current liabilities:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Accounts payable and accrued liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">1,761,886</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">1,147,223</TD><TD STYLE="text-align: left">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left">Notes Payable</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Convertible notes payable</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,130,010</TD><TD STYLE="text-align: left">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left">PPP Loans</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">246,826</TD><TD STYLE="text-align: left">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Promissory Note Payable</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,000,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left">Preferred Dividends Payable</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,856,898</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,851,300</TD><TD STYLE="text-align: left">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Future Preferred Equity Commitment</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2,000,000</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">Total current liabilities</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">7,618,784</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">8,375,359</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left">Commitments and contingencies (See Note 9)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Redeemable Preferred stock (Mezzanine shares):</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-indent: -10pt; padding-left: 20pt; text-align: left">Series B-2 Preferred stock - $0.00001 par value, 1,600,000 authorized and 1,584,660 shares issued and outstanding</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">16</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -10pt; padding-left: 20pt; text-align: left">Series B-3 Preferred stock - $0.00001 par value, 4,300.000 authorized and 4,228,149 shares issued and outstanding</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">42</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-bottom: 1pt; text-align: left; text-indent: 10pt">Additional paid-in capital - series B2 and B3 Preferred Stock</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">7,102,229</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD><B>Total Mezzanine Equity</B></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><P STYLE="margin: 0pt 0">7,102,287</P></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Deficiency in Shareholders' Equity:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-indent: -10pt; padding-left: 20pt; text-align: left">Series A Preferred stock - $0.00001 par value, 6,247,695 authorized and 6,247,695 shares issued and outstanding</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">62</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">62</TD><TD STYLE="text-align: left">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -10pt; padding-left: 20pt; text-align: left">Series B Preferred stock - $0.00001 par value, 5,180,814 authorized and 5,160,096 shares issued and outstanding</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">52</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">51</TD><TD STYLE="text-align: left">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-indent: -10pt; padding-left: 20pt; text-align: left">Series B-1 Preferred stock - $0.00001 par value, 10,758,338 authorized and 7,274,404 shares issued and outstanding</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">73</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">73</TD><TD STYLE="text-align: left">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -10pt; padding-left: 20pt; text-align: left">Common stock - $0.00001 par value, 35,000,000 authorized and 6,765,470 shares issued and outstanding</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">68</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">68</TD><TD STYLE="text-align: left">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left">Additional paid-in capital</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">19,054,175</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">18,846,293</TD><TD STYLE="text-align: left">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Accumulated deficit</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(31,886,036</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(25,930,149</TD><TD STYLE="text-align: left">)</TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">Total deficiency in shareholders&rsquo; equity</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(12,831,606</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(7,083,602</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total liabilities, mezzanine shares, and deficiency in
    shareholders&rsquo; equity</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">1,889,465</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">1,291,757</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD>
    </TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">See Accompanying Notes
to Financial Statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Aclarion, Inc. (fka Nocimed, Inc.)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="fs_003"></A>Statements of Operations
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>For the Years Ended December 31, 2021 and
2020</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Year Ended December 31,</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2021</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2020</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="6" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 66%; font-weight: bold; text-indent: -10pt; padding-left: 10pt">Revenue</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 13%; text-align: right">60,292</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 13%; text-align: right">48,652</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; text-indent: 0pt; padding-left: 10pt">Cost of Revenue</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">69,175</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">66,245</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; text-indent: 0pt; padding-left: 10pt">Gross Profit</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(8,883</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(17,593</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -10pt; padding-left: 10pt">Operating expenses:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Sales and marketing</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">330,814</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">336,369</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Research and development</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">787,850</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,052,127</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">General and administrative</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,825,491</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,071,369</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt">Other operating expenses</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2,000,000</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt">Total operating expenses</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2,944,154</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">4,459,865</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt">Loss from operations</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(2,953,037</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(4,477,458</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -10pt; padding-left: 10pt">Other (expense) income:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">PPP loan forgiveness</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">373,511</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Interest expense</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(474,911</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(156,059</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Changes in fair value of redeemable preferred stock</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,900,310</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt">Other, net</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">4,457</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(1,728</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt">Total other (expense) income</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(1,997,253</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(157,787</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Loss before income taxes</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(4,950,290</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(4,635,245</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt">Income tax provision</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt">Net loss</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(4,950,290</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(4,635,245</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Dividends accrued for preferred shareholders</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(1,005,597</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(851,676</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Net loss allocable to common shareholders</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(5,955,887</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(5,486,921</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt">Net loss per share allocable to common shareholders, basic and diluted:</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(0.88</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(0.81</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt">Weighted average shares of common
    stock outstanding, basic and diluted:</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">6,765,470</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">6,765,470</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">See Accompanying Notes to Financial Statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Aclarion, Inc. (fka Nocimed, Inc.)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="fs_004"></A>Statement of Changes in
Deficiency in Shareholders' Equity</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>For the Years Ended December 31, 2021, and
2020</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 2.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5pt; text-indent: -5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="text-align: center; border-bottom: Black 1pt solid">Series A-1</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="text-align: center; border-bottom: Black 1pt solid">Series A-2</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="text-align: center; border-bottom: Black 1pt solid">Series A-4</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="text-align: center; border-bottom: Black 1pt solid">Series B</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="text-align: center; border-bottom: Black 1pt solid">Series B1</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-left: 5pt; text-align: center; padding-bottom: 1pt; text-indent: -5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">Preferred Stock</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">Preferred Stock</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">Preferred Stock</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">Preferred Stock</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">Preferred Stock</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">Preferred Stock</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 5pt; text-align: center; padding-bottom: 1pt; text-indent: -5pt">&nbsp;</TD><TD STYLE="text-align: center; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">Shares</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="text-align: center; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">Value</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="text-align: center; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">Shares</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="text-align: center; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">Value</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="text-align: center; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">Shares</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="text-align: center; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">Value</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="text-align: center; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">Shares</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="text-align: center; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">Value</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="text-align: center; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">Shares</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="text-align: center; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">Value</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="text-align: center; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">Shares</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="text-align: center; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">Value</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-left: 5pt; text-align: center; text-indent: -5pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 5pt; width: 10%; text-indent: -5pt">Balance, December 31, 2019</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; text-align: right">1,777,630</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 5%; text-align: right">18</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; text-align: right">1,444,037</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 5%; text-align: right">14</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; text-align: right">935,296</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 5%; text-align: right">9</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; text-align: right">2,090,732</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 5%; text-align: right">21</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; text-align: right">5,160,096</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 5%; text-align: right">51</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; text-align: right">7,274,404</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 5%; text-align: right">73</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-left: 5pt; text-indent: -5pt">Issuance of warrants</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 5pt; text-align: left; text-indent: -5pt">Preferred Stock Dividend Payable</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-left: 5pt; text-align: left; text-indent: -5pt">Share-based compensation</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 5pt; text-align: left; padding-bottom: 1pt; text-indent: -5pt">Net loss</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-left: 5pt; padding-bottom: 2.5pt; text-indent: -5pt">Balance, December 31, 2020</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">1,777,630</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">18</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">1,444,037</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">14</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">935,296</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">9</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">2,090,732</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">21</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">5,160,096</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">51</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">7,274,404</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">73</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 5pt; text-indent: -5pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-left: 5pt; padding-bottom: 1pt; text-indent: -5pt">Balance, December 31, 2020</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,777,630</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">18</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,444,037</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">14</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">935,296</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">9</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2,090,732</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">21</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">5,160,096</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">51</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">7,274,404</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">73</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 5pt; text-indent: -5pt">Issuance of warrants</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-left: 5pt; text-align: left; text-indent: -5pt">Preferred Stock Dividend Payable</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 5pt; text-align: left; text-indent: -5pt">Changes in fair value of redeemable preferred stock</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-left: 5pt; text-indent: -5pt">Issuance of preferred shares</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 5pt; text-align: left; text-indent: -5pt">Share-based compensation</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-left: 5pt; text-align: left; padding-bottom: 1pt; text-indent: -5pt">Net loss</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 5pt; padding-bottom: 2.5pt; text-indent: -5pt">Balance, December 31, 2021</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">1,777,630</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">18</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">1,444,037</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">14</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">935,296</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">9</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">2,090,732</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">21</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">5,160,096</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">51</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">7,274,404</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">73</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="text-align: center; border-bottom: Black 1pt solid">Series