<SEC-DOCUMENT>0001213900-19-025668.txt : 20191209
<SEC-HEADER>0001213900-19-025668.hdr.sgml : 20191209
<ACCEPTANCE-DATETIME>20191209171319
ACCESSION NUMBER:		0001213900-19-025668
CONFORMED SUBMISSION TYPE:	S-1/A
PUBLIC DOCUMENT COUNT:		8
FILED AS OF DATE:		20191209
DATE AS OF CHANGE:		20191209

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SG BLOCKS, INC.
		CENTRAL INDEX KEY:			0001023994
		STANDARD INDUSTRIAL CLASSIFICATION:	WHOLESALE-LUMBER & OTHER CONSTRUCTION MATERIALS [5030]
		IRS NUMBER:				954463937
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		S-1/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-235295
		FILM NUMBER:		191275966

	BUSINESS ADDRESS:	
		STREET 1:		195 MONTAGUE STREET, 14TH FLOOR
		CITY:			BROOKLYN
		STATE:			NY
		ZIP:			11201
		BUSINESS PHONE:		(646) 240-4235

	MAIL ADDRESS:	
		STREET 1:		195 MONTAGUE STREET, 14TH FLOOR
		CITY:			BROOKLYN
		STATE:			NY
		ZIP:			11201

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CDSI HOLDINGS INC
		DATE OF NAME CHANGE:	19990114

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PC411 INC
		DATE OF NAME CHANGE:	19961001
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-1/A
<SEQUENCE>1
<FILENAME>fs12019a1_sgblocksinc.htm
<DESCRIPTION>AMENDMENT NO.1 TO FORM S-1
<TEXT>
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<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0"> <B>As filed with the Securities and Exchange Commission on December
9, 2019</B> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"> <B>Registration No. 333-<FONT STYLE="font-size: 10pt">235295</FONT></B> </P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"> <B><U STYLE="text-decoration: none">AMENDMENT
NO. 1</U></B> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> <B><U STYLE="text-decoration: none">TO</U></B> </P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>FORM S-1</B></P>

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

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

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

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

<P STYLE="font: 7pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><IMG SRC="img_001.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 4pt"><B>&nbsp;</B></FONT></P>

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

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

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

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

<TABLE ALIGN="CENTER" CELLSPACING="0" CELLPADDING="0" STYLE="border-collapse: collapse; font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 32%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; border-bottom: Black 1.5pt solid; white-space: nowrap"><B>Delaware</B></TD>
    <TD STYLE="width: 2%; padding-bottom: 1.5pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="width: 32%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; border-bottom: Black 1.5pt solid; white-space: nowrap"><B>5030</B></TD>
    <TD STYLE="width: 2%; padding-bottom: 1.5pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="width: 32%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; border-bottom: Black 1.5pt solid; white-space: nowrap"><B>95-4463937</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; white-space: nowrap"><FONT STYLE="font-size: 10pt"><I>(State or other
    jurisdiction of</I></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; white-space: nowrap"><FONT STYLE="font-size: 10pt"><I>(Primary Standard
    Industrial</I></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; white-space: nowrap"><FONT STYLE="font-size: 10pt"><I>(I.R.S. Employer</I></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; white-space: nowrap"><FONT STYLE="font-size: 10pt"><I>incorporation or
    organization)</I></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; white-space: nowrap"><FONT STYLE="font-size: 10pt"><I>Classification
    Code Number)</I></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; white-space: nowrap"><FONT STYLE="font-size: 10pt"><I>Identification
    Number)</I></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 3pt">&nbsp;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>195 Montague Street,
14th Floor</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Brooklyn, New
York 11201</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>(646) 240-4235</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><I>(Address, including
zip code, and telephone number, including area code, of Registrant&rsquo;s principal executive offices)</I></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Paul M. Galvin</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Chief Executive
Officer and</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Chairman of the
Board of Directors</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>195 Montague Street,
14th Floor</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Brooklyn, New
York 11201</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>(646) 240-4235</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>(Name, address, including zip code,
and telephone number, including area code, of agent for service)</I></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 3pt">&nbsp;</FONT></P>

<TABLE ALIGN="CENTER" CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 49%; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Leslie Marlow, Esq.</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Hank Gracin, Esq.</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Patrick J. Egan, Esq.<BR>
        Gracin &amp; Marlow, LLP</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>The Chrysler Building</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>405 Lexington Avenue, 26<SUP>th
        </SUP>Floor</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>New York, New York 10174</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(212) 907-6457</B></P></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 49%; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Barry L. Grossman, Esq.</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Sarah E. Williams, Esq.</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Ellenoff Grossman &amp; Schole
        LLP</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>1345 Avenue of the Americas</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>New York, New York 10105</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(212) 370-1300</B></P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 3pt">&nbsp;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Approximate date of commencement of
proposed sale to the public</B>: As soon as practicable after the effective date of this registration statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If any of the securities being registered
on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, check the
following box. <FONT STYLE="font-family: Wingdings">&thorn;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If this Form is filed to register additional
securities for an offering pursuant to Rule 462(b) under the Securities Act of 1933, check the following box and list the Securities
Act registration statement number of the earlier effective registration statement for the same offering. &#9744;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If this Form is a post-effective amendment
filed pursuant to Rule 462(c) under the Securities Act of 1933, check the following box and list the Securities Act registration
statement number of the earlier effective registration statement for the same offering. &#9744;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If this Form is a post-effective amendment
filed pursuant to Rule 462(d) under the Securities Act of 1933, check the following box and list the Securities Act registration
statement number of the earlier effective registration statement for the same offering. &#9744;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Indicate by check mark whether the Registrant
is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth
company. See the definitions of &ldquo;large accelerated filer,&rdquo; &ldquo;accelerated filer&rdquo;, &ldquo;smaller reporting
company&rdquo; and &ldquo;emerging growth company&rdquo; in Rule 12b-2 of the Exchange Act of 1934.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P>

<TABLE ALIGN="CENTER" CELLSPACING="0" CELLPADDING="0" STYLE="width: 92%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48.36%">Large accelerated filer</TD>
    <TD STYLE="width: 10.88%">&#9744;</TD>
    <TD STYLE="width: 37.64%">Accelerated filer</TD>
    <TD STYLE="width: 3.12%">&#9744;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Non-accelerated filer</TD>
    <TD><FONT STYLE="font-family: Wingdings">&thorn;</FONT></TD>
    <TD>Smaller reporting company</TD>
    <TD><FONT STYLE="font-family: Wingdings">&thorn;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Emerging growth company</TD>
    <TD>&#9744;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 5pt"></FONT></P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>CALCULATION OF
REGISTRATION FEE</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; border-top: Black 1.5pt solid"> &nbsp; </TD><TD STYLE="font-size: 10pt; font-weight: bold; border-top: Black 1.5pt solid"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-top: Black 1.5pt solid"> &nbsp; </TD><TD STYLE="font-size: 10pt; font-weight: bold; border-top: Black 1.5pt solid"> &nbsp; </TD><TD STYLE="font-size: 10pt; font-weight: bold; border-top: Black 1.5pt solid"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-top: Black 1.5pt solid"> &nbsp; </TD><TD STYLE="font-size: 10pt; font-weight: bold; border-top: Black 1.5pt solid"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; border-bottom: Black 1.5pt solid"> Title of each class
    of securities to be registered (1) </TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"> <B>Proposed
    maximum<BR> aggregate offering<BR> price<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>(1)(2)(3)</SUP></FONT></B> </TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1.5pt"> &nbsp; </TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"> <B>Amount
    of<BR> registration fee<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>(4)</SUP></FONT></B> </TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1.5pt"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 76%; font-size: 10pt; padding-left: 0.125in; text-indent: -0.125in"> Common Stock, par value $0.01 per
    share </TD><TD STYLE="width: 1%; font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left"> $ </TD><TD STYLE="width: 9%; font-size: 10pt; text-align: right"> 2,875,000 </TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="width: 1%; font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left"> $ </TD><TD STYLE="width: 9%; font-size: 10pt; text-align: right"> 373.18 </TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-left: 0.125in; text-indent: -0.125in"> Series B Convertible Preferred Stock, par value
    $1.00 per share <SUP>(5)</SUP> </TD><TD STYLE="font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="font-size: 10pt; text-align: left"> $ </TD><TD STYLE="font-size: 10pt; text-align: right"> 2,875,000 </TD><TD STYLE="font-size: 10pt; text-align: left"> &nbsp; </TD><TD STYLE="font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="font-size: 10pt; text-align: left"> $ </TD><TD STYLE="font-size: 10pt; text-align: right"> 373.18 </TD><TD STYLE="font-size: 10pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0.125in; text-indent: -0.125in; padding-bottom: 1.5pt"> Common
    Stock issuable upon conversion of the Series B Convertible Preferred Stock </TD><TD STYLE="font-size: 10pt; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD STYLE="font-size: 10pt; text-align: left; border-bottom: Black 1.5pt solid"> &nbsp; </TD><TD STYLE="font-size: 10pt; text-align: right; border-bottom: Black 1.5pt solid"> &mdash; </TD><TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1.5pt"> &nbsp; </TD><TD STYLE="font-size: 10pt; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD STYLE="font-size: 10pt; text-align: left; border-bottom: Black 1.5pt solid"> &nbsp; </TD><TD STYLE="font-size: 10pt; text-align: right; border-bottom: Black 1.5pt solid"> &mdash; </TD><TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1.5pt"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1.5pt; padding-left: 0.125in; text-indent: -0.125in"> Total </TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left"> $ </TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><P STYLE="margin: 0pt 0"> 5,750,000 </P>


</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; font-weight: bold; text-align: left"> &nbsp; </TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: left"> $ </TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; font-weight: bold; text-align: right"><P STYLE="margin: 0pt 0"> 746.36 </P>


</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; font-weight: bold; text-align: left"> <SUP>(6)</SUP> </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%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">(1)</TD>
    <TD STYLE="text-align: justify">Estimated solely for the purpose of calculating the amount of the registration fee pursuant
    to Rule 457(o) of the Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;).</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>(2)</TD>
    <TD STYLE="text-align: justify">Pursuant to Rule 416, the securities being registered hereunder include such indeterminate
    number of additional securities as may be issued after the date hereof as a result of stock splits, stock dividends or similar
    transactions.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>(3)</TD>
    <TD STYLE="text-align: justify">Includes shares of common stock the underwriters have the option to purchase solely to cover
    over-allotments, if any.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD> (4) </TD>
    <TD STYLE="text-align: justify"> Calculated under Section 6(b) of the Securities Act as .<FONT STYLE="text-decoration: none">00012980
    </FONT>of the proposed maximum aggregate offering price. </TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>(5)</TD>
    <TD STYLE="text-align: justify">The proposed maximum offering price of the Series B Convertible Preferred Stock to be sold
    in the offering will be reduced on a dollar-for-dollar basis based on the offering price of any shares of Common Stock offered
    and sold in the offering, and as such the proposed aggregate maximum offering price of the Common Stock and the Series B Convertible
    Preferred Stock (including the shares issuable upon conversion of the Series B Convertible Preferred Stock), if any, is $2,875,000.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>(6)</TD>
    <TD STYLE="text-align: justify"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">A
fee of $766.64 was previously paid.</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; text-align: justify"><B>The Registrant hereby amends this Registration
Statement on such date or dates as may be necessary to delay its effective date until the Registrant shall file a further amendment
which specifically states that this Registration Statement shall thereafter become effective in accordance with Section 8(a) of
the Securities Act or until the Registration Statement shall become effective on such date as the Securities and Exchange Commission,
acting pursuant to Section 8(a), may determine.</B></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>


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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; text-align: justify"><FONT STYLE="color: Red"><B>The information
in this preliminary prospectus is not complete and may be changed. These securities may not be sold until the registration statement
filed with the Securities and Exchange Commission is effective. This preliminary prospectus is not an offer to sell these securities,
nor does it seek an offer to buy these securities in any jurisdiction where the offer or sale is not permitted.</B></FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; color: Red">
<TR STYLE="vertical-align: bottom; color: Red">
    <TD STYLE="width: 32%; text-align: justify; color: Red"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Red"><B>PRELIMINARY
    PROSPECTUS</B></FONT> </TD>
    <TD STYLE="white-space: nowrap; width: 2%; color: Red"> <B>&nbsp;</B> </TD>
    <TD STYLE="width: 32%; text-align: center; color: Red"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Red"><B>SUBJECT
    TO COMPLETION</B></FONT> </TD>
    <TD STYLE="white-space: nowrap; width: 2%; color: Red"> <B>&nbsp;</B> </TD>
    <TD STYLE="width: 32%; text-align: right; color: Red"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Red"><B>DATED
    DECEMBER 9, 2019</B></FONT> </TD></TR>
</TABLE>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"> <FONT STYLE="font-family: Times New Roman, Times, Serif; text-decoration: none"><B>Up
to 10,000,000 </B></FONT><B>Shares of Common Stock</B> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> <FONT STYLE="font-family: Times New Roman, Times, Serif; text-decoration: none"><B>Up
to 2,500 Shares of </B></FONT><B>Series B Convertible Preferred Stock</B> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> <FONT STYLE="font-family: Times New Roman, Times, Serif; text-decoration: none"><B>Up
to 10,000,000 </B></FONT><B>Shares of Common Stock Underlying the Series B Convertible Preferred Stock</B> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><IMG SRC="img_001.jpg" ALT="">&nbsp;</P>

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

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><B STYLE="font-size: 18pt">SG Blocks, Inc.</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> We are offering up to 10,000,000 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">We are also offering to those purchasers,
if any, whose purchase of shares of our common stock in this offering would otherwise result in the purchaser, together with its
affiliates and certain related parties, beneficially owning more than 4.99% of our outstanding common stock immediately following
the consummation of this offering, the opportunity, in lieu of purchasing shares of our common stock, to purchase shares of our
newly designated Series B Convertible Preferred Stock (&ldquo;Series B Preferred Stock&rdquo;). Each share of Series B Preferred
Stock will have a stated value of $1,000 per share and will be convertible into shares of our common stock at a conversion price
equal to the public offering price of the shares of our common stock. For each share of Series B Preferred Stock we sell, the
number of shares of our common stock we are offering will be decreased on a dollar-for-dollar basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, 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 number of shares of our common stock
outstanding after this offering will fluctuate depending on how many shares of Series B Preferred Stock are sold in this offering
and whether and to what extent holders of shares of Series B Preferred Stock elect to convert such shares into 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"> <FONT STYLE="font-family: Times New Roman, Times, Serif">Our
common stock is listed on The Nasdaq Capital Market under the symbol &ldquo;SGBX.&rdquo; On December 6, 2019, the last reported
sale price of our common stock on The Nasdaq Capital Market was $0.2455 per share. The public offering price per common share
will be determined between us, the underwriter and investors based on market conditions at the time of pricing and may be at a
discount to the current market price of our common stock. Therefore, the recent market price used throughout this prospectus may
not be indicative of the final offering price.</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 public offering price of the Series
B Preferred Stock will be $1,000 per share. There is no established trading market for the Series B Preferred Stock, and we do
not expect a market to develop. In addition, we do not intend to apply for the listing of the Series B Preferred Stock on The
Nasdaq Capital Market or any other national securities exchange or other trading market. Without an active trading market, the
liquidity of the Series B Preferred Stock will 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"> Assuming a public offering price of
$0.25 per share of our common stock (which was the last reported sale price of our common stock on The Nasdaq Capital Market on
December 6, 2019 rounded to the nearest penny), the Series B Preferred Stock will be convertible into an aggregate total of up
to 10,000,000 shares of 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"><B>Investing in our securities involves
risk. See &ldquo;Risk Factors&rdquo; beginning on page 9 of this prospectus for a discussion of information that should be considered
in connection with an investment in our securities.</B></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"><B>&nbsp;</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Per&nbsp;Share
    of Common Stock</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Per&nbsp;Share
    of Series B Preferred Stock</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Total</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>

<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 64%; font-size: 10pt; text-indent: -12pt; padding-left: 12pt">Public offering price</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 9%; font-size: 10pt; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 9%; font-size: 10pt; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 9%; font-size: 10pt; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -12pt; padding-left: 12pt">Underwriting discounts and commissions<SUP>(1)(2)</SUP></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -12pt; padding-left: 12pt">Proceeds to us, before expenses</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<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>

<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%"></TD><TD STYLE="width: 0.25in">(1)</TD><TD STYLE="text-align: justify">Does not include a non-accountable
                                         expense allowance equal to 1% of the gross proceeds (excluding any proceeds from the
                                         over-allotment option) of this offering payable to the representative of the underwriters.</TD></TR></TABLE>

<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%"></TD><TD STYLE="width: 0.25in"> (2) </TD><TD STYLE="text-align: justify"> We have also agreed to reimburse
                                         the underwriters for certain expenses incurred in connection with this offering. See
                                         &ldquo;Underwriting&rdquo; beginning on page 31 of this prospectus for a description
                                         of the compensation payable to the underwriters. </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 have granted a 45-day option to
the representative of the underwriters to purchase up to 1,500,000 additional shares of common stock from us solely to cover over-allotments,
if any (15% of the shares of common stock sold and shares of common stock issuable upon conversion of the Series B Preferred Stock
sold). </P>



<P STYLE="font: 10pt Times New Roman, Times, 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 delivery of the securities
offered hereby against payment will be made on or about &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
, 2019.</P>

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

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>ThinkEquity</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>a division of
Fordham Financial Management, Inc.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">The date of this
prospectus is &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; , 2019</P>

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

<P STYLE="margin-top: 0; margin-bottom: 0; text-align: center"><IMG SRC="img_002.jpg" ALT=""></P>

<P STYLE="margin-top: 0; margin-bottom: 0; font-size: 1px; color: White">WE REPURPOSE  SHIPPING CONTAINERS INTO  ICONIC STRUCTURES</P>

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


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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR>
    <TD STYLE="vertical-align: top; width: 90%; border-bottom: Black 1.5pt solid"><B>Description</B></TD>
    <TD STYLE="width: 2%; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 8%; text-align: center; border-bottom: Black 1.5pt solid"><B>Page</B></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><A HREF="#sgb_001">PROSPECTUS SUMMARY</A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">1</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><A HREF="#sgb_002">THE OFFERING</A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">6</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><A HREF="#sgb_003">RISK FACTORS</A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">9</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><A HREF="#sgb_004">SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS</A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">22</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><A HREF="#sgb_005">USE OF PROCEEDS</A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">23</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><A HREF="#sgb_006">CAPITALIZATION</A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">24</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><A HREF="#sgb_007">DILUTION</A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">25</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><A HREF="#sgb_008">MARKET FOR COMMON EQUITY AND RELATED STOCKHOLDER MATTERS</A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">26</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><A HREF="#sgb_009">DIVIDEND POLICY</A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">26</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><A HREF="#sgb_010">DESCRIPTION OF OUR SECURITIES</A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">27</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><A HREF="#sgb_011">DESCRIPTION OF SECURITIES WE ARE OFFERING</A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">30</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><A HREF="#sgb_012">UNDERWRITING</A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">31</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><A HREF="#sgb_013">NOTICE TO INVESTORS</A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">34</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><A HREF="#sgb_014">LEGAL MATTERS</A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">35</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><A HREF="#sgb_015">EXPERTS</A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">35</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><A HREF="#sgb_016">WHERE YOU CAN FIND ADDITIONAL INFORMATION</A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">35</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><A HREF="#sgb_017">INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE</A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">36</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</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>You should rely only on the information
contained in this prospectus and any free writing prospectus that we have authorized for use in connection with this offering.
Neither we nor the underwriters have authorized anyone to provide you with information that is different. We are offering to sell,
and seeking offers to buy, the securities covered hereby 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 the securities covered hereby. Our business, financial condition, results of operations and prospects may have changed
since that date. We are not, and the underwriters are not, making an offer of these securities in any jurisdiction where the offer
is not permitted. You should also read and consider the information in the documents to which we have referred you under the caption
&ldquo;Where You Can Find Additional Information&rdquo; and &ldquo;Incorporation of Certain Documents by Reference&rdquo; in the
prospectus. In addition, this prospectus contains summaries of certain provisions contained in some of the documents described
herein, but reference is made to the actual documents for complete information. All of the summaries are qualified in their entirety
by the actual documents. Copies of some of the documents referred to herein have been filed, will be filed or will be incorporated
by reference as exhibits to the registration statement of which this prospectus is a part, and you may obtain copies of those
documents as described below under the heading &ldquo;Where You Can Find Additional Information.&rdquo;</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>For investors outside the United States:
Neither we nor any of the underwriters have taken any action that would permit this offering or possession or distribution of
this prospectus in any jurisdiction where action for that purpose is required, other than in the United States. Persons outside
the United States who come into possession of this prospectus must inform themselves about, and observe any restrictions relating
to, the offering of the securities covered hereby and the distribution of this prospectus outside of the United States.</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>This prospectus includes statistical
and other industry and market data that we obtained from industry publications and research, surveys and studies conducted by
third parties. Industry publications and third-party research, surveys and studies generally indicate that their information has
been obtained from sources believed to be reliable, although they do not guarantee the accuracy or completeness of such information.
We believe that the data obtained from these industry publications and third-party research, surveys and studies are reliable.
We are ultimately responsible for all disclosure included in this prospectus. </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>We further note that the representations,
warranties and covenants made by us in any agreement that is filed as an exhibit to the registration statement of which this prospectus
is a part were made solely for the benefit of the parties to such agreement, including, in some cases, for the purpose of allocating
risk among the parties thereto, and should not be deemed to be a representation, warranty or covenant to you. Moreover, such representations,
warranties or covenants were accurate only as of the date when made. Accordingly, such representations, warranties and covenants
should not be relied on as accurately representing the current state of our affairs.</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>Except where the context requires otherwise,
in this prospectus the &ldquo;Company,&rdquo; &ldquo;SG Blocks,&rdquo; &ldquo;SGB,&rdquo; &ldquo;we,&rdquo; &ldquo;us&rdquo; and
&ldquo;our&rdquo; refer to SG Blocks, Inc., a Delaware corporation formed in December 1993, and, where appropriate, its wholly
owned subsidiary, SG Building Blocks, Inc., a Delaware corporation.</B></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-top: 0pt; margin-bottom: 0pt; text-align: center"></P>

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



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

<DIV STYLE="padding-right: 5.4pt; padding-left: 5.4pt; border: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><A NAME="sgb_001"></A><B>PROSPECTUS
SUMMARY</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>The items in the following
summary are described in more detail elsewhere in this prospectus and in the documents incorporated by reference herein. This
summary highlights selected information contained elsewhere in this prospectus. This summary is not intended to be complete
and does not contain all of the information that you should consider before deciding to invest in our securities. You should
read this entire prospectus carefully, especially the &ldquo;Risk Factors&rdquo; section beginning on page 9 and other
documents or information included or incorporated by reference in this prospectus before making an investment
decision.</I></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"><B>Company 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">Using our proprietary technology and design
and engineering expertise, we modify code-engineered cargo shipping containers and purpose-built modules for use for safe and
sustainable commercial, industrial and residential building construction. Rather than consuming new steel and lumber, our proprietary
technology and engineering expertise allows for the redesign, repurpose and conversion of heavy-gauge steel cargo shipping containers
into SGBlocks&trade;, which are safe green building blocks for commercial, industrial, and residential building construction (&ldquo;SGBlocks&rdquo;).
Our technology and expertise is also used to purpose-build modules, or prefabricated steel modular units customized for use in
modular construction (&ldquo;SGPBMs&rdquo; and, together with SGBlocks, &ldquo;Modules&rdquo;), primarily to augment or complement
an SGBlocks structure.</P>

<P STYLE="font: 10pt Times New Roman, Times, 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 October 2019, our business model
was solely a project-based construction model pursuant to which we were responsible for the design and construction of finished
products that incorporated our technology primarily to customers in the multi-family housing, restaurant, military and education
industries throughout the United States. In October 2019, we changed our business model for our residential building construction
to a royalty fee model when we entered into a five year exclusive license with CPF GP 2019-1 LLC (&ldquo;CPF&rdquo;) pursuant
to which CPF licensed on an exclusive basis our proprietary technology, intellectual property, any improvements thereto, and any
related permits, with the right to develop and commercialize products in the United States and its territories within the field
of design and project management platforms for residential use, including, without limitation, single-family residences and multi-family
residences, but specifically excluding military housing. The Ridge Avenue Project, a residential housing project in Atlanta (See
&ldquo;Recent Developments&rdquo; below) has also been excluded from the CPF license. Now, in the United States with respect to
residential construction (other than the excluded residential structures) we are not permitted to and are no longer responsible
for constructing the Modules that are based on our technology or the related costs and instead that service (including with respect
to agreement that were in existence as of the effective date of the license with CPF) is performed by CPF and its subcontractors
and any revenue for such residential construction will no longer generated from sales of products directly to the end customer
but instead will be generated from royalties received from CPF based on the gross revenue that CPF receives from sales of products
that are based upon our technology. Depending upon the success of this new business model, we may expand the licensing business
model to commercial and industrial construction. We also are continuing to seek opportunities and potential projects in other
target markets, which may develop into licensing opportunities 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"><B>License Agreement with CPF GP 2019-1
LLC</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">On October 3,
2019, we entered into an Exclusive License Agreement (the &ldquo;License Agreement&rdquo;) with CPF, which at the time was one
of our customers, pursuant to which we granted CPF an exclusive license (the &ldquo;License&rdquo;) solely within the United States
and its legal territories to commercialize our proprietary technology, intellectual property, any improvements thereto, and any
related permits, in order to develop and commercialize products within the field of design and project management platforms for
residential use, including, without limitation, single-family residences and multi-family residences, but specifically excluding
military housing. The Ridge Avenue Project described below has also been excluded from the License. The License Agreement has
an initial term of five (5) years and will automatically renew for subsequent five (5) year periods. The License Agreement provides
for customary termination provisions, including the right by us to terminate if CPF fails to make minimum royalty payments (as
described below). </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: 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 consideration
for the License, during the initial term, CPF agreed to pay us a royalty of (i) five percent (5%) on the first $20,000,000 of
gross revenues derived from CPF&rsquo;s commercialization of the License (net of customary discounts, sales taxes, delivery charges,
and amounts for returns) (the &ldquo;Gross Revenues&rdquo;), (ii) four and one-half percent (4.5%) on the next $30,000,000 of
Gross Revenues, and (iii) five percent (5%) on all Gross Revenues thereafter (collectively, the &ldquo;Royalty&rdquo;), subject
to the following minimum royalty payments determined on a cumulative basis during the initial term: $500,000 in year 1, $750,000
in year 2, $1,500,000 in year 3, $2,000,000 in year 4, and $2,500,000 in year 5. If the License Agreement is extended beyond the
initial term, then the parties will negotiate in good faith the royalty rate and the minimum royalty payments for the renewal
term(s). In addition, to the extent CPF sublicenses any aspect of the License to a sublicensee, CPF will pay to us fifty percent
(50%) of all payments received by CPF from such sublicensee. We may also provide CPF with professional services with respect to
the License, and CPF will reimburse us for employees&rsquo; time, materials, and expenses incurred in providing such professional
services. CPF also separately agreed to reimburse us for any third-party expenses incurred by us in developing our remaining and
future residential projects.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 13.5pt; background-color: white">&nbsp;</P>

</DIV>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 13.5pt; background-color: white">&nbsp;</P>

<DIV STYLE="padding-right: 5.4pt; padding-left: 5.4pt; border: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 13.5pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The License Agreement
provides for customary indemnification obligations between the parties and further provides that CPF will indemnify us for any
claims arising out of the commercialization of the License by CPF or any of its subsidiaries, contractors, or sublicensees. In
addition, the License Agreement provides that we will provide CPF with cost estimates for the fabrication and manufacturing of
residential projects in our existing pipeline as of the date of the License Agreement, and if such projects cannot be reasonably
constructed and installed at or below such estimates, then CPF may withhold payment of any royalty due to us under the License
Agreement on a dollar-for-dollar basis to offset the costs above the originally estimated amounts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 13.5pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>The Products Produced with Our Technology</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 building products developed with our
proprietary technology and design and engineering expertise are generally stronger, more durable, environmentally sensitive, and
erected in less time than traditional construction methods. The use of the SGBlocks building structure typically provides between
four to six points towards the Leadership in Energy and Environmental Design (&ldquo;LEED&rdquo;) certification levels, including
reduced site disturbance, resource reuse, recycled content, innovation in design and use of local and regional materials. Due
to the ability of SGBlocks to satisfy such requirements, we believe the products produced utilizing our technology and expertise
is a leader in environmentally sustainable construction.</P>

<P STYLE="font: 10pt Times New Roman, Times, 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 are three core product offerings
that utilize our technology and engineering expertise. The first product offering involves GreenSteel&trade; modules, which are
the structural core and shell of an SGBlocks building. We procure the containers, engineer required openings with structural steel
enforcements, paint the SGBlocks and then delivers them on-site, where the customer or a customer&rsquo;s general contractor will
complete the entire finish out and installation. The second product offering involves replicating the process to create the GreenSteel
product and, in addition, installing selected materials, finishes and systems (including, but not limited to floors, windows,
doors, interior painting, electrical wiring and fixtures, plumbing outlets and bathrooms, roofing system) and delivering SGBlocks
pre-fabricated containers to the site for a third party licensed general contractor to complete the final finish out and installation.
Finally, the third product offering is the completely fabricated and finished SGBlocks building (including but not limited to
floors, windows, doors, interior painting, electrical wiring and fixtures, plumbing outlets and bathrooms, roofing systems), including
erecting the final unit on site and completing any other final steps. The building is ready for occupancy and/or use as soon as
installation is completed. Construction administration and/or project management services are typically included in our product
offerings.</P>

<P STYLE="font: 10pt Times New Roman, Times, 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>ESR Approval</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 April 2017, the ICC Evaluation Service,
LLC (&ldquo;ICC-ES&rdquo;) granted us an Evaluation Service Report (&ldquo;ESR&rdquo;) for the SGBlocks structural building materials.
We believe we are the first modular building company to receive such certification. Our ESR indicates that the ICC-ES recognizes
the suitability and technical capabilities of the SGBlocks structural building materials for use in compliance with the International
Building Code and Residential Code, the California Building Code and Residential Code, and the Florida Building Code&mdash;Building
and Residential. We believe our ESR has expedited reviews and approvals by state and local building departments, helped the SGBlocks
concept gain wider acceptance in the construction industry and opened up licensing opportunities internationally We also believe
the ESR will make it more difficult for other companies in the industry to compete with us because the quality control and design
acceptance criteria are specific to us and our associated facilities.</P>

<P STYLE="font: 10pt Times New Roman, Times, 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 ESR is site-specific; therefore, only
the inspected and approved facilities can place the ICC-ES mark on the containers. We currently source or fabricate our SGBlocks
from 18 facilities located throughout the continental United States. The ICC-ES has currently approved six of these facilities
to place the ICC-ES medallion and we will seek ICC-ES approval for additional facilities on an as needed basis. Each of these
facilities undergo an annual inspection by ICC-ES. Currently, each of these facilities has been re-certified by ICC-ES and is
current with their recertifications. All SGBlocks manufactured at these facilities have an ESR medallion that validates the quality
control 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">Because our ESR does not cover SGPBMs,
this certification does not extend to buildings constructed using SGPBMs.</P>

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

</DIV>

<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>

<DIV STYLE="padding-right: 5.4pt; padding-left: 5.4pt; border: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, 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>Target Markets</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">To date, the target markets for the products
that utilize our technology and expertise have been the new construction market in the United States. The Modules that utilize
our technology and expertise have a particular application in a number of segments, 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="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 0.25in; text-align: justify">&#9679;</TD>
    <TD STYLE="text-align: justify">Single-Family and Multi-Family Housing</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="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 0.25in; text-align: justify">&#9679;</TD>
    <TD STYLE="text-align: justify">Restaurants and Quick Service Restaurants</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="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 0.25in; text-align: justify">&#9679;</TD>
    <TD STYLE="text-align: justify">Military</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="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 0.25in; text-align: justify">&#9679;</TD>
    <TD STYLE="text-align: justify">Education/Student Housing</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="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 0.25in; text-align: justify">&#9679;</TD>
    <TD STYLE="text-align: justify">Equipment Enclosures and Stacking Solutions</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&#9679;</TD>
    <TD STYLE="text-align: justify">Office and Commercial</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&#9679;</TD>
    <TD STYLE="text-align: justify">Hospitality and Entertainment</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&#9679;</TD>
    <TD STYLE="text-align: justify">Athletic facilities and support structures</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, future target markets for
expansion of such products include data centers, warehouse/public storage, reclamation/drop off centers and medical.</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>Our Competitive Strengths</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">Although the construction industry is
highly competitive, we are committed to educating the real estate community on the benefits of our technology and expertise and
positioning the products that utilize our technology and expertise as complementary to the strategy of developers, rather than
as competition. We and CPF may compete for building opportunities with regional, national and international builders that possess
greater financial, marketing and other resources than we do, and competition within the general construction industry may increase
if there is future consolidation in the land development and construction industry or from new building technologies that could
arise. Within the modular building space, we compete against a small number of companies providing modular-building services.
The principal competitive factors in our business include, but are not limited to, the availability of building materials; technical
product knowledge and expertise; previous experience in modular construction; consulting or other service capabilities; pricing
of products; and the marketability of our ESR within the structural building space.</P>

<P STYLE="font: 10pt Times New Roman, Times, 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 can distinguish ourselves
from our competitors on the basis of our ESR, quality, cost and construction time savings when utilizing our technology and expertise.
Our proprietary construction method is typically less expensive than traditional construction methods, particularly in urban locations
and multi-story projects, and construction time is also generally reduced by using our construction method, reducing both construction
and soft costs substantially. SGBlocks are designed to be hurricane-, tornado- and earthquake-resistant and able to withstand
harsh climate conditions. The flexibility and the stack-ability of the Modules allows architects, developers and owners to design
Modules to meet their specific needs. In addition, our management team has a breadth of knowledge in the modular building industry
with a combined 130 years of experience. Our experience in a wide range of construction applications, including office, enclosures,
residential, commercial, quick service restaurants, experiential and restaurant applications, gives us an advantage over our competition
through the use of market-based prototypes.</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>Our Customers</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 and CPF market to a broad customer
base, comprised primarily of contractors, home builders, building owners and other resellers across the continental United States
and we also market our services and technology to customers in Canada.</P>

<P STYLE="font: 10pt Times New Roman, Times, 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>Our Suppliers and Partners</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">Although the primary use of shipping containers
is for transportation, when constructing SGBlocks we use standard materials to modify the container shell structure and finish
out the modules. We utilize the same suppliers and materials used by conventional construction. Materials such as windows, doors,
insulation mechanical systems, electrical systems and other such supplies are all off-the-shelf materials and equipment commonly
available and used in the industry.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">One of the main suppliers for our containers
is ConGlobal Industries, Inc. (&ldquo;ConGlobal&rdquo;), an independent third party, with whom we have an exclusive 10-year Collaboration
and Supply Agreement (the &ldquo;ConGlobal Agreement&rdquo;) through May 14, 2024. ConGlobal is one of the largest depot operators
in the United States. This arrangement provides us with a reliable source of supply of certified shipping containers. The ConGlobal
Agreement provides that ConGlobal will be our exclusive supplier of SGBlocks for housing, office and retail uses generally constructed
as permanent structures within the continental United States within a 50 mile radius of an existing ConGlobal site and ConGlobal
will not supply shipping containers modified for building purposes to any entity competing with us during the term of the agreement.
The Company believes it has access to alternative suppliers, with limited disruption to the business, should circumstances change
with its existing suppliers.</P>

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

</DIV>

<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>

<DIV STYLE="padding-right: 5.4pt; padding-left: 5.4pt; border: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, 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>Intellectual Property</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">We operate under our United States registered
trademarks &ldquo;SGBlocks&rdquo; and &ldquo;GreenSteel&rdquo; and our trademarked &ldquo;SG&rdquo; logo. In addition, our subsidiary
has a United States patent application pending directed to a system and method for conversion of intermodal shipping containers
to universal building modules. Specifically, the application relates to prefabricated modular construction of a structure utilizing
converted shipping containers.</P>

<P STYLE="font: 10pt Times New Roman, Times, 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 subsidiary has also submitted a United
States patent application for a portable blast containment and security checkpoint device intended for use at public events.</P>

<P STYLE="font: 10pt Times New Roman, Times, 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 two applications described above are
pending examinations by the United States Patent and Trademark Office. Furthermore, there can be no assurances that the applications
will mature into issued patents or, if they do mature into issued patents, that any claims that may be allowed will provide sufficient
protection to exclude competitors from 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"><B>Government Regulation and Approval</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 design and construction of buildings
is controlled at the project level, with local and state municipalities having jurisdiction in most cases. All buildings, conventionally
built or modularly built, are subject to published building codes and criteria that must be achieved during the architectural
and engineering phase in order to be approved for construction. There are no specific regulations that impact our technology.
While much of the regulation in our industry occurs at the project level, we are subject to various federal, state and local government
regulations applicable to the business in the jurisdictions in which we operate, including laws and regulations relating to our
relationships with our employees, public health and safety, workplace safety, transportation, zoning and fire codes. We strive
to operate in accordance with applicable laws, codes and regulations. We believe we are in compliance in all material respects
with existing applicable environmental laws and regulations and, in addition, that our employment, workplace health and workplace
safety practices comply with related 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"><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 November 20, 2019, we directly employed
seven full-time employees and engaged outside professional firms and subcontractors to deliver projects to customers.</P>