B2</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="text-align: center; border-bottom: Black 1pt solid">Series B3</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">Additional</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="text-align: center; border-bottom: Black 1pt solid">Preferred Stock</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="text-align: center; border-bottom: Black 1pt solid">Preferred Stock</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="text-align: center; border-bottom: Black 1pt solid">Common Stock</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">Paid-In</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">Accumulated</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">Shares</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">Value</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">Shares</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">Value</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">Shares</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">Value</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">Capital</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">Deficit</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">Total</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 28%">Balance, December 31, 2019</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; text-align: right">&ndash;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 5%; text-align: right">&ndash;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; text-align: right">&nbsp;</TD><TD STYLE="width: 1%; text-align: left">_</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 5%; text-align: right">&nbsp;</TD><TD STYLE="width: 1%; text-align: left">_</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; text-align: right">6,765,470</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 5%; text-align: right">68</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 5%; text-align: right">18,741,037</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 5%; text-align: right">(20,443,228</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 5%; text-align: right">(1,701,937</TD><TD STYLE="width: 1%; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Issuance of warrants</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">79,123</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">79,123</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left">Preferred Stock Dividend Payable</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(851,676</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(851,676</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Share-based compensation</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">26,133</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">26,133</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Net loss</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(4,635,245</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(4,635,245</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt">Balance, December 31, 2020</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"></TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"></TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"></TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"></TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">6,765,470</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">68</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">18,846,293</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(25,930,149</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(7,083,602</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt">Balance, December 31, 2020</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left"></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">6,765,470</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">68</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">18,846,293</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(25,930,149</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(7,083,602</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD>Issuance of warrants</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">30,393</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">30,393</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Preferred Stock Dividend Payable</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,005,597</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,005,597</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD>Issuance of preferred shares</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,584,660</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">16</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,228,149</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">42</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,102,229</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,102,287</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Share-based compensation</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">177,489</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">177,489</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Net loss</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(4,950,290</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(4,950,290</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt">Balance, December 31, 2021</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">1,584,660</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">16</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">4,228,149</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">42</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">6,765,470</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">68</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">26,156,404</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(31,886,036</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(5,729,319</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">See Accompanying Notes to Financial Statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Aclarion, Inc. (fka Nocimed, Inc.)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="fs_005"></A>Statement of Cash Flows</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>For the Years Ended December 31, 2021 and
2020</B></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Year Ended December 31,</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2021</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2020</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold; text-align: left">Cash flows from operating activities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 70%; text-align: left; text-indent: 10pt">Net loss</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">(4,950,290</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">(4,635,245</TD><TD STYLE="width: 1%; text-align: left">)</TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; font-weight: bold; text-align: left; text-indent: 0pt">Adjustments to reconcile net loss to net cash used in operation activities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-indent: 10pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 10pt">Depreciation and amortization</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">189,373</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">196,282</TD><TD STYLE="text-align: left">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-indent: 10pt">Share based compensation</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">177,489</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">26,132</TD><TD STYLE="text-align: left">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 10pt">Warrants issues as non- cash finance charge</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">30,393</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">79,125</TD><TD STYLE="text-align: left">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; text-indent: 10pt">Gain on forgiveness of PPP loans</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(373,511</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 10pt">Changes in fair value of redeemable preferred stock</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,900,310</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; text-indent: 10pt">Future Equity Commitment/SAFE</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><P STYLE="margin: 0pt 0">2,000,000</P></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold; text-align: left">Change in assets and liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 10pt">Accounts receivable</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">16,222</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(7,807</TD><TD STYLE="text-align: left">)</TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; text-indent: 10pt">Prepaids and other current assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(213,750</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">16,005</TD><TD STYLE="text-align: left">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 10pt">Accounts payable</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">199,604</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">342,226</TD><TD STYLE="text-align: left">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; text-indent: 10pt">Accrued interest on promissory and convertible notes</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">114,404</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">138,203</TD><TD STYLE="text-align: left">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 10pt">Accrued and other liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">559,807</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">51,276</TD><TD STYLE="text-align: left">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">Net cash used in operations</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(2,349,949</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(1,793,803</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Cash flow from investing activities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; text-indent: 10pt">Increase in intangible assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(152,005</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(174,285</TD><TD STYLE="text-align: left">)</TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: 10pt">Purchase of property and equipment</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(4,741</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: 10pt">Net cash used in investing activities</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(152,005</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(179,026</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold; text-align: left">Cash flows from financing activities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 10pt">Proceeds  from issuance of PPP Loan</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">125,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">245,191</TD><TD STYLE="text-align: left">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; text-indent: 10pt">Proceeds from issuance of convertible notes</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">814,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,614,457</TD><TD STYLE="text-align: left">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; text-align: left; text-indent: 10pt">Proceeds from issuance of promissory notes</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2,000,000</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-left: 10pt; text-align: left; padding-bottom: 1pt">Net cash provided by financing activities</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2,939,500</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,859,648</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left"><P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Net increase
                                            (decrease) in cash</B></P></TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="text-align: right">437,546</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(113,181</TD><TD STYLE="text-align: left">)</TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-bottom: 1pt">Cash beginning of period</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">14,984</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">128,165</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt">Cash end of period</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">452,530</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">14,984</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Non- cash activities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-bottom: 2.5pt; padding-left: 10pt; text-align: left">SAFE issued</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">2,000,000</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt; padding-left: 10pt; text-align: left">Promissory notes exchanged for convertible notes</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">515,553</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-bottom: 2.5pt; padding-left: 10pt; text-align: left">Conversion of indebtedness to preferred equity commitment</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">5,201,977</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt; padding-left: 10pt; text-align: left">Dividends accrued on preferred shares</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">1,005,597</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">951,676</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-bottom: 2.5pt; padding-left: 10pt; text-align: left">Changes in fair value of redeemable preferred stock</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">1,900,310</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD>
    </TR>
  </TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">See Accompanying Notes to Financial Statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>Aclarion, Inc. (fka Nocimed, Inc.)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B><A NAME="fs_006"></A>Notes
to Financial Statements</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white"><B>Note 1. The Company and its
Significant Accounting Policies</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white"><B>The Company</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: white">Nocimed,
Inc. (the &ldquo;Company&rdquo; or &ldquo;Nocimed&rdquo;) was formed in February 2015. The Company is incorporated in Delaware and has
its principal place of business in San Mateo, California. In December 2021, the Company changed its name to Aclarion, Inc.</FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: white">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white"><B>Basis of Presentation</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The accompanying financial statements have been
prepared in accordance with generally accepted accounting principles in the United States of America (&ldquo;GAAP&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white"><B>Risks and Uncertainties</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 16.05pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: white">The Company
is subject to risks and uncertainties as a result of the coronavirus disease (&ldquo;COVID-19&rdquo;) pandemic. The extent of the impact
of the COVID-19 pandemic on the Company's business is highly uncertain and difficult to predict, as the effects of and response to the
pandemic are rapidly evolving and new information is regularly coming to light. The Company's customers are diverting resources to treat
COVID-19 patients and deferring non-urgent and elective procedures, both of which are likely to impact customers' ability to meet their
other financial obligations, including to the Company. Some customers, which include hospitals, major academic medical centers, and other
related entities, have incurred significant losses during the COVID-19 pandemic due to reduced patient volume. Furthermore, the Company
is also anticipating a global economic slowdown due to disruptions caused by the COVID-19 pandemic, which may result in an incremental
adverse impact on revenue, net income and cash flow and may require significant additional expenditures to mitigate such impacts. Policymakers
around the globe have responded with fiscal policy actions to support the healthcare industry and economy as a whole. The magnitude and
overall effectiveness of these actions remain uncertain.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white"><B>Use of Estimates</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The preparation of financial statements in conformity
with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial
statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The financial statements include some amounts
that are based on management's best estimates and judgments. The most significant estimates relate to depreciation, amortization, and
valuation of capital stock and warrants and options to purchase shares of the Company's preferred and common stock. These estimates
may be adjusted as more current information becomes available, and any adjustment could be significant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Valuation of Derivative Instruments</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Financial Accounting Standards Board (&ldquo;FASB&rdquo;)
Accounting Standards Codification (&ldquo;ASC&rdquo;) 815-40,&nbsp;<I>Derivatives and Hedging: Contracts on an Entity&rsquo;s Own Equity</I>,
addresses whether an equity-linked contract qualifies as equity in the entity&rsquo;s financial statements. Agreements where an entity
has insufficient authorized and unissued shares to settle the contract generally are accounted for as a liability and marked to fair value
through earnings each reporting period. The Company evaluates its financial instruments, to determine if such instruments are liabilities
or contain features that qualify as embedded derivatives. For financial instruments that are accounted for as liabilities, the derivative
instrument is initially recorded at its fair value and is then revalued at each reporting date, with changes in the fair value reported
as charges or credits to income.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white"><B>Fair Value Measurements</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 16.05pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: white">The carrying
values of the Company&rsquo;s financial instruments including cash equivalents, restricted cash, accounts receivable and accounts payable,
and notes payable are approximately equal to their respective fair values due to the relatively short-term nature of these instruments.
</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Fair value is defined as the price that would
be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement
date. Assets and liabilities recorded at fair value in the Balance Sheets are categorized based upon the level of judgment associated
with the inputs used to measure their fair value. The fair value hierarchy distinguishes between (1) market participant assumptions developed
based on market data obtained from independent sources (observable inputs), and (2) an entity&rsquo;s own assumptions about market participant
assumptions developed based on the best information available in the circumstances (unobservable inputs). The fair value hierarchy consists
of three broad levels, which gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities
(Level 1) and the lowest priority to unobservable inputs (Level 3).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white"><B>Cash and Cash Equivalents</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company
considers all highly liquid instruments purchased with an original maturity of three months or less to be cash equivalents. The Company
had no cash equivalents for all periods presented. The Company maintains cash deposits at several financial institutions, which are insured
by the Federal Deposit Insurance Corporation up to $250,000. The Company&rsquo;s cash balance may at times exceed these limits. At December
31, 2021 approximately $201 thousand of the Company&rsquo;s cash balances were in excess of insured limits. The Company continually monitors
its positions with, and the credit quality of, the financial institutions with which it invests. The Company maintains no international
bank accounts. As of December 31, 2021, $20,000 of the Company&rsquo;s cash was restricted as collateral related to the credit card program
offered by our bank.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white"><B>Concentration of Credit Risk
and Other Risks and Uncertainties</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: white">The Company&rsquo;s
cash and cash equivalents are mainly deposited with several major financial institutions. At times, deposits in these institutions exceed
the amount of insurance provided on such deposits. The Company has not experienced any losses in such accounts and believes that it is
not exposed to any significant risk on these balances.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: white"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: white">The Company
had one customer that represented&nbsp;49% and 64% of total net revenue for the years ended December 31, 2021, and 2020, respectively.
The Company had one customer that accounted for 50% and 95% of accounts receivable net for the year ended December 31, 2021,
and 2020, respectively.</FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: white"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: white">The Company
performs ongoing credit evaluations of its customers and maintains reserves for potential credit losses. Accounts receivable are deemed
past due in accordance with the contractual terms of the agreement. Accounts are charged against the allowance for doubtful accounts
once collection efforts are unsuccessful. Historically, such losses have been within management&rsquo;s expectations.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white"><B>Revenue Recognition</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Revenues are recognized when a contract with
a customer exists, and at that point in time when we have delivered a Nociscan report to our customer. Revenue is recognized in the amount
that reflects the negotiated consideration expected to be received in exchange for those reports. Following the delivery of the report,
the company has no ongoing obligations or services to provide to the customer. Customers pay no other upfront, licensing, or other fees.
To date, our reports are not reimbursable under any third-party payment arrangements, <FONT STYLE="background-color: white">The Company
invoices its customers based on the billing schedules in its sales arrangements. Payment terms range generally from 30 to 90 days, from
the date of invoice. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Geographic Locations &amp; Segments</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 16.05pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Approximately 11% and 4% of the Company&rsquo;s
revenues were generated from contracts with customers outside the United States in the periods ended December 31<FONT STYLE="background-color: white">,
2021, and 2020, respectively</FONT>. All invoices are billed in the currency of the customers and are recorded in US Dollars at the then
spot rate, which automatically is converted to dollars upon receipt and deposited in the Company&rsquo;s bank. Differences between the
amounts received and the amounts initially recorded are reflected in Other Income (Expense).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white"><B>Segment Disclosure</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: white">The Company
has&nbsp;a single&nbsp;operating and reporting segment, which is the delivery of Nociscan reports to our customers. The Company&rsquo;s
Chief Executive Officer reviews financial information for purposes of making operating decisions and assessing financial performance.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white"><B>Property and Equipment</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: white">Property
and equipment are stated at cost and are depreciated using the straight-line method over the estimated useful lives of the related assets.