<P STYLE="font: 10pt Times New Roman, Times, 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>Recent Developments</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"><I>Multifamily Projects</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">On July 26, 2019, CPF completed a $5.0
million equity financing for the purpose of developing the first phase of construction of a 302-unit multifamily project in Sullivan
County, New York (the &ldquo;Monticello Project&rdquo;). Concurrently, CPF acquired 16 acres of undeveloped land in Sullivan County,
New York on which the Monticello Project will be built.</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 addition, on September 30, 2019, we
entered into a right of first refusal agreement with a developer on a proposed 100-unit affordable housing residential building
in Atlanta, to be known as The Ridge Avenue Project.&nbsp;&nbsp; This agreement is not subject to the License Agreement with CPF.</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>Loan Extension</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; background-color: white">On October 3,
2019, we entered into a Loan Agreement and Promissory Note with CPF, which was amended on October 15, 2019 and November 7, 2019
(the &ldquo;Loan Agreement&rdquo;) pursuant to which we agreed to loan CPF a principal amount of $750,000 at an annual interest
rate of five percent (5%), with a maturity date of July 31, 2023. Under the Loan Agreement, as amended we agreed advance to CPF
the first installment of the principal amount, equal to $500,000, no later than January 31, 2020 and to advance to CPF the second
installment of the principal amount, equal to $250,000, no later than April 15, 2020. As security for this loan, we will receive
a security interest in all of CPF&rsquo;s membership interests in its subsidiary, CPF MF 2019-1 LLC. We intend to use the proceeds
of this offering to fulfill our obligations under the Loan Agreement.</P>

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

</DIV>

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


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

<DIV STYLE="padding-right: 5.4pt; padding-left: 5.4pt; border: Black 1.5pt solid"><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>Financing</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">On November
12, 2019, we entered into a Securities Purchase Agreement (the &ldquo;Purchase Agreement&rdquo;) with an investor, pursuant
to which we issued to the investor a senior secured convertible debenture in the principal amount of $480,770 (the
&ldquo;Debenture&rdquo;) for proceeds of $375,000 (representing an original issue discount of 22%). The Debenture is due 110
days after issuance and is secured under a Security Agreement, dated November 12, 2019, entered into with the investor (the
&ldquo;Security Agreement&rdquo;) by a security interest in all of our existing and future assets, subject to existing
security interests and exceptions. The Company has the right to redeem all or a portion of the outstanding principal of the
Debenture (i) prior to the maturity date without interest and with no conversion by the investor and (ii) after the maturity
date at a premium of 120%, and with interest accruing at 24% from the maturity date. The Debenture is convertible into shares
of our common stock only upon (i) the occurrence of an Event of Default (as defined in the Debenture) or (ii) at maturity in
the event any principal remains outstanding, at a conversion price equal to the lower of (x) 67.5% of the lowest daily VWAPs
of the common stock during the five consecutive trading days immediately preceding the Event of Default or date of maturity
or (y) if the Debenture is not fully paid as of the Maturity, the lowest daily VWAP during the ten (10) consecutive trading
days immediately preceding the date of the applicable Conversion, and based on a conversion amount determined by the product
of (x) the portion of the principal and accrued interest to be converted and (y) 120% or (y) if the Debenture is not fully
paid as of the Maturity Date and no conversions have been effected under the Debenture, the lowest daily VWAP during the ten
(10) consecutive Trading Days immediately preceding the date of the applicable Conversion; provided, however, that we will
not issue any shares of common stock upon conversion of the Debenture if the investor would exceed the aggregate number of
shares of common stock which we may issue upon conversion or exercise (as the case may be) of the Debenture without breaching
our obligations under the rules or regulations of the Nasdaq Stock Market, including rules related to the aggregate of
offerings under NASDAQ Listing Rule 5635(d). The proceeds of the Debenture were used for working capital purposes. We will
repay the Debenture with the proceeds from the offering (see &ldquo;Use of Proceeds&rdquo; herein).</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>General Corporate Information</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 were incorporated in the State of Delaware
on December 29, 1993 under the name CDSI Holdings, Inc. On November 4, 2011, CDSI Merger Sub, Inc., our wholly-owned subsidiary,
completed a reverse merger with and into SG Building Blocks, Inc. (&ldquo;SG Building&rdquo;), with SG Building surviving the
reverse merger as our wholly owned subsidiary. We primarily conduct our current operations through SG Building. Prior to our emergence
from bankruptcy in June 2016, our common stock was quoted on the OTC Bulletin Board. In June 2017, we completed a public offering
of our common stock, which currently trades on the Nasdaq Capital Market under the symbol &ldquo;SGBX.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, 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;SG Blocks<SUP>TM</SUP>&rdquo;,
GreenSteel&trade; and the SG logo are our trademarks. All other trademarks and service marks appearing in this prospectus are
the property of their respective owners.</P>

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

</DIV>

<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-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<DIV STYLE="padding-right: 5.4pt; padding-left: 5.4pt; border: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><A NAME="sgb_002"></A><B>The
Offering</B></P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 28%"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Common stock offered
    by us</B></FONT> </TD>
    <TD STYLE="width: 2%"> &nbsp; </TD>
    <TD STYLE="width: 70%; padding-left: 2.4pt; text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Up
    to 10,000,000&nbsp;shares of our common stock (at an assumed public offering price of $0.25 per share, which was the last
    reported sale price of our common stock on The Nasdaq Capital Market on December 6, 2019 rounded to the nearest penny).</FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="padding-left: 2.4pt; text-align: justify"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Series B Convertible Preferred&nbsp;&nbsp;&nbsp;Stock
    Offered by us</B></FONT> </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="padding-left: 2.4pt; text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Up
    to&nbsp;2,500 shares of Series B Preferred Stock which we are also offering to each purchaser whose purchase of shares of
    our common stock in this offering would otherwise result in the purchaser, together with its affiliates and certain related
    parties, beneficially owning more than 4.99% (or, at the election of the holder, 9.99%) of our outstanding common stock immediately
    following the consummation of this offering, the opportunity to purchase, if the purchaser so chooses, shares of Series B
    Preferred Stock, in lieu of shares of our common stock.&nbsp;&nbsp;Each share of our Series B Preferred Stock will have a
    stated value of $1,000 per share and will be convertible into shares of our common stock (subject to adjustment as provided
    in the related certificate of designation of preferences, rights and limitations) at any time at the option of the holder,
    at a conversion price equal to the public offering price of each share of common stock sold in this offering. The Series B
    Preferred Stock do not generally have any voting rights but are convertible into shares of our common stock.&nbsp;&nbsp;The
    Series B Preferred Stock will not be certificated.&nbsp; For each share of Series B Preferred Stock we sell in this offering,
    the number of shares of our common stock that we are offering will be decreased on a dollar-for-dollar basis. See &ldquo;Description
    of Securities We Are Offering&rdquo; for a discussion of the terms of the Series B Preferred.</FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="padding-left: 2.4pt; text-align: justify"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Assumed Public Offering Price per share
    of common stock</B></FONT> </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="padding-left: 2.4pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$0.25 per
    share</FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="padding-left: 2.4pt"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Public Offering Price per share of Series
    B Convertible Preferred Stock</B></FONT> </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="padding-left: 2.4pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$1,000 per share</FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="padding-left: 2.4pt; text-align: justify"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Over-allotment option</B></FONT> </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We have granted
    a 45-day option to the representative of the underwriters to purchase up to&nbsp;1,500,000&nbsp;additional shares of common
    stock (at an assumed public offering price of $0.25 per share, which was the last reported sale price of our common stock
    on The Nasdaq Capital Market on December 6, 2019 rounded to the nearest penny) from us solely to cover over-allotments,
    if any (15% of the shares of common stock sold and shares of common stock issuable upon conversion of the Series B Preferred
    Stock sold), from us at the public offering price less underwriting discounts and commissions.</FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="padding-left: 2.4pt; text-align: justify"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Common stock to be outstanding after the
    offering</B></FONT> </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="padding-left: 2.4pt; text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">16,007,791&nbsp;shares
    of our common stock (at an assumed public offering price of $0.25&nbsp;per share, which was the last reported sale price of
    our common stock on The Nasdaq Capital Market on December 6, 2019 rounded to the nearest penny), assuming that no shares of
    Series B Preferred Stock are sold in this offering. If the underwriters&rsquo; over-allotment option is exercised in full,
    the total number of shares of common stock outstanding immediately after this offering would be&nbsp;17,507,791&nbsp;(at an
    assumed public offering price of $0.25&nbsp;&nbsp;per share, which was the last reported sale price of our common stock on
    The Nasdaq Capital Market on December 6, 2019 rounded to the nearest penny), assuming that no shares of Series B Preferred
    Stock are sold in this offering.</FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="padding-left: 2.4pt"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Use of Proceeds</B></FONT> </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="padding-left: 2.4pt; text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
    currently intend to use the net proceeds from this offering as follows: (i) $480,770 to repay the outstanding principal amount
    of the Debenture that matures on March 1, 2020, is secured by a lien on all of our assets and does not bear interest unless
    there is an event of default; (ii) $750,000 to fund our obligation to CPF under the Loan Agreement and (iii) the remaining
    net proceeds will be used for general working capital purposes. See &ldquo;Use of Proceeds.&rdquo;</FONT> </TD></TR>
</TABLE>


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

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

</DIV>

<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>

<DIV STYLE="padding-right: 5.4pt; padding-left: 5.4pt; border: Black 1.5pt solid"><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>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 28%"> <FONT STYLE="font-size: 10pt"><B>Risk Factors</B></FONT> </TD>
    <TD STYLE="width: 2%"> &nbsp; </TD>
    <TD STYLE="padding-left: 2.4pt; text-align: justify; width: 70%"> <FONT STYLE="font-size: 10pt">See the section entitled &ldquo;Risk
    Factors&rdquo; beginning on page 9 of this prospectus for a discussion of factors you should carefully consider before deciding
    to invest in our securities.</FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD> <FONT STYLE="font-size: 10pt"><B>Nasdaq Capital Market symbol and trading</B></FONT> </TD>
    <TD> &nbsp; </TD>
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.4pt; text-align: justify"> Our common stock
        is listed on The Nasdaq Capital Market under the symbol &ldquo;SGBX.&rdquo; </P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.4pt; text-align: justify"> &nbsp; </P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.4pt; text-align: justify"> There is no established
        public trading market for the shares of Series B Preferred Stock offered herein, and we do not expect an active trading
        market to develop.&nbsp; We do not intend to list the Series B Preferred Stock on The Nasdaq Capital Market or any other
        securities exchange or other trading market.&nbsp; Without an active trading market, the liquidity of the Series B Preferred
        Stock will be limited. </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; text-align: justify"> The number of shares of common stock
shown above to be outstanding after this offering is based on 6,007,791&nbsp;shares outstanding as of November 18, 2019, and the
assumed issuance and sale of &nbsp;10,000,000 shares of our common stock in this offering at an assumed public offering price
of $0.25 per share. </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">Unless we indicate otherwise, all information
in this prospectus:</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" 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">&#9679;</TD><TD STYLE="text-align: justify">assumes no exercise by the
                                         underwriters of their over-allotment option;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; 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; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">assumes
                                         no shares of Series B Preferred Stock are sold in this offering;</TD>
</TR></TABLE>

<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: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify">excludes 1,080,059 shares
                                         of our common stock issuable upon exercise of outstanding options under our equity incentive
                                         plans at a weighted-average exercise price of $4.05 per share;</TD></TR></TABLE>

<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: 0.25in"></TD><TD STYLE="width: 0.25in"> &#9679; </TD><TD STYLE="text-align: justify"><P STYLE="margin: 0"> excludes
                                         1,063,775 shares of our common stock reserved for issuance upon the exercise of outstanding
                                         warrants with a weighted-average exercise price of $ 1.76 per share; </P>


</TD></TR></TABLE>

<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: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify">excludes 429,666 shares of
                                         our common stock issuable upon vesting of outstanding restricted stock units under our
                                         equity incentive plans;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; 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: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify">excludes 937,472 shares of
                                         our common stock that are reserved for equity awards that may be granted under our equity
                                         incentive plans; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; 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: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify">excludes up to 1,200,957
                                         shares of our common stock issuable upon conversion of the Debenture after the maturity
                                         date or following an Event of Default under the Debenture (we will repay the Debenture
                                         with the proceeds from the offering, in which case no conversion shares will be issued).</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">To the extent we sell any shares of Series
B Preferred Stock in this offering, the same aggregate number of common stock equivalents resulting from this offering would be
convertible under the Series B Preferred Stock.</P>

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

</DIV>

<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-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<DIV STYLE="padding-right: 5.4pt; padding-left: 5.4pt; border: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>SUMMARY CONSOLIDATED
FINANCIAL DATA</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25pt; text-align: justify">The following summary consolidated
financial data as of or for the fiscal years ended December 31, 2018 and 2017 have been derived from our audited consolidated
financial statements incorporated by reference in this prospectus. The summary statement of operations data for the nine months
ended September 30, 2019 and 2018 and the summary balance sheet data as of September 30, 2019 were derived from our unaudited
financial statements and related notes that are incorporated by reference in this prospectus. In our opinion, such unaudited consolidated
financial statements include all adjustments consisting of only normal recurring adjustments that we consider necessary for a
fair presentation of the financial information set forth in those statements. The historical financial data presented below is
not necessarily indicative of our financial results in future periods. You should read the summary consolidated financial data
together with our consolidated financial statements and the related notes and &ldquo;Management&rsquo;s Discussion and Analysis
of Financial Condition and Results of Operations&rdquo; and other information contained or incorporated by reference in this prospectus.
Our consolidated financial statements are prepared and presented in accordance with U.S. generally accepted accounting principles.</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%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; padding-left: 0.125in; text-indent: -0.125in">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">For the nine
    months ended <BR> September 30,</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">For the Year
    ended <BR> December 31,</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; padding-left: 0.125in; text-indent: -0.125in">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2019</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2018</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2018</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2017</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; padding-left: 0.125in; text-indent: -0.125in">Statement of Operations Data:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 52%; font-size: 10pt; text-align: left; padding-left: 0.125in; text-indent: -0.125in">Total Revenue</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 9%; font-size: 10pt; text-align: right">2,647,558</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 9%; font-size: 10pt; text-align: right">5,932,150</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 9%; font-size: 10pt; text-align: right">8,190,712</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; font-size: 10pt; text-align: right">5,061,585</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0.125in; text-indent: -0.125in">Total Cost of Revenue</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">2,018,392</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">5,512,140</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(7,647,979</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(4,427,778</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0.125in; text-indent: -0.125in">Operating expenses:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0.125in; text-indent: -0.125in">Payroll and related expenses</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,832,333</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,589,935</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">2,166,212</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,813,446</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0.25in; text-indent: -0.125in">General and administrative expenses</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,318,390</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,538,441</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">2,760,212</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,753,236</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0.25in; text-indent: -0.125in">Marketing and business development
    expense</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">194,591</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">311,965</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">387,400</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">271,092</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1.5pt; padding-left: 0.25in; text-indent: -0.125in">Pre-project
    expenses</TD><TD STYLE="font-size: 10pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: right">19,726</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: right">49,964</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: right">74,629</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: right">57,192</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-bottom: 1.5pt; padding-left: 0.25in; text-indent: -0.125in">Total</TD><TD STYLE="font-size: 10pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: right">3,365,040</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: right">3,490,305</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: right">5,388,896</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: right">3,894,966</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0.125in; text-indent: -0.125in">Operating loss</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(2,735,874</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(3,070,295</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(4,846,163</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(3,261,159</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in; text-indent: -0.125in">Other (expense)
    income, net</TD><TD STYLE="font-size: 10pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: right">(52,039</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: right">4,808</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: right">2,142</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: right">(1,251,521</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in; text-indent: -0.125in">Income
    tax expense</TD><TD STYLE="font-size: 10pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in; text-indent: -0.125in">Net loss</TD><TD STYLE="font-size: 10pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: right">(2,787,913</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: right">(3,065,487</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: right">(4,844,021</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: right">(4,512,680</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in; text-indent: -0.125in">Less: Net
    loss attributable to non-controlling interest</TD><TD STYLE="font-size: 10pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: right">(52,445</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in; text-indent: -0.125in">Net loss
    attributable to common stockholders of SG Blocks, Inc.</TD><TD STYLE="font-size: 10pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: right">(2,787,913</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: right">(3,013,042</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: right">(4,844,021</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: right">(4,512,680</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 4pt; padding-left: 0.125in; text-indent: -0.125in">Net loss
    per share &ndash; basic and diluted</TD><TD STYLE="font-size: 10pt; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; font-size: 10pt; text-align: right">(0.56</TD><TD STYLE="padding-bottom: 4pt; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; font-size: 10pt; text-align: right">(0.71</TD><TD STYLE="padding-bottom: 4pt; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; font-size: 10pt; text-align: right">(1.14</TD><TD STYLE="padding-bottom: 4pt; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; font-size: 10pt; text-align: right">(1.95</TD><TD STYLE="padding-bottom: 4pt; font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-bottom: 4pt; padding-left: 0.125in; text-indent: -0.125in">Weighted average shares outstanding-
    basic and diluted</TD><TD STYLE="font-size: 10pt; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; font-size: 10pt; text-align: right">4,938,547</TD><TD STYLE="padding-bottom: 4pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; font-size: 10pt; text-align: right">4,260,041</TD><TD STYLE="padding-bottom: 4pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; font-size: 10pt; text-align: right">4,260,048</TD><TD STYLE="padding-bottom: 4pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; font-size: 10pt; text-align: right">2,310,066</TD><TD STYLE="padding-bottom: 4pt; font-size: 10pt; 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"></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-align: center"> &nbsp; </TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD COLSPAN="10" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"> September 30, 2019<BR>
    Unaudited </TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center"> &nbsp; </TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"> Actual </TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold"> &nbsp; </TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"> Pro Forma (1) </TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold"> &nbsp; </TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"> Pro Forma As<BR> Adjusted(2) </TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold"> Balance Sheet Data: </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(204,238,255)">
    <TD STYLE="width: 64%; text-align: left; text-indent: -6pt; padding-left: 6pt"> Cash and cash equivalents </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> $ </TD><TD STYLE="width: 9%; text-align: right"> 1,953 </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: 9%; text-align: right"> 376,953 </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: 9%; text-align: right"> 1,871,183 </TD><TD STYLE="width: 1%; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -6pt; padding-left: 6pt"> Total Current assets </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> 1,611,866 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 1,986,866 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> 3,481,086 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -6pt; padding-left: 6pt"> Property, plant and equipment, net </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> 12,671 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 12,671 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> 12,671 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -6pt; padding-left: 6pt"> Total Assets </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> 8,121,796 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 8,496,796 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> 9,991,026 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -6pt; padding-left: 6pt"> Total Current liabilities </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> 2,048,547 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 2,423,547 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> 2,048,547 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -6pt; padding-left: 6pt"> Common stock </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> 60,079 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 60,079 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> 160,079 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -6pt; padding-left: 6pt"> Additional paid-in-capital </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> 19,464,360 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 19,464,360 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> 21,339,360 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; text-indent: -6pt; padding-left: 6pt"> Accumulated deficit </TD><TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"> $ </TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"> (13,451,190 </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"> ) </TD><TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"> (13,451,190 </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"> ) </TD><TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"> $ </TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"> (13,556,960 </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"> ) </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 4pt; text-indent: -6pt; padding-left: 6pt"> Total Liabilities
    and Stockholders&rsquo; Equity </TD><TD STYLE="padding-bottom: 4pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left"> $ </TD><TD STYLE="border-bottom: Black 4pt double; text-align: right"> 8,121,796 </TD><TD STYLE="padding-bottom: 4pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 4pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left"> $ </TD><TD STYLE="border-bottom: Black 4pt double; text-align: right"> 8,496,796 </TD><TD STYLE="padding-bottom: 4pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 4pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left"> $ </TD><TD STYLE="border-bottom: Black 4pt double; text-align: right"> 9,991,026 </TD><TD STYLE="padding-bottom: 4pt; text-align: left"> &nbsp; </TD></TR>
</TABLE>

<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>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"> (1) </TD><TD STYLE="text-align: justify"> On a pro forma                                          basis to give effect to the
                                                                                     issuance of the Debenture&nbsp;of $480,770, net of OID discount and the receipt of cash proceeds of $375,000 from the                                          issuance of the
                                                                                     Debenture. </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; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"> (2) </TD><TD STYLE="text-align: justify"> On a pro forma
                                         as adjusted basis to give effect to (i) the sale by us of &nbsp;10,000,000 shares of
                                         common stock in this offering at an assumed public offering price of $0.25 per share,
                                         which was the last reported sale price of our common stock on The Nasdaq Capital Market
                                         on December 6, 2019 rounded to the nearest penny), after deducting the estimated underwriting
                                         discounts and commissions and estimated offering expenses and assuming no shares of Series
                                         B Preferred Stock are sold in this offering and (ii) the repayment of the outstanding
                                         principal amount of the Debenture ($480,770) that matures on March 1, 2020. </TD>
</TR></TABLE>


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

</DIV>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><A NAME="sgb_003"></A><B>RISK
FACTORS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>An investment in our securities involves
a high degree of risk. You should carefully consider the risks and uncertainties described below together with all of the other
information contained or incorporated by reference in this prospectus, including our consolidated financial statements and the
related notes, before making a decision to invest in our securities. You should also consider the risks, uncertainties and assumptions
discussed under Item 1A, &ldquo;Risk Factors,&rdquo; in Part I of our Annual Report on Form 10-K for the year ended December 31,
2018 and Item 1A, &ldquo;Risk Factors,&rdquo; in Part II in our Quarterly Reports on Form 10-Q for the quarters ended March 31,
2019, June 30, 2019 and September 30, 2019 and any updates or other risks contained in other filings that we may make with the
Securities and Exchange Commission (&ldquo;SEC&rdquo;) after the date of this prospectus, all of which are incorporated herein
by reference, and may be amended, supplemented or superseded from time to time by other reports we file with the SEC in the future.
If any of these risks actually occur, our business, results of operations and financial condition could suffer. In that case,
the market price of our common stock could decline, and you may lose all or part of your investment.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, 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>Risks Related to this Offering</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>You will experience immediate and
substantial dilution in the book value per share of the common stock you purchase.</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 public offering price per share of
our common stock will be substantially higher than the net tangible book value per share of our common stock immediately prior
to the offering. After giving effect to the sale of the shares of our common stock in this offering, purchasers of our common
stock in this offering will incur immediate dilution in the net tangible book value of the common stock they acquire. For a further
description of the dilution that investors in this offering will experience, see &ldquo;Dilution.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, 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 extent that outstanding
warrants (including the exercise of any common warrants) or options have been or may be exercised, the Debenture is converted
into shares of common stock or other shares issued, you may experience further dilution.</P>

<P STYLE="font: 10pt Times New Roman, Times, 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 management will have broad discretion
over the use of proceeds from this offering and may not use the proceeds effectively.</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 management will have broad discretion
over the use of proceeds from this offering. The net proceeds from this offering will be used (i) to repay the outstanding principal
amount of the Debenture that matures on March 1, 2020, is secured by a lien on all of our assets and does not bear interest unless
there is an event of default; (ii) to fund our obligation to CPF under the Loan Agreement and (iii) the remaining net proceeds
will be used for general working capital purposes. Our management will have considerable discretion in the application of the
net proceeds, and you will not have the opportunity, as part of your investment decision, to assess whether the proceeds are being
used appropriately. The failure by our management to apply these funds effectively could result in financial losses that could
have a material adverse effect on our business and cause the price of our common stock to decline.&nbsp; The net proceeds may
be used for corporate purposes that do not improve our operating results or enhance the value 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"> <B><I>There is no established market
for the Series B Preferred Stock being offered in this offering.</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 is no established trading market
for the Series B Preferred Stock, and we do not expect a market to develop. In addition, we do not intend to apply for the listing
of the Series B Preferred Stock on any national securities exchange, including The Nasdaq Capital Market, or other trading market.
Without an active trading market, the liquidity of the Series B Preferred Stock will be limited.</P>

<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"><B><I>Holders of Series B Preferred Stock will have limited
voting rights.</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">Except for limited voting rights, the
holders of Series B Preferred Stock will have no voting rights. Upon conversion of the Series B Preferred Stock, the holders will
be entitled to exercise the rights of a common stockholder only as to matters for which the record date occurs after the conversion
date. See &ldquo;<I>Description of Securities We Are Offering</I>.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, 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 issuance of shares of common
stock upon conversion of the Series B Preferred Stock would reduce the relative voting power of holders of our common stock, would
dilute the ownership of such holders and may adversely affect the market price of our 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">The conversion of the Series B Preferred
Stock to common stock would dilute the ownership interest of existing holders of our common stock, and any sales in the public
market of the common stock issuable upon conversion of the Series B Preferred Stock could adversely affect prevailing market prices
of our common stock. Sales by such holders of a substantial number of shares of our common stock in the public market, or the
perception that such sales might occur, could have a material adverse effect on the price of our common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></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 Relating to our Company</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 we are not successful in our
efforts to increase sales or raise capital, we could experience a shortfall in cash over the next twelve months, and our ability
to obtain additional financing on acceptable terms, if at all, may be limited.</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">On December 31, 2018 and 2017, we had
cash and cash equivalents of $1,368,395 and $4,900,857, respectively. However, during the fiscal years ended December 31, 2018
and 2017, we reported a net loss of $4,844,021 and $4,512,680, respectively, and used $3,452,234 and $1,242,107 of cash for operations,
respectively. On September 30, 2019, we had cash and cash equivalents of $1,953 and during the nine months ended September 30,
2019 and 2018, respectively, we reported a net loss of $2,787,913 and $3,013,042, respectively, and used $2,500,387 and $1,905,411
of cash for operations, respectively. If we are not successful with our efforts to increase revenue, we could experience a shortfall
in cash over the next twelve months. If there is a shortfall, we may be forced to reduce operating expenses, among other steps,
all of which would have a material adverse effect on our operations going forward.</P>

<P STYLE="font: 10pt Times New Roman, Times, 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 this offering is successful, we
may also seek to obtain debt or additional equity financing to meet any cash shortfalls. The type, timing and terms of any financing
we may select will depend on, among other things, our cash needs, the availability of other financing sources and prevailing conditions
in the financial markets. However, there can be no assurance that we will be able to secure additional funds if needed and that,
if such funds are available, the terms or conditions would be acceptable to us. If we are unable to secure additional financing,
further reduction in operating expenses might need to be substantial in order for us to ensure enough liquidity to sustain our
operations. Any equity financing would be dilutive to our stockholders. If we incur debt, we will likely be subject to restrictive
covenants that significantly limit our operating flexibility and require us to encumber our assets. If we fail to raise sufficient
funds and continue to incur losses, our ability to fund our operations, take advantage of strategic opportunities, or otherwise
respond to competitive pressures will be significantly limited. Any of the above limitations could force us to significantly curtail
or cease our operations, and you could lose all of your investment in our common stock. These circumstances have raised substantial
doubt about our ability to continue as a going concern, and continued cash losses may risk our status as a going concern. Our
consolidated financial statements do not include any adjustments that might be necessary should we be unable 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"><B><I>We have incurred net losses in prior
periods, and there can be no assurance that we will generate income in the future, or that we will be able to successfully achieve
or maintain our growth strategy.</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 achieve profitability will
depend upon our ability to generate and sustain substantially increased revenues. We may continue to incur operating losses in
the future as we execute our growth strategy. Although we expect that our expenses will decline due to our new business model,
there can be no assurance that our revenue from royalties will exceed our expenses, especially since we anticipate that most of
our expenses will be fixed expenses that we will not be dependent upon revenue generated. The likelihood that we will generate
net income in the future must be considered in light of the difficulties facing the construction industry as a whole, economic
conditions and the competitive environment in which we operate. Our operating results for future periods are subject to numerous
uncertainties, and we may not achieve sufficient revenues to sustain or increase profitability. In addition, we may be unable
to successfully achieve or maintain our growth strategy, including our ability to expand into new geographic markets.</P>

<P STYLE="font: 10pt Times New Roman, Times, 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 failure to comply with the terms
of the Secured Convertible Debenture could potentially result in action against our pledged assets and/or the issuance of a significant
number of shares of our 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; background-color: white">In our November
2019 debt financing, we received a cash payment in the aggregate amount of $375,000 pursuant to a Securities Purchase Agreement
that we entered into with RedDiamond Partners LLC (the &ldquo;Lender&rdquo;), and we issued to the Lender the Debenture in the
aggregate principal amount of $480,770 (representing an original issue discount of 22%), which Debenture is secured by a security
interest in all of our existing and future assets, subject to existing security interests and exceptions. The Debenture requires
that we repay the loan in 110 days and that we meet various covenants. If we fail to comply with the terms of the Debenture and/or
the related agreements, the Lender could declare a note default and if the default were to remain uncured, the Lender have the
right to proceed against any or all of the collateral securing debenture. Any action by the Lender to proceed against our assets
would likely have a serious disruptive effect on our business operations. In addition, the Debenture is convertible into shares
of our common stock upon (i) the occurrence of an Event of Default (as defined in the Debenture) and (ii) maturity in the event
any principal remains outstanding, which could result in the issuance of up to 19.99% of our issued and outstanding shares of
common stock as of the date of the Debenture and result in additional dilution to investors. We intend to repay the aggregate
principal amount of the Debenture out of the proceeds of this offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 15pt">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 15pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Our residential construction business
model depends upon a third-party licensee who is outside our control.</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">We entered into an exclusive license agreement
with CPF, pursuant to which we granted CPF an exclusive license solely within the United States and its legal territories to commercialize
our technology, intellectual property, any improvements thereto, and any related permits, in order to develop and commercialize
products within the field of design and project management platforms for residential use, including, without limitation, single-family
residences and multi-family residences, but specifically excluding military housing. Under the terms of the License Agreement,
CPF is to provide us with royalties based upon its sale of products that utilize the licensed technology. Inasmuch as CPF has
an exclusive license in the United States, which is the only territory to date where we have been retained to construct products
for use for residences, unless we were to either expand residential construction product sales to territories outside of the United
States or enter into licensing arrangements similar to that with CPF for sales of products that utilize our technology outside
of the United States for residential use or in the United States for business not cover by the License, such as military residences
and commercial and industrial construction, we will be totally dependent upon CPF for our revenue for residential construction.
CPF is an independent entity and we cannot control the amount or timing of resources that it devotes to such commercialization
efforts. CPF may not assign as great a priority to such commercialization efforts or pursue them as diligently as we would if
we were undertaking such commercialization ourselves. If CPF or any other licensee fails to devote sufficient time and resources
to such commercialization efforts, or if its performance is substandard our ability to generate revenue may be adversely affected.
CPF may also have relationships with other commercial entities, some of whom may compete with us. If CPF assists our competitors
at our expense, our competitive position would be harmed. In addition, upon certain extraordinary events, CPF is entitled to terminate
the license agreement in which case we would could be forced to incur the costs to commercialize products for residential construction
unless another licensee were found.</P>

<P STYLE="font: 10pt Times New Roman, Times, 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 residential construction business
is difficult to evaluate because we are currently focused on a new business model and have very limited operating history and
limited information.</I></B></P>

<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">We recently engaged in a new licensing
business model for our residential construction business in the United States. We have entered into one license agreement for
use of our technology for construction of residences in the United States and if successful, we intend to expand our model and
enter into additional similar agreements. There is a risk that we will be unable to successfully generate revenue from this new
business model and that we will be unable to enter into additional licensing agreements or that any additional agreements that
we enter into will be on favorable terms. Although we believe that we will experience cost savings from this new business model
resulting in greater net income since we will no longer require the same level of capital, personnel and equipment as was required
from our prior residential construction business model, there can be no assurance that we will experience the level of cost savings
that we anticipate or generate the income that we anticipate. We are subject to many risks associated with this new business model
such as our dependence upon licensees to commercialize products that utilize our technology. There is no assurance that the licensees
activities will be successful or will result in any revenues or profit. Even if we generate revenue, there can be no assurance
that we will be profitable. We are subject to the risks inherent to the operation of a new business enterprise, and cannot assure
you that we will be able to successfully address these risks.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 15pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>The requirements of being a public
company may strain our resources, divert management&rsquo;s attention and affect our ability to attract and retain qualified board
members.</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 subject to the reporting and corporate
governance requirements of the Exchange Act, the listing requirements of the Nasdaq Capital Market and other applicable securities
rules and regulations, including the Sarbanes-Oxley Act and the Dodd-Frank Act. Compliance with these rules and regulations will
increase our legal and financial compliance costs, make some activities more difficult, time-consuming or costly and increase
demand on our systems and resources. Among other things, the Exchange Act requires that we file annual, quarterly and current
reports with respect to our business and results of operations and maintain effective disclosure controls and procedures and internal
control over financial reporting. In order to continue to maintain our disclosure controls and procedures and internal control
over financial reporting to meet this standard, significant resources and management oversight may be required. As a result, management&rsquo;s
attention may be diverted from other business concerns, which could harm our business, financial condition, results of operations
and prospects. We also may need to further expand our legal and finance departments in the future, which will increase our costs
and 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">In addition, changing laws, regulations
and standards relating to corporate governance and public disclosure are creating uncertainty for public companies, increasing
legal and financial compliance costs and making some activities more time-consuming. These laws, regulations and standards are
subject to varying interpretations, in many cases due to their lack of specificity, and, as a result, their application in practice
may evolve over time as new guidance is provided by regulatory and governing bodies. This could result in continuing uncertainty
regarding compliance matters and higher costs necessitated by ongoing revisions to disclosure and governance practices. We intend
to invest resources to comply with evolving laws, regulations and standards, and this investment may result in increased general
and administrative expense and a diversion of management&rsquo;s time and attention from revenue-generating activities to compliance
activities. If our efforts to comply with new laws, regulations and standards differ from the activities intended by regulatory
or governing bodies, regulatory authorities may initiate legal proceedings against us and our business and prospects may be harmed.
As a result of disclosure of information in the filings required of a public company, our business and financial condition are
more visible, which may result in threatened or actual litigation, including by competitors and other third parties. If such claims
are successful, our business, financial condition, results of operations and prospects could be harmed, and even if the claims
do not result in litigation or are resolved in our favor, these claims, and the time and resources necessary to resolve them,
could divert the resources of our management and 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; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>The issuance of shares of our common
stock or conversion of the Debenture upon the exercise of outstanding options, warrants and restricted stock units may dilute
the percentage ownership of the then-existing stockholders and may make it more difficult to raise additional equity capital.</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 September 30, 2019, there are
outstanding options and warrants to purchase 1,080,059 and 1,063,775 shares of common stock, respectively, in addition to 446,142
unvested restricted stock units. In addition, the Debenture is convertible into shares of our common stock upon (i) the occurrence of an Event of Default
(as defined in the Debenture) and (ii) maturity in the event any principal remains outstanding, which could result in the issuance
of up to 1,200,957 shares of common stock as of the date of the Debenture and result in additional dilution to investors (though
we do not to expect to issue any shares since we will use the proceeds from this offering to repay the Debenture). The exercise
of such options and warrants, the vesting of restricted stock units and the potential issuance of shares upon conversion of the
Debenture would dilute the then-existing stockholders&rsquo; percentage ownership of our stock, and any sales in the public market
of common stock underlying such securities could adversely affect prevailing market prices for the common stock. Moreover, the
terms upon which we would be able to obtain additional equity capital could be adversely affected because the holders of our options
and warrants (and the holder of the Debenture) can be expected to exercise them at a time when we would, in all likelihood, be
able to obtain any needed capital on terms more favorable to us than those provided by such 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>We are dependent on the services
of key personnel, and the unexpected loss of their services may adversely affect our 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">Our success depends highly upon the personal
efforts and abilities of our senior management team, specifically the efforts of Paul M. Galvin, our Chief Executive Officer,
Gerald Sheeran, our Acting Chief Financial Officer, Stevan Armstrong, our Chief Technology Officer and Rockey Butler, our Director
of Operations. The Company has entered into employment agreements with Messrs. Galvin and Armstrong. The employment agreements
with Messrs. Galvin, and Armstrong each provide for two-year terms, with automatic renewal after the end of such term. The loss
of the services of one or more of these individuals could have a material adverse effect on our business. Our ability to achieve
profitability and generate increased revenue will depend upon our ability to retain, and, if necessary, attract experienced management
personnel.</P>

<P STYLE="font: 10pt Times New Roman, Times, 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 rely on certain vendors to supply
us with materials and products that, if we were unable to obtain, 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 have relationships with key materials
vendors, and we rely on suppliers for our purchases of products from them. Any inability to obtain materials or services in the
volumes required and at competitive prices from our major trading partners, the loss of any major trading partner or the discontinuation
of vendor financing (if any) may seriously harm our business because we may not be able to meet the demands of our customers on
a timely basis in sufficient quantities or at all. Other factors, including reduced access to credit by our vendors resulting
from economic conditions, may impair our vendors&rsquo; ability to provide products in a timely manner or at competitive prices.
We also rely on other vendors for critical services such as transportation, supply chain and professional services. Any negative
impacts to our business or liquidity could adversely impact our ability to establish or maintain these relationships.</P>