Furniture and fixtures are depreciated over&nbsp;seven years. Computer and office equipment and computer software are depreciated over
five years. Repairs and maintenance costs, which are not considered improvements and do not extend the useful life of the property and
equipment, are expensed as incurred.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white"><B>Impairment of Long-Lived
Assets</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: white">The Company
reviews long-lived assets, including intangible assets, property and equipment, for impairment whenever events or changes in business
circumstances indicate that the carrying amount of the assets may not be fully recoverable using pre-tax undiscounted cash flows. Impairment,
if any, is measured as the amount by which the carrying value of a long-lived asset exceeds its fair value.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white"><B>Sales and Marketing Expenses</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company expenses the costs of sales and marketing its products and services as incurred. The primary drivers of cost
have been employee payroll, consultants, and travel expenses. Sales and marketing expenses were $330,814 and $336,369 for the years ended
December 31, 2021, and 2020 respectively. These expenses are included in sales and marketing expense in the statements of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white"><B>Research and Development
Costs</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: white">Costs related
to research, design and development of products are charged to research and development expense as incurred. These costs include direct
compensation, benefits, and other headcount related costs for research and development personnel; costs for materials used in research
and development activities; costs for outside services and allocated portions of facilities and other corporate costs. The Company has
entered into research and clinical study arrangements with selected hospitals, cancer treatment centers, academic institutions and research
institutions worldwide. These agreements support the Company&rsquo;s internal research and development capabilities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 16.05pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 16.05pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 16.05pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 16.05pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 16.05pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Liquidity, Capital Resources and Going Concern</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the year ended December 31, 2021, the Company
sustained a net loss of approximately $5.0 million and consumed approximately $2.3 million in cash flow from operations. Also, the Company
had an accumulated deficit of approximately $31.9 million at December 31, 2021. Historically, the Company has satisfied its capital needs
with the net proceeds from its sales of equity securities and the issuance of debt instruments. The Company expects to continue to generate
net losses for the foreseeable future as it makes significant investments in developing and generating revenues from its services.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The accompanying financial statements are presented
assuming that the Company will continue as a going concern. The Company is operating with the expectation that it will be able to secure
necessary financing until it becomes profitable. The Company will continue to seek additional financing to cover expenses for the next
12 months. These circumstances raise substantial doubt about the Company&rsquo;s ability to continue as a going concern. The accompanying
condensed financial statements do not include any adjustments that may result if the Company is unable to continue as a going concern.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white"><B>Share-Based Compensation</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: white">The Company
issues stock-based compensation awards to employees and directors in the form of stock options. The Company measures and recognizes compensation
expense for all stock-based awards based on the awards&rsquo; fair value. Share-based compensation for stock options awards are measured
on the date of grant using a Black-Scholes option pricing model.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: white">Awards
vest either on a graded schedule or at the grant date. The Company determines the fair value of each award as a single award and recognizes
the expense on a straight-line basis over the service period of the award, which is generally the vesting period. The exercise price
of stock options granted is equal to the fair market value of the Company&rsquo;s common stock on the date of grant. Stock options expire&nbsp;ten
years from the date of grant.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Emerging Growth Company Status</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>&nbsp;</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company is an emerging growth company, as
defined in the Jumpstart Our Business Startups Act of 2012 (the &ldquo;JOBS Act&rdquo;). Under the JOBS Act, emerging growth companies
can delay the adoption of new or revised accounting standards issued subsequent to the enactment of the JOBS Act until such time as those
standards apply to private companies. The Company has elected to use this extended transition period for complying with certain new or
revised accounting standards that have different effective dates for public and private companies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white"><B>Net Loss Per Share of
Common Stock</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: white">Basic
and diluted net loss per share is computed by dividing net loss attributable to stockholders by the weighted average number shares
of  common stock outstanding during the year. Potentially dilutive outstanding shares of common stock equivalents were excluded
from the computation of diluted net loss per share for loss periods presented because including them would have been
antidilutive.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: white">A reconciliation
of the numerator and denominator used in the calculation of basic and diluted net loss per share attributable to stockholders follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Year Ended December 31,</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2021</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2020</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Numerator:</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 70%; text-align: left; text-indent: 0pt; padding-left: 10pt">Net loss used to compute basic and diluted loss per common share</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">(4,950,290</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">(4,635,245</TD><TD STYLE="width: 1%; text-align: left">)</TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold">Denominator:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; text-indent: 0pt; padding-left: 10pt">Weighted average shares used to compute basic and dilutive loss per share</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,765,470</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,765,470</TD><TD STYLE="text-align: left">&nbsp;</TD>
    </TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The potentially dilutive shares of the Company&rsquo;s
common stock resulting from the assumed exercise of outstanding stock options, warrants, and the conversion of preferred shares are excluded
from the computation of diluted net loss per share when their effect would have been anti-dilutive. Net loss per share excluded 41,913,569
and 21,736,947 shares for the years ended December 31, 2021 and 2020, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white"><B>Income Taxes</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: white">The Company
is required to estimate its income taxes in each of the tax jurisdictions in which it operates prior to the completion and filing of
tax returns for such periods. This process involves estimating actual current tax expense together with assessing temporary differences
in the treatment of items for tax purposes versus financial accounting purposes that may create net deferred tax assets and liabilities.
The Company accounts for income taxes under the asset and liability method, which requires, among other things, that deferred income
taxes be provided for temporary differences between the tax bases of the Company&rsquo;s assets and liabilities and their financial statement
reported amounts. In addition, deferred tax assets are recorded for the future benefit of utilizing net operating losses, research and
development credit carryforwards and other deferred tax assets. The Company has not recorded an deferred tax asset because of the uncertainty
that the Company will be able to utilize any future benefits (see Liquidity, Capital Resources and Going Concern in Note 1). Generally,
the Company is not subject to income tax examinations for periods prior to 2018.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white"><B>Note 2. Recent Accounting
Pronouncements</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white"><B>Accounting Pronouncement
Recently Adopted</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: white">In August
2020, the FASB issued ASU No. 2020-06,&nbsp;<I>Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging-Contracts
in Entity&rsquo;s Own</I> Equity (Subtopic 815-40)&nbsp;(&ldquo;ASU 2020-06&rdquo;), which simplifies the accounting for convertible
instruments. The guidance removes certain accounting models that separate the embedded conversion features from the host contract for
convertible instruments. The guidance also modifies how certain convertible instruments, that may be settled in cash or shares, impact
the calculation of diluted earnings per share. ASU 2020-06 allows for a modified or full retrospective method of transition. This update
is effective for fiscal years beginning after December&nbsp;15, 2021, and interim periods within those fiscal years, and early adoption
is permitted. The Company is currently evaluating the potential impact that adoption of this new standard will have on its financial
statements.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: white">In February
2016, the FASB issued its new lease accounting guidance in ASU 2016-02, Leases (Topic 842). Under the new guidance, lessees will be required
to recognize for all leases (with the exception of short-term leases) a lease liability, which is a lessee&rsquo;s obligation to make
lease payments arising from a lease, measured on a discounted basis and a right-of-use asset, which is an asset that represents the lessee&rsquo;s
right to use, or control the use of, a specified asset for the lease term. Due to the COVID-19 pandemic, relief has been offered by the
FASB and the effective date has been extended to fiscal years beginning after December 15, 2021. The Company is currently evaluating
the potential impact that adoption of this new standard will have on its financial statements.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 16.05pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 16.05pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 16.05pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 16.05pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 16.05pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white"><B>Note 3. Restatement
of Previously Issued Financial Statements</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: white">Subsequent
to the initial issuance of the Company's 2020 financial statements on October 22, 2021, management discovered that the costs associated
with the issuance of the $2,000,000 SAFE issued as part of the amended marketing agreement with NuVasive, Inc. had been erroneously capitalized
and amortized as deferred marketing in its financial statements. As a consequence, assets have been overstated and accumulated deficit,
operating expenses and net loss have been understated. The errors have been corrected by restating each of the affected financial statement
line items for the period. The following table summarizes the impacts on the Company's financial statements.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD> Balance sheet</TD><TD>&nbsp;</TD>
    <TD COLSPAN="10" STYLE="border-bottom: Black 1pt solid; text-align: center">Impact of correction of error</TD><TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; text-align: left">December 31, 2020</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">As previously reported</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">Adjustments</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">As restated</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 55%; text-align: left">Deferred marketing, current</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 11%; text-align: right">521,739</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 11%; text-align: right">(521,739</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 11%; text-align: right">&ndash;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Deferred marketing, non-current</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,043,480</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,043,480</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-bottom: 1pt">Others</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,291,757</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,291,757</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Total assets</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2,856,976</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(1,565,219</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,291,757</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Total current liabilities</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">8,375,359</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">8,375,359</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Accumulated deficit</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(24,364,930</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,565,219</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(25,930,149</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-bottom: 1pt">Others</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">18,846,547</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">18,846,547</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Total deficiency in shareholders&rsquo; equity</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(5,518,383</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(7,083,602</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
  </TABLE>


<P STYLE="margin: 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD>Statement of operations</TD><TD>&nbsp;</TD>
    <TD COLSPAN="10" STYLE="border-bottom: Black 1pt solid; text-align: center">Impact of correction of error</TD><TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; text-align: left">For the year ended December 31, 2020</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">As previously reported</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">Adjustments</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">As restated</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 55%; text-align: left">Sales and marketing</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 11%; text-align: right">771,150</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 11%; text-align: right">(434,781</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 11%; text-align: right">336,369</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Other operating expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,000,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,000,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-bottom: 1pt">Others</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2,141,089</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2,141,089</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Loss from operations</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2,912,239</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,565,219</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">4,477,458</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-bottom: 1pt">Net loss</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(3,070,028</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(1,565,219</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(4,635,245</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt">Net loss allocable to common shareholders</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(3,921,702</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(1,565,219</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(5,486,921</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Net loss per share</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(0.58</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(0.23</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(0.81</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD>Statement of cash flows</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="text-align: center; border-bottom: Black 1pt solid">Impact of correction of error</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>For the year ended December 30, 2020</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">As previously reported</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">Adjustments</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">As restated</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left">Cash flows from operating activites</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 58%; text-align: left">Net loss</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; text-align: right">(3,070,028</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; text-align: right">(1,565,217</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; text-align: right">(4,635,245</TD><TD STYLE="width: 1%; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left">Adjustments to reconcile net loss to net cash used in operating activites</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Issuance of SAFE</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,000,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,000,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left">Amortization of marketing agreement</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">434,783</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(434,783</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt">Others</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">839,807</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,635</TD><TD STYLE="padding-bottom: 1pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">841,442</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Net cash used in operating activities</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(1,795,438</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,635</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(1,793,803</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Cash flows from investing activities</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(179,026</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(179,026</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Cash flows from financing activities</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,861,283</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(1,635</TD><TD STYLE="padding-bottom: 1pt; font-style: italic; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,859,648</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left">Net decrease in cash</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(113,181</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(113,181</TD><TD STYLE="text-align: left">)</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 150 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white"><B>Note 4. Revenue</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white"><B>Contract Balances</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: white">The timing
of revenue recognition, billings, and cash collections may result in trade, unbilled receivables, and deferred revenues on the balance
sheets. At times, revenue recognition may occur before the billing, resulting in an unbilled receivable, which would represent a contract
asset. The contract asset would be a component of accounts receivable and other assets for the current and non-current portions, respectively.
In the event the Company receives advances or deposits from customers before revenue is recognized, this would result in a contract liability.
</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white"><B>Note 5. Supplemental Financial
Information</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white"><B>Balance Sheets</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white"><B>Accounts receivable, net</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 16.05pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white">Accounts receivable, net consisted
of the following:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> December 31,</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2021</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2020</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 70%; text-align: left">Accounts receivable (1)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">6,280</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">22,502</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Unbilled fees and services</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,280</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">22,502</TD><TD STYLE="text-align: left">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Less: Allowance for doubtful accounts</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt">Accounts receivable, net</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">6,280</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">22,502</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD>
    </TR>
  </TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white">(</FONT>1) Accounts receivable
denominated in foreign currencies represent less than 20% of accounts receivable in all periods.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white"><B>Property and Equipment, net</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 6in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: white">Property
and equipment consisted of the following:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> December 31,</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2021</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2020</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 70%; text-align: left">Furniture and fixtures</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">7,700</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">7,700</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Computer and office equipment</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">45,187</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">45,187</TD><TD STYLE="text-align: left">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD>Software</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">42,150</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">42,150</TD><TD STYLE="text-align: left">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Other Equipment</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">18,190</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">18,190</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">113,227</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">113,227</TD><TD STYLE="text-align: left">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Less: Accumulated depreciation</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(100,591</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(87,610</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt">Property and equipment, net</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">12,636</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">25,617</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD>
    </TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Depreciation and amortization expense related
to property and equipment were $12,981 and $26,777 for the years ended December 31, 2021 and 2020, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: white">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 151; Value: 1 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white"><B>Accounts payable and accruals</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> December 31,</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2021</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2020</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 70%; text-align: left">Accounts payable</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">1,059,546</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">859,526</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Credit cards payable</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,758</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,174</TD><TD STYLE="text-align: left">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left">Accrued salaries and expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">340,363</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">138,460</TD><TD STYLE="text-align: left">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Accrued Interest</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">356,219</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">143,063</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">1,761,886</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">1,147,223</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD>
    </TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white"><B>Statements of Operations</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white">Other expense, net consisted
of the following:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 16.05pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Year Ended December 31,</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid">Income/(Expense)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2021</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2020</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 70%; text-align: left">Bank Interest</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">(1,569</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">15</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">California Relief Program</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD>Taxes</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(800</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(800</TD><TD STYLE="text-align: left">)</TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Exchange Gain (Loss)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,309</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(943</TD><TD STYLE="text-align: left">)</TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-bottom: 1pt">Other</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">3,135</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">4,457</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(1,728</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD>
    </TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 16.05pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white"><B>Note 6. Leases</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the year ended December 31, 2021 and 2020, rent, common-area maintenance,
and parking expense was $64,932 and $82,336, respectively. The Company entered into a subleasing agreement in 2021 and realized $48,400
of sublease income. Both the lease and sublease are netted within the General &amp; Administrative line item in the Statements of Operations.
Our current office lease expires on June 30, 2022. Remaining net future rental lease commitments are $30,582 for the year ending December
31, 2022.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white"><B>Note 7. Intangible Assets</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: white">The Company&rsquo;s
intangible assets are as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> December 31,</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2021</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2020</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 70%; text-align: left">Patents and Licenses</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">1,938,858</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">1,836,854</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">UC Royalty</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">150,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100,000</TD><TD STYLE="text-align: left">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-bottom: 1pt">Other</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">5,017</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">5,017</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,093,875</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,941,871</TD><TD STYLE="text-align: left">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Less: Accumulated Amortization</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(949,250</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(772,860</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt">Property and equipment, net</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">1,144,625</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">1,169,011</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD>
    </TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Patents and licenses costs are accounted for
as intangible assets and amortized over the life of the patent or license agreement (generally fifteen years) and charged to Research
and Development. UC royalties are paid annually and amortized over twelve months to Cost of Revenue.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Amortization expense related to purchased intangible
assets was $176,390 and $168,649 for the years ended December 31, 2021 and 2020, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Note 8. Short Term Notes and Convertible Debt</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: white"><I>Short-Term
Notes</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: white">During
the year ended December 31, 2019, Investors purchased $515,553 of the Company&rsquo;s short-term notes. These notes included interest
at 10% per year and were scheduled to mature on April 30, 2020. In February 2020, the holders of these notes agreed to exchange their