<P STYLE="font: 10pt Times New Roman, Times, 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>An impairment
of goodwill could have a material adverse effect on our financial condition and results of operations.</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">As December 31,
2018, we had $4,162,173 of goodwill. We perform an impairment test of our goodwill annually during the fourth quarter of our fiscal
year or when events occur or circumstances change that would more-likely-than-not indicate that goodwill might be impaired. Factors
that may be considered a change in circumstances, indicating that the carrying value of our goodwill may not be recoverable, include
a decline in stock price and market capitalization, reduced future cash flow estimates and slower growth rates in our industry.
Our annual impairment tests resulted in no impairment of goodwill during fiscal 2018 and 2017. However, deterioration in estimated
future cash flows in our reporting unit could result in future goodwill impairment. Changes to our business strategy, changes
in industry or market conditions, changes in operating performance or other indicators of impairment could cause us to record
a significant impairment charge during the period in which the impairment is determined, negatively impacting our results of operations
and financial position.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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 currently are, and may in the
future be, subject to legal proceedings or investigations, the resolution of which could negatively affect our profitability and
cash flows in a particular period.</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 nature of
our operations exposes us to possible litigation claims, including disputes relating to our operations and commercial and contractual
arrangements. Although we make every effort to avoid litigation, these matters are not totally within our control. We will contest
these matters vigorously and will make insurance claims where appropriate, but because of the uncertain nature of litigation and
coverage decisions, we cannot predict the outcome of these matters. The costs associated with litigation matters could have a
material adverse effect on our financial condition and profitability. In addition, our profitability or cash flow in a particular
period could be affected by an adverse ruling in any litigation currently pending in the courts or by litigation that may be filed
against us in the future. We are also subject to environmental and other government regulation, which could result in administrative
proceedings in the future. </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"><B>Risks Relating to our Business and
Industry</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>We and CPF are dependent on the
availability and skill of subcontractors, their willingness to work with them, and their selection of, and ability to obtain,
suitable and quality building materials.</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 and CPF will rely on subcontractors
to perform the actual construction of our building projects and, in many cases, to select and obtain raw materials. Despite detailed
specifications and quality control procedures, in some cases, improper construction processes or defective materials may be used
to finish construction of our building projects. We and CPF may need to spend money to remediate such problems when they are discovered.
Defective products can result in the need to perform extensive repairs to large numbers of buildings. Though subcontracts are
written to protect from substandard performance or materials, pervasive problems could adversely affect CPF&rsquo;s business and
therefore our ability to generate royalty income. Our revenue from our CPF is based upon the gross revenue it receives from product
sales which is exclusive of amounts repaid or credited by reason of rejection or returns. The inability to contract with skilled
subcontractors or general contractors at reasonable costs and on a timely basis could limit our or CPF&rsquo;s ability to construct
and deliver buildings and could erode our profit margins and adversely affect our results of operations and cash flows.</P>

<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; text-align: justify; background-color: white"><B><I>We depend
on third parties for transportation services, and limited availability or increases in costs of transportation could adversely
affect our business and 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">Our business depends on the transportation
of a large number of products, via railroad or truck. We rely primarily on third parties for transportation of the products we
manufacture or distribute and for the delivery of our raw materials. We are also subject to seasonal capacity constraints and
weather-related delays for both rail and truck transportation. If any of our third-party transportation providers were to fail
to deliver raw materials to us or our Modules to our customers in a timely manner, we may be unable to complete projects in a
timely manner and may, among other things, incur penalties for late delivery or be unable to use the Modules as intended. In addition,
if any of these third parties were to cease operations or cease doing business with us, we may be unable to replace them at reasonable
cost. Any failure of a third-party transportation provider to deliver raw materials to us or finished Modules to our customers
in a timely manner could harm our reputation, negatively affect our customer relationships, and have a material adverse effect
on our operating results, cash flows, and financial condition. Additionally, an increase in transportation rates or fuel surcharges
could adversely affect our sales, profitability, and cash flows.</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 have difficulty protecting
our proprietary manufacturing processes, which could adversely affect our ability to compete.</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 use a proprietary manufacturing process
that allows us to be code-compliant in our SGBlocks<SUP>TM</SUP> product. Such manufacturing process is unique to the construction
industry and is important to ensure our continued success, and we cannot assure you that our efforts to protect our proprietary
rights will be sufficient or effective. If other companies replicate our methodology, we could lose our competitive advantage.
In addition, we currently have one patent application pending for the system and method for conversion of intermodal shipping
containers to universal building modules. Specifically, the present invention relates to pre-fabricated modular construction of
a structure utilizing converted shipping containers. We have also submitted a United States patent application for a portable
blast containment checkpoint device intended for use at public events. Any pending or future patent or trademark applications
may not lead to issued patents and registered trademarks in all instances. We also cannot be assured that the scope of any patents
issued in the future will be sufficiently broad to offer meaningful protection. Others may develop or patent similar or superior
technologies, products or services, and our intellectual property rights may be challenged, invalidated, misappropriated or infringed
by others. If we are unable to protect and maintain our intellectual property rights, or if there are any successful intellectual
property challenges or infringement proceedings against us, our business and revenue could be materially and 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"><B><I>Expansion of our operations may
strain resources, and our failure to manage growth effectively could adversely impact our operating results and harm our ability
to attract and retain key personnel.</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">Increased orders for our Modules have
placed, and may continue to place, a strain on our operational, financial, and managerial resources and personnel. In addition,
execution of our growth strategy will require further substantial capital and effective planning. Significant rapid growth on
top of our current operations could greatly strain our internal resources, leading to a lower quality of customer service, reporting
problems, and delays, resulting in a loss of market share and other problems that could adversely affect our financial performance.
Our efforts to grow could place an additional strain on our personnel, management systems, liquidity, and other resources. If
we do not manage our growth effectively, our operations could be adversely affected, resulting in slower, no or negative growth,
critical shortages of cash and a failure to achieve or sustain profitability.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Our clients may adjust, cancel or
suspend the contracts in our backlog; as such, our backlog is not necessarily indicative of our future revenues or earnings. In
addition, even if fully performed, our backlog is not a good indicator of our future gross margins.</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">Backlog represents the total dollar amount
of revenues we expect to record in the future as a result of performing work under contracts we have been awarded. We include
in backlog only those contracts for which we have reasonable assurance that the customer can obtain the permits for construction
and can fund the construction. As of December 31, 2018, our backlog totaled approximately $97.7 million and as of September 30,
2019, our backlog totaled approximately $17.8 million. The decrease in backlog at September 30, 2019 from December 31, 2018 is
primarily attributable to us moving a contract of approximately $25 million out of backlog after receiving a cancellation notice
from the customer and moving two contracts of approximately $70 million out of backlog due to the exclusive License Agreement.
We cannot provide assurance that our backlog will be realized as revenues in the amounts reported or, if realized, will result
in profits. In accordance with industry practice, substantially all of our contracts are subject to cancellation, termination
or suspension at our customer&rsquo;s discretion. In the event of a project cancellation, we generally would not have a contractual
right to the total revenue reflected in our backlog. Projects can remain in backlog for extended periods of time because of the
nature of the project and the timing of the particular services required by the project. In addition, the risk of contracts in
backlog being cancelled or suspended generally increases during periods of widespread economic slowdowns or in response to changes
in commodity prices.</P>

<P STYLE="font: 10pt Times New Roman, Times, 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 contracts in our backlog are subject
to changes in the scope of services to be provided and adjustments to the costs relating to the contracts. The revenue for certain
contracts included in backlog is based on estimates. Additionally, our performance of our individual contracts can affect greatly
our gross margins and, therefore, our future profitability. We can provide no assurance that the contracts in backlog, assuming
they produce revenues in the amounts currently estimated, will generate gross margins at the rates we have realized in the past.</P>

<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>Our liability for estimated warranties
for services performed under our prior business model may be inadequate, which could materially adversely affect 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 subject to construction defect
and warranty claims arising in the ordinary course of business. These claims are common in the construction industry and can be
costly. At this time, our third-party providers offer guarantees and warranties in accordance with industry standards that flow
through to our clients. A large number of warranty claims could have a material adverse effect on our results of operations.</P>

<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>We can be adversely affected by
failures of persons who act on our behalf to comply with applicable regulations and guidelines.</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">Although we expect all of our associates
(i.e., employees), officers and directors to comply at all times with all applicable laws, rules and regulations, there are instances
in which subcontractors or others through whom we do business may engage in practices that do not comply with applicable regulations
or guidelines. It is possible that our associates may become aware of these practices but do not take steps to prevent them. If
we learn of practices relating to buildings constructed on our behalf that do not comply with applicable regulations or guidelines,
we will move actively to stop the non-complying practices as soon as possible, and we will take disciplinary action with regard
to our associates who were aware of the practices, including in some instances terminating their employment. However, regardless
of the steps we take, we may be subject to fines or other governmental penalties, and our reputation may be negatively affected.</P>

<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>The cyclical and seasonal nature
of the construction industry causes our revenues and operating results to fluctuate, and we expect this cyclicality and seasonality
to continue in the future.</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 construction industry is highly cyclical
and seasonal and is influenced by many international, national and regional economic factors, including the availability of consumer
and wholesale financing, seasonality of demand, consumer confidence, interest rates, income levels and general economic conditions,
including inflation and recessions. As a result of the foregoing factors, the revenues and operating results we derive from customers
and CPF will fluctuate and we currently expect them to continue to fluctuate in the future. Moreover, we have experienced, and
may continue to experience, operating losses during cyclical downturns in the construction market. These and other economic factors
could have a material adverse effect on demand for our products and our financial condition and operating results.</P>

<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>Our business depends on the construction
industry and general business, financial market and economic conditions.</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 construction industry is cyclical
and significantly affected by changes in general and local economic and real estate conditions, such as employment levels, consumer
confidence, demographic trends, housing demand, inflation, deflation, interest rates and credit availability. Changes in these
general and local economic conditions or deterioration in the broader economy could negatively impact the level of purchases,
capital expenditures and creditworthiness of our indirect customers and suppliers to CPF s, and, therefore, our royalty income
and financial condition, results of operations and cash flows. Changes in these economic conditions may affect some of our regions
or markets more than others. If adverse conditions affect our larger markets, they could have a proportionately greater impact
on us than on some other companies. In addition, any uncertainty regarding global economic conditions may have an adverse effect
on the results of operations and financial condition of us or our customers, distributors and suppliers, such as negative effects
of currency exchange fluctuations. A shortage of labor in the construction industry could also have an impact on our financial
results.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Our business relies on private investment
and a slower than expected economy may adversely affect our results.</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">A significant portion of our sales and
those of CPF are for projects with non-public owners, such as non-residential builders and home builders who make investments
with private funds into their projects. Construction spending is affected by their customers&rsquo; ability to finance projects.
Residential and nonresidential construction could decline if companies and consumers are unable to finance construction projects
or if the economy slows or is stalled, which could result in delays or cancellations of capital projects. If the economy slows,
or if housing starts and nonresidential projects do not increase, sales of our products directly by us to consumers or by CPF
and related services may decline, and our financial position, results of operations and liquidity could be materially adversely
affected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>A material disruption at one of
our suppliers&rsquo; facilities could prevent us from meeting customer demand, reduce our sales and negatively affect our overall
financial results.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Any of the following events could cease
or limit operations unexpectedly: fires, floods, earthquakes, hurricanes, on-site or off-site environmental incidents or other
catastrophes; utility and transportation infrastructure disruptions; labor difficulties; other operational problems; or war, acts
of terrorism or other unexpected events. Any downtime or damage at our suppliers&rsquo; facilities could prevent us from meeting
customer demand for our products or require us to make more expensive purchases from a competing supplier. If our suppliers were
to incur significant downtime, our ability to satisfy customer requirements could be impaired, resulting in customers seeking
products from other distributors, as well as decreased customer satisfaction and lower sales and operating income.</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>Environmental, health and safety
laws and regulations and any changes to, or liabilities arising under, such laws and regulations could have a material adverse
effect on our financial condition, results of operations and liquidity.</I></B></P>

<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">We are subject to a variety of federal,
state and local laws and regulations relating to, among other things: the release or discharge of materials into the environment;
the management, use, generation, treatment, processing, handling, storage, transport or disposal of solid and hazardous wastes
and materials; and the protection of public and employee health and safety and the environment. These laws and regulations may
expose us to liability for the conduct of others or for our actions, even if such actions complied with all applicable laws at
the time these actions were taken. These laws and regulations may also expose us to liability for claims of personal injury or
property or natural resource damage related to alleged exposure to, or releases of, regulated or hazardous materials. The existence
of contamination at properties we own, lease or operate could also result in increased operational costs or restrictions on our
ability to use those properties as intended, including for purposes of construction materials distribution. In addition, because
our properties are generally situated adjacent to or near industrial companies, our properties may be at an increased risk of
having environmental contaminants from other properties spill or migrate onto or otherwise affect our properties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Despite our compliance efforts, there
is an inherent risk of liability in the operation of our business, especially from an environmental standpoint, and, from time
to time, we may be in noncompliance with environmental, health and safety laws and regulations. These potential liabilities or
non-compliances could have an adverse effect on our operations and profitability. In some instances, we must have government approvals,
certificates, permits or licenses in order to conduct our business, which may require us to make significant capital, operating
and maintenance expenditures to comply with environmental, health and safety laws and regulations. Our failure to obtain and maintain
required approvals, certificates, permits or licenses or to comply with applicable governmental requirements could result in sanctions,
including substantial fines or possible revocation of our authority to conduct some or all of our operations. The cost of complying
with such laws could have a material adverse effect on our financial condition, results of operations and liquidity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.75pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Our business may be subject to economic
and political risks of operating and obtaining supplies from foreign countries, including adverse impact of changes in international
trade and tariff policies.</I></B></P>

<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">We operate in and source some of our products
from outside of the United States, and our suppliers may also rely upon non-domestic products. As such, any significant changes
to, among other things, the general political and social conditions in foreign counties in which we maintain operations or sourcing
relationships, unfavorable changes in U.S. trade legislation and regulation, the imposition of governmental economic sanctions
on countries in which we do business or other trade barriers, threats of war, terrorism or governmental instability, labor disruptions,
currency controls, fluctuating exchange rates with respect to contracts not denominated in U.S. dollars and unanticipated or unfavorable
changes in government policies with respect to laws and regulations, anti-inflation measures and method of taxation. If we are
unable to navigate foreign regulatory environments, or if we are unable to enforce our contract rights in foreign countries, our
business could be adversely impacted. Any of these events could interrupt our business and cause operational disruptions, increase
our costs of operations, reduce our sales or otherwise have an adverse effect on our operating performance.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The U.S. government has indicated its
intent to alter its approach to trade policy, including, in some instances, to revise, renegotiate or terminate certain multilateral
trade agreements. It has also imposed new tariffs on certain foreign goods and raised the possibility of imposing additional increases
or new tariffs on other goods. Such actions have, in some cases, led to retaliatory trade measures by certain foreign governments.
Such policies could make it more difficult or costly for us to do business in or procure products from those countries. In turn,
we may need to raise prices or make changes to our operations, which could negatively impact our revenue or operating results.
At this time, it remains unclear what additional actions, if any, will be taken by the U.S. government or foreign governments
with respect to tariff and international trade agreements and policies, and we cannot predict future trade policy or the terms
of any revised trade agreements or any impact on our business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I>Our operating
results will be subject to fluctuations and are inherently unpredictable.</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 order to return
to profitability, we will need to generate and sustain higher revenue while maintaining reasonable cost and expense levels. In
our most recent quarter, we experienced a loss. We do not know if our revenue will grow, or if it will grow sufficiently to outpace
our expenses, which we expect to increase as we expand our operational capacity. We may not be able to become profitable on a
quarterly or an annual basis. Our quarterly revenue and operating results will be difficult to predict and have in the past fluctuated
from quarter to quarter. The amount, timing and mix of project sales, often for a single medium or large-scale project, may cause
large fluctuations in our revenue and other financial results. Further, our revenue mix of high margin materials sales versus
lower margin projects can fluctuate dramatically quarter to quarter, which may adversely affect our revenue and financial results
in any given period. Finally, our ability to meet project completion schedules for an individual project and the corresponding
revenue impact under the percentage-of-completion method of recognizing revenue, may similarly cause large fluctuations in our
revenue and other financial results. This may cause us to miss any future guidance announced 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">We base our planned
operating expenses in part on our expectations of future revenue, and a significant portion of our expenses are fixed in the short-term.
If revenue for a particular quarter is lower than we expect, we likely will be unable to proportionately reduce our operating
expenses for that quarter, which would harm our operating results for that quarter. This may cause us to miss any guidance announced
by us.</P>

<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>Cybersecurity risks related to the
technology used in our operations and other business processes, as well as security breaches of company, customer, employee and
vendor information, 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 various information technology
systems to capture, process, store and report data and interact with licensees and employees. Despite careful security and controls
design, as the prevalence of cyber-attacks continues to increase, our information technology systems, and those of our third-party
providers, could become subject to increased security threats, such as phishing and malware incidents. Our security measures may
be unable to prevent certain security breaches, and any such network, system, data or other breaches could result in misappropriation
of sensitive data, transactional errors, theft of funds, business disruptions, loss of or damage to intellectual property, loss
of customers and business opportunities, unauthorized access to or disclosure of confidential or personal information (which could
cause a breach of applicable data protection legislation), regulatory fines, penalties or intervention, reputational damage, reimbursement
or other compensatory costs and additional compliance costs, any of which could have a material adverse effect on our reputation,
business, financial condition, results of operations and cash flows.</P>

<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">Because the techniques used to obtain
unauthorized access to, or disable, degrade or sabotage, information technologies systems change frequently, and may not be recognized
until after they have been launched against a target, we may be unable to anticipate these techniques, implement adequate preventative
measures or remediate any breach in a timely or effective manner. In addition, the development and maintenance of preventative
or detective measures is costly, and requires ongoing monitoring and updating as technologies change and efforts to circumvent
security measures become more sophisticated. As well as incurring additional costs, sophisticated hardware and operating system
software and applications that we procure from third parties may contain defects in design or manufacture, including &ldquo;bugs&rdquo;
and other problems that could unexpectedly interfere with the operation of the systems, or we may be unable to successfully integrate
and launch new systems as planned without disruptions to our operations. Misuse of internal applications, theft of intellectual
property, trade secrets, funds or other corporate assets and inappropriate disclosure of confidential information could stem from
such incidents.</P>

<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">Despite our efforts, we remain potentially
vulnerable to cyber-attacks and security breaches, and any such attack or breach could adversely affect our reputation, business,
financial condition or results of operations.</P>

<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>We could suffer adverse tax and
other financial consequences if we are unable to utilize our net operating loss carryforwards.</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">At December 31, 2018, we had tax net operating
loss carryforwards totaling approximately $9.8 million that will expire between 2019 and 2037. At December 31, 2018, we had a
valuation allowance of $2.8 million, primarily related to net operating loss carryforwards that are not more likely than not to
be utilized due to an inability to carry back these losses in most states and short carryforward periods that exist in certain
states. If we are unable to use our net operating losses, we may be required to record charges or reduce our deferred tax assets,
which could have an adverse effect on our results of operations.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Reforms to the United States federal
income tax regulations could adversely affect us.</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">On December 22, 2017, United States federal
tax legislation, commonly referred to as the Tax Cuts and Jobs Act (the &ldquo;TCJA&rdquo;), was signed into law, substantially
reforming the Internal Revenue Code, effective January 1, 2018. The TCJA includes changes to United States federal tax rates,
including a decrease in corporate tax rates, which could result in changes in the valuation of our deferred tax assets and liabilities,
among other significant changes. Among other things, the TCJA also imposes significant additional limitations on the deductibility
of interest, allows for the expensing of capital expenditures, puts into effect the migration from a &ldquo;worldwide&rdquo; system
of taxation to a territorial system and modifies or repeals many business deductions and credits. The U.S. Department of Treasury
has broad authority to issue regulations and interpretative guidance that may significantly impact how we will apply the law and
impact our results of operations in the period such regulations or guidance are issued. The TCJA requires complex computations
not previously required under U.S. tax law. As such, the application of accounting guidance for such items is currently uncertain.
Further, compliance with the TCJA and the accounting for such provisions require accumulation of information not previously required
or regularly produced. As a result, we have provided a provisional estimate on the effect of the TCJA in our financial statements.
As additional regulatory guidance is issued by the applicable taxing authorities, as accounting treatment is clarified, and as
we perform additional analysis on the application of the law, and refine estimates in calculating the effect of the TCJA, our
final analysis, which will be recorded in the period completed, may be different from our current provisional amounts, which could
materially affect our tax obligations and effective tax rate.</P>

<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">In addition, the TCJA eliminates the ability
to carry back any future net operating losses and only allows for carryforwards, the utilization of which is limited to 80% of
taxable income in a given carryforward year. This could affect the timing of our ability to utilize net operating losses in the
future.</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 Relating to the Construction
Sector</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>We and CPF may be dependent upon
third-party financing, and our financial condition and results of operations could be negatively affected if additional third-party
financing for our customers does not become available.</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 and earnings depend substantially
on our ability and the ability of CPF to obtain financing for the development of their construction projects. The availability
and cost of such financing is further dependent on the number of financial institutions participating in the industry, the departure
of financial institutions from the industry, the financial institutions&rsquo; lending practices, the strength of the domestic
and international credit markets generally, governmental policies and other conditions, all of which are beyond our control. In
light of the current economic climate, some of our projects and those of CPF may not be successful in obtaining additional funds
in a timely manner, on favorable terms or at all. The availability of borrowed funds, especially for construction financing, has
been greatly reduced, and lenders may require project developers to invest increased amounts of equity in a project in connection
with both new loans and the extension of existing loans. Unfavorable changes in the availability and terms of financing in the
industry will have a material adverse effect on certain privately financed projects.</P>

<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">Our results of operations also depend
on the ability of any potential privately financed licensees to obtain loans for the purchase of new buildings. Over the past
few years, lenders have tightened the credit underwriting standards, which have reduced lending volumes. If this trend continues,
it would negatively impact CPF&rsquo;s sales and our royalty income, which depend in large part on the availability and cost of
financing. In addition, where our potential customers must sell their existing buildings or real estate in order to develop new
buildings, increases in mortgage costs and/or lack of availability of mortgages could prevent buyers of potential customers&rsquo;
existing buildings from obtaining the mortgages they need to complete their purchases, which would result in our potential customers&rsquo;
inability to make purchases from us. If our potential customers cannot obtain suitable financing, our sales and results of operations
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"><B><I>The construction industry is highly
competitive, and such competition may increase the adverse effects of industry conditions, including the consolidation of the
industry.</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 operate in a very competitive environment
characterized by competition from numerous local, regional and national builders. We and CPF may compete for financing, raw materials
and skilled management and labor resources. A decline in construction starts could adversely affect demand for products that utilize
our technology and expertise and our results of operations. Increased competition could require us to further increase CPF&rsquo;s
selling incentives and/or reduce our prices, which could negatively affect our revenue and royalty income. We may be unable to
successfully expand into or compete in the markets in new geographic areas. In addition, while we believe our ESR may improve
our competitive position by potentially expediting reviews and approvals by state and local building departments and certifying
our specific quality control and design acceptance criteria, there is no assurance that it will have the desired impact.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>There can be no assurance that Modules
or modular construction techniques that utilize our technology and expertise will achieve market acceptance and grow; thus, the
future of our business and the modular construction industry as a whole is uncertain.</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 can be no assurance that we will
achieve market acceptance for our technology and expertise or that the modular construction market will grow. Our business may
be disrupted by the introduction of new products and services and is subject to changing consumer preferences and industry trends,
which may adversely affect our ability to plan for the future development and marketing of our products. Although Modules have
particular applications in a wide variety of market segments, there is no assurance that we will be able to expand our relationship
within such market segments or, even if we do, that general market acceptance for our technology and expertise or Modules will
continue to increase.</P>

<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>Government regulations and legal
challenges may delay the start or completion of our projects, increase our expenses or limit our building activities, which could
have a negative impact on our 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">Various domestic and international rules
and regulations concerning building, zoning, sales and similar matters apply to and/or affect the construction industry. Governmental
regulation affects construction activities, as well as sales activities, mortgage lending activities and other dealings with consumers.
These industries also have experienced an increase in state and local legislation in the United States and regulations that limit
the availability or use of land. Municipalities may also restrict or place moratoriums on the availability of utilities, such
as water and sewer taps. In some areas, municipalities may enact growth control initiatives, which restrict the number of building
permits available in a given year. In addition, we may be required to apply for additional approvals or modify our existing approvals
because of changes in local circumstances or applicable law. If governments in locations in which we operate take actions like
the ones described, they could adversely affect our business by causing delays, increasing our licensees&rsquo; costs or limiting
our licensees&rsquo; ability to operate in those areas. Further, we may experience delays and increased expenses as a result of
legal challenges to our proposed projects, whether brought by governmental authorities or private parties. Failure to comply with
laws or regulations applicable to or affecting us or our licensees, or the passage in the future of new and more stringent laws
affecting us or our licensees, may adversely affect our financial condition or results of operations.</P>

<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>The dangers inherent in our operations,
such as disruptions to our facilities and project sites, and the limits on insurance coverage could expose us to potentially significant
liability costs and materially interfere with the performance of our 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">While we believe our insurance coverage
is adequate and in line with our industry&rsquo;s standards, all construction, including modular construction, involves operating
hazards that can cause personal injury or loss of life, severe damage to and destruction of property and equipment and suspension
of operations, including, but not limited to, natural or man-made disruptions to our facilities and project sites. We may be sued
for such injuries based on the use of our technology. The failure of such structures during and after installation can result
in similar injuries and damages. Although we believe that our insurance coverage is adequate, there can be no assurance that we
will be able to maintain adequate insurance in the future at rates we consider reasonable, or that our insurance coverage will
be adequate to cover future claims that may arise. Claims for which we are not fully insured may adversely affect our working
capital and profitability. In addition, changes in the insurance industry have generally led to higher insurance costs and decreased
availability of coverage. The availability of insurance that covers risks we and our competitors typically insure against may
decrease, and the insurance that we are able to obtain may have higher deductibles, higher premiums and more restrictive policy
terms.</P>

<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>Risks Relating to our Common Stock
</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"><B><I>Our failure
to meet the continued listing requirements of the Nasdaq Capital Market could result in a delisting of our common stock.</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 common stock
is listed on the Nasdaq Capital Market, which imposes, among other requirements, a minimum bid requirement. On July 1, 2019, we
received a letter from Nasdaq that, because the closing bid price for our common stock was below $1.00 for 30 consecutive business
days, we no longer met the minimum bid price requirement for continued listing on Nasdaq. Under Nasdaq Listing Rule 5810(c)(3)(A),
we were granted a 180-calendar day grace period, or until December 30, 2019, to regain compliance with the minimum bid price requirement.
To regain compliance, the closing bid price of our common stock must meet or exceed $1.00 per share for at least ten consecutive
business days during this 180-day grace period. There can be no assurance that we will be able to regain compliance or that Nasdaq
will grant us a further extension of time to regain compliance, if necessary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: 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 delisting
of our common stock from Nasdaq may make it more difficult for us to raise capital on favorable terms in the future, or at all.
Such a delisting would likely have a negative effect on the price of our common stock and would impair your ability to sell or
purchase our common stock when you wish to do so. Further, if our common stock were to be delisted from the Nasdaq Capital Market,
our common stock would cease to be recognized as a covered security, and we would be subject to additional regulation in each
state in which we offer our securities. Moreover, there is no assurance that any actions that we take to restore our compliance
with the Nasdaq minimum bid requirement would stabilize the market price or improve the liquidity of our common stock, prevent
our common stock from falling below the Nasdaq minimum bid price required for continued listing again or prevent future non-compliance
with Nasdaq&rsquo;s listing requirements.</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; text-align: justify; background-color: white">There can be
no assurance that we will continue to meet the minimum bid price requirement, or any other requirement in the future. If we fail
to meet the minimum bid price requirement, or other applicable Nasdaq listing requirements, including maintaining minimum levels
of stockholders&rsquo; equity or market values of our common stock, our common stock could be delisted. Delisting from the Nasdaq
Capital Market would cause us to pursue eligibility for trading of our common stock on other markets or exchanges, or on an over-the-counter
market. In such case, our stockholders&rsquo; ability to trade or obtain quotations of the market value of our common stock would
be severely limited because of lower trading volumes and transaction delays. These factors could contribute to lower prices and
larger spreads in the bid and ask prices of these securities. There can be no assurance that our common stock, if delisted from
the Nasdaq Capital Market, would be listed on a national securities exchange, a national quotation service or the over-the-counter
markets. Delisting from the Nasdaq Capital Market could also result in negative publicity, make it more difficult for us to raise
additional capital, adversely affect the market liquidity of our common stock, decrease securities analysts&rsquo; coverage of
us or diminish investor, supplier and employee confidence. In addition, our stock could become a &ldquo;penny stock,&rdquo; which
would make trading of our common stock more difficult.</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>Because our common stock has only
recently started trading in the public market, our stock price will be subject to fluctuations, and will likely continue to be
subject to fluctuations and decline, due to factors beyond our control, and you may lose all or part of your investment.</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">Prior to the public offering of our stock
in June 2017, there was no market for shares of our common stock. Shares of our common stock were sold in our public offering
at a price of $5.00 per share. Although our common stock is listed on the Nasdaq Capital Market, the market price of our common
stock may be subject to wide fluctuations in response to various factors, some of which are beyond 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="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 0.25in; text-align: justify">&#9679;</TD>
    <TD STYLE="text-align: justify">economic and market conditions or trends in our industry or the economy as a whole and, in
    particular, in the construction industry;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 0.25in; text-align: justify">&#9679;</TD>
    <TD STYLE="text-align: justify">additions or departures of key personnel;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 0.25in; text-align: justify">&#9679;</TD>
    <TD STYLE="text-align: justify">operating results that fall below expectations;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 0.25in; text-align: justify">&#9679;</TD>
    <TD STYLE="text-align: justify">new laws or regulations or new interpretations of existing laws or regulations applicable
    to our business;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 0.25in; text-align: justify">&#9679;</TD>
    <TD STYLE="text-align: justify">material litigation or government disputes;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 0.25in; text-align: justify">&#9679;</TD>
    <TD STYLE="text-align: justify">the public&rsquo;s response to press releases or other public announcements by us or third
    parties, including our filings with the SEC;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 0.25in; text-align: justify">&#9679;</TD>
    <TD STYLE="text-align: justify">changes in financial estimates or recommendations by any securities analysts who follow our
    common stock;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 0.25in; text-align: justify">&#9679;</TD>
    <TD STYLE="text-align: justify">the size of our market float and potential dilution due to the exercise of outstanding options
    and warrants;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 0.25in; text-align: justify">&#9679;</TD>
    <TD STYLE="text-align: justify">future sales of our common stock by our officers, directors and significant stockholders,
    including sales pursuant to a registration statement filed to permit a significant stockholder to sell shares of our common
    stock, pursuant to certain registration rights granted to such stockholder; and</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 0.25in; text-align: justify">&#9679;</TD>
    <TD STYLE="text-align: justify">period-to-period fluctuations in our financial results.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, the securities markets have,
from time to time, experienced significant price and volume fluctuations that are unrelated to the operating performance of particular
companies. These market fluctuations may also materially and adversely affect the market price of our common stock. In the past,
stockholders have instituted securities class action litigation following periods of market volatility. If we were to become involved
in securities litigation, we could incur substantial costs and our resources and the attention of management could be diverted
from our business.</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"><B><I>Sales of a substantial number of
shares of our common stock in the public market, or the perception that they might occur, could cause the price of our common
stock to decline.</I></B></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">The price of our common stock could decline
if there are substantial sales of our common stock, particularly sales by our directors, executive officers and significant stockholders.
If our existing stockholders sell substantial amounts of our common stock in the public market, or if the public perceives that
such sales could occur, this could have an adverse impact on the market price of our common stock, even if there is no relationship
between such sales and the performance of our business.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to certain registration rights,
we filed a registration statement in 2018 to permit a significant stockholder to sell its shares of our common stock; we expect
that, because there were a large number of shares registered pursuant to such registration statement, the selling stockholder
will continue to offer shares covered by such registration statement for a significant period of time, the precise duration of
which cannot be predicted, Accordingly, any adverse market or price pressures resulting from sales by the significant stockholder
may continue for an extended period of time and cause continued negative pressure on the market price of our common stock, which
could have a material adverse effect on our ability to raise additional equity capital.</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">In addition, shares subject to outstanding
options under our SG Blocks, Inc. Stock Incentive Plan (the &ldquo;Incentive Plan&rdquo;) will become eligible for sale in the
public market in the future, subject to certain legal and contractual limitations. Substantial sales of such shares, at that time,
could depress the sale price of our common stock.</P>

<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">Significant sales of our common stock,
or the possibility that these sales may occur, might make it more difficult for us to sell equity securities in the future at
a time and at a price that we deem appropriate. In addition, we may issue shares of our common stock in connection with investments
or acquisitions in the future. The amount of shares of our common stock issued in connection with an investment or acquisition
could constitute a material portion of our then-outstanding shares of 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"><B><I>Our principal stockholders and management
own a significant percentage of our stock and will be able to exert significant control over matters subject to stockholder approval.</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 directors, executive officers and
directors, as of November 18, 2019, beneficially own approximately 17.0% of our outstanding common stock. Accordingly, these stockholders
will continue to have significant influence over the outcome of corporate actions requiring stockholder approval, including the
election of directors, merger, consolidation, or sale of all or substantially all of our assets, or any other significant corporate
transaction. The interests of these stockholders may not be the same as, or may even conflict with, investors&rsquo; interests.
For example, these stockholders could delay or prevent a change in control of us, even if such a change in control would benefit
our other stockholders, which could deprive our stockholders of an opportunity to receive a premium for their common stock as
part of a sale of us or our assets and might affect the prevailing price of our common stock. The significant concentration of
stock ownership may negatively impact the price of our common stock due to investors&rsquo; perception that conflicts of interest
may exist or arise.</P>

<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>The issuance of additional securities
by our Board of Directors (the &ldquo;Board&rdquo; or &ldquo;Board of Directors&rdquo;) will dilute the ownership interests of
our current stockholders and could discourage the acquisition of us.</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 Board, without any action by our stockholders,
is authorized to designate and issue additional classes or series of capital stock (including classes or series of preferred stock)
as it deems appropriate and to establish the rights, preferences and privileges of such classes or series, and we currently have
an effective universal shelf registration statement on file with the SEC, providing for the potential issuance of shares of our
common stock and other securities. The issuance of any new class or series of capital stock would not only dilute the ownership
interest of our current stockholders but may also adversely affect the voting power and other rights of holders of common stock.
The rights of holders of preferred stock and other classes of common stock that may be issued may be superior to the rights of
the holders of the existing class of common stock in terms of the payment of ordinary and liquidating dividends and voting rights.</P>

<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">In addition, the ability of the Board
to designate and issue such shares could impede or deter an unsolicited tender offer or takeover proposal regarding us and the
issuance of additional shares having preferential rights could adversely affect the voting power and other rights of holders of
common stock and render more difficult the removal of current management, even if such removal may be in the stockholders&rsquo;
best interests.</P>

<P STYLE="font: 10pt Times New Roman, Times, 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 do not expect to pay dividends
in the future. Any return on investment may be limited to the value of our 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">For the foreseeable future, we intend
to retain any earnings to finance the development and expansion of our business, and we do not anticipate paying any cash dividends
on our common stock. Any determination to pay dividends in the future will be at the discretion of our Board of Directors and
will depend upon results of operations, financial condition, restrictions imposed by applicable law and other factors our Board
of Directors deem relevant. Accordingly, if you purchase shares of our common stock, realization of a gain on your investment
will depend on the appreciation of the price of our common stock, which may never occur. Investors seeking cash dividends in the
foreseeable future should not purchase our common stock.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>If securities or industry analysts
do not publish research or reports about our business or our industry, or publish negative reports about our business or our industry,
our stock price and trading volume could 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 trading market for our common stock
will be influenced by the research and reports that securities or industry analysts publish about us, our business, our industry
or our competitors. If one or more of the analysts who cover us change their recommendation regarding our stock adversely, change
their opinion of the prospects for our company in a negative manner or provide more favorable relative recommendations about our
competitors, our stock price would likely decline. If one or more of these analysts cease coverage of our company or fail to regularly
publish reports on us, we could lose visibility in the financial markets, which could cause our stock price or trading volume
to decline.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Certain provisions of Delaware law
could discourage, delay or prevent a merger or acquisition at a premium price.</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">Certain provisions of Delaware law could
discourage potential acquisition proposals, delay or prevent a change in control of our company, or limit the price that investors
may be willing to pay in the future for shares of our common stock. Because we are incorporated in Delaware, we are governed by
the provisions of Section 203 of the Delaware General Corporation Law, which prohibits a person who owns in excess of 15% of our
outstanding voting stock from merging or combining with us for a period of three years after the date of the transaction in which
the person acquired in excess of 15% of our outstanding voting stock, unless the merger or combination is approved in a prescribed
manner. Such provisions may discourage, delay or prevent a merger or acquisition of the Company, including a transaction in which
the acquirer may offer a premium price for our stock.</P>

<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>If our shares become subject to
the penny stock rules, it would become more difficult to trade our shares.</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 SEC has adopted rules that regulate
broker-dealer practices in connection with transactions in penny stocks. Penny stocks are generally equity securities with a price
of less than $5.00, other than securities registered on certain national securities exchanges or authorized for quotation on certain
automated quotation systems, provided that current price and volume information with respect to transactions in such securities
is provided by the exchange or system. If we do not retain a listing on the Nasdaq Capital Market and if the price of our shares
of common stock is less than $5.00, our common stock will be deemed a penny stock (meaning that our shares may be considered highly
speculative and may trade infrequently, which can make them difficult to accurately price or sell). The penny stock rules require
a broker-dealer, before a transaction in a penny stock not otherwise exempt from those rules, to deliver a standardized risk disclosure
document containing specified information. In addition, the penny stock rules require that, before effecting any transaction in
a penny stock not otherwise exempt from those rules, a broker-dealer must make a special written determination that the penny
stock is a suitable investment for the purchaser and receive: (i) the purchaser&rsquo;s written acknowledgment of the receipt
of a risk disclosure statement; (ii) a written agreement to transactions involving penny stocks; and (iii) a signed and dated
copy of a written suitability statement. These disclosure requirements may have the effect of reducing the trading activity in
the secondary market for our common stock, and therefore stockholders may have difficulty selling their shares.</P>