notes for an equal principal amount, plus accrued interest, for the Company&rsquo;s Convertible Notes.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white"><I>Convertible Notes: </I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the year ended December 31, 2021 and 2020,
accredited investors purchased $814,500 and $1,598,488 of our convertible notes, respectively. In addition, the holders of the Company&rsquo;s
Short-Term Notes exchanged their notes for this issuance of convertible notes. The convertible notes accrued interest at 10.0% per year
and were originally scheduled to mature on December 31, 2020, which the holders agreed to extend until September 30, 2021. While the convertible
notes contained a provision to automatically convert into shares of common stock at a discount to the price in the next Qualified Financing,
the Qualified Financing did not occur prior to the June 30, 2021 maturity date of the convertible notes. In accordance with the terms
of the convertible notes, the principal plus accrued, but unpaid, interest on the convertible notes (aggregating to $3,201,977) was required
to be automatically converted into 4,228,149 Series B-3 Preferred Shares. The Company did not have the Series B-3 preferred shares authorized
for issuance, and the Company established a liability to issue these shares. This liability was adjusted to fair value until the B-3 preferred
shares were authorized and issued December 3, 2021 (See Note 10).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white"><I>NuVasive, Inc. Convertible
Note and SAFE Agreement: </I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In February 2020, NuVasive and the Company renegotiated
and amended their prior marketing agreement. In consideration of changing the marketing agreement, NuVasive and the Company entered into
a $2.0 million SAFE (Simple Agreement for Future Equity &ldquo;SAFE&rdquo;) agreement. The SAFE provided that NuVasive would receive
$2 million of capital stock if the Company would raise a minimum of $10.0 million of new capital on or before December 31, 2020, which
was later extended to June 30, 2021. If the $10.0 million was not raised, the Company would issue to NuVasive 1,584,660 Series B-2 preferred
shares. The $10.0 million was not raised and the Company issued 1,584,660 Series B-2 preferred shares to NuVasive in December 2021. &nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company recorded the SAFE when issued at its
fair value, which has been measured at $2 million, as NuVasive was to receive a variable number of shares with an aggregate value of $2
million.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company recorded the liability to issue the
1,584,660 Series B-2 preferred shares at its fair value of $2 million (a per-share value of $1.2621), based on third-party valuations
at June 30, 2021, and marked the liability to fair value on September 30, 2021, and at the time the B-2 preferred shares were issued December
3, 2021.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: white">In March
2020, the Company negotiated an additional investment agreement with NuVasive whereby NuVasive purchased $308,720 of Convertible
Notes under the same terms as the existing holders of the Company's Convertible Notes.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In June 2021, NuVasive&rsquo;s &nbsp;convertible
note principal plus accrued, but unpaid, interest was converted (in accordance with the terms of all of the convertible notes) into Series
B-3 Preferred shares (see <I>Convertible Notes</I> above). The B-3 preferred shares were issued December 3, 2021.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Cares Act Paycheck Protection Program Loan-PPP
Loan</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In April 2020 and February 2021, the Company entered
into two promissory notes evidencing an unsecured loan (the &ldquo;Loan&rdquo;) in the amounts of $245,191 and $125,000, respectively,
made to the Company under the Paycheck Protection Program (the &ldquo;PPP&rdquo;). The PPP was established under the CARES Act administered
by the U.S. Small Business Administration.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The PPP promissory notes were to mature in March
2022 (2020 note) and January 2026 (2021 note) and bear interest at a rate of 1% per annum, payable monthly commencing in June 2019
and November 2020. The Loan could be prepaid by the Company at any time prior to maturity with no prepayment penalties. The proceeds from
the Loan could only be used for payroll costs (including benefits), interest on mortgage obligations, rent, utilities and interest on
certain other debt obligations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Loans contained customary events of
default relating to, among other things, payment defaults, making materially false and misleading representations to the lender, or
breaching the terms of the Loan documents. The occurrence of an event of default would result in an increase in the interest rate to
18% per annum and provide the lender with customary remedies, including the right to require immediate payment of all amounts owed
under the promissory note.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the terms of the CARES Act and the PPP, the Company applied in February 2021 to the lender
for forgiveness of the amount due on the Loan.&nbsp; In May 2021, the Company was notified that 100% of the first loan of $245,191 and
related interest of $2,622 had been forgiven, and in August 2021 the Company was notified that 100% of the second loan of $125,000 and
related interest of $698 had been forgiven. The amounts eligible for forgiveness was based on the amount of Loan proceeds used by the
Company for the payment of certain covered costs, including payroll costs (including benefits), interest on mortgage obligations, rent
and utilities, subject to certain limitations and reductions in accordance with the CARES Act and the PPP.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Promissory Notes Payable</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In June 2021, the Company issued, $2.0 million
of Promissory Notes that mature at the earlier of the consummation of a Qualified Financing or May 31, 2022. The Notes incorporated the
following major attributes: secured by a lien and security interest on substantially all of the Company&rsquo;s assets; interest accrues
at 33%; holder option to convert the accrued interest &nbsp;into the Company securities being offered in a Qualified Financing at 30%
(i.e. 70% discount) of the price being paid by other investors in the Qualified Financing; and automatic conversion in the case of a Qualifying
IPO of the accrued interest into the Company securities being offered in the Qualifying IPO at 30% (70% discount) of the price being paid
by other investors in the Qualifying IPO. If the Notes remain outstanding after May 31, 2022, the Company has the option to extend the
Notes upon the payment of an extension fee, which consists of 150,000 warrants with a five-year term, to purchase shares of the Company&rsquo;s
common stock at a price of $0.01 per share. The conversion right and related debt discount has not been recorded, as the amount of the
discount is not yet measurable until the occurrence of a Qualified Financing or a Qualifying IPO.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white"><B>Note 9. Commitments and Contingencies</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white"><B>Indemnities and Commitments</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: white">The Company
enters into standard indemnification agreements with its landlords and their respective directors, officers&rsquo; agents, and employees
in the ordinary course of business. Pursuant to these agreements, the Company will indemnify, hold harmless, and agree to reimburse the
indemnified party for losses suffered or incurred by the indemnified party, generally the landlords, in connection with any loss, accident,
injury, or damage by any third-party with respect to the leased facilities. The term of these indemnification agreements is from the
commencement of the lease agreements until termination of the lease agreements. The maximum potential amount of future payments the Company
could be required to make under these indemnification agreements is unlimited; however, historically the Company has not incurred claims
or costs to defend lawsuits or settle claims related to these indemnification agreements. The Company has General Liability insurance
and has not recorded any liability associated with its indemnification agreements as it is not aware of any pending or threatened actions
that represent probable losses as of December 30, 2021.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white"><B>Royalty</B> <B>Agreement</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company has an exclusive license agreement
with the Regents of theUniversity of California to make, use, sell and otherwise distribute products under certain of the Regents of
the University of California&rsquo;s<FONT STYLE="font-family: Times New Roman, Times, Serif">&rsquo;s patents anywhere in the world.
The Company is obligated to pay a minimum annual royalty of $50,000, and an earned royalty of 4% of net sales. The minimum annual royalty
will be applied against the earned royalty due for the calendar year in which the minimum payment was made. The license agreements expire
upon expiration of the patents, and may be terminated earlier if the Company so elects. The U.S. licensed patents that are currently
issued expire between 2026 and 2029, without considering any possible patent term adjustment or extensions and assuming payment of all
appropriate maintenance, renewal, annuity, or other governmental fees. The Company recorded royalty costs of $50,000 for the years ended
December 31, 2021 and 2020, respectively, which were recorded in Cost of Revenue.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; background-color: white">Additionally,
the Company is obligated to make a cash Milestone Payment to </FONT>the Regents of the University of California <FONT STYLE="font-family: Times New Roman, Times, Serif; background-color: white">in
the event of either a Change of Control or an Initial Public Offering (IPO). This cash payment is calculated as follows; approximately
213,000 Company shares of common stock (subject to ratably adjustment for any stock split occurring prior to the IPO) times the IPO price.
As neither a Change of Control nor an IPO had occurred as of December 31, 2021, the future payment obligation cannot be measured.</FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: white"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white"><B>Litigation</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: white">To date,
the Company has not been involved in legal proceedings arising in the ordinary course of its business. If any legal proceeding occurs,
the Company would record a provision for a loss when it believes that it is both probable that a loss has been incurred and the amount
can be reasonably estimated, although litigation is inherently unpredictable and is subject to significant uncertainties, some of which
are beyond the Company&rsquo;s control. Should any of these estimates and assumptions change or prove to have been incorrect, the Company
could incur significant charges related to legal matters that could have a material impact on its results of operations, financial position
and cash flows.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Stock Option Grant to our Executive Chairman</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In September 2021, the Board of Directions
approved a stock option grant of 9,000,000  shares to Dr. Jeffrey Thramann, our Executive Chairman. These options are
conditional, such that they vest only upon the occurrence of certain specified events, including an IPO, a next round financing, the
merger of the Company with a SPAC, or the sale of the Company. The amount of stock options that will vest upon such specified events
depends upon the terms and timing of the applicable event. In the case of an IPO, the number of shares that will vest is equal to
16.7% of the Company&rsquo;s pre-IPO fully diluted shares (inclusion of the portion of Dr. Thramann&rsquo;s option grant that will
become vested). Any remaining portion of the option grant will be cancelled. The agreement with Dr. Thramann also contains
provisions in the event of his voluntary resignation from the company, as well as other provisions if he is terminated by the
company.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Note 10. Shareholders&rsquo; Equity</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The ownership of the Company is represented by
shares. The Company has authorized two classes of shares. These classes include shares of common stock and preferred stock (collectively,
the &quot;Shares&quot;). There is one authorized series of shares of common stock and eight existing authorized series of Preferred stock:
Series A-1, A-2, A-3, A-4, B, B-1, B-2, and B-3.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Preference Amounts</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Issue Date</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Total Face Value of Investment</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Issue Purchase Price/Share</B></FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(238,238,238)">
    <TD STYLE="width: 56%"><FONT STYLE="font-size: 10pt"><B>Series A-1 Preferred Stock</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 13%; text-align: center"><FONT STYLE="font-size: 10pt">12/31/2014</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="width: 13%; text-align: right"><FONT STYLE="font-size: 10pt">1,247,541</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="width: 13%; text-align: right"><FONT STYLE="font-size: 10pt">0.70</FONT></TD></TR>
  <TR STYLE="background-color: rgb(238,238,238)">
    <TD COLSPAN="9"><FONT STYLE="font-size: 10pt"><I>Series A-1 has a 1x liquidation preference junior to B/B1 plus participation on an
    as-converted to common basis, which participation is capped at 3x, conversion into common stock at a ratio of 1:1, limited
    anti-dilution protection, and voting rights on an as-converted to common basis.</I></FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(238,238,238)">
    <TD><FONT STYLE="font-size: 10pt"><B>Series A-2 Preferred Stock&#8239;</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">12/31/2014</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">1,114,797</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">0.77</FONT></TD></TR>
  <TR STYLE="background-color: rgb(238,238,238)">
    <TD COLSPAN="9"><FONT STYLE="font-size: 10pt"><I>Series A-2 has a 1x liquidation preference junior to B/B1 plus participation on an
    as-converted to common basis, which participation is capped at 3x, conversion into common stock at a ratio of 1:1, limited
    anti-dilution protection, and voting rights on an as-converted to common basis.</I></FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD COLSPAN="9">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(238,238,238)">
    <TD><FONT STYLE="font-size: 10pt"><B>Series A-3 Preferred Stock</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">12/31/2014</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">795,002</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">0.85</FONT></TD></TR>
  <TR STYLE="background-color: rgb(238,238,238)">
    <TD COLSPAN="9"><FONT STYLE="font-size: 10pt"><I>Series A-3 has a 1x liquidation preference junior to B/B1 plus participation on an
    as-converted to common basis, which participation is capped at 3x, conversion into common stock at a ratio of 1:1, limited
    anti-dilution protection, and voting rights on an as-converted to common basis. </I></FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD COLSPAN="9">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(238,238,238)">
    <TD><FONT STYLE="font-size: 10pt"><B>Series A-4 Preferred Stock</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">12/31/2014</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">1,965,288</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">0.94</FONT></TD></TR>
  <TR STYLE="background-color: rgb(238,238,238)">
    <TD COLSPAN="9"><FONT STYLE="font-size: 10pt"><I>Series A-4 has a 1x liquidation preference junior to B/B1 plus participation on an
    as-converted to common basis, which participation is capped at 3x, conversion into common stock at a ratio of 1:1, limited
    anti-dilution protection, and voting rights on an as-converted to common basis.</I></FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD COLSPAN="9">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(238,238,238)">
    <TD><FONT STYLE="font-size: 10pt"><B>Series B Preferred Stock</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">12/5/2015</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">5,013,579</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">1.00</FONT></TD></TR>
  <TR STYLE="background-color: rgb(238,238,238)">
    <TD COLSPAN="9"><FONT STYLE="font-size: 10pt"><I>Series B has a 1x senior liquidation preference junior to B/B1 plus participation
    on an as-converted to common basis, which participation is capped at 3x, conversion into common stock at a ratio of 1:1,
    limited anti-dilution protection, and voting rights on an as-converted to common basis.</I></FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD COLSPAN="9">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(238,238,238)">
    <TD COLSPAN="9"><FONT STYLE="font-size: 10pt"><I>The dividend rate is 6.0% Dividends are cumulative. Accrued and unpaid dividends are payable in shares of common stock in certain events (including an IPO) at the then current fair market value of the common stock. </I></FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></DIV>
    <!-- Field: /Page -->

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Preference Amounts</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Issue Date</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Total Face Value of Investment</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Issue Purchase Price/Share</B></FONT></TD></TR>

<TR STYLE="background-color: White">
    <TD COLSPAN="9">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(238,238,238)">
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt"><B>Series B-1 Preferred Stock </B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">7/27/2017</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">1,500,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">1.26</FONT></TD></TR>
  <TR STYLE="background-color: rgb(238,238,238)">
    <TD STYLE="width: 56%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: center; width: 13%"><FONT STYLE="font-size: 10pt">8/2/2018</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right; width: 13%"><FONT STYLE="font-size: 10pt">5,217,698</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right; width: 13%"><FONT STYLE="font-size: 10pt">1.26</FONT></TD></TR>
  <TR STYLE="background-color: rgb(238,238,238)">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">3/1/2019</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">$2,463,328</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">1.26</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(238,238,238)">
    <TD COLSPAN="9"><FONT STYLE="font-size: 10pt"><I>Series B-1 has a 1x senior liquidation preference junior to B2/B3 plus
    participation on an as-converted to common basis, which participation is capped at 3x, conversion into common stock at a ratio of
    1:1, limited anti-dilution protection, and voting rights on an as-converted to common basis.</I></FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD COLSPAN="9">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(238,238,238)">
    <TD COLSPAN="9"><FONT STYLE="font-size: 10pt"><I>The dividend rate is 6.0%. Dividends are cumulative. Accrued and unpaid dividends are payable in shares of common stock in certain events (including an IPO) at the then current fair market value of the common stock.</I></FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: #EEEEEE">
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt"><B>Series B-2 Preferred Stock </B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">12/3/2021</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">1,774,819</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">1.12</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="width: 56%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 13%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 13%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 13%; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #EEEEEE">
    <TD COLSPAN="9"><FONT STYLE="font-size: 10pt"><I>Series B-2 has a 1x senior liquidation preference plus participation on an as-converted to common basis, which participation is capped at 3x, conversion into common stock at a ratio of 1:1, limited anti-dilution protection, and voting rights on an as-converted to common basis.</I></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD COLSPAN="9">&nbsp;</TD></TR>
  <TR STYLE="background-color: #EEEEEE">
    <TD COLSPAN="9"><FONT STYLE="font-size: 10pt"><I>The dividend rate is 6.0%. Dividends are cumulative. Accrued and unpaid dividends are payable in shares of common stock in certain events (including an IPO) at the then current fair market value of the common stock. Redemption is available by a majority vote of holders commencing after fifth anniversary from issuance,&nbsp;payable in three annual installments.</I></FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: #EEEEEE">
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt"><B>Series B-3 Preferred Stock </B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">12/3/2021</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">5,327,468</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">1.26</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="width: 56%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: center; width: 13%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: right; width: 13%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: right; width: 13%">&nbsp;</TD></TR>
  <TR STYLE="background-color: #EEEEEE">
    <TD COLSPAN="9"><FONT STYLE="font-size: 10pt"><I>Series B-3 has a 2x senior liquidation preference, conversion into common stock at a ratio of 1:1, limited anti-dilution protection, and voting rights on an as-converted to common basis.</I></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD COLSPAN="9">&nbsp;</TD></TR>
  <TR STYLE="background-color: #EEEEEE">
    <TD COLSPAN="9"><FONT STYLE="font-size: 10pt"><I>The dividend rate is 6.0%. Dividends are cumulative. Accrued and unpaid dividends
    are payable in shares of common stock in certain events (including an IPO) at the then current fair market value of the common
    stock. Redemption is available by a majority vote of holders commencing after fifth anniversary from issuance, payable in
    three annual installments.</I></FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the years ended December 31, 2021 and 2020,
respectively, the Company granted 129,125 and 439,583 warrants to certain investors who participated over an agreed investment minimum
amount in the purchase of our convertible notes. The value of the warrants was recorded as a debt discount and expensed based on the fair
value. The Company recorded interest expense in the amount of $30,393 and $79,123 for the periods ended December 31, 2021 and 2020, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white"><B>Note 11. Stock Option Plan
</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The purpose of the Nocimed, Inc. 2015 Stock Plan
(the &ldquo;Plan&rdquo;) is to attract and retain the best available personnel for positions of substantial responsibility, to provide
additional incentive to Employees and Consultants, and to promote the success of the Company&rsquo;s business. Options granted under the
Plan may be Incentive Stock Options or Non-statutory Stock Options, as determined by the Administrator at the time of grant of an Option.