<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>As a &ldquo;smaller reporting company,&rdquo;
we may avail ourselves of reduced disclosure requirements, which may make our common stock less attractive to investors.</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 a &ldquo;smaller reporting company&rdquo;
under applicable SEC rules and regulations, and, as a result of the SEC&rsquo;s recent amendment to the definition of &ldquo;smaller
reporting company,&rdquo; we will continue to be a &ldquo;smaller reporting company&rdquo; for so long as either (i) the market
value of our common stock held by non-affiliates as of the end of our most recently completed second quarter (&ldquo;public float&rdquo;)
is less than $250 million or (ii) annual revenues of less than $100 million during the most recently completed fiscal year and
(A) no public float or (B) a public float of less than $700 million. As a &ldquo;smaller reporting company,&rdquo; we have relied
on exemptions from certain SEC disclosure requirements that are applicable to other public companies. These exemptions include
reduced financial disclosure and reduced disclosure obligations regarding executive compensation. Until such time as we cease
to be a &ldquo;smaller reporting company,&rdquo; such reduced disclosure in our SEC filings may make it harder for investors to
analyze our operating results and financial prospects. If some investors find our common stock less attractive as a result of
our reduced disclosure, 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"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Our shares of common stock are from
time to time thinly traded, so stockholders may be unable to sell at or near ask prices or at all if they need to sell shares
to raise money or otherwise desire to liquidate their shares.</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 common stock has from time to time
been &ldquo;thinly-traded,&rdquo; meaning that the number of persons interested in purchasing our common stock at or near ask
prices at any given time may be relatively small or non-existent. This situation is attributable to a number of factors, including
the fact that we are a small company that is relatively unknown to stock analysts, stock brokers, institutional investors and
others in the investment community that generate or influence sales volume, and that even if we came to the attention of such
persons, they tend to be risk-averse and would be reluctant to follow an unproven company such as ours or purchase or recommend
the purchase of our shares until such time as we became more seasoned and viable. As a consequence, there may be periods of several
days or more when trading activity in our shares is minimal or non-existent, as compared to a seasoned issuer that has a large
and steady volume of trading activity that will generally support continuous sales without an adverse effect on share price. We
cannot give stockholders any assurance that a broader or more active public trading market for our common shares will develop
or be sustained, or that current trading levels will be sustained.</P>

<P STYLE="font: 10pt Times New Roman, Times, 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 trading in our stock has in
the past and may continue to be very volatile.</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 stock price and the trading volume
of our stock continue to be very volatile. As such, investors may find it difficult to obtain accurate stock price quotations
and holders of our stock may be unable to resell their stock at desirable prices. Sales of substantial amounts of our common stock,
or the perception that such sales might occur, could adversely affect prevailing market prices of our common stock and our stock
price may decline substantially in a short period of time. As a result, our stockholders could suffer losses or be unable to liquidate
holdings.</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: justify"></P>
<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><A NAME="sgb_004"></A><B>SPECIAL
NOTE REGARDING FORWARD-LOOKING STATEMENTS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This prospectus and the documents incorporated
by reference herein contain forward-looking statements, including statements regarding the progress and timing of our product
development, the goals of our development activities, estimates of the potential markets for our product candidates, estimates
of the capacity of manufacturing and other facilities to support our products, our expected future revenues, operations and expenditures
and projected cash needs. The forward-looking statements are contained principally in the sections of this prospectus entitled
&ldquo;Prospectus Summary&rdquo; &ldquo;Risk Factors,&rdquo; &ldquo;Management&rsquo;s Discussion and Analysis of Financial Condition
and Results of Operations&rdquo; and &ldquo;Business&rdquo; and in the documents incorporated by reference. These statements relate
to future events of our financial performance and involve known and unknown risks, uncertainties and other factors that could
cause our actual results, levels of activity, performance or achievement to differ materially from those expressed or implied
by these forward-looking statements. Those risks and uncertainties include, among others:</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" 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">&#9679;</TD><TD STYLE="text-align: justify">our ability to successfully
                                         implement our new business model;</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: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify">our ability to generate sufficient
                                         proceeds from this offering to fund our operations;</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: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify">our ability to achieve profitability;</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: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify">our ability to obtain market
                                         acceptance of our technology and products that utilize our technology and expertise;</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: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify">our ability to compete in
                                         the market;</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: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify">our dependency on third-party
                                         vendors;</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: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify">our ability to obtain or
                                         maintain patents or other appropriate protection for the intellectual property;</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: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify">general economic, political
                                         and financial conditions, both in the United States and internationally;</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: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify">our ability to obtain additional
                                         financing on acceptable terms, if at all, or to obtain additional capital in other ways;</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: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify">our ability to increase sales,
                                         generate income, effectively manage our growth and realize our backlog;</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: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify">competition in the markets
                                         in which we operate;</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: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify">a disruption or cybersecurity
                                         breach in our or third-party suppliers&rsquo; information technology systems;</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: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify">our ability to adapt our
                                         products and services to industry standards and consumer preferences and obtain general
                                         market acceptance of our products;</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: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify">product shortages and the
                                         availability of raw materials, and potential loss of relationships with key vendors,
                                         suppliers or subcontractors;</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: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify">the seasonality of the construction
                                         industry in general, and the commercial and residential construction markets in particular;</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: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify">a disruption or limited availability
                                         with our third party transportation vendors;</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: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify">the loss or potential loss
                                         of any significant customers;</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: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify">exposure to product liability,
                                         including the possibility our liability for estimated warranties may be inadequate, and
                                         various other claims and litigation;</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: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify">our ability to attract and
                                         retain key employees;</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: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify">our ability to attract private
                                         investment for sales of product, the credit risk from our customers and our customers&rsquo;
                                         ability to obtaining third-party financing if and as needed;</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: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify">an impairment of goodwill;</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: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify">the impact of federal, state
                                         and local regulations, including changes to international trade and tariff policies,
                                         and the impact of any failure of any person acting on our behalf to comply with applicable
                                         regulations and guidelines;</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: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify">costs incurred relating to
                                         current and future legal proceedings or investigations;</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: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify">the cost of compliance with
                                         environmental, health and safety laws and other local building regulations;</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: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify">our ability to utilize our
                                         net operating loss carryforwards and the impact of changes in the United States&rsquo;
                                         tax rules and regulations;</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: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify">dangers inherent in our operations,
                                         such as natural or man-made disruptions to our facilities and project sites, and the
                                         adequacy of our insurance coverage;</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: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify">our ability to comply with
                                         the requirements of being a public company, including Nasdaq Capital Market listing requirements;</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: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify">fluctuations in the price
                                         of our common stock, including decreases in price due to sales of significant amounts
                                         of stock;</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: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify">potential dilution of the
                                         ownership of our current stockholders due to, among other things, public offerings or
                                         private placements by the Company or issuances upon the exercise of outstanding options
                                         or warrants and the vesting of restricted stock units;</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: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify">the ability of our principal
                                         stockholders, management and directors to potentially exert control due to their ownership
                                         interest;</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: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify">any ability to pay dividends
                                         in the future;</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: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify">potential negative reports
                                         by securities or industry analysts regarding our business or the construction industry
                                         in general;</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: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify">Delaware law provisions discouraging,
                                         delaying or preventing a merger or acquisition at a premium price;</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: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify">our ability to remain listed
                                         on the Nasdaq Capital Market and the possibility that our stock will be subject to penny
                                         stock rules; and</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: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify">our classification as a smaller
                                         reporting company resulting in, among other things, a potential reduction in active trading
                                         of our common stock or increased volatility in our stock price.</TD></TR></TABLE>

<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">Although we believe that our assumptions
underlying the forward-looking statements are reasonable, any of the assumptions could prove inaccurate and, therefore, there
can be no assurance that the forward-looking statements included in this prospectus will prove to be accurate. In light of the
significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should
not be regarded as a representation by us or any other person that the objectives and plans of ours will be achieved. Readers
are cautioned not to place undue reliance on such forward-looking statements, which speak only as of the date on which such statements
are made. Any forward-looking statements made by us or on our behalf speak only as of the date they are made, and we do not undertake
to update any forward-looking statement that may be made from time to time on our behalf.</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-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><A NAME="sgb_005"></A><B>USE
OF PROCEEDS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We estimate that the net proceeds of this
offering will be approximately $2.0 million, based on an assumed offering price of $0.25 per share of common stock and $1,000
per share of Class B Preferred Stock or approximately $2.3 million if the underwriters exercise in full their option to purchase
additional shares of common stock, at a public offering price of $0.25 per share for the common stock, which was the last reported
sale price of our common stock on The Nasdaq Capital Market on December 6, 2019 rounded to the nearest penny) and after deducting
the estimated underwriting discount and estimated offering expenses payable by us. The public offering price per common share
will be determined between us, the underwriter and investors based on market conditions at the time of pricing and may be at a
discount to the current market price of our 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; text-align: justify">Except where indicated, the foregoing discussion
assumes no exercise of the underwriters&rsquo; option to purchase up to 1,500,000&nbsp;additional shares of 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; text-align: justify"> A $0.10 increase (decrease) in the
assumed public offering price of $0.25 per share of common stock would increase (decrease) the expected net proceeds of the offering
to us by approximately $0.9 million, assuming that the number of shares sold by us remains the same. We may also increase or decrease
the number of shares of our common stock we are offering. An increase (decrease) of 250,000 in the number of shares sold in this
offering would increase (decrease) the expected net proceeds of the offering to us by approximately $0.1 million assuming that
the assumed public offering price per share remains the same. An increase (decrease) of 500,000 in the number of shares sold in
this offering would increase (decrease) the expected net proceeds of the offering to us by approximately $0.1 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">We intend to use the net proceeds, if
any, from the sales of securities offered by this 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" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">$480,770
                                         to repay the outstanding principal amount of the Debenture that matures on March 1, 2020,
                                         is secured by a lien on all of our assets and does not bear interest unless there is
                                         an event of default (the proceeds of the Debenture were used for working capital purposes);</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">$750,000
                                         to fund our contractual obligation to CPF under the Loan Agreement pursuant to which
                                         we agreed to loan money to CPF; and</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">the remaining
                                         net proceeds will be used for general working capital purposes.</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 amounts and timing of our actual expenditures
will depend on numerous factors, including our development and commercialization efforts, 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-term, investment-grade,
interest-bearing securities.</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-top: 0pt; margin-bottom: 0pt; text-align: center"></P>
<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0"><A NAME="sgb_006"></A><B>CAPITALIZATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table sets forth our capitalization
as of September 30, 2019:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in"> &nbsp; </TD>
    <TD STYLE="width: 0.25in; font-size: 10pt"> <FONT STYLE="font-size: 10pt">&#9679;</FONT> </TD>
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> on an actual basis; </P>
        <P STYLE="font: 10pt Times New Roman, Times, 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 a pro forma basis to give
        effect to the issuance of the Debenture&nbsp;of $480,770, net of OID discount and the receipt         of cash proceeds of $375,000 from the issuance of the Debenture;
        and </P></TD></TR>
</TABLE>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></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">&#9679;</FONT> </TD>
    <TD STYLE="font-size: 10pt; text-align: justify"> <FONT STYLE="font-size: 10pt">on a pro forma as adjusted basis to give
    effect to (i) the sale of &nbsp;10,000,000 shares of common stock in this offering at the public offering price of $0.25 per
    share, which was the last reported sale price of our common stock on The Nasdaq Capital Market on December 6, 2019 rounded
    to the nearest penny), after deducting underwriting discounts and commissions and other estimated offering expenses payable
    by us and assuming no sale of any shares of Series B Preferred Stock and (ii) the repayment of the &nbsp;outstanding principal
    amount of the Debenture ($480,770) that matures on March 1, 2020.</FONT> </TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 6pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This capitalization table should be read
in conjunction with &ldquo;Management&rsquo;s Discussion and Analysis of Financial Condition and Results of Operations&rdquo;
and our historical financial statements and notes to those financial statements that are incorporated by reference in this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 6pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center"> &nbsp; </TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD COLSPAN="10" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"> As of September 30,<BR>
    2019 </TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center"> &nbsp; </TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"> Actual </TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold"> &nbsp; </TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"> Pro Forma </TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold"> &nbsp; </TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"> Pro Forma As Adjusted </TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 64%; text-align: left"> Cash and cash Equivalents </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> $ </TD><TD STYLE="width: 9%; text-align: right"> 1,953 </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: 9%; text-align: right"> 376,953 </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: 9%; text-align: right"> 1,871,183 </TD><TD STYLE="width: 1%; 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(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -9pt; padding-left: 9pt"> Common stock, $0.01 par value; 25,000,000 shares authorized,
    6,007,791&nbsp; shares issued and outstanding, actual; Preferred Stock, $1.00 par value, 5,405,010 shares authorized, no shares
    issued and outstanding </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 60,079 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 60,079 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> 160,079 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <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"> 19,464,360 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 19,464,360 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> 21,339,360 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"> Accumulated deficit </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> (13,451,190 </TD><TD STYLE="text-align: left"> ) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> (13,451,190 </TD><TD STYLE="text-align: left"> ) </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> (13,556,960 </TD><TD STYLE="text-align: left"> ) </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt"> Total stockholders&rsquo; equity </TD><TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"> 6,073,249 </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"> 6,073,249 </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"> $ </TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"> 7,942,479 </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 4pt"> Total liabilities and stockholder&rsquo;s equity </TD><TD STYLE="padding-bottom: 4pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left"> $ </TD><TD STYLE="border-bottom: Black 4pt double; text-align: right"> 8,121,791 </TD><TD STYLE="padding-bottom: 4pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 4pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 4pt double; text-align: right"> 8,496,796 </TD><TD STYLE="padding-bottom: 4pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 4pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left"> $ </TD><TD STYLE="border-bottom: Black 4pt double; text-align: right"> 9,991,026 </TD><TD STYLE="padding-bottom: 4pt; text-align: left"> &nbsp; </TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 6pt"></FONT></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">Each
increase (decrease) of 250,000 shares of common stock to be purchased at $</FONT>0.25 per share, which was the last reported sale
price of our common stock on The Nasdaq Capital Market on December 6, 2019 rounded to the nearest penny) would increase or (decrease)
additional paid-in capital, total stockholders&rsquo; equity (deficit) and total capitalization by approximately $0.05 million,
assuming the offering price remains at $0.25 and after deducting estimated underwriters&rsquo; discounts and commissions and estimated
offering expenses payable by us. Each increase (decrease) of 500,000 shares of common stock to be purchased at $0.25 per share,
which was the last reported sale price of our common stock on The Nasdaq Capital Market on December 6, 2019 rounded to the nearest
penny) would increase or (decrease) additional paid-in capital, total stockholders&rsquo; equity (deficit) and total capitalization
by approximately $0.1 million, assuming the offering price remains at $0.25 and after deducting estimated underwriters&rsquo;
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"><FONT STYLE="font-size: 6pt"></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"><FONT STYLE="font-size: 6pt">&nbsp;&nbsp;</FONT></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">A
$0.</FONT>10 increase (decrease) in the assumed public offering price of $0.25 per share of common stock, which was the last reported
sale price of our common stock on The Nasdaq Capital Market on December 6, 2019 rounded to the nearest penny) would result
in an incremental increase (decrease) in each of our additional paid-in capital, total stockholders&rsquo; equity (deficit) and
total capitalization on an as adjusted basis by approximately $0.9 million, assuming that the number of shares of our common stock
sold by us as set forth on the cover page of this prospect remains the same and 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"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Unless we indicate otherwise, all information in this Capitalization
section:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">assumes
                                         no exercise by the underwriters of their over-allotment option;</TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">excludes
                                         1,080,059 shares of our common stock issuable upon exercise of outstanding options under
                                         our equity incentive plans at a weighted-average exercise price of $4.05 per share;</TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT>&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 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: 24px"> &nbsp; </TD>
    <TD STYLE="width: 24px; text-align: left; font-size: 10pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT> </TD>
    <TD STYLE="text-align: justify; font-size: 10pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">excludes
    1,063,775 shares of our common stock reserved for issuance upon the exercise of outstanding warrants with a weighted-average
    exercise price of $1.76 per share;</FONT> </TD></TR>
</TABLE>


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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">assumes
                                         no sale of any shares of Series B Preferred Stock;</TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">excludes
                                         893,205 shares of our common stock that are reserved for equity awards that may be granted
                                         under our equity incentive plans; and</TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">excludes
                                         up to 1,200,957 shares of our common stock issuable upon conversion of the Debenture
                                         after the maturity date or following an Event of Default under the Debenture (we will
                                         repay the Debenture with the proceeds from the offering, in which case no conversion
                                         shares will be issued).</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"></P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><A NAME="sgb_007"></A><B>DILUTION</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If you purchase shares of our securities
in this offering, you will experience dilution to the extent of the difference between the public offering price per share in
this offering and our as adjusted net tangible book value per share immediately after this offering. Net tangible book value per
share is equal to the amount of our total tangible assets, less total liabilities, divided by the number of outstanding shares
of our common stock. As of September 30, 2019, our net tangible book value was approximately $(424,010), or approximately $(0.07)
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"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> Our pro forma net tangible book
value as of September 30, 2019, was $ (424,010) or approximately $(0.07) per share. Pro forma net tangible book value per
share represents the amount of our total tangible assets as adjusted to take into account $375,000 in cash proceeds from the
issuance of the Debenture less our total liabilities as adjusted to take into account the issuance amount of the Debenture
divided by the number of shares of our common stock outstanding as of September 30, 2019. </P>

<P STYLE="font: 10pt Times New Roman, Times, 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"> After giving effect to (i) the
assumed sale by us of 10,000,000&nbsp;shares of our common stock in this offering at a public offering price of $0.25 per
share, which was the last reported sale price of our common stock on The Nasdaq Capital Market on December 6, 2019 rounded to
the nearest penny), after deducting the estimated underwriting discount and estimated offering expenses payable by us, and
(ii) the repayment of the outstanding principal amount of the Debenture ($480,770) that matures on March 1, 2020, our as
adjusted net tangible book value as of September 30, 2019 would have been approximately $1.4 million, or approximately $0.09
per share. This represents an immediate increase in as adjusted net tangible book value of $0.16 per share to existing
stockholders and an immediate dilution of $(0.16) per share to new investors purchasing securities in this offering. The
following table illustrates this per share dilution: </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; background-color: rgb(204,238,255)">
    <TD STYLE="width: 76%"> Assumed public offering price per share of common stock </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"></TD><TD STYLE="width: 9%; text-align: right"></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: 9%; text-align: right"> 0.25 </TD><TD STYLE="width: 1%; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9pt"> Pro Forma Net tangible book value per share as of September 30, 2019 </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> (0.07 </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></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 9pt"> Increase in pro forma net tangible book value per share after this offering </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> 0.16 </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> &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(204,238,255)">
    <TD STYLE="text-align: left"> Pro Forma As adjusted net tangible book value per share after giving effect to this offering </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"> $ </TD><TD STYLE="text-align: right"> 0.09 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD><TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1.5pt; text-align: right"> &nbsp; </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"> &nbsp; </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt"> Dilution per share to new investors </TD><TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1.5pt; text-align: right"> &nbsp; </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"> $ </TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"> (0.16 </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"> ) </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; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> The information above and below assumes
that no shares of Series B Preferred Stock are sold in this offering. The information above also assumes that the underwriters
do not exercise their over-allotment option. If the underwriters exercise their over-allotment option in full, the pro forma as
adjusted net tangible book value will increase to $0.10 per share, representing an immediate increase to existing stockholders
of $0.17 and an immediate dilution of $(0.15) per share to new 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"> A $0.10 increase (decrease) in the
assumed public offering price of $0.25 per share would result in an incremental increase (decrease) in our pro forma as adjusted
net tangible book value of approximately $0.9 million or approximately $0.06 per share, and would result in an incremental increase
(decrease) in the dilution to new investors of approximately $(0.04) per share, assuming that the number of shares of our common
stock sold by us remains the same and 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"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> We may also increase or
decrease the number of shares of common stock we are offering from the assumed number of shares of common stock set forth
above. An increase (decrease) of 250,000 in the assumed number of shares of common stock sold by us in this offering would
result in an incremental increase (decrease) in our pro forma as adjusted net tangible book value of approximately $0.1
million or approximately $0.0 per share, and would result no incremental increase (decrease) in the dilution to new investors
per share, assuming that the assumed public offering price of the common stock remains the same and after deducting the
estimated underwriting discount and estimated offering expenses payable by us. An increase (decrease) of 500,000 in the
assumed number of shares of common stock sold by us in this offering would result in an incremental increase (decrease) in
our pro forma as adjusted net tangible book value of approximately $0.1 million or approximately $0.0 per share, and would
result no incremental increase (decrease) in the dilution to new investors per share, assuming that
the assumed public offering price of the common stock remains the same and after deducting the estimated underwriting
discount and estimated offering expenses payable by us. The information discussed above is illustrative only and will adjust
based on the actual public offering price, the actual number of securities in this offering and other terms of this offering
determined at pricing. The information discussed above is illustrative only and will adjust based on the actual public
offering price, the actual number of securities in this offering and other terms of this offering determined at
pricing. </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 foregoing discussion and table
do not take into account further dilution to new investors that could occur upon the exercise of outstanding options or warrants.
In addition, we may choose to raise additional capital due to market conditions or strategic considerations even if we believe
we have sufficient funds for our current or future operating plans. To the extent that additional capital is raised through the
sale of equity or convertible debt securities, the issuance of these securities could result in further dilution to our stockholders. </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-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><A NAME="sgb_008"></A><FONT STYLE="text-transform: uppercase"><B>MARKET
FOR COMMON EQUITY AND RELATED STOCKHOLDER MATTERS</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Market Information</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 common stock has traded on The Nasdaq
Capital Market under the symbol &ldquo;SGBX&rdquo; since June 22, 2017. Prior to that time, there was no public market for our
common stock. As of November 20, 2019, there were approximately 92 stockholders of record of our common stock. This number does
not include beneficial owners from whom shares are held by nominees in street name.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><A NAME="sgb_009"></A><B>DIVIDEND
POLICY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&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 and we do not currently intend to pay any cash dividends on our common stock in the foreseeable
future. We expect to retain all available funds and future earnings, if any, to fund the development and growth of our business.
Any future determination to pay dividends, if any, on our common stock will be at the discretion of our board of directors and
will depend on, among other factors, our results of operations, financial condition, capital requirements and contractual restrictions.</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-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><A NAME="sgb_010"></A><B>DESCRIPTION
OF OUR SECURITIES</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following summary description of our
securities is based on the applicable provisions of the General Corporation Law of the State of Delaware (the &ldquo;DGCL&rdquo;),
and on the provisions of our Amended and Restated Certificate of Incorporation, as amended (the &ldquo;Certificate of Incorporation&rdquo;)
and our Amended and Restated Bylaws (the &ldquo;Bylaws&rdquo;), and is qualified entirely by reference to the applicable provisions
of the DGCL and copies of our Certificate of Incorporation and our Bylaws that are filed as exhibits to the registration statement
of which this prospectus forms a part. For further information on how to obtain copies of such documents, please refer to the
heading &ldquo;Where You Can Find More Information&rdquo; in this prospectus.</P>

<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">As of the date of this prospectus, we
are authorized by our Certificate of Incorporation to issue an aggregate of (i) 25,000,000 shares of common stock, par value $0.01
per share, and (ii) 5,405,010 shares of preferred stock, par value $1.00 per share. As of the date of this prospectus, there were
6,007,791 shares of common stock issued and outstanding and zero shares of preferred stock outstanding.</P>

<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>Common Stock</B></P>

<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">Holders of our common stock are entitled
to one vote for each share held of record on each matter submitted to a vote of stockholders, including the election of directors,
and do not have cumulative voting rights. Our directors are elected by a plurality of the votes cast by the stockholders entitled
to vote at our annual meeting of stockholders.</P>

<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">Subject to the prior rights of any class
or series of preferred stock which may from time to time be outstanding, if any, holders of our common stock are entitled to receive
dividends ratably when, as and if declared by our Board of Directors, out of funds legally available for that purpose and, upon
our liquidation, dissolution or winding up, are entitled to share ratably in all assets remaining after payment of liabilities
and payment of accrued dividends and liquidation preferences on the preferred stock, if any. We have not paid any dividends on
our common stock and none are contemplated in the foreseeable future. We anticipate that all earnings that may be generated from
our operations will be used to finance our growth.</P>

<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">Holders of our common stock have no preemptive,
subscription or redemption rights pertaining to the common stock and have no rights to convert their common stock into any other
securities. The absence of preemptive rights could result in a dilution of the interest of the existing stockholders should additional
shares of common stock be issued. In addition, the rights of holders of our common stock are subject to, and may be adversely
affected by, the rights of holders of shares of any series of preferred stock that we may designate and issue in the future. See
&ldquo;Risk Factors&rdquo; for a further description of risks related to the common stock.</P>

<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">All outstanding shares of common stock
are fully paid and non-assessable. Our common stock is listed on The Nasdaq Capital Market under the symbol &ldquo;SGBX.&rdquo;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">No shares of preferred stock are currently
outstanding. Our Board of Directors has the authority, without further action by our stockholders, to designate and issue up to
5,405,010 shares of preferred stock in one or more series, and to fix for each series voting rights, if any, designations, preferences
and relative, participating, optional or other special rights and such qualifications, limitations or restrictions as provided
in a resolution or resolutions adopted by our Board of Directors. Prior to the issuance of shares of each series, our Board of
Directors is required by the DGCL and our Amended and Restated Certificate of Incorporation to adopt resolutions and file a certificate
of designation with the Secretary of State of the State of Delaware. The certificate of designation fixes for each class or series
the designations, powers, preferences, rights, qualifications, limitations and restrictions, which includes one or more of the
following:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in">&#9679;</TD>
    <TD STYLE="text-align: justify">the number of shares constituting each class or series;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in">&#9679;</TD>
    <TD STYLE="text-align: justify">rights and terms, including prices, of redemption, including sinking fund provisions;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in">&#9679;</TD>
    <TD STYLE="text-align: justify">terms concerning the distribution of assets;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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


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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in">&#9679;</TD>
    <TD STYLE="text-align: justify">preemption rights;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in">&#9679;</TD>
    <TD STYLE="text-align: justify">any restrictions on repurchase or redemption of the shares by the Company; and</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in">&#9679;</TD>
    <TD STYLE="text-align: justify">liquidation preferences.</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">Satisfaction of any dividend preferences
of outstanding preferred stock would reduce the amount of funds available for the payment of dividends, if any, on the common
stock. Also, holders of the preferred stock would normally be entitled to receive a preference payment in the event of any liquidation,
dissolution or winding up of the Company before any payment is made to the holders of common stock. In addition, under certain
circumstances, the issuance of preferred stock may render more difficult or tend to discourage a merger, tender offer or proxy
contest, the assumption of control by a holder of a large block of the Company&rsquo;s securities or the removal of incumbent
management. The Board of Directors, without stockholder approval, may issue preferred stock with voting and conversion rights,
which could adversely affect the holders of common stock. As a result of these or other factors, the issuance of preferred stock
could have an adverse impact on the market price of our 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"><B>Anti-Takeover Effects of Delaware Law and Our Certificate
of Incorporation and Bylaws</B></P>

<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">Certain provisions of Delaware law, our
Certificate of Incorporation and our Bylaws contain provisions that could have the effect of delaying, deferring or discouraging
another party from acquiring control of us. These provisions, which are summarized below, are expected to discourage certain types
of coercive takeover practices and inadequate takeover bids. These provisions are also designed, in part, to encourage persons
seeking to acquire control of us to first negotiate with our Board of Directors. We believe that the benefits of increased protection
of our potential ability to negotiate with an unfriendly or unsolicited acquirer outweigh the disadvantages of discouraging such
proposals, including proposals that are priced above the then-current market value of our common stock, because, among other reasons,
such negotiation could result in an improvement of the terms of such proposals.</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"><I>Certificate of Incorporation and Bylaws</I></P>

<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">Certain provisions set forth in our amended
and restated certificate of incorporation, as amended, in our bylaws, our stockholder rights plan and in Delaware law, which are
summarized below, may be deemed to have an anti-takeover effect and may delay, deter or prevent a tender offer or takeover attempt
that a stockholder might consider to be in its best interests, including attempts that might result in a premium being paid over
the market price for the shares held by stockholders.</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"><I>Proposals of business and nominations</I>.
Our bylaws generally regulate proposals of business and nominations for election of directors by stockholders. In general, Section
3.16 requires stockholders intending to submit proposals or nominations at a stockholders meeting to provide the Company with
advance notice thereof, including information regarding the stockholder proposing the business or nomination as well as information
regarding the proposed business or nominee. Section 3.16 provides a time period during which business or nominations must be provided
to the Company that will create a predictable window for the submission of such notices, eliminating the risk that the Company
finds a meeting will be contested after printing its proxy materials for an uncontested election and providing the Company with
a reasonable opportunity to respond to nominations and proposals by stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, 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>Blank Check Preferred Stock</I>. Our
board of directors has the right to issue preferred stock in one or more series and to determine the designations, rights, preferences
of such preferred stock without stockholder approval.</P>

<P STYLE="font: 10pt Times New Roman, Times, 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>Board Vacancies</I>. Our bylaws generally
provide that only the board of directors (and not the stockholders) may fill vacancies and newly created directorships.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">While the foregoing provisions of our
certificate of incorporation, bylaws and Delaware law may have an anti-takeover effect, these provisions are intended to enhance
the likelihood of continuity and stability in the composition of the Board of directors and in the policies formulated by the
board of directors and to discourage certain types of transactions that may involve an actual or threatened change of control.
In that regard, these provisions are designed to reduce our vulnerability to an unsolicited acquisition proposal. The provisions
also are intended to discourage certain tactics that may be used in proxy fights. However, such provisions could have the effect
of discouraging others from making tender offers for our shares and, as a consequence, they also may inhibit fluctuations in the
market price of our common stock that could result from actual or rumored takeover attempts. Such provisions also may have the
effect of preventing changes in our management.</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"><I>Delaware Anti-Takeover Statute</I></P>

<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">We are subject to the provisions of Section
203 of the DGCL (&ldquo;Section 203&rdquo;) regulating corporate takeovers. In general, Section 203 prohibits a publicly-held
Delaware corporation from engaging, under certain circumstances, in a business combination with an interested stockholder for
a period of three years following the date the person became an interested stockholder unless:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">upon completion
                                         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, the outstanding voting stock owned by the interested stockholder,
                                         (1) shares owned by persons who are directors and also officers and (2) 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</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">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 66 2/3% of the outstanding
                                         voting stock which is not owned by the interested stockholder.</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">Generally, a business combination includes
a merger, asset, stock sale or other transaction 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 Section 203 to have an anti-takeover effect with respect to transactions our Board of Directors does not approve in advance.
We also anticipate that Section 203 may discourage business combinations or other attempts that might result in a premium over
the market price for the shares of common stock held by our stockholders.</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>Outstanding 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">In conjunction with the public offering
that we consummated in June 2017, we issued to certain affiliates of the underwriters, as compensation, warrants to purchase an
aggregate of 86,250 shares of common stock at an exercise price of $6.25 per share. The warrants are exercisable at the option
of the holder on or after June 21, 2018 and expire June 21, 2023.</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; text-align: justify">In conjunction with the offering that
we consummated in April 2019, we also sold to investors warrants to purchase up to an aggregate of 847,750 shares of common stock
at an initial exercise price of $1.375 per share. The warrants are exercisable at the option of the holder on or after October
29, 2019 and expire October 29, 2024. We also issued to certain affiliates of the underwriters, as compensation, warrants to purchase
an aggregate of 84,775 shares of common stock at an initial exercise price of $1.375 per share. The warrants are exercisable at
the option of the holder on or after October 29, 2019 and expire April 24, 2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, 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 the offering that
we consummated in August 2019, we issued to the underwriter, as compensation, warrants to purchase an aggregate of 45,000 shares
of common stock at an initial exercise price of $1.0625 per share. The warrants are exercisable at the option of the holder on
or after February 1, 2020 and expire August 29, 2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, 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>Options </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">On October 26, 2016, the Board of Directors
approved the issuance of up to 500,000 shares of our common stock in the form of restricted stock or options (&ldquo;2016 Stock
Plan&rdquo;). Effective January 20, 2017, the 2016 Stock Plan was amended and restated as the SG Blocks, Inc. Stock Incentive
Plan, as further amended effective June 1, 2018 (the &ldquo;Incentive Plan&rdquo;). The Incentive Plan authorizes the issuance
of up to 2,500,000 shares of common stock. As of September 30, 2019, there were 893,205 shares of common stock available for issuance
under the Incentive Plan and outstanding options to purchase 1,080,059 shares of common stock at a weighted average exercise price
per share of $4.05. We have also granted restricted stock units under the Incentive Plan of which 446,142 are non-vested.</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>Transfer Agent and Registrar</B></P>

<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">The transfer agent and registrar for our
common stock is American Stock Transfer and Trust Company, LLC. The transfer agent&rsquo;s address is 6201 15<SUP>th</SUP> Avenue,
Brooklyn, New York 11219, and its telephone number is (800) 937-5449.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><A NAME="sgb_011"></A><B>DESCRIPTION
OF SECURITIES WE ARE OFFERING</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> We are offering up to 10,000,000 shares
of our common stock, assuming no exercise of the over-allotment option. We are also offering to each purchaser whose purchase
of shares of our common stock in this offering would otherwise result in the purchaser, together with its affiliates and certain
related parties, beneficially owning more than 4.99% (or, at the election of the purchaser, 9.99%) of our outstanding common stock
immediately following the consummation of this offering, the opportunity in lieu of purchasing common stock, to purchase Series
B Preferred 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"> We are also offering up to 2,500 shares
of Series B Preferred Stock, which is convertible into an aggregate of 10,000,000 shares of our common stock. Each share of Series
B Preferred has a stated value of $1,000 and is convertible into shares of our common stock at the public offering price of the
common stock sold in this offering. For each share of Series B Preferred Stock we sell, the number of shares of our common stock
we are offering will be decreased on a dollar-for-dollar basis. The number of shares of our common stock outstanding after this
offering will fluctuate depending on how many shares of Series B Preferred Stock are sold in this offering and whether and to
what extent holders of Series B Preferred shares convert their shares to common stock. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The material terms and provisions of our
common stock and each other class of our securities which qualifies or limits our common stock are described under the caption
&ldquo;Description of Our Securities&rdquo; in this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the terms of our Certificate
of Incorporation, our Board of Directors has the authority to issue preferred stock in one or more classes or series and to fix
the designations, powers, preferences and rights, and the qualifications, limitations or restrictions thereof, including dividend
rights, conversion right, voting rights, terms of redemption, liquidation preferences and the number of shares constituting any
class or series, without further vote or action by the stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>The following is a summary of the material
terms of the Series B Preferred Stock. This summary is not complete. The following summary of the terms and provisions of the
Series B Preferred Stock is qualified in its entirety by reference to the Certificate of Designation of the Series B Preferred
Stock, the form of which has been filed as an exhibit to the registration statement of which this prospectus is a part.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> <I>General.&nbsp; </I>Our Board of
Directors has designated up to&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares of the 5,405,010 authorized shares
of preferred stock as Series B Convertible Preferred Stock. When issued, the shares of Series B Preferred Stock will be validly
issued, fully paid and non-assessable. Each share of Series B Preferred Stock will have a stated value of $1,000 per share. </P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Rank.&nbsp;</I>When issued, the Series
B Preferred Stock will be our only class of issued preferred stock since no shares of our previously issued Series A Convertible
Preferred Stock are outstanding. The Series B Preferred Stock will rank on parity to our common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Conversion.&nbsp;</I>Each share of
Series B Preferred Stock is convertible at any time at the option of the holder (subject to the limitations set forth below) into
that number of shares of our common stock (subject to adjustment as provided in the related certificate of designation of preferences,
rights and limitations) equal to the stated value of the Series B Preferred Stock ($1,000 per share) divided by the conversion
price, which will be equal to the per public offering price of our common stock in this offering. Holders of Series B Preferred
Stock will be prohibited from converting Series B Preferred Stock into shares of our common stock if, as a result of such conversion,
the holder, together with its affiliates, would own more than 4.99% of the total number of shares of our common stock then issued
and outstanding. However, any holder may increase or decrease such percentage to any other percentage not in excess of 9.99% upon
at least 61 days&rsquo; prior notice from the holder to us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Liquidation.</I> In the event we dissolve,
liquidate or wind up, the holders of Series B Preferred Stock will be entitled to participate on an as-converted-basis with holders
of common stock in any distribution of assets of the company to the holders of our common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Voting Rights.</I>&nbsp;Except as required
by our Certificate of Incorporation or by the DGCL, shares of Series B Preferred Stock will have no voting rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Dividends.&nbsp;</I>Shares of Series
B Preferred Stock will not be entitled to receive any dividends, unless and until specifically declared by our Board of Directors;
<I>provided</I>, <I>however</I>, the holders of the Series B Preferred Stock will participate, on an as-if-converted-to-common
stock basis, in any dividends to the holders of common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Redemption.&nbsp;</I>We are not obligated
to redeem or repurchase any shares of Series B Preferred Stock. Shares of Series B Preferred Stock are not otherwise entitled
to any redemption rights or mandatory sinking fund or analogous fund provisions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Exchange Listing.</I>&nbsp;We do not
plan on making an application to list the Series B Preferred Stock on The Nasdaq Capital Market, or any other national securities
exchange or other nationally recognized trading system.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><A NAME="sgb_012"></A><B>UNDERWRITING</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; 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,
dated &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; , 2019, with ThinkEquity, a division of Fordham
Financial Management, Inc., acting as the representative of the several underwriters named below, with respect to the securities
subject to this offering. Subject to certain conditions, we have agreed to sell to the underwriters, and the underwriters have
severally agreed to purchase, the number of shares of securities provided below opposite their respective names.</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%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify; border-bottom: Black 1.5pt solid">Underwriters</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Number of<BR>
    Shares of<BR> Common Stock</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Number of<BR>
    Shares of <BR>
Series B<BR> Preferred Stock</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 76%; font-size: 10pt; text-align: justify; padding-bottom: 1.5pt; text-indent: -12pt; padding-left: 12pt">ThinkEquity,
    a division of Fordham Financial Management, Inc.</TD><TD STYLE="width: 1%; font-size: 10pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: left"></TD><TD STYLE="width: 9%; border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: right"></TD><TD STYLE="width: 1%; padding-bottom: 1.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: left"></TD><TD STYLE="width: 9%; border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: right"></TD><TD STYLE="width: 1%; padding-bottom: 1.5pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: justify; padding-bottom: 4pt; text-indent: -12pt; padding-left: 24.15pt">Total</TD><TD STYLE="font-size: 10pt; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 4pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 4pt; font-size: 10pt; 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 underwriters are offering the shares
of common stock and/or Series B Preferred Stock subject to their acceptance of the shares of common stock and/or Series B Preferred
Stock from us and subject to prior sale. The underwriting agreement provides that the obligations of the several underwriters
to pay for and accept delivery of the shares of common stock and/or Series B Preferred Stock offered by this prospectus are subject
to the approval of certain legal matters by their counsel and to certain other conditions. The underwriters are obligated to take
and pay for all of the shares of common stock and Series B Preferred Stock if any such shares are taken.</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>Discount, Commissions and Expenses</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 underwriters have advised us that
they propose to offer the shares of common stock and Series B Preferred Stock to the public at the public offering price set forth
on the cover page of this prospectus and to certain dealers at that price less a concession not in excess of $ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
per share of common stock and $ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;per share of Series B Preferred Stock. The underwriters may
allow, and certain dealers may reallow, a discount from the concession not in excess of $ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
per share to certain brokers and dealers. After this offering, the public offering price, concession and reallowance to dealers
may be changed by the representative. No such change shall change the amount of proceeds to be received by us as set forth on
the cover page of this prospectus. The shares of common stock and Series B Preferred Stock are offered by the underwriters as
stated herein, subject to receipt and acceptance by them and subject to their right to reject any order in whole or in part. The
underwriters have informed us that they do not intend to confirm sales to any accounts over which they exercise discretionary
authority.</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">The following table shows the underwriting discount payable
to the underwriters by us in connection with this offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&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="text-align: center; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Per Share of Common Stock</TD><TD STYLE="font-weight: bold; text-align: center; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Per Shares of Series B Preferred
    Stock</TD><TD STYLE="font-weight: bold; text-align: center; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Total Without <BR> Over-allotment
    <BR> Option</TD><TD STYLE="font-weight: bold; text-align: center; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Total With <BR> Over-allotment
    <BR> Option</TD><TD STYLE="font-weight: bold; text-align: center; padding-bottom: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 52%">Public offering price</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left"></TD><TD STYLE="width: 9%; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Underwriting discount (8%)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right"></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">$</TD><TD STYLE="text-align: right"></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right"></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Proceeds, before expenses, to us</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right"></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right"></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right"></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-accountable expense
    allowance (1%)<SUP>(1)</SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right"></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">$</TD><TD STYLE="text-align: right"></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right"></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: -24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: -24pt"></P>