Restricted Stock may also be granted under the Plan. The options vest in accordance with the grant terms and are exercisable for a period
of up to 10 years from grant date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: white">At December
31, 2021, the Company had&nbsp;approximately 1.4&nbsp;million shares of common stock reserved for issuance under the Plan.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white">The fair value of the options
granted for the years ended December 2021 and 2020 were estimated at the date of grant using the Black-Scholes option pricing formula
with the following assumptions:</FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white"></FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: bottom; background-color: #EEEEEE">
    <TD STYLE="width: 84%"><FONT STYLE="font-size: 10pt">Risk-free interest rate</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 13%; text-align: right">1<FONT STYLE="font-size: 10pt">.99%</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-size: 10pt">Dividend yield</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">0.00%</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #EEEEEE">
    <TD><FONT STYLE="font-size: 10pt">Expected term</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">6-8 years</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-size: 10pt">Expected volatility</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">25.00%</FONT></TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white"><B><I>Determining Fair Value
of Stock Options</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: white">The fair
value of each grant of stock options was determined by the Company using the methods and assumptions discussed below. Each of these inputs
is subjective and generally requires significant judgment to determine.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: white"><I>Valuation
and Amortization Method</I>&mdash;The Company estimates the fair value of its stock options using the Black-Scholes option-pricing model.
This fair value is then amortized over the requisite service periods of the awards.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: white"><I>Expected
Term</I>&mdash;The Company estimates the expected term of stock option by taking the average of the vesting term and the contractual
term of the option, as illustrated by the simplified method.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: white"><I>Expected
Volatility</I>&mdash;The expected volatility is derived from the Company&rsquo;s expectations of future market volatility over the expected
term of the options.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white"><I>Risk-Free Interest Rate</I>&mdash;The
risk-free interest rate is based on the U.S. Treasury yield curve on the date of grant.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white"><I>Dividend Yield</I>&mdash;The
dividend yield assumption is based on the Company&rsquo;s history and expectation of no dividend payouts.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white">A summary of option activity
under the Company&rsquo;s incentive plan during the fiscal years 2021 and 2020 is presented below:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Options</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Outstanding</B></P></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Weighted</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Average</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Exercise</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Price</B></P></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Weighted</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Average</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Remaining</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Contractual</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Life</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(In Years)</B></P></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Aggregate
                                            Intrinsic</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Value of Unexercised Options</B></P></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 54%"><FONT STYLE="font-size: 10pt">Balance at December 31, 2019</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: right; width: 8%"><FONT STYLE="font-size: 10pt">2,896,843</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right; width: 8%"><FONT STYLE="font-size: 10pt">0.17</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: right; width: 9%">5</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: right; width: 9%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD><FONT STYLE="font-size: 10pt">Options granted</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&ndash;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-size: 10pt">Options exercised</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&ndash;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD><FONT STYLE="font-size: 10pt">Options forfeited/expired</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">(281,674</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-size: 10pt">Balance at December 31, 2020</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">2,615,169</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">0.17</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">8</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-size: 10pt">Options granted</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">14,234,688</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;(1)&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>$</TD>
    <TD STYLE="text-align: right">0.26</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD><FONT STYLE="font-size: 10pt">Options exercised</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&ndash;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right">&ndash;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-size: 10pt">Balance at December 31, 2021</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font-size: 10pt">16,849,857</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">0.21</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">6</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-size: 10pt">Exercisable at December 31, 2020</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">2,248,319</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">0.17</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">179,866</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD><FONT STYLE="font-size: 10pt">Exercisable at December 31, 2021</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">4,426,211</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">0.21</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">199,105</FONT></TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(1)</TD><TD STYLE="text-align: justify">Includes
a stock option grant of 9,000,000  shares to Dr. Jeffrey Thramann,
our Executive Chairman. &nbsp;These options are conditional, such that they vest only upon the occurrence of certain specified events,
including an IPO, a next round financing, the merger of the Company with a SPAC, or the sale of the Company. The amount of stock options
that will vest upon such specified events depends upon the terms and timing of the applicable event. In the case of an IPO, the number
of shares that will vest is equal to 16.7% of the Company&rsquo;s pre-IPO fully diluted shares (inclusion of the portion of Dr. Thramann&rsquo;s
option grant that will become vested). Any remaining portion of the option grant will be cancelled. (See Note 8)</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The aggregate intrinsic value in the table above
of the unexercised options reflects the total pre-tax intrinsic value (the difference between the fair value of the Company&rsquo;s common
stock on December 31, 2021 of $0.26 and the exercise price of the options that would have been received by option holders if all
options exercisable had been exercised. The total intrinsic value of options exercised in the years ended December 31, 2021, and 2020,
was approximately $0. The unrecognized option expense was $929,493 and $25,077 as of December 31, 2021 and 2020, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the years ended December 31, 2021 and 2020,
the Company recognized $177,488 and $26,132, respectively, of share-based compensation expense for all stock options granted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Note 12. Subsequent Events</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In January 2022, the Company&rsquo;s stockholders approved, (i)
the 2022 Aclarion Equity Incentive Plan, (ii) the reverse stock split, (iii) our amended and restated certificate of incorporation,
and (iv) our amended and restated bylaws. These actions were previously approved by the Company&rsquo;s board of directors and will
become effective immediately prior to the completion of the initial public offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> The financial statements do not give retro-active
effect to a 1-for-7.47 reverse stock split of our shares of common stock immediately prior to the effectiveness of this offering, which
split ratio is based upon the offering price of the Units offered hereby of $5.50, the mid-range between $4.50 and $6.50 per Unit, and
which price and ratio is subject to change. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>2,165,000 Units</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>Each Unit consisting
of </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>One Share of Common
Stock</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>and</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>One Warrant</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>To Purchase One Share
of Common Stock </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>ACLARION, INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>PROSPECTUS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">April 21, 2022</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><FONT STYLE="font-size: 16pt"><B>Maxim
Group LLC</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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