<!-- Field: Rule-Page --><DIV STYLE="width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1.5pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: -24pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left">(1)</TD><TD STYLE="text-align: justify">The non-accountable
                                         expense allowance will not be payable with respect to any exercise by the representative
                                         of the over-allotment option.</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"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> We have agreed to reimburse the underwriters
for certain out-of-pocket expenses not to exceed $103,500 in the aggregate without our consent which shall not be unreasonably
withheld. We estimate that expenses payable by us in connection with this offering, including reimbursement of the underwriters&rsquo;
out-of-pocket expenses and the 1.0% non-accountable expense, but excluding the underwriting discount referred to above, will be
approximately $325,000. </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>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"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> We have granted a 45-day option to
the representative of the underwriters to purchase up to 1,500,000 additional shares of common stock (at an assumed public offering
price of $0.25 per share, which was the last reported sale price of our common stock on The Nasdaq Capital Market on December
6, 2019 rounded to the nearest penny) from us solely to cover over-allotments, if any (15% of the shares of common stock
sold and shares of common stock issuable upon conversion of the Series B Preferred Stock sold), from us at the public offering
price less underwriting discounts and commissions. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</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>Indemnification</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 agreed to indemnify the underwriters
against certain liabilities, including liabilities under the Securities Act and liabilities arising from breaches of representations
and warranties contained in the underwriting agreement, or to contribute to payments that the underwriters may be required to
make in respect of those liabilities.</P>

<P STYLE="font: 10pt Times New Roman, Times, 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>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">We have agreed, subject to limited exceptions,
for a period of 90 days after the date of the underwriting agreement, and our officers and directors have agreed, subject to limited
exceptions, for a period of 180 days after the date of the underwriting agreement, not to offer, sell, contract to sell, pledge,
grant any option to purchase, make any short sale or otherwise dispose of, directly or indirectly any shares of common stock or
any securities convertible into or exchangeable for our common stock either owned as of the date of the underwriting agreement
or thereafter acquired without the prior written consent of the representative. The representative may, in its sole discretion
and at any time or from time to time before the termination of the lock-up period, without notice, release all or any portion
of the securities subject to lock-up 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"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> <B>Other</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"> <FONT STYLE="background-color: white"><I>Private
Placement</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"> <FONT STYLE="background-color: white">On
November 12, 2019, we entered into a Securities Purchase Agreement (the &ldquo;</FONT>Purchase Agreement<FONT STYLE="background-color: white">&rdquo;)
with an investor, pursuant to which we issued to the investor a senior secured convertible debenture in the principal amount
of $480,770 (the &ldquo;</FONT>Debenture<FONT STYLE="background-color: white">&rdquo;) for proceeds of $375,000 (representing
an original issue discount of 22%). </FONT>In connection with the issuance of the Debenture, we entered into a Placement
Agency Agreement with ThinkEquity, a division of Fordham Financial Management, Inc. (&ldquo;ThinkEquity&rdquo;), pursuant to which we paid cash fees to ThinkEquity. </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"><I>Public
Offering</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">On
August 1, 2019, we consummated an underwritten public offering (the &ldquo;August 2019 Offering&rdquo;) of 900,000 shares of our
common stock at an offering price of $0.85 per share of our common stock for aggregate gross proceeds of $765,000, prior to deducting
underwriting discounts, commissions and other offering expenses. </FONT>ThinkEquity, a division of Fordham Financial Management,
Inc., acted as the representative of the underwriters in <FONT STYLE="background-color: white">the August 2019 Offering and was
paid (i) $53,550 in underwriting commissions (7% pf the public offering price) and (ii) </FONT>a non-accountable expense allowance
to the equal to 1% of the gross proceeds received at the closing of the offering. We have paid certain of the representative&rsquo;s
expenses relating to the August 2019 offering, including the fees and expenses of the representative&rsquo;s legal counsel and
$7,500 for the underwriter&rsquo;s use of Ipreo&rsquo;s book-building, prospectus tracking and compliance software for this offering,
totaling $42,500. U<FONT STYLE="background-color: white">pon closing of the August 2019 Offering, we issued to the representative
as compensation warrants to purchase&nbsp;45,000 shares of our common stock (5% of the aggregate number of shares of common stock
sold in the August 2019 offering). The representative&rsquo;s warrants have an exercise price equal to 125% of the public offering
price per share such offering and are exercisable at any time and from time to time, in whole or in part, commencing 180 days
from the effective date of the registration statement for the August 2019 Offering and terminate on the fifth anniversary of such
effective date.</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>Right of First Refusal </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">Until May 10, 2020 Roth Capital Markets
(&ldquo;Roth&rdquo;) has a right of first refusal to act as lead investment banker, lead book-runner and/or lead placement agent,
at its sole discretion, for each and every of our future public equity offerings for us, or any of our successors or subsidiaries,
on terms customary to Roth. Roth in conjunction with us, shall have the sole right to determine whether or not any other broker-dealer
shall have the right to participate in any such offering and the economic terms of any such participation.</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">Subject to the closing of this offering
and certain conditions set forth in the underwriting agreement, beginning on May 11, 2020 and ending on twelve (12) month&rsquo;s
thereafter, the representative shall have a right of first refusal to act as sole investment banker, sole book-runner and/or sole
placement agent, at its sole discretion, for each and every of our future public equity and debt offerings, including all equity
linked financings, for us, or any of our successors or subsidiaries, on terms customary to the Representative. The Representative
in conjunction with us, shall have the sole right to determine whether or not any other broker-dealer shall have the right to
participate in any such offering and the economic terms of any such participation.</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; 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; 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 connection with this offering, the
underwriters may engage in stabilizing transactions, over-allotment&nbsp;transactions, syndicate-covering&nbsp;transactions, penalty
bids and purchases to cover positions created by short 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"> Stabilizing transactions permit bids
to purchase shares so long as the stabilizing bids do not exceed a specified maximum, and are engaged in for the purpose of preventing
or retarding a decline in the market price of the shares while this offering is in progress. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> Over-allotment&nbsp;transactions involve
sales by the underwriters of shares in excess of the number of shares the underwriters are obligated to purchase. This creates
a syndicate short position which may be either a covered short position or a naked short position. In a covered short position,
the number of shares over-allotted&nbsp;by the underwriters are not greater than the number of shares that they may purchase in
the over-allotment&nbsp;option. In a naked short position, the number of shares involved is greater than the number of shares
in the over-allotment&nbsp;option. The underwriters may close out any short position by exercising their over-allotment&nbsp;option
and/or purchasing shares in the open 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"> Syndicate covering transactions involve
purchases of shares in the open market after the distribution has been completed in order to cover syndicate short positions.
In determining the source of shares to close out the short position, the underwriters will consider, among other things, the price
of shares available for purchase in the open market as compared with the price at which it may purchase shares through exercise
of the over-allotment&nbsp;option. If the underwriters sell more shares than could be covered by exercise of the over-allotment&nbsp;option
and, therefore, have a naked short position, the position can be closed out only by buying shares in the open market. A naked
short position is more likely to be created if the underwriters are concerned that after pricing there could be downward pressure
on the price of the shares in the open market that could adversely affect investors who purchase in 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"> Penalty bids permit an underwriter
to reclaim a selling concession from a syndicate member when the shares originally sold by that syndicate member are purchased
in stabilizing or syndicate covering transactions to cover syndicate short positions. </P>

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

<P STYLE="margin: 0pt 0; text-align: justify"> These stabilizing transactions, syndicate covering transactions and penalty bids
may have the effect of raising or maintaining the market price of our shares of common stock or preventing or retarding a decline
in the market price of our shares of common stock. As a result, the price of our common stock in the open market may be higher
than it would otherwise be in the absence of these transactions. Neither we nor the underwriters make any representation or prediction
as to the effect that the transactions described above may have on the price of our common stock. These transactions may be effected
in the over-the-counter&nbsp;market or otherwise and, if commenced, may be discontinued at any time. </P>



<P STYLE="font: 10pt Times New Roman, Times, 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>Passive Market Making</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 connection with this offering, the
underwriters and any selling group members may engage in passive market making transactions in our common stock on the Nasdaq
Stock Market in accordance with Rule 103 of Regulation M under the Securities Exchange Act of 1934, as amended, during a period
before the commencement of offers or sales of common stock and extending through the completion of the distribution. A passive
market maker must display its bid at a price not in excess of the highest independent bid of that security. However, if all independent
bids are lowered below the passive market maker&rsquo;s bid that bid must then be lowered when specified purchase limits are exceeded.</P>

<P STYLE="font: 10pt Times New Roman, Times, 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>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">This prospectus in electronic format may
be made available on websites or through other online services maintained by one or more of the underwriters, or by their affiliates.
Other than this 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 this 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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Other</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, certain of the underwriters
and/or their affiliates have provided, and may in the future provide, various investment banking and other financial services
for us for which services they have received and, may in the future receive, customary fees. In the course of their businesses,
the underwriters and their affiliates may actively trade our securities or loans for their own account or for the accounts of
customers, and, accordingly, the underwriters and their affiliates may at any time hold long or short positions in such securities
or loans. Except for services provided in connection with this offering, no underwriter has provided any investment banking or
other financial services to us during the 180-day period preceding the date of this prospectus and we do not expect to retain
any underwriter to perform any investment banking or other financial services for at least 90 days after the date of this prospectus.</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-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><A NAME="sgb_013"></A><B>NOTICE
TO INVESTORS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Notice to Investors in the United Kingdom</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 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 which are the subject of the offering contemplated by this prospectus may not be made in that Relevant
Member State except that an offer to the public in that Relevant Member State of any such 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">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">(a)</TD><TD STYLE="text-align: justify">to legal entities
                                         which are authorized or regulated to operate in the financial markets or, if not so authorized
                                         or regulated, whose corporate purpose is solely to invest in securities;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">(b)</TD><TD STYLE="text-align: justify">to any legal
                                         entity which has two or more of: (1) an average of at least 250 employees during the
                                         last financial year; (2) a total balance sheet of more than &euro; 43,000,000; and (3)
                                         an annual net turnover of more than &euro; 50,000,000, as shown in its last annual or
                                         consolidated accounts;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">(c)</TD><TD STYLE="text-align: justify">by the underwriter
                                         to fewer than 100 natural or legal persons (other than qualified investors as defined
                                         in the Prospectus Directive); or</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">(d)</TD><TD STYLE="text-align: justify">in any other
                                         circumstances falling within Article 3(2) of the Prospectus Directive, provided that
                                         no such offer of these securities shall result in a requirement for the publication by
                                         the issuer or the underwriter 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 of the 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 such securities to be offered so as to
enable an investor to decide to purchase any such securities, as the same may be varied in that Member State by any measure implementing
the Prospectus Directive in that Member State and the expression &ldquo;Prospectus Directive&rdquo; means Directive 2003/71/EC
and includes any relevant implementing measure in each Relevant Member State.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Each underwriter has represented, warranted
and agreed that:</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: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">(a)</TD><TD STYLE="text-align: justify">it has only
                                         communicated or caused to be communicated and will only communicate or cause to be communicated
                                         any invitation or inducement to engage in investment activity (within the meaning of
                                         Section 21 of the Financial Services and Markets Act 2000 (the &ldquo;FSMA&rdquo;)) received
                                         by it in connection with the issue or sale of any of the securities in circumstances
                                         in which section 21(1) of the FSMA does not apply to the issuer; and</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">(b)</TD><TD STYLE="text-align: justify">it has complied
                                         with 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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>European Economic Area</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 particular, this document does not
constitute an approved prospectus in accordance with European Commission&rsquo;s Regulation on Prospectuses no. 809/2004 and no
such prospectus is to be prepared and approved in connection with this offering. Accordingly, in relation to each Member State
of the European Economic Area which has implemented the Prospectus Directive (being the Directive of the European Parliament and
of the Council 2003/71/EC and including any relevant implementing measure in each Relevant Member State) (each, a Relevant Member
State), with effect from and including the date on which the Prospectus Directive is implemented in that Relevant Member State
(the Relevant Implementation Date) an offer of securities to the public may not be made in that Relevant Member State prior to
the publication of a prospectus in relation to such securities which has been approved by the competent authority in that Relevant
Member State or, where appropriate, approved in another Relevant Member State and notified to the competent authority in that
Relevant Member State, all in accordance with the Prospectus Directive, except that it may, with effect from and including the
Relevant Implementation Date, make an offer of securities to the public in that Relevant Member State at any time:</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: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">to legal
                                         entities which are authorized or regulated to operate in the financial markets or, if
                                         not so authorized or regulated, whose corporate purpose is solely to invest in securities;</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: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">to any
                                         legal entity which has two or more of: (1) an average of at least 250 employees during
                                         the last financial year; (2) a total balance sheet of more than &euro; 43,000,000; and
                                         (3) an annual net turnover of more than &euro; 50,000,000, as shown in the last annual
                                         or consolidated accounts; or</TD>
</TR></TABLE>

<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>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">in any
                                         other circumstances which do not require the publication by the Issuer 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 of securities to the public&rdquo; in relation to any of the 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 the securities to
be offered so as to enable an investor to decide to purchase or subscribe for the securities, as the same may be varied in that
Member State by any measure implementing the Prospectus Directive in that Member State. For these purposes the securities offered
hereby are &ldquo;securities.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><A NAME="sgb_014"></A><B>LEGAL
MATTERS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The validity of the securities offered
hereby will be passed upon for us by Gracin &amp; Marlow, LLP, New York, New York. Ellenoff Grossman &amp; Schole LLP, New York,
New York, is acting as counsel to the underwriters in this offering.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><A NAME="sgb_015"></A><B>EXPERTS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The financial statements as of December
31, 2018 and 2017 and for each of the two years in the period ended December 31, 2018 incorporated by reference in this prospectus
have been so incorporated in reliance on the report of Whitley Penn LLP, an independent registered public accounting firm, incorporated
herein by reference, given on the authority of said firm as experts in auditing and accounting.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><A NAME="sgb_016"></A><B>WHERE
YOU CAN FIND ADDITIONAL INFORMATION</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have filed with the SEC a registration
statement on Form S-1 under the Securities Act with respect to the securities offered by this prospectus. This prospectus, which
is part of the registration statement, omits certain information, exhibits, schedules and undertakings set forth in the registration
statement. For further information pertaining to us and the securities offered hereby, reference is made to the registration statement
and the exhibits and schedules to the registration statement. Statements contained in this prospectus as to the contents or provisions
of any documents referred to in this prospectus are not necessarily complete, and in each instance where a copy of the document
has been filed as an exhibit to the registration statement, reference is made to the exhibit for a more complete description of
the matters involved.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Registration statements and certain other
filings made with the SEC electronically are publicly available through the SEC&rsquo;s website at <I>www.sec.gov</I>. The registration
statement, including all exhibits and amendments to the registration statement, has been filed electronically with the SEC. You
may also read all or any portion of the registration statement and certain other filings made with the SEC on our website at <I>www.sgblocks.com</I>.
The information contained in, and that can be accessed through, our website is not incorporated into and is not part 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">We are subject to the information and
periodic reporting requirements of the Exchange Act and, accordingly, are required to file annual reports containing financial
statements audited by an independent public accounting firm, quarterly reports containing unaudited financial data, current reports,
proxy statements and other information with the SEC. You may obtain electronic copies of such periodic reports, proxy statements
and other information at the website of the SEC referred to above, and our website at <I>www.sgblocks.com</I>. Except for the
specific incorporated reports and documents listed above, no information available on or through our website shall be deemed to
be incorporated in this prospectus or the registration statement of which it forms a part.</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-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><A NAME="sgb_017"></A><B>INCORPORATION
OF CERTAIN DOCUMENTS BY REFERENCE</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> The SEC allows us to &ldquo;incorporate
by reference&rdquo; certain information that we will file with it which means that we can disclose important information to you
by referring you to those documents instead of having to repeat the information in this prospectus. The later information that
we file with the SEC will automatically update and supersede this information. We incorporate by reference the documents listed
below and any future filings made with the SEC under Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act (Commission File No.
001-38037)) after (i) the date of this Amendment No. 1 to the registration statement and prior to effectiveness of this registration
statement and (ii) the date of this prospectus and before the completion of the offering of the securities included in this prospectus,
however, we will not incorporate by reference any documents or portions thereof that are not deemed &ldquo;filed&rdquo; with the
SEC, or any information furnished pursuant to Items 2.02 or 7.01 of Form 8-K or related exhibits furnished pursuant to Item 9.01
of Form 8-K: </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%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in; text-align: left">&#9679;</TD>
    <TD STYLE="text-align: justify">Our Annual Report on <A HREF="http://www.sec.gov/Archives/edgar/data/1023994/000121390019005149/sgbx-20181231.htm">Form
    10-K</A> &nbsp;for the year ended December 31, 2018 (Commission File No. 001-38037) filed with the SEC on March 29, 2019,</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&#9679;</TD>
    <TD STYLE="text-align: justify">Our Quarterly Report on <A HREF="http://www.sec.gov/Archives/edgar/data/1023994/000121390019008438/sgbx-20190331.htm">Form
    10-Q</A> for the quarter ended March 31, 2019 (File No. 001-38037) filed with the SEC on May 13, 2019;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&#9679;</TD>
    <TD STYLE="text-align: justify">Our Quarterly Report on <A HREF="http://www.sec.gov/Archives/edgar/data/1023994/000121390019015826/sgbx-20190630.htm">Form
    10-Q</A> for the quarter ended June 30, 2019 (File No. 001-38037) filed with the SEC on August 14, 2019;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&#9679;</TD>
    <TD STYLE="text-align: justify">Our Quarterly Report on <A HREF="http://www.sec.gov/Archives/edgar/data/1023994/000121390019023493/sgbx-20190930.htm">Form
    10-Q</A> for the quarter ended September 30, 2019 (File No. 001-38037) filed with the SEC on November 14, 2019;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &#9679; </TD>
    <TD STYLE="text-align: justify"> Our Current Reports on Form 8-K (Commission File No. 001-38037) filed with the SEC on <A HREF="http://www.sec.gov/Archives/edgar/data/1023994/000121390019000113/f8k122718_sgblocksinc.htm">January
    3, 2019</A>, <A HREF="http://www.sec.gov/Archives/edgar/data/1023994/000121390019007171/f8k042519_sgblocksinc.htm">April 26,
    2019</A>, <A HREF="http://www.sec.gov/Archives/edgar/data/1023994/000121390019007528/f8k042919_sgblock.htm">May 1, 2019</A>,
    <A HREF="http://www.sec.gov/Archives/edgar/data/1023994/000121390019010112/f8k060519_sgblocksinc.htm">June 5, 2019</A>, <A HREF="http://www.sec.gov/Archives/edgar/data/1023994/000121390019012132/f8k070119_sgblocks.htm">July
    5, 2019</A>,<A HREF="http://www.sec.gov/Archives/edgar/data/1023994/000121390019014082/f8k072919_sgblocksinc.htm"> July 31,
    2019</A>, <A HREF="http://www.sec.gov/Archives/edgar/data/1023994/000121390019014082/f8k072919_sgblocksinc.htm">July 31, 2019</A>,
    <A HREF="http://www.sec.gov/Archives/edgar/data/1023994/000121390019014402/f8k080119_sgblocksinc.htm">August 2, 2019</A>,
    <A HREF="http://www.sec.gov/Archives/edgar/data/1023994/000121390019016534/f8k081919_sgblocksinc.htm">August 23, 2019</A>,
    <A HREF="http://www.sec.gov/Archives/edgar/data/1023994/000121390019016534/f8k081919_sgblocksinc.htm">August 23, 2019</A>,
    <A HREF="http://www.sec.gov/Archives/edgar/data/1023994/000121390019020044/f8k1019_sgblocksinc.htm">October 9, 2019</A>, <A HREF="http://www.sec.gov/Archives/edgar/data/1023994/000121390019020351/f8k101419_sgblocks.htm">October
    15, 2019</A>, <A HREF="http://www.sec.gov/Archives/edgar/data/1023994/000121390019022466/f8k110619_sgblocksinc.htm">November
    8, 2019,</A> &nbsp;<A HREF="http://www.sec.gov/Archives/edgar/data/1023994/000121390019023057/f8k110719_sgblocksinc.htm">November
    13, 2019</A>&nbsp;and <A HREF="http://www.sec.gov/Archives/edgar/data/1023994/000121390019025350/f8k120519_sgblocksinc.htm">December 5, 2019</A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="text-align: left; font-family: Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT> </TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif">Our
                                         Definitive Proxy Statement on Schedule 14A, as amended filed with the SEC on <A HREF="http://www.sec.gov/Archives/edgar/data/1023994/000121390019007081/def14a0419_sgblocks.htm">April
                                         25, 2019</A>; Our Preliminary Proxy Statement on Schedule 14A filed with the SEC on <A HREF="http://www.sec.gov/Archives/edgar/data/1023994/000121390019023954/pre14a1119_sgblocks.htm">November
                                         19, 2019</A>&nbsp;and our Definitive Proxy Statement on Schedule14A filed with the SEC
                                         on <A HREF="http://www.sec.gov/Archives/edgar/data/1023994/000121390019025151/def14a1219_sgblocks.htm">December
                                         2, 2019</A>; and</FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&#9679;</TD>
    <TD STYLE="text-align: justify">The description of our common stock set forth in our registration statement on <A HREF="http://www.sec.gov/Archives/edgar/data/1023994/000121390017002571/f8a12b0317_sgblocksinc.htm">Form
    8-A</A>, filed with the SEC on March 20, 2017 (Commission File No. 001-38037).</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 will provide to each person, including
any beneficial owner, to whom a prospectus is delivered, a copy of any or all of the reports or documents that we incorporate
by reference in this prospectus contained in the registration statement (except exhibits to the documents that are not specifically
incorporated by reference) at no cost to you, by writing or calling us at the following address and telephone number:</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">195 Montague Street,
14th Floor<BR>
Brooklyn, New York 11201</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(646) 240-4235</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Information about us is available at our
website at <I>www.sgblocks.com.</I> Except for the specific incorporated reports and documents listed above, no information available
on or through our website shall be deemed to be incorporated in this prospectus or the registration statement of which it forms
a part. Any statement contained in this registration statement or in a document incorporated or deemed to be incorporated by reference
in this registration statement shall be deemed to be modified or superseded for purposes of this registration statement to the
extent that a statement contained in this registration statement or in any other subsequently filed document which also is or
is deemed to be incorporated by reference in this registration statement modifies or supersedes that statement. Any statement
so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this registration
statement.</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>

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> <B>Up to 2,500 Shares of Series B Convertible
Preferred Stock</B> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> <B>Up to 10,000,000 Shares of Common
Stock Underlying the Series B Convertible Preferred Stock</B>&nbsp; </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&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"><IMG SRC="img_001.jpg" ALT=""></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-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

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







<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 12pt"><B></B></FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 12pt"><B>PROSPECTUS</B></FONT></P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>a division of Fordham Financial Management,
Inc.</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
, 2019</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">&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-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> <B>Through and including
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
, 2020 (25 days after commencement of this offering), all dealers that effect transactions in these securities, whether or
not participating in this offering, may be required to deliver a prospectus. This is in addition to the dealer&rsquo;s
obligation to deliver a prospectus when acting as an underwriter and with respect to their unsold allotments or
subscriptions.</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">&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">&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>


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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>ITEM 13. OTHER EXPENSES OF ISSUANCE AND DISTRIBUTION</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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> We estimate that expenses in connection
with the distribution described in this registration statement (other than fees and commissions charged by the underwriters, but
including the underwriters&rsquo; reimbursable expenses) will be as set forth below. We will pay all of the expenses with respect
to the distribution, and such amounts, with the exception of the SEC registration fee and the Financial Industry Regulatory Authority,
Inc. (&ldquo;FINRA&rdquo;) filing fee, are 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"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 88%; text-align: left"> SEC registration fee </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> $ </TD><TD STYLE="width: 9%; text-align: right"> 767 </TD><TD STYLE="width: 1%; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"> FINRA filing fee </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 1,386 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"> Accounting fees and expenses </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 25,000 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"> Legal fees and expenses </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &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(204,238,255)">
    <TD STYLE="text-align: left"> Underwriter&rsquo;s 1.0% non-accountable expense allowance </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 25,000 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"> Underwriter out-of-pocket expenses </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 103,500 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1.5pt"> Miscellaneous </TD><TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"> &nbsp; </TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"> 69,347 </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; padding-bottom: 4pt"> Total </TD><TD STYLE="padding-bottom: 4pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left"> $ </TD><TD STYLE="border-bottom: Black 4pt double; text-align: right"> 325,000 </TD><TD STYLE="padding-bottom: 4pt; 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"><B>ITEM 14. INDEMNIFICATION OF DIRECTORS AND OFFICERS</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">Subsection (a) of Section 145 of the General
Corporation Law of the State of Delaware (the &ldquo;DGCL&rdquo;) empowers a corporation to indemnify any person who was or is
a party or who is threatened to be made a party to any threatened, pending or completed action, suit or proceeding, whether civil,
criminal, administrative or investigative (other than an action by or in the right of the corporation) by reason of the fact that
the person is or was a director, officer, employee or agent of the corporation, or is or was serving at the request of the corporation
as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise, against
expenses (including attorneys&rsquo; fees), judgments, fines and amounts paid in settlement actually and reasonably incurred by
the person in connection with such action, suit or proceeding if the person acted in good faith and in a manner the person reasonably
believed to be in or not opposed to the best interests of the corporation, and, with respect to any criminal action or proceeding,
had no reasonable cause to believe the person&rsquo;s conduct was unlawful.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Subsection (b) of Section 145 empowers
a corporation to indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending or
completed action or suit by or in the right of the corporation to procure a judgment in its favor by reason of the fact that the
person acted in any of the capacities set forth above, against expenses (including attorneys&rsquo; fees) actually and reasonably
incurred by the person in connection with the defense or settlement of such action or suit if the person acted in good faith and
in a manner the person reasonably believed to be in or not opposed to the best interests of the corporation, except that no indemnification
shall be made in respect of any claim, issue or matter as to which such person shall have been adjudged to be liable to the corporation
unless and only to the extent that the Court of Chancery or the court in which such action or suit was brought shall determine
upon application that, despite the adjudication of liability but in view of all the circumstances of the case, such person is
fairly and reasonably entitled to indemnity for such expenses which the Court of Chancery or such other court shall deem proper.</P>

<P STYLE="font: 10pt Times New Roman, Times, 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 145 further provides that to the
extent a director or officer of a corporation has been successful on the merits or otherwise in the defense of any action, suit
or proceeding referred to in subsections (a) and (b) of Section 145, or in defense of any claim, issue or matter therein, such
person shall be indemnified against expenses (including attorneys&rsquo; fees) actually and reasonably incurred by such person
in connection therewith; that indemnification provided for by Section 145 shall not be deemed exclusive of any other rights to
which the indemnified party may be entitled; and the indemnification provided for by Section 145 shall, unless otherwise provided
when authorized or ratified, continue as to a person who has ceased to be a director, officer, employee or agent and shall inure
to the benefit of such person&rsquo;s heirs, executors and administrators. Section 145 also empowers the corporation to purchase
and maintain insurance on behalf of any person who is or was a director, officer, employee or agent of the corporation, or is
or was serving at the request of the corporation as a director, officer, employee or agent of another corporation, partnership,
joint venture, trust or other enterprise against any liability asserted against such person and incurred by such person in any
such capacity, or arising out of his status as such, whether or not the corporation would have the power to indemnify such person
against such liabilities under Section 145.</P>

<P STYLE="font: 10pt Times New Roman, Times, 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 102(b)(7) of the DGCL provides
that a corporation&rsquo;s certificate of incorporation may contain a provision eliminating or limiting the personal liability
of a director to the corporation or its stockholders for monetary damages for breach of fiduciary duty as a director, provided
that such provision shall not eliminate or limit the liability of a director (i) for any breach of the director&rsquo;s duty of
loyalty to the corporation or its stockholders, (ii) for acts or omissions not in good faith or which involve intentional misconduct
or a knowing violation of law, (iii) under Section 174 of the DGCL, or (iv) for any transaction from which the director derived
an improper personal benefit.</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">Our certificate of incorporation and our
bylaws provide that we will indemnify our directors and officers to the fullest extent permitted by the DGCL, which prohibits
our certificate of incorporation from limiting the liability of our directors for the following:</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%; 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">&#9679;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">any breach of the director&rsquo;s duty of loyalty to us or our stockholders;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&#9679;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">acts or omissions not in good faith or that involve intentional misconduct
    or a knowing violation of law;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&#9679;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">unlawful payment of dividends or unlawful stock repurchases or redemptions;
    or</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&#9679;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">any transaction from which the director derived an improper benefit.</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 amended and restated certificate of
incorporation, as amended, provides for indemnification of our directors and executive officers to the maximum extent permitted
by the DGCL, and our amended and restated bylaws provide for indemnification of our directors and executive officers to the maximum
extent permitted by the DGCL.</P>

<P STYLE="font: 10pt Times New Roman, Times, 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 indemnification agreements
with each of our current directors. These agreements will require us to indemnify these individuals to the fullest extent permitted
under Delaware law against liabilities that may arise by reason of their service to us and to advance expenses incurred as a result
of any proceeding against them as to which they could be indemnified. We also intend to enter into indemnification agreements
with our future directors and executive officers.</P>

<P STYLE="font: 10pt Times New Roman, Times, 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 any underwriting agreement we enter
into in connection with the sale of common stock being registered hereby, the underwriters will agree to indemnify, under certain
conditions, us, our directors, our officers and persons who control us, within the meaning of the Securities Act, against certain
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"><B>ITEM 15. RECENT SALES OF UNREGISTERED SECURITIES</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 following information sets forth certain
information with respect to all securities which we have sold during the last three years.</P>

<P STYLE="font: 10pt Times New Roman, Times, 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">On November 12,
2019, we entered into a Securities Purchase Agreement (the &ldquo;Purchase Agreement&rdquo;) with an investor, pursuant to which
we issued to the investor a senior secured convertible debenture in the principal amount of $480,770 (the &ldquo;Debenture&rdquo;)
for proceeds of $375,000 (representing an original issue discount of 22%). The Debenture is due 110 days after issuance and is
secured under a Security Agreement, dated November 12, 2019, entered into with the investor by a security interest in all of our
existing and future assets, subject to existing security interests and exceptions. We have the right to redeem all or a portion
of the outstanding principal of the Debenture (i) prior to the maturity date without interest and with no conversion by the investor
and (ii) after the maturity date at a premium of 120%, and with interest accruing at 24% from the maturity date. The Debenture
is convertible into shares of our common stock only upon (i) the occurrence of an Event of Default (as defined in the Debenture)
or (ii) at maturity in the event any principal remains outstanding, at a conversion price equal to the lower of (x) 67.5% of the
lowest daily VWAPs of the common stock during the five consecutive trading days immediately preceding the Event of Default or
date of maturity or (y) if the Debenture is not fully paid as of the Maturity, the lowest daily VWAP during the ten (10) consecutive
trading days immediately preceding the date of the applicable Conversion, and based on a conversion amount determined by the product
of (x) the portion of the principal and accrued interest to be converted and (y) 120% or (y) if the Debenture is not fully paid
as of the Maturity Date and no conversions have been effected under the Debenture, the lowest daily VWAP during the ten (10) consecutive
Trading Days immediately preceding the date of the applicable Conversion; subject to certain limitations.</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"> In connection with the issuance of
the Debenture, we entered into a Placement Agency Agreement with ThinkEquity, a division of Fordham Financial Management, Inc.&nbsp;(the
&ldquo;Placement Agent&rdquo;), pursuant to which we paid cash fees to the Placement Agent. </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">On July 29, 2019, we entered into an underwriting
agreement (the &ldquo;Underwriting Agreement&rdquo;) with ThinkEquity, a division of Fordham Financial Management, Inc. (the &ldquo;Underwriter&rdquo;),
relating to the issuance and sale of 900,000 shares of our common stock. Pursuant to the terms of the Underwriting Agreement,
we issued to ThinkEquity or its designee a warrant (the &ldquo;Think Equity Warrant&rdquo;) to purchase 45,000 shares of common
stock, representing the number of shares of Common Stock equal to 5.0% of the total number of shares sold in the offering. The
Think Equity Warrant was exercisable beginning six (6) months after the date of issuance and expire five (5) years after the date
of the prospectus supplement filed in connection with the offering. The Warrant will be exercisable at a price per share of $1.0625,
which is equal to 125% of the initial public offering price of the shares sold in the offering. The Think Equity Warrant may be
exercised in whole or in part, and provides for &ldquo;cashless&rdquo; exercise, &ldquo;piggyback&rdquo; registration rights for
two (2) years from the date of the initial exercise date of the Warrant, a one-time demand registration right on Form S-3 when
available for five (5) years from the date of the Underwriting Agreement and customary anti-dilution protection in the event of
stock splits, stock dividends, recapitalizations and the like. The Think Equity Warrant and the shares issuable upon exercise
of the Think Equity Warrant will be issued in reliance on the exemption from registration provided by Section 4(a)(2) of the Securities
Act, as transactions not involving a public offering and in reliance on similar exemptions under applicable state laws.</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">On April 25, 2019, SG Blocks, Inc. (the
&ldquo;Company&rdquo;) entered into a Securities Purchase Agreement (the &ldquo;Purchase Agreement&rdquo;) with certain institutional
investors (the &ldquo;Investors&rdquo;) for the sale by the Company of 847,750 shares (the &ldquo;Common Shares&rdquo;) of the
Company&rsquo;s common stock (the &ldquo;Common Stock&rdquo;), at a purchase price of $1.10 per share. Concurrently with the sale
of the Common Shares, pursuant to the Purchase Agreement, the Company also sold common stock purchase warrants to such Investors
to purchase up to an aggregate of 847,750 shares of Common Stock (the &ldquo;Warrants&rdquo;). The Company sold the Common Shares
and Warrants for aggregate gross proceeds of approximately $932,525. Subject to certain beneficial ownership limitations, the
Warrants will be initially exercisable on the six-month anniversary of the issuance date at an exercise price of $1.375 per share,
subject to adjustments as provided under the terms of the Warrants. The Warrants are exercisable for five years from the initial
exercise date. The closing of the sales of these securities under the Purchase Agreement is expected to occur on April 29, 2019.</P>

<P STYLE="font: 10pt Times New Roman, Times, 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 November 20, 2017, we issued 2,803
shares of common stock upon the exercise of outstanding stock options to one of its employees. The stock options were exercised
at an exercise price of $3.00 per share. The shares were issued pursuant to an exemption from the registration requirements of
the Securities Act of 1933 in reliance upon Rule 701 and Section 4(a)(2).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">September 22, 2017, we entered into an
Advisory Agreement (the &ldquo;Advisory Agreement&rdquo;) with Encore Endeavor 1, LLC (&ldquo;EE1&rdquo;), pursuant to which EE1
agreed to provide certain advisory services to us for a term of approximately one year. In consideration for agreeing to provide
those services, we issued to EE1 50,000 shares of common stock with a value of $254,000 and 50,000 options to purchase common
stock having an exercise price equal to $6.25 per share, which options vest subject to certain performance conditions as described
above in Part I, Note 8. Stock Options. We claimed an exemption from registration for the foregoing issuance pursuant to Section
4(a)(2) and/or Rule 506(b) of Regulation D of the Securities Act of 1933, as amended and the rules and regulations promulgated
thereunder because the foregoing issuance did not involve a public 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">On November 17, 2016, the Company entered
into a Securities Purchase Agreement, pursuant to which the Company sold for a subscription price of $750,000 the November 2016
OID to HCI in the principal amount of $937,500, with a maturity date of June 30, 2018. The Company&rsquo;s issuance of the November
2016 OID was exempt from registration by virtue of Section 4(a)(2) of the Securities 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">Effective June 21, 2017, in connection
with the Offering, the Company issued a total of 1,801,670 shares of Common Stock, on a post-reverse stock split basis, upon conversion
of all of the outstanding Series A Convertible Preferred Stock (the &ldquo;Preferred Stock&rdquo;). The Preferred Stock was previously
issued in connection with the Company&rsquo;s Plan of Reorganization as part of its voluntary petition for bankruptcy. The disclosure
set forth in Item 3.02 in the Company&rsquo;s Current Report on Form 8-K, filed on July 7, 2016, is incorporated herein by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, 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 June 21, 2017, in connection
with the Offering, the Company issued a total of 516,667 shares of Common Stock, on a post-reverse stock split basis, upon conversion
of an aggregate amount of $1,937,500 of the OIDs.</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"><B>ITEM 16. EXHIBITS </B></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: top">
    <TD STYLE="width: 9%; border-bottom: Black 1.5pt solid; white-space: nowrap"><B>Exhibit No.</B></TD>
    <TD STYLE="width: 1%; padding-bottom: 1.5pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="width: 90%; border-bottom: Black 1.5pt solid; text-align: left; vertical-align: bottom; white-space: nowrap"><B>Description</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD> 1.1 </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: justify"> <A HREF="fs12019a1ex1-1_sgblocksinc.htm">Form of Underwriting Agreement*</A> </TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>2.1</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1023994/000121390016014815/f8k101515ex2i_sgblocksinc.htm">Order Confirming Debtors&rsquo; Amended Plan of Reorganization Under Chapter 11 of the Bankruptcy Code (incorporated herein by reference to Exhibit 2.1 to the Current Report on Form 8-K as filed by SG Blocks, Inc. with the Securities and Exchange Commission on July 7, 2016 (File No. 001-38037).</A></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>2.2</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1023994/000121390016014815/f8k101515ex2ii_sgblocksinc.htm">Disclosure Statement for Amended Plan of Reorganization for SG Blocks, Inc., <I>et al</I>. under Chapter 11 of the Bankruptcy Code (incorporated herein by reference to Exhibit 2.2 to the Current Report on Form 8-K as filed by SG Blocks, Inc. with the Securities and Exchange Commission on July 7, 2016 (File No. 001-38037)).</A></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>2.3</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1023994/000121390016014815/f8k101515ex2iii_sgblocksinc.htm">Order of the Bankruptcy Court for the Southern District of New York Approving the Disclosure Statement and Setting Plan of Reorganization Confirmation Deadlines (incorporated herein by reference to Exhibit 2.3 to the Current Report on Form 8-K as filed by SG Blocks, Inc. with the Securities and Exchange Commission on July 7, 2016 (File No. 001-38037)).</A></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify">3.1</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1023994/000121390016014815/f8k101515ex3i_sgblocksinc.htm">Amended and Restated Certificate of Incorporation of SG Blocks, Inc. (incorporated herein by reference to Exhibit 3.1 to the Current Report on Form 8-K as filed by SG Blocks, Inc. with the Securities and Exchange Commission on July 7, 2016 (File No. 001-38037)).</A></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: justify">3.2</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1023994/000121390017001852/f8k022817ex3i_sgblocksinc.htm">Certificate of Amendment to the Amended and Restated Certificate of Incorporation of SG Blocks, Inc. (incorporated herein by reference to Exhibit 3.1 to the Current Report on Form 8-K as filed by SG Blocks, Inc. with the Securities and Exchange Commission on February 28, 2017 (File No. 001-38037)).</A></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify">3.3</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1023994/000121390016014815/f8k101515ex3ii_sgblocksinc.htm">Certificate of Designation of Preferences, Rights and Limitations of Series A Convertible Preferred Stock (incorporated herein by reference to Exhibit 3.2 to the Current Report on Form 8-K as filed by SG Blocks, Inc. with the Securities and Exchange Commission on July 7, 2016 (File No. 001-38037)).</A></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>3.4</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1023994/000121390017005022/f8k051117ex3i_sgblocksinc.htm">Certificate
    of Amendment to Certificate of Designation, dated May 11, 2017 (incorporated herein by reference to Exhibit 3.1 to the Current
    Report on Form 8-K as filed by SG Blocks, Inc. with the Securities and Exchange Commission on May 12, 2017 (File No. 001-38037)).</A></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>3.5</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1023994/000121390018017404/f8k121318ex3-1_sgblocksinc.htm">Certificate
    of Elimination of Series A Convertible Preferred Stock, dated December 13, 2018 (incorporated herein by reference to Exhibit
    3.1 to the Current Report on Form 8-K as filed by SG Blocks, Inc. with the Securities and Exchange Commission on December
    17, 2018 (File No. 001-38037)).</A></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>3.6</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1023994/000121390019010112/f8k060519ex3-1_sgblocks.htm">Certificate
    of Amendment to the Amended and Restated Certificate of Incorporation dated June 5, 2019&nbsp;&nbsp;(incorporated herein by
    reference to Exhibit 3.1 to the Current Report on Form 8-K as filed by SG Blocks, Inc. with the Securities and Exchange Commission
    on June 5, 2019 (File No. 001-38037)).</A></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD> 3.7 </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: justify"> <A HREF="fs12019a1ex3-7_sgblocksinc.htm">Form of Certificate of Designation of the Series B Convertible Preferred Stock*</A> </TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>4.1</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1023994/000121390016014815/f8k101515ex4i_sgblocksinc.htm">Debtor in Possession Credit Agreement, dated as of October 15, 2015, by and among SG Blocks, Inc., as Borrower, SG Building Blocks, Inc. and Endaxi Infrastructure Group, Inc., as Guarantors, Hillair Capital Investments L.P., as Lender, and Hillair Capital Management LLC, as Collateral Agent (incorporated herein by reference to Exhibit 4.1 to the Current Report on Form 8-K as filed by SG Blocks, Inc. with the Securities and Exchange Commission on July 7, 2016 (File No. 001-38037)).</A></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>4.2</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1023994/000121390016014815/f8k101515ex4ii_sgblocksinc.htm">Senior Security Agreement, dated as of October 15, 2015, by and among SG Blocks, Inc., SG Building Blocks, Inc., and Endaxi Infrastructure Group, Inc., as Grantors, and Hillair Capital Management LLC, as Grantee (incorporated herein by reference to Exhibit 4.2 to the Current Report on Form 8-K as filed by SG Blocks, Inc. with the Securities and Exchange Commission on July 7, 2016 (File No. 001-38037)).</A></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>4.3</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1023994/000121390016015622/f8k101515a1ex4iii_sgblocks.htm">Original Issue Discount Senior Secured Convertible Debenture due June 30, 2018, dated as of June 30, 2016, by and between Hillair Capital Investments, L.P. and SG Blocks, Inc. (incorporated herein by reference to Exhibit 4.3 to the Current Report on Form 8-K/A as filed by SG Blocks, Inc. with the Securities and Exchange Commission on August 8, 2016 (File No. 001-38037)).</A></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>4.4</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1023994/000121390016018874/f8k111716ex4i_sgblocksinc.htm">Original Issue Discount Senior Secured Convertible Debenture due June 30, 2018, dated as of November 17, 2016, by and between Hillair Capital Investments, L.P. and SG Blocks, Inc. (incorporated herein by reference to Exhibit 4.1 to the Current Report on Form 8-K as filed by SG Blocks, Inc. with the Securities and Exchange Commission on November 22, 2016 (File No. 001-38037)).</A></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>4.5</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1023994/000121390017007585/f8k071217ex4i_sgblocksinc.htm">Form
    of Warrant to Purchase Common Stock (incorporated herein by reference to Exhibit 4.1 to the Current Report on Form 8-K as
    filed by SG Blocks, Inc. with the Securities and Exchange Commission on July 14, 2017 (File No. 001-38037)).</A></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top">4.6</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1023994/000121390018017507/fs32018ex4-2_sgblocks.htm">Form
    of Indenture (incorporated herein by reference to Exhibit 4.2 to the Registration Statement on Form S-3 (File No. 333-228882)
    as filed by SG Blocks, Inc. with the Securities and Exchange Commission on December 18, 2018).</A></TD></TR>
</TABLE>
<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>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1.5pt solid; white-space: nowrap; width: 9%"><B>Exhibit No.</B></TD>
    <TD STYLE="padding-bottom: 1.5pt; white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; vertical-align: bottom; white-space: nowrap; width: 90%"><B>Description</B></TD></TR>

<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; width: 9%">4.7</TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 90%; text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1023994/000121390019007528/f8k042919ex10-1_sgblock.htm">Form
    of Common Stock Purchase Warrant (incorporated herein by reference to Exhibit 10.1 of the Current Report on Form 8-K as filed
    by SG Blocks, Inc. with the Securities and Exchange Commission on May 1, 2019 (File No. 001-38037)).</A></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top">4.8</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1023994/000121390019007528/f8k042919ex10-2_sgblock.htm">Form
    of Series A Common Stock Purchase Warrant (incorporated herein by reference to Exhibit 10.2 of the Current Report on Form
    8-K as filed by SG Blocks, Inc. with the Securities and Exchange Commission on May 1, 2019 (File No. 001-38037)).</A></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top">4.9</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1023994/000121390019014082/f8k072919ex4-1_sgblocks.htm">Form
    of Representative&rsquo;s Warrant Agreement (incorporated herein by reference to Exhibit 4.1 of the Current Report on Form
    8-K as filed by SG Blocks, Inc. with the Securities and Exchange Commission on July 31, 2019 (File No. 001-38037)).</A></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top">4.10</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1023994/000121390019023057/f8k110719ex4-1_sgblocks.htm">Senior Secured Convertible Debenture, in the principal amount of $480,770, dated November 12, 2019 (incorporated herein by reference to Exhibit 4.1 of the Current Report on Form 8-K as filed by SG Blocks, Inc. with the Securities and Exchange Commission on November 13, 2019 (File No. 001-38037)).</A></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top">4.11</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1023994/000121390019023057/f8k110719ex4-2_sgblocks.htm">Form of Placement Agent Warrant (incorporated herein by reference to Exhibit 4.2 of the Current Report on Form 8-K as filed by SG Blocks, Inc. with the Securities and Exchange Commission on November 13, 2019 (File No. 001-38037)).</A></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD> 5.1 </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: justify"> <A HREF="fs12019a1ex5-1_sgblockinc.htm" STYLE="-sec-extract: exhibit">Legal Opinion of Gracin &amp; Marlow, LLP</A>* </TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>10.1</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1023994/000121390017000990/fs12017ex10i_sgblocks.htm">Form of Director Indemnification Agreement (incorporated herein by reference to Exhibit 10.1 to the Registration Statement on Form S-1 (File No. 333-215922) as filed by SG Blocks, Inc. with the Securities and Exchange Commission on February 6, 2017).</A></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>10.2</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1023994/000121390017002294/f8k031317ex10i_sgblocks.htm">Executive Employment Agreement, effective as of January 1, 2017, between Paul M. Galvin and SG Blocks, Inc. (incorporated herein by reference to Exhibit 10.1 to the Current Report on Form 8-K as filed by SG Blocks, Inc. with the Securities and Exchange Commission on March 14, 2017 (File No. 001-38037)).</A></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>10.3</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1023994/000121390017002294/f8k031317ex10ii_sgblocks.htm">Executive Employment Agreement, effective as of January 1, 2017, between Mahesh S. Shetty and SG Blocks, Inc. (incorporated herein by reference to Exhibit 10.2 to the Current Report on Form 8-K as filed by SG Blocks, Inc. with the Securities and Exchange Commission on March 14, 2017 (File No. 001-38037)).</A></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>10.4</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1023994/000121390017002294/f8k031317ex10iii_sgblocks.htm">Executive Employment Agreement, effective as of January 1, 2017, between Stevan Armstrong and SG Blocks, Inc. (incorporated herein by reference to Exhibit 10.3 to the Current Report on Form 8-K as filed by SG Blocks, Inc. with the Securities and Exchange Commission on March 14, 2017 (File No. 001-38037)).</A></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>10.5</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1023994/000092189512000121/ex107to8ka308066_11042011.htm">Collaboration and Supply Agreement, dated July 23, 2007, by and between SG Building, Inc. (fka SGBlocks, LLC) and ConGlobal Industries, Inc. (incorporated herein by reference to Exhibit 10.7 to the Current Report on Form 8-K/A as filed by SG Blocks, Inc. with the Securities and Exchange Commission on January 13, 2012 (File No. 001-38037)).</A></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>10.6</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1023994/000121390017002400/fs12016a1ex10vi_sgblocks.htm">Amendment
    to Collaboration and Supply Agreement, dated May 14, 2014, between SG Blocks, Inc. (fka SG Blocks LLC) and ConGlobal Industries,
    LLC (fka ConGlobal Industries, Inc.) (incorporated herein by reference to Exhibit 10.6 to the Registration Statement on Form
    S-1/A (File No. 333-215922) as filed by SG Blocks, Inc. with the Securities and Exchange Commission on March 15, 2017).</A></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>10.7</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1023994/000121390016015622/f8k101515a1ex4iv_sgblocks.htm">Securities Purchase Agreement, dated as of June 30, 2016, by and between SG Blocks, Inc. and Hillair Capital Investments L.P. (incorporated herein by reference to Exhibit 4.4 to the Current Report on Form 8-K/A as filed by SG Blocks, Inc. with the Securities and Exchange Commission on August 8, 2016 (File No. 001-38037)).</A></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>10.8</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1023994/000121390016015622/f8k101515a1ex4v_sgblocks.htm">Subsidiary Guarantee, dated as of June 30, 2016, by SG Building Blocks, Inc. (incorporated herein by reference to Exhibit 4.5 to the Current Report on Form 8-K/A as filed by SG Blocks, Inc. with the Securities and Exchange Commission on August 8, 2016 (File No. 001-38037)).</A></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>10.9</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1023994/000121390016015622/f8k101515a1ex4vi_sgblocks.htm">Security Agreement, dated as of June 30, 2016, by and between SG Blocks Inc., SG Building Blocks, Inc. and Hillair Capital Investments L.P. (incorporated herein by reference to Exhibit 4.6 to the Current Report on Form 8-K/A as filed by SG Blocks, Inc. with the Securities and Exchange Commission on August 8, 2016 (File No. 001-38037)).</A></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>10.10</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1023994/000121390016018874/f8k111716ex4ii_sgblocksinc.htm">Securities Purchase Agreement, dated as of November 17, 2016, by and between SG Blocks, Inc. and Hillair Capital Investments L.P. (incorporated herein by reference to Exhibit 4.2 to the Current Report on Form 8-K as filed by SG Blocks, Inc. with the Securities and Exchange Commission on November 22, 2016 (File No. 001-38037)).</A></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>10.11</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1023994/000121390017000990/fs12017ex10x_sgblocks.htm">SG Blocks, Inc. Stock Incentive Plan (incorporated herein by reference to Exhibit 10.10 to the Registration Statement on Form S-1 (File No. 333-215922) as filed by SG Blocks, Inc. with the Securities and Exchange Commission on February 6, 2017).</A></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>10.12</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1023994/000121390018007248/f8k060118ex10-1_sgblock.htm">Amendment
    No. 1 to the SG Blocks, Inc. Stock Incentive Plan (incorporated herein by reference to Exhibit 10.1 to the Current Report
    on Form 8-K as filed by SG Blocks, Inc. with the Securities and Exchange Commission on June 5, 2018 (File No. 001-38037)).</A></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>10.13</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1023994/000121390016017851/f8k102616ex10i_sgblocksinc.htm">Form of SG Blocks, Inc. Incentive Stock Option Agreement (incorporated herein by reference to Exhibit 10.1 to the Current Report on Form 8-K as filed by SG Blocks, Inc. with the Securities and Exchange Commission on November 1, 2016 (File No. 001-38037)).</A></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>10.14</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1023994/000121390016017851/f8k102616ex10ii_sgblocksinc.htm">Form of SG Blocks, Inc. Nonqualified Stock Option Agreement (incorporated herein by reference to Exhibit 10.2 to the Current Report on Form 8-K as filed by SG Blocks, Inc. with the Securities and Exchange Commission on November 1, 2016 (File No. 001-38037)).</A></TD></TR>
</TABLE>
<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>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1.5pt solid; white-space: nowrap; width: 9%"><B>Exhibit No.</B></TD>
    <TD STYLE="padding-bottom: 1.5pt; white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; vertical-align: bottom; white-space: nowrap; width: 90%"><B>Description</B></TD></TR>

<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; width: 9%">10.15</TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 90%; text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1023994/000121390018009861/f8k072418ex10-1_sgblocksinc.htm">Form
    of SG Blocks, Inc. Restricted Share Unit Agreement (Non-Employee Directors) (incorporated herein by reference to Exhibit 10.1
    to the Current Report on Form 8-K as filed by SG Blocks, Inc. with the Securities and Exchange Commission on July 30, 2018
    (File No. 001-38037)).</A></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top">10.16</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1023994/000121390019007171/f8k042519ex10-1_sgblocks.htm">Securities
    Purchase Agreement, dated April 25, 2019, between SG Blocks, Inc. and the purchasers thereto (incorporated herein by reference
    to Exhibit 10.1 of the Current Report on Form 8-K as filed by SG Blocks, Inc. with the Securities and Exchange Commission
    on April 26, 2019 (File No. 001-38037)).</A></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top">10.17</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1023994/000121390019015826/ex102_4.htm">Form of Restricted Share Unit Agreement (incorporated herein by reference to Exhibit 10.1 to the Quarterly Report on Form 10-Q as filed by SG Blocks, Inc. with the Securities and Exchange Commission on August 14, 2019 (File No. 001-38037)).</A></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top">10.18</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1023994/000121390019015826/ex103_5.htm">Form of Restricted Share Unit Agreement (Special Bonus) (incorporated herein by reference to Exhibit 10.1 to the Quarterly Report on Form 10-Q as filed by SG Blocks, Inc. with the Securities and Exchange Commission on August 14, 2019 (File No. 001-38037)).</A></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top">10.19</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1023994/000121390019020044/f8k1019ex10-1_sgblocksinc.htm">Exclusive
    License Agreement, entered into as of October 3, 2019 by and between SG Blocks, Inc. and CPF MF 2019-1 LLC (incorporated herein
    by reference to Exhibit 10.1 to the Current Report on Form 8-K as filed by SG Blocks, Inc. with the Securities and Exchange
    Commission on October 9, 2019 (File No. 001-38037))</A></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top">10.20</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1023994/000121390019020044/f8k1019ex10-2_sgblocksinc.htm">Loan Agreement and Promissory Note, dated effective October 3, 2019, between SG Blocks, Inc., as lender, and CPF GP 2019-1 LLC, as borrower (incorporated herein by reference to Exhibit 10.1 to the Current Report on Form 8-K as filed by SG Blocks, Inc. with the Securities and Exchange Commission on October 9, 2019 (File No. 001-38037))</A></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top">10.21</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1023994/000121390019020351/f8k101419ex10-1_sgblocks.htm">Right
    of First Refusal Agreement, entered into as of October 9, 2019 by and between SG Blocks, Inc. and CMC Development LLC (incorporated
    herein by reference to Exhibit 10.1 to the Current Report on Form 8-K as filed by SG Blocks, Inc. with the Securities and
    Exchange Commission on October 15, 2019 (File No. 001-38037))</A></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top">10.22</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1023994/000121390019020351/f8k101419ex10-2_sgblocks.htm">Amendment to Loan Agreement and Promissory Note between SG Blocks, Inc. and CPF GP 2019-LLC (incorporated herein by reference to Exhibit 10.1 to the Current Report on Form 8-K as filed by SG Blocks, Inc. with the Securities and Exchange Commission on October 15, 2019 (File No. 001-38037))</A></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top">10.23</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1023994/000121390019023057/f8k110719ex10-1_sgblocks.htm">Second
    Amendment to Loan Agreement and Promissory Note dated November 7, 2019 between CPF GP 2019-1 LLC and SG Blocks, Inc (incorporated
    herein by reference to Exhibit 10.1 of the Current Report on Form 8-K as filed by SG Blocks, Inc. with the Securities and
    Exchange Commission on November 13, 2019 (File No. 001-38037)).</A></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top">10.24</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1023994/000121390019023057/f8k110719ex10-2_sgblocks.htm">Securities
    Purchase Agreement, by and between SG Blocks, Inc. and RedDiamond Partners LLC, dated November 12, 2019 (incorporated herein
    by reference to Exhibit 10.2 of the Current Report on Form 8-K as filed by SG Blocks, Inc. with the Securities and Exchange
    Commission on November 13, 2019 (File No. 001-38037)).</A></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top">10.25</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: justify; padding-left: -0.125in"><A HREF="http://www.sec.gov/Archives/edgar/data/1023994/000121390019023057/f8k110719ex10-3_sgblocks.htm">Security
    Agreement, by and between SG Blocks, Inc. and RedDiamond Partners LLC, dated November 12, 2019 (incorporated herein by reference
    to Exhibit 10.3 of the Current Report on Form 8-K as filed by SG Blocks, Inc. with the Securities and Exchange Commission
    on November 13, 2019 (File No. 001-38037)).</A></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top">10.26</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1023994/000121390019023057/f8k110719ex10-4_sgblocks.htm">Placement
    Agency Agreement, by and between SG Blocks, Inc. and ThinkEquity, a division of Fordham Financial Management, Inc., dated
    November 12, 2019 (incorporated herein by reference to Exhibit 10.4 of the Current Report on Form 8-K as filed by SG Blocks,
    Inc. with the Securities and Exchange Commission on November 13, 2019 (File No. 001-38037)).</A></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top">10.27</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1023994/000121390019023493/ex101_1.htm">Amendment
    No. 1 to Exclusive License Agreement, entered into as of October 3, 2019 by and between SG Blocks, Inc. and CPF MF 2019-1
    LLC (incorporated herein by reference to Exhibit 10.1 to the Quarterly Report on Form 10-Q as filed by SG Blocks, Inc. with
    the Securities and Exchange Commission on November 14, 2019 (File No. 001-38037))</A></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>21.1</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1023994/000121390019005149/ex211_1.htm">List of Subsidiaries (previously filed as an exhibit to SG Blocks, Inc.&rsquo;s Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 29, 2019 (File No. 001-38037))</A></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD> 23.1 </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: justify"> <A HREF="fs12019a1ex23-1_sgblocksinc.htm">Consent of Whitley Penn LLP, Independent Registered Public Accounting Firm*</A> </TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD> 23.2 </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: justify"> <A HREF="fs12019a1ex5-1_sgblockinc.htm" STYLE="-sec-extract: exhibit">Consent of Gracin &amp; Marlow, LLP (contained in Exhibit 5.1)</A>* </TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD> 24.1 </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1023994/000121390019024935/fs12019_sgblocksinc.htm#poa_001"> Power of Attorney (included on the signature page of this Registration Statement)** </A></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"></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">*</TD><TD STYLE="text-align: justify">Filed herewith.</TD>
</TR></TABLE>

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

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">**</FONT> </TD><TD STYLE="text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Previously
filed.</FONT> </TD>
</TR></TABLE>


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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">##</TD><TD STYLE="text-align: justify">Management contract
                                         or compensatory plan or arrangement required to be identified pursuant to Item 15(a)(3)
                                         of this report.</TD>
</TR></TABLE>

<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"><B>ITEM 17. UNDERTAKINGS</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">(a) The undersigned registrant hereby
undertakes:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(1) To file, during
any period in which offers or sales are being made, a post-effective amendment to this registration statement:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">(i) To include any
prospectus required by Section 10(a)(3) of the Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;);</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">(ii) To reflect in
the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective
amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the
registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total
dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the
estimated maximum offering range may be reflected in the form of prospectus filed with the Securities and Exchange Commission
(the &ldquo;Commission&rdquo;) pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more
than 20% change in the maximum aggregate offering price set forth in the &ldquo;Calculation of Registration Fee&rdquo; table in
the effective registration statement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">(iii) To include
any material information with respect to the plan of distribution not previously disclosed in the registration statement or any
material change to such information in the registration statement;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Provided, however, that Paragraphs (a)(1)(i),
(ii), and (iii) of this section do not apply if the information required to be included in a post-effective amendment by those
paragraphs is contained in reports filed with or furnished to the Commission by the registrant pursuant to section 13 or section
15(d) of the Securities Exchange Act of 1934, as amended (the &ldquo;Exchange Act&rdquo;), that are incorporated by reference
in the registration statement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(2) That, for the
purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new
registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed
to be the initial <I>bona fide</I> offering thereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(3) To remove from
registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination
of the offering.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(4) That, for the
purpose of determining liability under the Securities Act to any purchaser: If the registrant is subject to Rule 430C (&sect;230.430C
of this chapter), each prospectus filed pursuant to Rule 424(b) as part of a registration statement relating to an offering, other
than registration statements relying on Rule 430B or other than prospectuses filed in reliance on Rule 430A (&sect;230.430A of
this chapter), shall be deemed to be part of and included in the registration statement as of the date it is first used after
effectiveness. Provided, however, that no statement made in a registration statement or prospectus that is part of the registration
statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus
that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such first use, supersede
or modify any statement that was made in the registration statement or prospectus that was part of the registration statement
or made in any such document immediately prior to such date of first use.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(5) That, for the
purpose of determining liability under the Securities Act to any purchaser in the initial distribution of the securities, the
undersigned registrant undertakes that in a primary offering of securities of the undersigned registrant pursuant to this registration
statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or
sold to such purchaser by means of any of the following communications, the undersigned registrant will be a seller to the purchaser
and will be considered to offer or sell such securities to such purchaser:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(i) Any preliminary
prospectus or prospectus of the undersigned registrant relating to the offering required to be filed pursuant to Rule 424 (&sect;230.424
of this chapter);</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(ii) Any free writing
prospectus relating to the offering prepared by or on behalf of the undersigned registrant or used or referred to by the undersigned
registrant;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(iii) The portion of
any other free writing prospectus relating to the offering containing material information about the undersigned registrant or
its securities provided by or on behalf of the undersigned registrant; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(iv) Any other communication
that is an offer in the offering made by the undersigned registrant to the purchaser.</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">(b) The undersigned registrant hereby
undertakes that, for purposes of determining any liability under the Securities Act, each filing of the registrant&rsquo;s annual
report pursuant to section 13(a) or section 15(d) of the Exchange Act (and, where applicable, each filing of an employee benefit
plan&rsquo;s annual report pursuant to section 15(d) of the Exchange Act) that is incorporated by reference in the registration
statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such
securities at that time shall be deemed to be the initial bona fide offering thereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(c) The undersigned registrant hereby
undertakes to supplement the prospectus, after the expiration of the subscription period, to set forth the results of the subscription
offer, the transactions by the underwriters during the subscription period, the amount of unsubscribed securities to be purchased
by the underwriters, and the terms of any subsequent reoffering thereof. If any public offering by the underwriters is to be made
on terms differing from those set forth on the cover page of the prospectus, a post-effective amendment will be filed to set forth
the terms of such 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">(d) Insofar as indemnification for liabilities
arising under the Securities Act may be permitted to directors, officers and controlling persons of the Company pursuant to the
foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the Securities and Exchange Commission
such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event
that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid
by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is
asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will,
unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction
the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed
by the final adjudication of such issue.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(e) For the purpose of determining any
liability under the Securities Act, the registrant will treat the information omitted from the form of prospectus filed as part
of this registration statement in reliance upon Rule 430A and contained in a form of prospectus filed by the registrant under
Rule 424(b)(1), or (4), or 497(h) under the Securities Act as part of this registration statement as of the time the Commission
declared it effective.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(f) For the purpose of determining any
liability under the Securities Act, each post-effective amendment that contains a form of prospectus shall be deemed to be a new
registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed
to be the initial bona fide offering thereof.</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; text-align: center"><B>SIGNATURES</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"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> Pursuant to the requirements of the
Securities Act of 1933, the Registrant has duly caused this Amendment No. 1 to the Registration Statement on Form S-1 to be signed
on its behalf by the undersigned, thereunto duly authorized, in the City of Brooklyn, State of New York, December 9, 2019. </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%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">SG BLOCKS, INC.</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 35%">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid">/<I>s/ Paul M. Galvin</I></TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Name:</TD>
    <TD>Paul M. Galvin</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Title:</TD>
    <TD>Chairman and Chief Executive Officer</TD>
    </TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the requirements of the Securities
Act 1933, this report has been signed by the following persons on behalf of the Registrant and in the capacities and on the dates
indicated.</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>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 26%; border-bottom: black 1.5pt solid; text-align: center"> <FONT STYLE="font-size: 10pt"><B>Signature</B></FONT> </TD>
    <TD STYLE="width: 2%; padding-bottom: 1.5pt; text-align: center"> &nbsp; </TD>
    <TD STYLE="width: 50%; border-bottom: black 1.5pt solid; text-align: center"> <FONT STYLE="font-size: 10pt"><B>Title</B></FONT> </TD>
    <TD STYLE="width: 2%; padding-bottom: 1.5pt; text-align: center"> &nbsp; </TD>
    <TD STYLE="width: 20%; border-bottom: black 1.5pt solid; text-align: center"> <FONT STYLE="font-size: 10pt"><B>Date</B></FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> &nbsp; </TD>
    <TD STYLE="text-align: center"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1.5pt solid; padding-bottom: 1.5pt"> <FONT STYLE="font-size: 10pt">/s/ Paul M. Galvin</FONT> </TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: center"> &nbsp; </TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: center"> <FONT STYLE="font-size: 10pt">Chief Executive Officer and</FONT> </TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: center"> &nbsp; </TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: center"> <FONT STYLE="font-size: 10pt">December 9, 2019</FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD> <FONT STYLE="font-size: 10pt">Paul M. Galvin</FONT> </TD>
    <TD STYLE="text-align: center"> &nbsp; </TD>
    <TD STYLE="text-align: center"> <FONT STYLE="font-size: 10pt">Chairman (Principal Executive Officer)</FONT> </TD>
    <TD STYLE="text-align: center"> &nbsp; </TD>
    <TD STYLE="text-align: center"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> &nbsp; </TD>
    <TD STYLE="text-align: center"> &nbsp; </TD>
    <TD STYLE="text-align: center"> &nbsp; </TD>
    <TD STYLE="text-align: center"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1.5pt solid; padding-bottom: 1.5pt"> <FONT STYLE="font-size: 10pt">/s/ Gerald Sheeran</FONT> </TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: center"> &nbsp; </TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: center"> <FONT STYLE="font-size: 10pt">Acting Chief Financial Officer</FONT> </TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: center"> &nbsp; </TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: center"> <FONT STYLE="font-size: 10pt">December 9, 2019</FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD> <FONT STYLE="font-size: 10pt">Gerald Sheeran</FONT> </TD>
    <TD STYLE="text-align: center"> &nbsp; </TD>
    <TD STYLE="text-align: center"> <FONT STYLE="font-size: 10pt">(Principal Financial and Accounting Officer)</FONT> </TD>
    <TD STYLE="text-align: center"> &nbsp; </TD>
    <TD STYLE="text-align: center"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> &nbsp; </TD>
    <TD STYLE="text-align: center"> &nbsp; </TD>
    <TD STYLE="text-align: center"> &nbsp; </TD>
    <TD STYLE="text-align: center"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1.5pt solid; padding-bottom: 1.5pt"> <FONT STYLE="font-size: 10pt">*</FONT> </TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: center"> &nbsp; </TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: center"> <FONT STYLE="font-size: 10pt">Director</FONT> </TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: center"> &nbsp; </TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: center"> <FONT STYLE="font-size: 10pt">December 9, 2019</FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD> <FONT STYLE="font-size: 10pt">Christopher Melton</FONT> </TD>
    <TD STYLE="text-align: center"> &nbsp; </TD>
    <TD STYLE="text-align: center"> &nbsp; </TD>
    <TD STYLE="text-align: center"> &nbsp; </TD>
    <TD STYLE="text-align: center"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> &nbsp; </TD>
    <TD STYLE="text-align: center"> &nbsp; </TD>
    <TD STYLE="text-align: center"> &nbsp; </TD>
    <TD STYLE="text-align: center"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1.5pt solid; padding-bottom: 1.5pt"> <FONT STYLE="font-size: 10pt">*</FONT> </TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: center"> &nbsp; </TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: center"> <FONT STYLE="font-size: 10pt">Director</FONT> </TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: center"> &nbsp; </TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: center"> <FONT STYLE="font-size: 10pt">December 9, 2019</FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD> <FONT STYLE="font-size: 10pt">Yaniv Blumenfeld</FONT> </TD>
    <TD STYLE="text-align: center"> &nbsp; </TD>
    <TD STYLE="text-align: center"> &nbsp; </TD>
    <TD STYLE="text-align: center"> &nbsp; </TD>
    <TD STYLE="text-align: center"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> &nbsp; </TD>
    <TD STYLE="text-align: center"> &nbsp; </TD>
    <TD STYLE="text-align: center"> &nbsp; </TD>
    <TD STYLE="text-align: center"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1.5pt solid; padding-bottom: 1.5pt"> <FONT STYLE="font-size: 10pt">*</FONT> </TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: center"> &nbsp; </TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: center"> <FONT STYLE="font-size: 10pt">Director</FONT> </TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: center"> &nbsp; </TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: center"> <FONT STYLE="font-size: 10pt">December 9, 2019</FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD> <FONT STYLE="font-size: 10pt">James Potts</FONT> </TD>
    <TD STYLE="text-align: center"> &nbsp; </TD>
    <TD STYLE="text-align: center"> &nbsp; </TD>
    <TD STYLE="text-align: center"> &nbsp; </TD>
    <TD STYLE="text-align: center"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> &nbsp; </TD>
    <TD STYLE="text-align: center"> &nbsp; </TD>
    <TD STYLE="text-align: center"> &nbsp; </TD>
    <TD STYLE="text-align: center"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1.5pt solid"> <FONT STYLE="font-size: 10pt">*</FONT> </TD>
    <TD STYLE="text-align: center"> &nbsp; </TD>
    <TD STYLE="text-align: center"> <FONT STYLE="font-size: 10pt">Director</FONT> </TD>
    <TD STYLE="text-align: center"> &nbsp; </TD>
    <TD STYLE="text-align: center"> <FONT STYLE="font-size: 10pt">December 9, 2019</FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD> <FONT STYLE="font-size: 10pt">Mahesh S. Shetty</FONT> </TD>
    <TD STYLE="text-align: center"> &nbsp; </TD>
    <TD STYLE="text-align: center"> &nbsp; </TD>
    <TD STYLE="text-align: center"> &nbsp; </TD>
    <TD STYLE="text-align: center"> &nbsp; </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>

<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: 4%; font-size: 10pt"> <FONT STYLE="font-size: 10pt">*By:</FONT> </TD>
    <TD STYLE="width: 36%; border-bottom: Black 1.5pt solid; font-size: 10pt"> <FONT STYLE="font-size: 10pt">/s/ Paul M. Galvin</FONT> </TD>
    <TD STYLE="font-size: 10pt; width: 60%"> &nbsp; </TD>
    </TR>
<TR>
    <TD STYLE="vertical-align: top; font-size: 10pt"> &nbsp; </TD>
    <TD STYLE="vertical-align: top"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> Paul M. Galvin </P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> Attorney-in-Fact </P></TD>
    <TD> &nbsp; </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>

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

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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-1.1
<SEQUENCE>2
<FILENAME>fs12019a1ex1-1_sgblocksinc.htm
<DESCRIPTION>FORM OF UNDERWRITING AGREEMENT
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0; text-align: right"><B>Exhibit 1.1</B></P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>SG BLOCKS, INC.</B></P>

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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="text-transform: uppercase">ThinkEquity</FONT>,</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="text-transform: uppercase">a
division of Fordham Financial Management, Inc.</FONT>,</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">as Representative
of the Several Underwriters&nbsp;</P>

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


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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>SG BLOCKS, INC.</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><U>UNDERWRITING AGREEMENT</U></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">New York, New York<BR>
December [&#9679;], 2019</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">ThinkEquity,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A Division of Fordham Financial Management, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><BR>
As Representative of the several Underwriters named on Schedule 1 attached hereto<BR>
17 State Street, 22<SUP>nd</SUP> Floor<BR>
New York, New York 10004</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">Ladies and Gentlemen:</P>

<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; text-indent: 0.5in">The undersigned, SG
Blocks, Inc., a corporation formed under the laws of the State of Delaware (collectively with its subsidiaries and affiliates,
including, without limitation, all entities disclosed or described in the Registration Statement (as hereinafter defined) as being
subsidiaries or affiliates of SG Blocks, Inc., the &ldquo;<B>Company</B>&rdquo;), hereby confirms its agreement (this &ldquo;<B>Agreement</B>&rdquo;)
with ThinkEquity, a division of Fordham Financial Management, Inc. (hereinafter referred to as &ldquo;you&rdquo; (including its
correlatives) or the &ldquo;<B>Representative</B>&rdquo;), and with the other underwriters named on <U>Schedule 1</U> hereto for
which the Representative is acting as representative (the Representative and such other underwriters being collectively called
the &ldquo;<B>Underwriters</B>&rdquo; or, individually, an &ldquo;<B>Underwriter</B>&rdquo;) as follows:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="text-transform: uppercase">1.&nbsp;</FONT><U>Purchase
and Sale of Shares</U>.</P>

<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; text-indent: 0.5in">1.1&nbsp;<I><U>Firm
Shares</U>.</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">1.1.1&nbsp;<U>Nature
and Purchase of Firm Securities</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(i)&nbsp;On
the basis of the representations and warranties herein contained, but subject to the terms and conditions herein set forth, the
Company agrees to issue and sell to the several Underwriters, an aggregate of [&#9679;] shares (the &ldquo;<B>Firm Shares</B>&rdquo;)
of the Company&rsquo;s common stock, par value $0.01 per share (the &ldquo;<B>Common Stock</B>&rdquo;), and an aggregate of [&#9679;]
shares (the &ldquo;<B>Firm Preferred Shares</B>,&rdquo; and together with the &ldquo;Firm Shares&rdquo; the &ldquo;<B>Firm Securities</B>&rdquo;)
of the Company&rsquo;s Series B Convertible Preferred Stock, par value $1.00 per share (the &ldquo;<B>Preferred Stock</B>&rdquo;),
each share of Preferred Stock convertible into [&#9679;] shares of Common Stock at a conversion price equal to the per Firm Share
offering price, subject to adjustments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(ii)&nbsp;The
Underwriters, severally and not jointly, agree to purchase from the Company the number of Firm Shares and Firm Preferred Shares
set forth opposite their respective names on <U>Schedule 1</U> attached hereto and made a part hereof at a purchase price of $[&#9679;]
per Firm Share (92% of the per Firm Share offering price) and $920 per Firm Preferred Share (92% of the per Firm Preferred Share
offering price), respectively. The Firm Shares and the Firm Preferred Shares are to be offered initially to the public at the offering
price set forth on the cover page of the Prospectus (as defined in Section 2.1.1 hereof).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">1.1.2&nbsp;<U>Shares
Payment and Delivery</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(i)&nbsp;Delivery
of and payment for the Firm Securities shall be made at 10:00 a.m., Eastern time, on the second (2<SUP>nd</SUP>) Business Day following
the effective date (the &ldquo;<B>Effective Date</B>&rdquo;) of the Registration Statement (as defined in Section 2.1.1 below)
under the Securities Act of 1933, as amended (the &ldquo;<B>Securities Act</B>&rdquo;) (or the third (3<SUP>rd</SUP>) Business
Day following the Effective Date if the pricing for the Offering (as defined in Section 2.1.1 below) occurs after 4:01 p.m., Eastern
time on the Effective Date), or at such earlier time as shall be agreed upon by the Representative and the Company, at the offices
of Ellenoff Grossman &amp; Schole LLP, 1345 Avenue of the Americas, 11<SUP>th</SUP> Floor, New York, New York 10105 (&ldquo;<B>Representative
Counsel</B>&rdquo;), or at such other place (or remotely by facsimile or other electronic transmission) as shall be agreed upon
by the Representative and the Company. The hour and date of delivery and payment for the Firm Securities is called the &ldquo;<B>Closing
Date</B>.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(ii)&nbsp;Payment
for the Firm Securities shall be made on the Closing Date by wire transfer in Federal (same day) funds, payable to the order of
the Company upon delivery of the certificates (in form and substance satisfactory to the Underwriters) representing the Firm Securities
(or through the facilities of the Depository Trust Company (&ldquo;<B>DTC</B>&rdquo;)) for the account of the Representative. The
Firm Securities shall be registered in such name or names and in such authorized denominations as the Representative may request
in writing at least two (2) full Business Days prior to the Closing Date. The Company shall not be obligated to sell or deliver
the Firm Securities except upon tender of payment by the Representative for all of the Firm Securities. The term &ldquo;<B>Business
Day</B>&rdquo; means any day other than a Saturday, a Sunday or a legal holiday or a day on which banking institutions are authorized
or obligated by law to close in New York, New York.</P>

<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; text-indent: 0.5in">1.2&nbsp;<I><U>Over-allotment
Option</U>.</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">1.2.1&nbsp;<U>Option
Shares</U>. For the purposes of covering any over-allotments in connection with the distribution and sale of the Firm Securities,
the Company hereby grants to the Representative an option (the &ldquo;<B>Over-allotment Option</B>&rdquo;) to purchase up to [&#9679;]
additional shares of Common Stock, representing fifteen percent (15%) of the shares of Common Stock and the shares of Common Stock
issuable upon conversion of the Firm Preferred Shares (the &ldquo;<B>Option Shares</B>&rdquo;). The purchase price to be paid per
Option Share shall be $[&#9679;]. The shares of Common Stock issuable upon conversion of the Preferred Shares are hereinafter referred
to as the &ldquo;<B>Preferred Conversion Shares</B>.&rdquo; The Firm Securities, the Preferred Conversion Shares, and the Option
Shares are hereinafter referred to together as the &ldquo;<B>Public Securities</B>.&rdquo; The offering and sale of the Public
Securities is hereinafter referred to as the &ldquo;<B>Offering</B>.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">1.2.2&nbsp;<U>Exercise
of Option</U>. The Over-allotment Option granted pursuant to <U>Section 1.2.1</U> hereof may be exercised by the Representative
as to all (at any time) or any part (from time to time) of the Option Shares within 45 days after the date of the Prospectus (as
defined below). The Underwriters shall not be under any obligation to purchase any Option Shares prior to the exercise of the Over-allotment
Option. The Over-allotment Option granted hereby may be exercised by the giving of oral notice to the Company from the Representative,
which must be confirmed in writing by overnight mail or facsimile or other electronic transmission setting forth the number of
Option Shares to be purchased and the date and time for delivery of and payment for the Option Shares (the &ldquo;<B>Option Closing
Date</B>&rdquo;), which shall not be later than five (5) full Business Days after the date of the notice or such other time as
shall be agreed upon by the Company and the Representative, at the offices of Representative Counsel or at such other place (including
remotely by facsimile or other electronic transmission) as shall be agreed upon by the Company and the Representative. If such
delivery and payment for the Option Shares does not occur on the Closing Date, the Option Closing Date will be as set forth in
the notice. Upon exercise of the Over-allotment Option with respect to all or any portion of the Option Shares, subject to the
terms and conditions set forth herein, (i) the Company shall become obligated to sell to the Underwriters the number of Option
Shares specified in such notice and (ii) each of the Underwriters, acting severally and not jointly, shall purchase that portion
of the total number of Option Shares then being purchased as set forth in <U>Schedule 1</U> opposite the name of such Underwriter
bears to the total number of Firm Securities, subject, in each case, to such adjustments as the Representative, in its sole discretion,
shall determine.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><U STYLE="text-decoration: none">1</U>.2.3&#9;<U>Payment
and Delivery</U>. Payment for the Option Shares shall be made on the Option Closing Date by wire transfer in Federal (same day)
funds, payable to the order of the Company upon delivery to you of certificates (in form and substance satisfactory to the Underwriters)
representing the Option Shares (or through the facilities of DTC) for the account of the Underwriters. The Option Shares shall
be registered in such name or names and in such authorized denominations as the Representative may request in writing at least
two (2) full Business Days prior to the Option Closing Date. The Company shall not be obligated to sell or deliver the Option Shares
except upon tender of payment by the Representative for applicable Option Shares. The Option Closing Date may be simultaneous with,
but not earlier than, the Closing Date; and in the event that such time and date are simultaneous with the Closing Date, the term
&ldquo;<B>Closing Date</B>&rdquo; shall refer to the time and date of delivery of the Firm Securities and Option Shares.</P>

<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; text-indent: 0.5in">1.3 <I><U>Intentionally
Omitted.</U></I></P>



<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; text-indent: 0in"><FONT STYLE="text-transform: uppercase">2.&nbsp;</FONT><U>Representations
and Warranties of the Company</U>. The Company represents and warrants to the Underwriters as of the Applicable Time (as defined
below), as of the Closing Date and as of the Option Closing Date, if any, as follows:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.1&nbsp;<U>Filing
of Registration Statement</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">2.1.1&nbsp;<U>Pursuant
to the Securities Act</U>. The Company has filed with the U.S. Securities and Exchange Commission (the &ldquo;<B>Commission</B>&rdquo;)
a registration statement, and an amendment or amendments thereto, on Form S-1 (File No. 333-235295), including any related prospectus
or prospectuses, for the registration of the Public Securities under the Securities Act,
which registration statement and amendment or amendments have been prepared by the Company in all material respects in conformity
with the requirements of the Securities Act and the rules and regulations of the Commission under the Securities Act (the &ldquo;<B>Securities
Act Regulations</B>&rdquo;) and will contain all material statements that are required to be stated therein in accordance with
the Securities Act and the Securities Act Regulations. Except as the context may otherwise require, such registration statement,
as amended, on file with the Commission at the time the registration statement became effective (including the Preliminary Prospectus
included in the registration statement, financial statements, schedules, exhibits and all other documents filed as a part thereof
or incorporated therein and all information deemed to be a part thereof as of the Effective Date pursuant to paragraph (b) of Rule
430A of the Securities Act Regulations (the &ldquo;<B>Rule 430A Information</B>&rdquo;)), is referred to herein as the &ldquo;<B>Registration
Statement</B>.&rdquo; If the Company files any registration statement pursuant to Rule 462(b) of the Securities Act Regulations,
then after such filing, the term &ldquo;<B>Registration Statement</B>&rdquo; shall include such registration statement filed pursuant
to Rule 462(b). The Registration Statement has been declared effective by the Commission on the date hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Each prospectus used
prior to the effectiveness of the Registration Statement, and each prospectus that omitted the Rule 430A Information that was used
after such effectiveness and prior to the execution and delivery of this Agreement, is herein called a &ldquo;<B>Preliminary Prospectus</B>.&rdquo;
The Preliminary Prospectus, subject to completion, dated December [&#9679;], 2019, that was included in the Registration Statement
immediately prior to the Applicable Time is hereinafter called the &ldquo;<B>Pricing Prospectus</B>.&rdquo; The final prospectus
in the form first furnished to the Underwriters for use in the Offering is hereinafter called the &ldquo;<B>Prospectus</B>.&rdquo;
Any reference to the &ldquo;<B>most recent Preliminary Prospectus</B>&rdquo; shall be deemed to refer to the latest Preliminary
Prospectus included in the Registration Statement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Applicable
Time</B>&rdquo; means [&#9679;]:00[a][p].m., Eastern Time, on December [&#9679;], 2019, on the date of this Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Disclosure
Package</B>&rdquo; means any Issuer General Use Free Writing Prospectus issued at or prior to the Applicable Time, the Pricing
Prospectus and the information included on <U>Schedule 2-A</U> hereto, all considered together.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Issuer Free
Writing Prospectus</B>&rdquo; means any &ldquo;issuer free writing prospectus,&rdquo; as defined in Rule 433 of the Securities
Act Regulations (&ldquo;<B>Rule 433</B>&rdquo;), including without limitation any &ldquo;free writing prospectus&rdquo; (as defined
in Rule 405 of the Securities Act Regulations) relating to the Public Securities that is (i) required to be filed with the Commission
by the Company, (ii) a &ldquo;road show that is a written communication&rdquo; within the meaning of Rule 433(d)(8)(i), whether
or not required to be filed with the Commission, or (iii) exempt from filing with the Commission pursuant to Rule 433(d)(5)(i)
because it contains a description of the Public Securities or of the Offering that does not reflect the final terms, in each case
in the form filed or required to be filed with the Commission or, if not required to be filed, in the form retained in the Company&rsquo;s
records pursuant to Rule 433(g).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Issuer General
Use Free Writing Prospectus</B>&rdquo; means any Issuer Free Writing Prospectus that is intended for general distribution to prospective
investors (other than a &ldquo;<I>bona fide</I> electronic road show,&rdquo; as defined in Rule 433), as evidenced by its being
specified in <U>Schedule 2-B</U> hereto.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<B>Issuer Limited
Use Free Writing Prospectus</B>&rdquo; means any Issuer Free Writing Prospectus that is not an Issuer General Use Free Writing
Prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">2.1.2&nbsp;<U>Pursuant
to the Exchange Act</U>. The Company has filed with the Commission a Form 8-A (Accession No. 0001213900-17-002571) providing for
the registration pursuant to Section 12(b) under the Securities Exchange Act of 1934, as amended (the &ldquo;<B>Exchange Act</B>&rdquo;),
of the shares of Common Stock. The registration of the shares of Common Stock and related Form 8-A have become effective under
the Exchange Act on or prior to the date hereof. The Company has taken no action designed to, or likely to have the effect of,
terminating the registration of the shares of Common Stock under the Exchange Act, nor has the Company received any notification
that the Commission is contemplating terminating such registration.</P>

<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; text-indent: 0.5in">2.2&nbsp;<U>Stock
Exchange Listing</U>. The shares of Common Stock have been approved for listing on The NASDAQ Capital Market (the &ldquo;<B>Exchange</B>&rdquo;),
and the Company has taken no action designed to, or likely to have the effect of, delisting the shares of Common Stock from the
Exchange, nor has the Company received any notification that the Exchange is contemplating terminating such listing except as described
in the Registration Statement, the Disclosure Package and the Prospectus. The Company has submitted the Listing of Additional Shares
Notification Form with the Exchange with respect to the Offering of the shares of Common Stock included in the Public Securities
(including the Preferred Conversion Shares).</P>

<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; text-indent: 0.5in">2.3&nbsp;<U>No
Stop Orders, etc</U>. Neither the Commission nor, to the Company&rsquo;s knowledge, any state regulatory authority has issued any
order preventing or suspending the use of the Registration Statement, any Preliminary Prospectus or the Prospectus or has instituted
or, to the Company&rsquo;s knowledge, threatened to institute, any proceedings with respect to such an order. The Company has complied
with each request (if any) from the Commission for additional information.</P>

<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; text-indent: 0.5in">2.4&nbsp;<U>Disclosures
in Registration Statement</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">2.4.1&nbsp;<U>Compliance
with Securities Act and 10b-5 Representation</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(i)&nbsp;Each
of the Registration Statement and any post-effective amendment thereto, at the time it became effective, complied in all material
respects with the requirements of the Securities Act and the Securities Act Regulations. Each Preliminary Prospectus, including
the prospectus filed as part of the Registration Statement as originally filed or as part of any amendment or supplement thereto,
and the Prospectus, at the time each was filed with the Commission, complied in all material respects with the requirements of
the Securities Act and the Securities Act Regulations. Each Preliminary Prospectus delivered to the Underwriters for use in connection
with this Offering and the Prospectus was or will be identical to the electronically transmitted copies thereof filed with the
Commission pursuant to EDGAR, except to the extent permitted by Regulation S-T.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(ii)&nbsp;Neither
the Registration Statement nor any amendment thereto, at its effective time, as of the Applicable Time, at the Closing Date or
at any Option Closing Date (if any), contained, contains or will contain an untrue statement of a material fact or omitted, omits
or will omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(iii)&nbsp;The
Disclosure Package, as of the Applicable Time, at the Closing Date or at any Option Closing Date (if any), did not, does not and
will not include an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements
therein, in the light of the circumstances under which they were made, not misleading; and any Issuer Limited Use Free Writing
Prospectus hereto does not conflict with the information contained in the Registration Statement, any Preliminary Prospectus or
the Prospectus, and each such Issuer Limited Use Free Writing Prospectus, as supplemented by and taken together with the Prospectus
as of the Applicable Time, did not include an untrue statement of a material fact or omit to state a material fact necessary in
order to make the statements therein, in light of the circumstances under which they were made, not misleading; <I>provided</I>,
<I>however</I>, that this representation and warranty shall not apply to statements made or statements omitted in reliance upon
and in conformity with written information furnished to the Company with respect to the Underwriters by the Representative expressly
for use in the Registration Statement, the Disclosure Package or the Prospectus or any amendment thereof or supplement thereto.
The parties acknowledge and agree that such information provided by or on behalf of any Underwriter consists solely of the following
statements concerning the Underwriters contained in the &ldquo;Underwriting&rdquo; section of the Prospectus (the &ldquo;<B>Underwriters
Information</B>&rdquo;): the first and second sentences in the first paragraph and the table in the second paragraph under &ldquo;Underwriting&rdquo;,
the first sentence in &ldquo;Underwriting&rdquo; under the heading &ldquo;Discount, Commissions and Expenses&rdquo; and the paragraphs
under &ldquo;Underwriting&mdash;Price Stabilization, Short Positions and Penalty Bids&rdquo; and &ldquo;Underwriting&mdash;Passive
Market Making.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(iv)&nbsp;Neither
the Prospectus nor any amendment or supplement thereto (including any prospectus wrapper), as of its issue date, at the time of
any filing with the Commission pursuant to Rule 424(b), at the Closing Date or at any Option Closing Date, included, includes or
will include an untrue statement of a material fact or omitted, omits or will omit to state a material fact necessary in order
to make the statements therein, in the light of the circumstances under which they were made, not misleading; <I>provided</I>,
<I>however</I>, that this representation and warranty shall not apply to the Underwriters&rsquo; Information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(v)&nbsp;The
documents incorporated by reference in the Registration Statement, the Pricing Prospectus, the Disclosure Package and the Prospectus,
when they became effective or were filed with the Commission, as the case may be, conformed in all material respects to the requirements
of the Securities Act or the Exchange Act, as applicable, and the rules and regulations of the Commission thereunder and none of
such documents contained any untrue statement of a material fact or omitted to state any material fact required to be stated therein
or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading; and
any further documents so filed and incorporated by reference in the Registration Statement, the Pricing Prospectus, the Disclosure
Package and the Prospectus, when such documents become effective or are filed with the Commission, as the case may be, will conform
in all material respects to the requirements of the Securities Act or the Exchange Act, as applicable, and the rules and regulations
of the Commission thereunder, and will not contain any untrue statement of a material fact or omit to state any material fact required
to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made,
not misleading.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">2.4.2&nbsp;<U>Disclosure
of Agreements</U>. The agreements and documents described in the Registration Statement, the Disclosure Package and the Prospectus
conform in all material respects to the descriptions thereof contained or incorporated by reference therein and there are no agreements
or other documents required by the Securities Act and the Securities Act Regulations to be described in the Registration Statement,
the Disclosure Package and the Prospectus or to be filed with the Commission as exhibits to the Registration Statement or to be
incorporated by reference in the Registration Statement, the Disclosure Package or the Prospectus, that have not been so described
or filed or incorporated by reference. Each agreement or other instrument (however characterized or described) to which the Company
or any Subsidiary is a party or by which it is or may be bound or affected and (i) that is referred to or incorporated by reference
in the Registration Statement, the Disclosure Package and the Prospectus, or (ii) is material to the Company&rsquo;s or any Subsidiary&rsquo;s
business, has been duly authorized and validly executed by the Company, is in full force and effect in all material respects and
is enforceable against the Company and, to the Company&rsquo;s knowledge, the other parties thereto, in accordance with its terms,
except (x) as such enforceability may be limited by bankruptcy, insolvency, reorganization or similar laws affecting creditors&rsquo;
rights generally, (y) as enforceability of any indemnification or contribution provision may be limited under the federal and state
securities laws, and (z) that the remedy of specific performance and injunctive and other forms of equitable relief may be subject
to the equitable defenses and to the discretion of the court before which any proceeding therefor may be brought. Except as disclosed
in the Registration Statement, the Disclosure Package and the Prospectus, none of such agreements or instruments has been assigned
by the Company or any Subsidiary, and none of the Company, any Subsidiary or, to the best of the Company&rsquo;s knowledge, any
other party is in default thereunder and, to the best of the Company&rsquo;s knowledge, no event has occurred that, with the lapse
of time or the giving of notice, or both, would constitute a default thereunder. Performance by the Company or any Subsidiary of
such agreements or instruments will not result in a violation of any existing applicable law, rule, regulation, ordinance, judgment,
order or decree of any governmental or regulatory agency, body, authority or court, domestic or foreign, having jurisdiction over
the Company or any Subsidiary or any of its assets or businesses (each, a &ldquo;<B>Governmental Entity</B>&rdquo;),  including, without limitation, those relating to environmental laws and regulations. The Company
owns or controls, directly or indirectly, only the following corporations, partnerships, limited liability partnerships, limited
liability companies, associations or other entities: SG Building Blocks, Inc. and SG Residential, Inc. (each a &ldquo;<B>Subsidiary</B>&rdquo;
and collectively, the &ldquo;<B>Subsidiaries</B>&rdquo;), and has no other interest, nominal or beneficial, direct or indirect,
in any other corporation, joint venture or other business entity.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">2.4.3&nbsp;<U>Prior
Securities Transactions</U>. No securities of the Company have been sold by the Company or by or on behalf of, or for the benefit
of, any person or persons controlling, controlled by or under common control with the Company, except as disclosed in the Registration
Statement, the Disclosure Package and the Preliminary Prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">2.4.4&nbsp;<U>Regulations</U>.
The disclosures in the Registration Statement, the Disclosure Package and the Prospectus concerning the effects of federal, state,
local and all foreign regulation on the Offering and the Company&rsquo;s business as currently contemplated are accurate, correct
and complete in all material respects and no other such regulations are required to be disclosed in the Registration Statement,
the Disclosure Package and the Prospectus which are not so disclosed.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">2.4.5&nbsp;<U>No
Other Distribution of Offering Materials</U>. The Company has not, directly or indirectly, distributed and will not distribute
any offering material in connection with the Offering other than any Preliminary Prospectus, the Disclosure Package, the Prospectus
and other materials, if any, permitted under the Securities Act and consistent with Section 3.2 below.</P>

<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; text-indent: 0.5in">2.5&nbsp;<U>Changes
After Dates in Registration Statement</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">2.5.1&nbsp;<U>No
Material Adverse Change</U>. Since the respective dates as of which information is given in the Registration Statement, the Disclosure
Package and the Prospectus, except as otherwise specifically stated therein: (i) there has not been any material adverse change,
whether or not arising from transactions in the ordinary course of business, in or affecting the business, general affairs, management,
condition (financial or otherwise), results of operations, stockholders&rsquo; equity, business, assets, properties or prospects
of the Company and the Subsidiaries, individually or in the aggregate (a &ldquo;<B>Material Adverse Change</B>&rdquo;); (ii) there
have been no material transactions entered into by the Company, other than as contemplated pursuant to this Agreement; (iii) no
officer or director of the Company has resigned from any position with the Company; and (iv) neither the Company nor any Subsidiary
has sustained any material loss or interference with its business or properties from fire, explosion, flood, earthquake, hurricane,
accident or other calamity.</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">2.5.2&nbsp;<U>Recent
Securities Transactions, etc</U>. Subsequent to the respective dates as of which information is given in the Registration Statement,
the Disclosure Package and the Prospectus, and except as may otherwise be indicated or contemplated herein or disclosed in the
Registration Statement, the Disclosure Package and the Prospectus, the Company has not: (i) issued any securities or incurred any
liability or obligation, direct or contingent, for borrowed money; or (ii) declared or paid any dividend or made any other distribution
on or in respect to its capital stock.</P>

<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; text-indent: 0.5in">2.6&nbsp;<U>Disclosures
in Commission Filings</U>. Since June 2017, (i) none of the Company&rsquo;s filings with the Commission contained any untrue statement
of a material fact or omitted to state any material fact necessary in order to make the statements therein, in the light of the
circumstances under which they were made, not misleading; and (ii) the Company has made all filings with the Commission required
under the Exchange Act and the rules and regulations of the Commission promulgated thereunder (the &ldquo;<B>Exchange Act Regulations</B>&rdquo;).</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.7&nbsp;<U>Independent
Accountants</U>. To the knowledge of the Company, Whitley Penn LLP (the &ldquo;<B>Auditors</B>&rdquo;), whose respective reports
are filed with the Commission and included or incorporated by reference in the Registration Statement, the Disclosure Package and
the Prospectus, is each an independent registered public accounting firm as required by the Securities Act and the Securities Act
Regulations and the Public Company Accounting Oversight Board. The Auditors have not, during the periods covered by the financial
statements included or incorporated by reference in the Registration Statement, the Disclosure Package and the Prospectus, provided
to the Company any non-audit services, as such term is used in Section 10A(g) of the Exchange Act.</P>

<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; text-indent: 0.5in">2.8&nbsp;<U>Financial
Statements, etc</U>. The financial statements, including the notes thereto and supporting schedules included or incorporated by
reference in the Registration Statement, the Disclosure Package and the Prospectus, fairly present the financial position and the
results of operations of the Company at the dates and for the periods to which they apply; and such financial statements have been
prepared in conformity with U.S. generally accepted accounting principles (&ldquo;<B>GAAP</B>&rdquo;), consistently applied throughout
the periods involved (provided that unaudited interim financial statements are subject to year-end audit adjustments that are not
expected to be material in the aggregate and do not contain all footnotes required by GAAP); and the supporting schedules included
or incorporated by reference in the Registration Statement present fairly the information required to be stated therein. No other
historical or pro forma financial statements or supporting schedules are required to be included in the Registration Statement,
the Disclosure Package or the Prospectus by the Securities Act or the Securities Act Regulations. The pro forma financial statements
and the related notes, if any, included or incorporated by reference in the Registration Statement, the Disclosure Package and
the Prospectus have been properly compiled and prepared in accordance with the applicable requirements of the Securities Act, the
Securities Act Regulations, the Exchange Act or the Exchange Act Regulations and present fairly the information shown therein,
and the assumptions used in the preparation thereof are reasonable and the adjustments used therein are appropriate to give effect
to the transactions and circumstances referred to therein. All disclosures contained in the Registration Statement, the Disclosure
Package or the Prospectus, or incorporated or deemed incorporated by reference therein, regarding &ldquo;non-GAAP financial measures&rdquo;
(as such term is defined by the rules and regulations of the Commission), if any, comply with Regulation G of the Exchange Act
and Item 10 of Regulation S-K of the Securities Act, to the extent applicable. Each of the Registration Statement, the Disclosure
Package and the Prospectus discloses all material off-balance sheet transactions, arrangements, obligations (including contingent
obligations), and other relationships of the Company with unconsolidated entities or other persons that may have a material current
or future effect on the Company&rsquo;s financial condition, changes in financial condition, results of operations, liquidity,
capital expenditures, capital resources, or significant components of revenues or expenses. Except as disclosed in the Registration
Statement, the Disclosure Package and the Prospectus, (a) neither the Company nor any of its direct and indirect subsidiaries,
including each entity disclosed or described in the Registration Statement, the Disclosure Package and the Prospectus as being
a Subsidiary of the Company, has incurred any material liabilities or obligations, direct or contingent, or entered into any material
transactions other than in the ordinary course of business, (b) the Company has not declared or paid any dividends or made any
distribution of any kind with respect to its capital stock, (c) there has not been any change in the capital stock of the Company
or any of its Subsidiaries, or, other than in the course of business or any grants under any stock compensation plan, and (d) there
has not been any Material Adverse Change in the Company&rsquo;s long-term or short-term debt.</P>

<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; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.9&nbsp;<U>Authorized
Capital; Options, etc</U>. The Company had, at the date or dates indicated in the Registration Statement, the Disclosure Package
and the Prospectus, the duly authorized, issued and outstanding capitalization as set forth therein. Based on the assumptions stated
in the Registration Statement, the Disclosure Package and the Prospectus, the Company will have on the Closing Date the adjusted
stock capitalization set forth therein. Except as set forth in, or contemplated by, the Registration Statement, the Disclosure
Package and the Prospectus, on the Effective Date, as of the Applicable Time and on the Closing Date and any Option Closing Date,
there will be no stock options, warrants, or other rights to purchase or otherwise acquire any authorized, but unissued shares
of Common Stock of the Company or any security convertible or exercisable into shares of Common Stock of the Company, or any contracts
or commitments to issue or sell shares of Common Stock or any such options, warrants, rights or convertible securities.</P>

<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; text-indent: 0.5in">2.10&nbsp;<U>Valid
Issuance of Securities, etc.</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">2.10.1&nbsp;<U>Outstanding
Securities</U>. All issued and outstanding securities of the Company issued prior to the transactions contemplated by this Agreement
have been duly authorized and validly issued and are fully paid and non-assessable; the holders thereof have no rights of rescission
or similar rights with respect thereto or put rights, and are not subject to personal liability by reason of being such holders;
and none of such securities were issued in violation of the preemptive rights, rights of first refusal or rights of participation
of any holders of any security of the Company or similar contractual rights granted by the Company. The authorized shares of Common
Stock conform in all material respects to all statements relating thereto contained in the Registration Statement, the Disclosure
Package and the Prospectus. The offers and sales of the outstanding shares of Common Stock were at all relevant times either registered
under the Securities Act and the applicable state securities or &ldquo;blue sky&rdquo; laws or, based in part on the representations
and warranties of the purchasers of such Shares, exempt from such registration requirements.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">2.10.2 <U>Securities
Sold Pursuant to this Agreement</U>. The Public Securities have been duly authorized for issuance and sale and, when issued and
paid for, will be validly issued, fully paid and non-assessable; the holders thereof are not and will not be subject to personal
liability by reason of being such holders; the Public Securities are not and will not be subject to the preemptive rights of any
holders of any security of the Company or similar contractual rights granted by the Company; and all corporate action required
to be taken for the authorization, issuance and sale of the Public Securities has been duly and validly taken. The Public Securities
conform in all material respects to all statements with respect thereto contained in the Registration Statement, the Disclosure
Package and the Prospectus. All corporate action required to be taken for the authorization, issuance and sale of the Preferred
Stock (or, with respect to the Firm Preferred Shares, will have been taken prior to the Closing Date, including the filing of
the certificate of designation of the Preferred Stock (the &ldquo;<B>Certificate of Designation</B>&rdquo;)), and the Preferred
Conversion Shares have been duly and validly taken; the shares of Common Stock issuable upon conversion of the Preferred Stock
have been duly authorized and reserved for issuance by all necessary corporate action on the part of the Company and when paid
for and issued in accordance with the agreements evidencing the Preferred Stock, such Preferred Conversion Shares will be validly
issued, fully paid and non-assessable; the holders thereof are not and will not be subject to personal liability by reason of
being such holders; and such shares of Common Stock are not and will not be subject to the preemptive rights of any holders of
any security of the Company or similar contractual rights granted by the Company.</P>



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<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; text-indent: 0.5in">2.11&nbsp;<U>Registration
Rights of Third Parties</U>. No holders of any securities of the Company or any rights exercisable for or convertible or exchangeable
into securities of the Company have the right to require the Company to register any such securities of the Company under the Securities
Act or to include any such securities in a registration statement to be filed by the Company.</P>

<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; text-indent: 0.5in">2.12&nbsp;<U>Validity
and Binding Effect of Agreements</U>. This Agreement has been duly and validly
authorized by the Company, and, when executed and delivered, will constitute, the valid and binding agreement of the Company, enforceable
against the Company in accordance with its<B>&nbsp;</B>terms, except: (i) as such enforceability may be limited by bankruptcy,
insolvency, reorganization or similar laws affecting creditors&rsquo; rights generally; (ii) as enforceability of any indemnification
or contribution provision may be limited under the federal and state securities laws; and (iii) that the remedy of specific performance
and injunctive and other forms of equitable relief may be subject to the equitable defenses and to the discretion of the court
before which any proceeding therefor may be brought.</P>

<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; text-indent: 0.5in">2.13&nbsp;<U>No
Conflicts, etc</U>. The execution, delivery and performance by the Company of this Agreement and all ancillary documents, the consummation by the Company of the transactions
herein and therein contemplated and the compliance by the Company with the terms hereof and thereof do not and will not, with or
without the giving of notice or the lapse of time or both: (i) result in a material breach of, or conflict with any of the terms
and provisions of, or constitute a material default under, or result in the creation, modification, termination or imposition of
any lien, charge, mortgage, pledge, security interest, claim, equity, trust or other encumbrance, preferential arrangement, defect
or restriction of any kind whatsoever or encumbrance upon any portion of any property or assets of the Company or any Subsidiary
pursuant to the terms of any indenture, mortgage, deed of trust, note, lease, loan agreement or any other agreement or instrument,
franchise, license or permit to which the Company or any Subsidiary is a party or as to which any property of the Company or any
Subsidiary is a party; (ii) result in any violation of the provisions of the Company&rsquo;s Certificate of Incorporation (as the
same may be amended or restated from time to time, the &ldquo;<B>Charter</B>&rdquo;) or any Subsidiary&rsquo;s governing documents
(as the same may be amended or restated from time to time) or the by-laws of the Company or any Subsidiary (each as they may be
amended or restated from time to time); or (iii) violate any existing applicable law, rule, regulation, judgment, order or decree
of any Governmental Entity as of the date hereof, except in each case as would not, if determined adversely to the Company or its
Subsidiaries, individually or in the aggregate, have a Material Adverse Change.</P>

<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; text-indent: 0.5in">2.14&nbsp;<U>No
Defaults; Violations</U>. No material default exists in the due performance and observance of any term, covenant or condition of
any material license, contract, indenture, mortgage, deed of trust, note, loan or credit agreement, or any other agreement or instrument
evidencing an obligation for borrowed money, or any other material agreement or instrument to which the Company or any Subsidiary
is a party or by which the Company or any Subsidiary may be bound or to which any of the properties or assets of the Company or
any Subsidiary is subject. The Company or any Subsidiary is not in violation of any term or provision of its Charter or by-laws,
or in violation of any franchise, license, permit, applicable law, rule, regulation, judgment, order or decree of any Governmental
Entity.</P>

<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; text-indent: 0.5in"></P>

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<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; text-indent: 0.5in">2.15&nbsp;<U>Corporate
Power; Licenses; Consents</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">2.15.1&nbsp;<U>Conduct
of Business</U>. Each of the Company and each Subsidiary has all requisite corporate power and authority, and has all necessary
consents, authorizations, approvals, registrations, orders, licenses, certificates and permits of and from all governmental regulatory
officials and bodies that it needs as of the date hereof to conduct its business purpose as described in the Registration Statement,
the Disclosure Package and the Prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">2.15.2&nbsp;<U>Transactions
Contemplated Herein</U>. The Company has all power and authority to enter into this Agreement and to carry out the provisions and conditions hereof, and all consents, authorizations, approvals, registrations and
orders required in connection therewith have been obtained. No consent, authorization or order of, and no filing with, any court,
government agency or other body is required for the valid issuance, sale and delivery of the Public Securities and the consummation
of the transactions and agreements contemplated by this Agreement and as contemplated
by the Registration Statement, the Disclosure Package and the Prospectus, except with respect to applicable federal and state securities
laws and the rules and regulations of the Exchange and the Financial Industry Regulatory Authority, Inc. (&ldquo;<B>FINRA</B>&rdquo;).</P>

<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; text-indent: 0.5in">2.16&nbsp;<U>D&amp;O
Questionnaires</U>. To the Company&rsquo;s knowledge, all information contained in the questionnaires (the &ldquo;<B>Questionnaires</B>&rdquo;)
completed by each of the Company&rsquo;s directors and officers in connection with the Company&rsquo;s 2019 Proxy Statement (the
&ldquo;<B>Insiders</B>&rdquo;), as supplemented by all information concerning the Company&rsquo;s directors, officers and principal
shareholders as described in the Registration Statement, the Disclosure Package and the Prospectus, as well as in the Lock-Up Agreement
(as defined in Section 2.26 below) provided to the Underwriters, is true and correct in all material respects and the Company has
not become aware of any information which would cause the information disclosed in the Questionnaires to become materially inaccurate
and incorrect.</P>

<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; text-indent: 0.5in">2.17&nbsp;<U>Litigation;
Governmental Proceedings</U>. Except as set forth on <U>Schedule 2.17</U>, there is no action, suit, proceeding, inquiry, arbitration,
investigation, litigation or governmental proceeding pending or, to the Company&rsquo;s knowledge, threatened against, or involving
the Company, any Subsidiary or, to the Company&rsquo;s knowledge, any executive officer or director which has not been disclosed
in the Registration Statement, the Disclosure Package and the Prospectus, or in connection with the Company&rsquo;s listing application
for the listing of the Public Securities on the Exchange, and which if resolved adversely to the Company or to any Subsidiary
would result in a Material Adverse Change or otherwise affect the Company&rsquo;s ability to consummate the Offering. The disclosure
in the Company&rsquo;s Quarterly Report on Form 10-Q for the quarter ended March 31, 2019 incorporated by reference into the Registration
Statement under the caption &ldquo;Legal Proceedings,&rdquo; the disclosure in the Company&rsquo;s Quarterly Report on Form 10-Q
for the quarter ended June 30, 2019 incorporated by reference into the Registration Statement under the caption &ldquo;Legal Proceedings,&rdquo;
the disclosure in the Company&rsquo;s Quarterly Report on Form 10-Q for the quarter ended September 30, 2019 incorporated by reference
into the Registration Statement under the caption &ldquo;Legal Proceedings,&rdquo; and the disclosure on the Company&rsquo;s Annual
Report on Form 10-K for the year ended December 31, 2018 incorporated by reference into the Registration Statement under the caption
&ldquo;Legal Proceedings&rdquo; and <U>Schedule 2.17</U> contains fair and accurate summaries of those matters required to be
disclosed therein pursuant to Item 103 of Regulation S-K.</P>

<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; text-indent: 0.5in">2.18&nbsp;<U>Good
Standing</U>. The Company has been duly incorporated and is validly existing as a corporation and is in good standing under the
laws of the State of Delaware as of the date hereof, and is duly qualified to do business and is in good standing in each other
jurisdiction in which its ownership or lease of property or the conduct of business requires such qualification, except where the
failure to be so qualified or in good standing, singularly or in the aggregate, would not have or reasonably be expected to result
in a Material Adverse Change. Each Subsidiary has been duly incorporated and is validly existing as a corporation and is in good
standing under the laws of the State in which it was incorporated as of the date hereof, and is duly qualified to do business and
is in good standing in each other jurisdiction in which its ownership or lease of property or the conduct of business requires
such qualification, except where the failure to be so qualified or in good standing, singularly or in the aggregate, would not
have or reasonably be expected to result in a Material Adverse Change.</P>

<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; text-indent: 0.5in"></P>

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<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; text-indent: 0.5in">2.19&nbsp;<U>Insurance</U>.
The Company and each operating Subsidiary carries or is entitled to the benefits of insurance, with reputable insurers, in such
amounts and covering such risks which the Company believes are adequate, including, but not limited to, directors and officers
insurance coverage at least equal to $5,000,000 and the Company has included each Underwriter as an additional insured party to
the directors and officers insurance coverage, and all such insurance is in full force and effect. The Company has no reason to
believe that it or any Subsidiary will not be able (i) to renew its existing insurance coverage as and when such policies expire
or (ii) to obtain comparable coverage from similar institutions as may be necessary or appropriate to conduct its business as now
conducted and at a cost that would not result in a Material Adverse Change.</P>

<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; text-indent: 0.5in">2.20&nbsp;<U>Transactions
Affecting Disclosure to FINRA</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">2.20.1&nbsp;<U>Finder&rsquo;s
Fees</U>. Except as described in the Registration Statement, the Disclosure Package and the Prospectus, there are no claims, payments,
arrangements, agreements or understandings relating to the payment of a finder&rsquo;s, consulting or origination fee by the Company
or any Insider with respect to the sale of the Public Securities hereunder or any other arrangements, agreements or understandings
of the Company or, to the Company&rsquo;s knowledge, any of its shareholders that may affect the Underwriters&rsquo; compensation,
as determined by FINRA.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">2.20.2&nbsp;<U>Payments
Within Twelve Months</U>. Except for payments made to the Representative and except as described in the Registration Statement,
the Disclosure Package and the Prospectus, the Company has not made any direct or indirect payments (in cash, securities or otherwise)
to: (i) any person, as a finder&rsquo;s fee, consulting fee or otherwise, in consideration of such person raising capital for the
Company or introducing to the Company persons who raised or provided capital to the Company; (ii) any FINRA member; or (iii) any
person or entity that has any direct or indirect affiliation or association with any FINRA member, within the twelve months prior
to the date of this Agreement, other than the payment to the Underwriters as provided hereunder in connection with the Offering.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">2.20.3&nbsp;<U>Use
of Proceeds</U>. None of the net proceeds of the Offering will be paid by the Company to any participating FINRA member or its
affiliates, except as specifically authorized herein.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">2.20.4&nbsp;<U>FINRA
Affiliation</U>. There is no (i) officer or director of the Company, (ii) beneficial owner of 5% or more of any class of the Company's
securities or (iii) beneficial owner of the Company&rsquo;s unregistered equity securities which were acquired during the 180-day
period immediately preceding the filing of the Registration Statement that is an affiliate or associated person of a FINRA member
participating in the Offering (as determined in accordance with the rules and regulations of FINRA). Except as disclosed in the
Registration Statement, the Disclosure Package and the Prospectus, the Company (i) does not have any material lending or other
relationship with any bank or lending affiliate of any Underwriter and (ii) does not intend to use any of the proceeds from the
sale of the Public Securities to repay any outstanding debt owed to any affiliate of any Underwriter.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">2.20.5&nbsp;<U>Information</U>.
All information provided by the Company and its officers and directors in their FINRA questionnaires to Representative Counsel
specifically for use by Representative Counsel in connection with its Public Offering System filings (and related disclosure) with
FINRA is true, correct and complete in all material respects.</P>

<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; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.21&nbsp;<U>Foreign
Corrupt Practices Act</U>. None of the Company and its Subsidiaries or, to the Company&rsquo;s knowledge, any director, officer,
agent, employee or affiliate of the Company and its Subsidiaries or any other person acting on behalf of the Company and its Subsidiaries,
has, directly or indirectly, given or agreed to give any money, gift or similar benefit (other than legal price concessions to
customers in the ordinary course of business) to any customer, supplier, employee or agent of a customer or supplier, or official
or employee of any governmental agency or instrumentality of any government (domestic or foreign) or any political party or candidate
for office (domestic or foreign) or other person who was, is, or may be in a position to help or hinder the business of the Company
(or assist it in connection with any actual or proposed transaction) that (i) might subject the Company to any damage or penalty
in any civil, criminal or governmental litigation or proceeding, (ii) if not given in the past, might have had a Material Adverse
Change; (iii) if not continued in the future, might adversely affect the assets, business, operations or prospects of the Company.
The Company has taken reasonable steps to ensure that its accounting controls and procedures are sufficient to cause the Company
to comply in all material respects with the Foreign Corrupt Practices Act of 1977, as amended, and the rules and regulations thereunder
(collectively, the &ldquo;<B>FCPA</B>&rdquo;) or employee; (iv) violated or is in violation of any provision of the FCPA or any
applicable non-U.S. anti-bribery statute or regulation; (v) made any bribe, rebate, payoff, influence payment, kickback or other
unlawful payment; or (vi) received notice of any investigation, proceeding or inquiry by any Governmental Entity regarding any
of the matters in clauses (i)-(v) above; and the Company and, to the knowledge of the Company, the Company&rsquo;s affiliates have
conducted their respective businesses in compliance with the FCPA and have instituted and maintain policies and procedures designed
to ensure, and which are reasonably expected to continue to ensure, continued compliance therewith.</P>

<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; text-indent: 0.5in">2.22&nbsp;<U>Compliance
with OFAC</U>. None of the Company and its Subsidiaries or, to the Company&rsquo;s knowledge, any director, officer, agent, employee
or affiliate of the Company and its Subsidiaries or any other person acting on behalf of the Company and its Subsidiaries, is currently
subject to any U.S. sanctions administered by the Office of Foreign Assets Control of the U.S. Department of the Treasury (&ldquo;<B>OFAC</B>&rdquo;),
and the Company will not, directly or indirectly, use the proceeds of the Offering hereunder, or lend, contribute or otherwise
make available such proceeds to any subsidiary, joint venture partner or other person or entity, for the purpose of financing the
activities of any person currently subject to any U.S. sanctions administered by OFAC.</P>

<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; text-indent: 0.5in">2.23&nbsp;<U>Forward-Looking
Statements</U>. No forward-looking statement (within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange
Act) contained in either the Registration Statement, Disclosure Package or Prospectus has been made or reaffirmed without a reasonable
basis or has been disclosed other than in good faith.</P>

<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; text-indent: 0.5in">2.24&nbsp;<U>Money
Laundering Laws</U>. The operations of the Company and its Subsidiaries are and have been conducted at all times in compliance
with applicable financial recordkeeping and reporting requirements of the Currency and Foreign Transactions Reporting Act of 1970,
as amended, the money laundering statutes of all jurisdictions, the rules and regulations thereunder and any related or similar
rules, regulations or guidelines, issued, administered or enforced by any Governmental Entity (collectively, the &ldquo;<B>Money
Laundering Laws</B>&rdquo;); and no action, suit or proceeding by or before any Governmental Entity involving the Company with
respect to the Money Laundering Laws is pending or, to the best knowledge of the Company, threatened.</P>

<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; text-indent: 0.5in">2.25&nbsp;<U>Officers&rsquo;
Certificate</U>. Any certificate signed by any duly authorized officer of the Company and delivered to you or to Representative
Counsel shall be deemed a representation and warranty by the Company to the Underwriters as to the matters covered thereby.</P>

<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; text-indent: 0.5in">2.26&nbsp;<U>Lock-Up
Agreements.</U>&nbsp;<U>Schedule 3</U> hereto contains a complete and accurate list of the Company&rsquo;s officers and directors
(collectively, the &ldquo;<B>Lock-Up Parties</B>&rdquo;). The Company has caused each of the Lock-Up Parties to deliver to the
Representative an executed Lock-Up Agreement, in the form attached hereto as <U>Exhibit A</U> (the<B>&nbsp;</B>&ldquo;<B>Lock-Up
Agreement</B>&rdquo;), prior to the execution of this Agreement.</P>

<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; text-indent: 0.5in"></P>

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    <!-- Field: /Page -->

<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; text-indent: 0.5in">2.27&nbsp;<U>Subsidiaries</U>.
All direct and indirect Subsidiaries of the Company are duly organized and in good standing under the laws of the place of organization
or incorporation, and each Subsidiary is in good standing in each jurisdiction in which its ownership or lease of property or the
conduct of business requires such qualification, except where the failure to qualify would not have a Material Adverse Change.
The Company&rsquo;s ownership and control of each Subsidiary is as described in the Registration Statement, the Disclosure Package
and the Prospectus.</P>

<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; text-indent: 0.5in">2.28&nbsp;<U>Related
Party Transactions</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">2.28.1&nbsp;<U>Business
Relationships</U>. There are no business relationships or related party transactions involving the Company or any Subsidiary or
any other person required to be described in the Registration Statement, the Disclosure Package and the Prospectus that have not
been described as required. All transaction described under the captions Certain Relationships and Related Party Transactions in
the Company&rsquo;s Definitive Proxy Statement for the Company&rsquo;s 2019 Annual Meeting of Stockholders incorporated by reference
into the Registration Statement constitute fair and accurate summaries of all transactions required to be disclosed therein pursuant
to Item 404 of Regulation S-K.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">2.28.2&nbsp;<U>No
Relationships with Customers and Suppliers</U>. No relationship, direct or indirect, exists between or among the Company and any
Subsidiary on the one hand, and the directors, officers, 5% or greater stockholders, customers or suppliers of the Company or any
Subsidiary or any of the Company&rsquo;s or any Subsidiary&rsquo;s affiliates on the other hand, which is required to be described
in the Disclosure Package and the Prospectus or a document incorporated by reference therein and which is not so described.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">2.28.3&nbsp;<U>No
Unconsolidated Entities</U>. There are no transactions, arrangements or other relationships between and/or among the Company, any
Subsidiary, any of their affiliates (as such term is defined in Rule 405 of the Securities Act) and any unconsolidated entity,
including, but not limited to, any structure finance, special purpose or limited purpose entity that could reasonably be expected
to materially affect the Company&rsquo;s or any Subsidiary&rsquo;s liquidity or the availability of or requirements for its capital
resources required to be described in the Disclosure Package and the Prospectus or a document incorporated by reference therein
which have not been described as required.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">2.28.4&nbsp;<U>No
Loans or Advances to Affiliates</U>. There are no outstanding loans, advances (except normal advances for business expenses in
the ordinary course of business) or guarantees or indebtedness by the Company or any Subsidiary to or for the benefit of any of
the officers or directors of the Company or any Subsidiary, any other affiliates of the Company or any Subsidiary or any of their
respective family members, except as disclosed in the Registration Statement, the Disclosure Package and the Prospectus.</P>

<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; text-indent: 0.5in">2.29&nbsp;<U>Board
of Directors</U>. The Board of Directors of the Company is comprised of the persons disclosed in the Registration Statement, the
Disclosure Package and the Prospectus. The qualifications of the persons serving as board members and the overall composition of
the board comply with the Exchange Act, the Exchange Act Regulations, the Sarbanes-Oxley Act of 2002 and the rules promulgated
thereunder (the &ldquo;<B>Sarbanes-Oxley Act</B>&rdquo;) applicable to the Company and the listing rules of the Exchange. At least
one member of the Audit Committee of the Board of Directors of the Company qualifies as an &ldquo;audit committee financial expert,&rdquo;
as such term is defined under Regulation S-K and the listing rules of the Exchange. In addition, at least a majority of the persons
serving on the Board of Directors qualify as &ldquo;independent,&rdquo; as defined under the listing rules of the Exchange.</P>

<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; text-indent: 0.5in"></P>

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    <!-- Field: /Page -->

<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; text-indent: 0.5in">2.30&nbsp;<U>Sarbanes-Oxley
Compliance</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">2.30.1&nbsp;<U>Disclosure
Controls</U>. The Company has developed and currently maintains disclosure controls and procedures that will comply with Rule 13a-15
or 15d-15 under the Exchange Act Regulations, and such controls and procedures are effective to ensure that all material information
concerning the Company will be made known on a timely basis to the individuals responsible for the preparation of the Company&rsquo;s
Exchange Act filings and other public disclosure documents.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">2.30.2&nbsp;<U>Compliance</U>.
The Company is, or at the Applicable Time and on the Closing Date will be, in material compliance with the provisions of the Sarbanes-Oxley
Act applicable to it, and has implemented or will implement such programs and taken reasonable steps to ensure the Company&rsquo;s
future compliance (not later than the relevant statutory and regulatory deadlines therefor) with all of the material provisions
of the Sarbanes-Oxley Act.</P>

<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; text-indent: 0.5in">2.31&nbsp;<U>Accounting
Controls</U>. The Company and its Subsidiaries maintain systems of &ldquo;internal control over financial reporting&rdquo; (as
defined under Rules 13a-15 and 15d-15 under the Exchange Act Regulations) that comply with the requirements of the Exchange Act
and have been designed by, or under the supervision of, their respective principal executive and principal financial officers,
or persons performing similar functions, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with GAAP, including, but not limited to, internal accounting
controls sufficient to provide reasonable assurance that (i) transactions are executed in accordance with management&rsquo;s general
or specific authorizations; (ii) transactions are recorded as necessary to permit preparation of financial statements in conformity
with GAAP and to maintain asset accountability; (iii) access to assets is permitted only in accordance with management&rsquo;s
general or specific authorization; and (iv) the recorded accountability for assets is compared with the existing assets at reasonable
intervals and appropriate action is taken with respect to any differences. Except as disclosed in the Registration Statement, the
Disclosure Package and the Prospectus, the Company is not aware of any material weaknesses in its internal controls. The Company&rsquo;s
auditors and the Audit Committee of the Board of Directors of the Company have been advised of: (i) all significant deficiencies
and material weaknesses in the design or operation of internal controls over financial reporting which are known to the Company&rsquo;s
management and that have adversely affected or are reasonably likely to adversely affect the Company&rsquo; ability to record,
process, summarize and report financial information; and (ii) any fraud known to the Company&rsquo;s management, whether or not
material, that involves management or other employees who have a significant role in the Company&rsquo;s internal controls over
financial reporting. Since the date of the latest audited financial statements included in the Disclosure Package, there has been
no change in the Company&rsquo;s internal control over financial reporting that has materially affected, or is reasonably likely
to materially affect, the Company&rsquo;s internal control over financial reporting.</P>

<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; text-indent: 0.5in">2.32&nbsp;<U>No
Investment Company Status</U>. Neither the Company nor any Subsidiary is and, after giving effect to the Offering and the application
of the proceeds thereof as described in the Registration Statement, the Disclosure Package and the Prospectus, will be, required
to register as an &ldquo;investment company,&rdquo; as defined in the Investment Company Act of 1940, as amended.</P>

<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; text-indent: 0.5in">2.33&nbsp;<U>No
Labor Disputes</U>. No labor dispute with the employees of the Company or any of its Subsidiaries exists or, to the knowledge of
the Company, is imminent.</P>

<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; text-indent: 0.5in"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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; text-indent: 0.5in">2.34&nbsp;<U>Intellectual
Property Rights</U>. The Company and each of its Subsidiaries owns or possesses or has valid rights to use all patents, patent
applications, trademarks, service marks, trade names, trademark registrations, service mark registrations, copyrights, licenses,
inventions, trade secrets and similar rights (&ldquo;<B>Intellectual Property Rights</B>&rdquo;) necessary for the conduct of the
business of the Company and its Subsidiaries as currently carried on and as described in the Registration Statement, the Disclosure
Package and the Prospectus. To the knowledge of the Company, no action or use by the Company or any of its Subsidiaries necessary
for the conduct of its business as currently carried on and as described in the Registration Statement and the Prospectus will
involve or give rise to any infringement of, or license or similar fees (other than license or similar fees described or contemplated
in the Registration Statement, the Disclosure Package and the Prospectus) for, any Intellectual Property Rights of others. Neither
the Company nor any of its Subsidiaries has received any notice alleging any such infringement of, license or similar fees for,
or conflict with, any asserted Intellectual Property Rights of others. Except as would not reasonably be expected to result, individually
or in the aggregate, in a Material Adverse Change, (i) to the knowledge of the Company, there is no infringement, misappropriation
or violation by third parties of any of the Intellectual Property Rights owned by the Company or any Subsidiary; (ii) there is
no pending or, to the knowledge of the Company, threatened action, suit, proceeding or claim by others challenging the rights of
the Company or any Subsidiary in or to any such Intellectual Property Rights, and the Company is unaware of any facts which would
form a reasonable basis for any such claim, that would, individually or in the aggregate, together with any other claims in this
Section 2.34, reasonably be expected to result in a Material Adverse Change; (iii) the Intellectual Property Rights owned by the
Company or any Subsidiary and, to the knowledge of the Company, the Intellectual Property Rights licensed to the Company or any
Subsidiary have not been adjudged by a court of competent jurisdiction invalid or unenforceable, in whole or in part, and there
is no pending or, to the Company&rsquo;s knowledge, threatened action, suit, proceeding or claim by others challenging the validity
or scope of any such Intellectual Property Rights, and the Company is unaware of any facts which would form a reasonable basis
for any such claim that would, individually or in the aggregate, together with any other claims in this Section 2.34, reasonably
be expected to result in a Material Adverse Change; (iv) there is no pending or, to the Company&rsquo;s knowledge, threatened action,
suit, proceeding or claim by others that the Company or any Subsidiary infringes, misappropriates or otherwise violates any Intellectual
Property Rights or other proprietary rights of others, the Company or any Subsidiary has not received any written notice of such
claim and the Company is unaware of any other facts which would form a reasonable basis for any such claim that would, individually
or in the aggregate, together with any other claims in this Section 2.34, result in a Material Adverse Change; and (v) to the Company&rsquo;s
knowledge, no employee of the Company or any Subsidiary is in or has ever been in violation in any material respect of any term
of any employment contract, patent disclosure agreement, invention assignment agreement, non-competition agreement, non-solicitation
agreement, nondisclosure agreement or any restrictive covenant to or with a former employer where the basis of such violation relates
to such employee&rsquo;s employment with the Company or any Subsidiary, or actions undertaken by the employee while employed with
the Company or any Subsidiary and could be reasonably expected to result, individually or in the aggregate, in a Material Adverse
Change. To the Company&rsquo;s knowledge, all material technical information developed by and belonging to the Company or any Subsidiary
which has not been disclosed in a filed patent application has been kept confidential. None of the Company or any Subsidiary is
a party to or bound by any options, licenses or agreements with respect to the Intellectual Property Rights of any other person
or entity that are required to be set forth in the Registration Statement, the Disclosure Package and the Prospectus and are not
described therein. The Registration Statement, the Disclosure Package and the Prospectus contain in all material respects the same
description of the matters set forth in the preceding sentence. None of the technology employed by the Company or any Subsidiary
has been obtained or is being used by the Company or any Subsidiary in violation of any contractual obligation binding on the Company
or any Subsidiary or, to the Company&rsquo;s knowledge, any of its officers, directors or employees, or otherwise in violation
of the rights of any persons.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">All licenses for the
use of the Intellectual Property described in the Registration Statement, the Disclosure Package and the Prospectus are in full
force and effect in all material respects and are enforceable by the Company or any Subsidiary and, to the Company&rsquo;s knowledge,
the other parties thereto, in accordance with their terms, except (x) as such enforceability may be limited by bankruptcy, insolvency,
reorganization or similar laws affecting creditors&rsquo; rights generally, (y) as enforceability of any indemnification or contribution
provision may be limited under the federal and state securities laws, and (z) that the remedy of specific performance and injunctive
and other forms of equitable relief may be subject to the equitable defenses and to the discretion of the court before which any
proceeding therefor may be brought. None of such agreements or instruments has been assigned by the Company or any Subsidiary,
and neither the Company nor any Subsidiary has, and to the Company&rsquo;s knowledge, no other party is in default thereunder and
no event has occurred that, with the lapse of time or the giving of notice, or both, would constitute a default thereunder.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.35&nbsp;<U>Taxes</U>.
Each of the Company and its Subsidiaries has filed all returns (as hereinafter defined) required to be filed with taxing authorities
prior to the date hereof or has duly obtained extensions of time for the filing thereof. Each of the Company and its Subsidiaries
has paid all taxes (as hereinafter defined) shown as due on such returns that were filed and has paid all taxes imposed on or assessed
against the Company or such respective Subsidiary. The provisions for taxes payable, if any, shown on the financial statements
filed with or as part of the Registration Statement are sufficient for all accrued and unpaid taxes, whether or not disputed, and
for all periods to and including the dates of such consolidated financial statements. Except as disclosed in writing to the Underwriters,
(i) no issues have been raised (and are currently pending) by any taxing authority in connection with any of the returns or taxes
asserted as due from the Company or its Subsidiaries, and (ii) no waivers of statutes of limitation with respect to the returns
or collection of taxes have been given by or requested from the Company or its Subsidiaries. The term &ldquo;<B>taxes</B>&rdquo;
means all federal, state, local, foreign and other net income, gross income, gross receipts, sales, use, ad valorem, transfer,
franchise, profits, license, lease, service, service use, withholding, payroll, employment, excise, severance, stamp, occupation,
premium, property, windfall profits, customs, duties or other taxes, fees, assessments or charges of any kind whatever, together
with any interest and any penalties, additions to tax or additional amounts with respect thereto. The term &ldquo;<B>returns</B>&rdquo;
means all returns, declarations, reports, statements and other documents required to be filed in respect to taxes.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.36&nbsp;<U>ERISA
Compliance</U>. The Company, each Subsidiary and any &ldquo;employee benefit plan&rdquo; (as defined under the Employee Retirement
Income Security Act of 1974, as amended, and the regulations and published interpretations thereunder (collectively, &ldquo;<B>ERISA</B>&rdquo;))
established or maintained by the Company or any Subsidiary or its &ldquo;ERISA Affiliates&rdquo; (as defined below) are in compliance
in all material respects with ERISA. &ldquo;ERISA Affiliate&rdquo; means, with respect to the Company and each Subsidiary, any
member of any group of organizations described in Sections 414(b),(c),(m) or (o) of the Internal Revenue Code of 1986, as amended,
and the regulations and published interpretations thereunder (the &ldquo;Code&rdquo;) of which the Company is a member. No &ldquo;reportable
event&rdquo; (as defined under ERISA) has occurred or is reasonably expected to occur with respect to any &ldquo;employee benefit
plan&rdquo; established or maintained by the Company, any Subsidiary or any of its ERISA Affiliates. No &ldquo;employee benefit
plan&rdquo; established or maintained by the Company or any of its ERISA Affiliates, if such &ldquo;employee benefit plan&rdquo;
were terminated, would have any &ldquo;amount of unfunded benefit liabilities&rdquo; (as defined under ERISA). None of the Company,
any Subsidiary nor any of its ERISA Affiliates has incurred or reasonably expects to incur any material liability under (i) Title
IV of ERISA with respect to termination of, or withdrawal from, any &ldquo;employee benefit plan&rdquo; or (ii) Sections 412, 4971,
4975 or 4980B of the Code. Each &ldquo;employee benefit plan&rdquo; established or maintained by the Company, any Subsidiary or
any of its ERISA Affiliates that is intended to be qualified under Section 401(a) of the Code is so qualified and, to the knowledge
of the Company, nothing has occurred, whether by action or failure to act, which would cause the loss of such qualification.</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.37&nbsp;<U>Compliance
with Laws</U>. The Company and each Subsidiary: (i) is and at all times has been in compliance with all statutes, rules, regulations,
ordinances, judgments, orders and decrees of all Governmental Entities applicable to the Company&rsquo;s and the Subsidiaries&rsquo;
businesses (&ldquo;<B>Applicable Laws</B>&rdquo;), except as would not, individually or in the aggregate, reasonably be expected
to have a Material Adverse Change; (ii) has not received any warning letter, untitled letter or other correspondence or notice
from any other Governmental Entity alleging or asserting noncompliance with any Applicable Laws or any licenses, consents, certificates,
approvals, clearances, authorizations, permits, orders and supplements or amendments thereto required by any such Applicable Laws
(&ldquo;<B>Authorizations</B>&rdquo;); (iii) possesses all material Authorizations and such Authorizations are valid and in full
force and effect and are not in material violation of any term of any such Authorizations; (iv) has not received written notice
of any claim, action, suit, proceeding, hearing, enforcement, investigation, inquiry, arbitration or other action from any governmental
authority or third party alleging that any product operation or activity is in violation of any Applicable Laws or Authorizations
and has no knowledge that any such Governmental Entity or third party is considering any such claim, litigation, arbitration, action,
suit, investigation or proceeding; (v) has not received written notice that any governmental authority has taken, is taking or
intends to take action to limit, suspend, modify or revoke any Authorizations and has no knowledge that any such Governmental Entity
is considering such action; (vi) has filed, obtained, maintained or submitted all material reports, documents, forms, filings,
notices, applications, records, claims, submissions and supplements or amendments as required by any Applicable Laws or Authorizations
and that all such reports, documents, forms, notices, applications, records, claims, submissions and supplements or amendments
were complete and correct in all material respects on the date filed (or were corrected or supplemented by a subsequent submission);
and (vii) has not, either voluntarily or involuntarily, initiated, conducted, or issued or caused to be initiated, conducted or
issued, any recall, market withdrawal or replacement, safety alert, post-sale warning, &ldquo;dear doctor&rdquo; letter, or other
notice or action relating to the alleged lack of safety or efficacy of any product or any alleged product defect or violation and,
to the Company&rsquo;s knowledge, no third party has initiated, conducted or intends to initiate any such notice or action.</P>

<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; text-indent: 0.5in">2.38&nbsp;<U>Smaller
Reporting Company</U>. As of the time of the filing of the Registration Statement, the Company was a &ldquo;smaller reporting company&rdquo;
as defined in Rule 12b-2 of the Exchange Act Regulations.</P>

<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; text-indent: 0.5in">2.39&nbsp;<U>Environmental
Laws</U>. The Company and its Subsidiaries are in compliance with all foreign, federal, state and local rules, laws and regulations
relating to the use, treatment, storage and disposal of hazardous or toxic substances or waste and protection of health and safety
or the environment which are applicable to their businesses (&ldquo;<B>Environmental Laws</B>&rdquo;), except where the failure
to comply would not, singularly or in the aggregate, result in a Material Adverse Change. There has been no storage, generation,
transportation, handling, treatment, disposal, discharge, emission, or other release of any kind of toxic or other wastes or other
hazardous substances by, due to, or caused by the Company or any of its Subsidiaries (or, to the Company&rsquo;s knowledge, any
other entity for whose acts or omissions the Company or any of its Subsidiaries is or may otherwise be liable) upon any of the
property now or previously owned or leased by the Company or any of its Subsidiaries, or upon any other property, in violation
of any law, statute, ordinance, rule, regulation, order, judgment, decree or permit or which would, under any law, statute, ordinance,
rule (including rule of common law), regulation, order, judgment, decree or permit, give rise to any liability; and there has been
no disposal, discharge, emission or other release of any kind onto such property or into the environment surrounding such property
of any toxic or other wastes or other hazardous substances with respect to which the Company has knowledge. In the ordinary course
of business, the Company and its Subsidiaries conduct periodic reviews of the effect of Environmental Laws on their business and
assets, in the course of which they identify and evaluate associated costs and liabilities (including, without limitation, any
capital or operating expenditures required for clean-up, closure of properties or compliance with Environmental Laws or governmental
permits issued thereunder, any related constraints on operating activities and any potential liabilities to third parties). On
the basis of such reviews, the Company and its Subsidiaries have reasonably concluded that such associated costs and liabilities
would not have, singularly or in the aggregate, a Material Adverse Change.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.40&nbsp;<U>Real
Property</U>. Except as set forth in the Registration Statement, the Disclosure Package and the Prospectus, the Company and each
of its Subsidiaries have good and marketable title in fee simple to, or have valid rights to lease or otherwise use, all items
of real or personal property which are material to the business of the Company and its Subsidiaries taken as a whole, in each case
free and clear of all liens, encumbrances, security interests, claims and defects that do not, singly or in the aggregate, materially
affect the value of such property and do not interfere with the use made and proposed to be made of such property by the Company
or any of its Subsidiaries; and all of the leases and subleases material to the business of the Company and its subsidiaries, considered
as one enterprise, and under which the Company or any of its subsidiaries holds properties described in the Registration Statement,
the Disclosure Package and the Prospectus, are in full force and effect, and neither the Company nor any Subsidiary has received
any notice of any material claim of any sort that has been asserted by anyone adverse to the rights of the Company or any Subsidiary
under any of the leases or subleases mentioned above, or affecting or questioning the rights of the Company or such Subsidiary
to the continued possession of the leased or subleased premises under any such lease or sublease.</P>

<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; text-indent: 0.5in">2.41&nbsp;<U>Contracts
Affecting Capital</U>. Except as disclosed on <U>Schedule 2.41</U>, there are no transactions, arrangements or other relationships
between and/or among the Company, any of its affiliates (as such term is defined in Rule 405 of the Securities Act Regulations)
and any unconsolidated entity, including, but not limited to, any structured finance, special purpose or limited purpose entity
that could reasonably be expected to materially affect the Company&rsquo;s or any of its Subsidiaries&rsquo; liquidity or the availability
of or requirements for their capital resources required to be described or incorporated by reference in the Registration Statement,
the Disclosure Package and the Prospectus which have not been described or incorporated by reference as required.</P>

<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; text-indent: 0.5in">2.42&nbsp;<U>Ineligible
Issuer</U>. At the time of filing the Registration Statement and any post-effective amendment thereto, at the time of effectiveness
of the Registration Statement and any amendment thereto, at the earliest time thereafter that the Company or another offering participant
made a bona fide offer (within the meaning of Rule 164(h)(2) of the Securities Act Regulations) of the Public Securities and at
the date hereof, the Company was not and is not an &ldquo;ineligible issuer,&rdquo; as defined in Rule 405, without taking account
of any determination by the Commission pursuant to Rule 405 that it is not necessary that the Company be considered an ineligible
issuer.</P>

<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; text-indent: 0.5in">2.43&nbsp;<U>Industry
Data</U>. The statistical and market-related data included in each of the Registration Statement, the Disclosure Package and the
Prospectus are based on or derived from sources that the Company reasonably and in good faith believes are reliable and accurate
or represent the Company&rsquo;s good faith estimates that are made on the basis of data derived from such sources.</P>

<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; text-indent: 0.5in">2.44&nbsp;<U>Margin
Securities</U>. The Company owns no &ldquo;margin securities&rdquo; as that term is defined in Regulation U of the Board of Governors
of the Federal Reserve System (the &ldquo;<B>Federal Reserve Board</B>&rdquo;), and none of the proceeds of Offering will be used,
directly or indirectly, for the purpose of purchasing or carrying any margin security, for the purpose of reducing or retiring
any indebtedness which was originally incurred to purchase or carry any margin security or for any other purpose which might cause
any of the shares of Common Stock to be considered a &ldquo;purpose credit&rdquo; within the meanings of Regulation T, U or X of
the Federal Reserve Board.</P>

<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; text-indent: 0.5in">2.45&nbsp;<U>Exchange
Act Reports</U>. The Company has filed in a timely manner all reports required to be filed pursuant to Sections 13(a), 13(e), 14
and 15(d) of the Exchange Act during the preceding 12 months (except to the extent that Section 15(d) requires reports to be filed
pursuant to Sections 13(d) and 13(g) of the Exchange Act, which shall be governed by the next clause of this sentence); and the
Company has filed in a timely manner all reports required to be filed pursuant to Sections 13(d) and 13(g) of the Exchange Act
since July 1, 2017, except where the failure to timely file could not reasonably be expected, individually or in the aggregate,
to have a Material Adverse Change.</P>

<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; text-indent: 0.5in">2.46&nbsp;<U>Minute
Books</U>. The minute books of the Company and each Subsidiary have been made available to the Underwriters and counsel for the
Underwriters, and such books (i) contain a complete summary of all meetings and actions of the board of directors (including each
board committee) and stockholders of the Company (or analogous governing bodies and interest holders, as applicable), and each
of its Subsidiaries since the time of its respective incorporation or organization through the date of the latest meeting and action,
and (ii) accurately in all material respects reflect all transactions referred to in such minutes. There are no material transactions,
agreements, dispositions or other actions of the Company or any Subsidiary that are not properly approved and/or accurately and
fairly recorded in the minute books of the Company or any Subsidiary, as applicable.</P>

<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; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.47&nbsp;<U>Integration</U>.
Neither the Company, nor any of its affiliates, nor any person acting on its or their behalf has, directly or indirectly, made
any offers or sales of any security or solicited any offers to buy any security, under circumstances that would cause the Offering
to be integrated with prior offerings by the Company for purposes of the Securities Act that would require the registration of
any such securities under the Securities Act.</P>

<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; text-indent: 0.5in">2.48&nbsp;<U>No
Stabilization</U>. Neither the Company nor, to its knowledge, any of its employees, directors or stockholders (without the consent
of the Representative) has taken or shall take, directly or indirectly, any action designed to or that has constituted or that
might reasonably be expected to cause or result in, under Regulation M of the Exchange Act, or otherwise, stabilization or manipulation
of the price of any security of the Company to facilitate the sale or resale of the Public Securities.</P>

<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; text-indent: 0.5in">2.49&nbsp;<U>Confidentiality
and Non-Competition</U>. To the Company&rsquo;s knowledge, no director, officer, key employee or consultant of the Company is subject
to any confidentiality, non-disclosure, non-competition agreement or non-solicitation agreement with any employer or prior employer
that could reasonably be expected to materially affect his ability to be and act in his respective capacity of the Company or be
expected to result in a Material Adverse Change.</P>

<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; text-indent: 0.5in">2.50&nbsp;<U>Solvency</U>.
Based on the consolidated financial condition of the Company as of the Closing Date, after giving effect to the receipt by the
Company of the proceeds from the sale of the Public Securities hereunder, (i) the fair saleable value of the Company&rsquo;s assets
exceeds the amount that will be required to be paid on or in respect of the Company&rsquo;s existing debts and other liabilities
(including known contingent liabilities) as they mature, (ii) the Company&rsquo;s assets do not constitute unreasonably small capital
to carry on its business as now conducted and as proposed to be conducted including its capital needs taking into account the particular
capital requirements of the business conducted by the Company, consolidated and projected capital requirements and capital availability
thereof, and (iii) the current cash flow of the Company, together with the proceeds the Company would receive, were it to liquidate
all of its assets, after taking into account all anticipated uses of the cash, would be sufficient to pay all amounts on or in
respect of its liabilities when such amounts are required to be paid. The Company does not intend to incur debts beyond its ability
to pay such debts as they mature (taking into account the timing and amounts of cash to be payable on or in respect of its debt).
The Company has no knowledge of any facts or circumstances which lead it to believe that it will file for reorganization or liquidation
under the bankruptcy or reorganization laws of any jurisdiction within one year from the Closing Date. The Registration Statement,
the Disclosure Package and the Prospectus sets forth as of their respective dates all outstanding secured and unsecured indebtedness
of the Company or any Subsidiary, or for which the Company or any Subsidiary has commitments.</P>

<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; text-indent: 0.5in">2.51&nbsp;<U>Testing-the-Waters
Communications</U>. The Company has not (i) alone engaged in any Testing-the-Waters Communications, other than Testing-the-Waters
Communications with the written consent of the Representative and with entities that are qualified institutional buyers within
the meaning of Rule 144A under the Securities Act or institutions that are accredited investors within the meaning of Rule 501
under the Securities Act and (ii) authorized anyone other than the Representative to engage in Testing-the-Waters Communications.
The Company confirms that the Representative has been authorized to act on its behalf in undertaking Testing-the-Waters Communications.
The Company has not distributed any Written Testing-the-Waters Communications other than those listed on <U>Schedule 2-C</U> hereto.
&ldquo;<B>Written Testing-the-Waters Communication</B>&rdquo; means any Testing-the-Waters Communication that is a written communication
within the meaning of Rule 405 under the Securities Act.</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="text-transform: uppercase">3.&nbsp;</FONT><U>Covenants
of the Company</U>. The Company covenants and agrees as follows:</P>

<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; text-indent: 0.5in">3.1&nbsp;<U>Amendments
to Registration Statement</U>. The Company shall deliver to the Representative, prior to filing, any amendment or supplement to
the Registration Statement, Preliminary Prospectus, Disclosure Package or Prospectus proposed to be filed after the Effective Date
and not file any such amendment or supplement to which the Representative shall reasonably object in writing.</P>

<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; text-indent: 0.5in">3.2&nbsp;<U>Federal
Securities Laws</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">3.2.1&nbsp;<U>Compliance</U>.
The Company, subject to Section 3.2.2, shall comply with the requirements of Rule 424(b) and Rule 430A of the Securities Act Regulations,
and will notify the Representative promptly, and confirm the notice in writing, (i) when any post-effective amendment to the Registration
Statement or any amendment or supplement to any Preliminary Prospectus, the Disclosure Package or the Prospectus shall have been
filed and when any post-effective amendment to the Registration Statement shall become effective; (ii) of the receipt of any comments
from the Commission; (iii) of any request by the Commission for any amendment to the Registration Statement or any amendment or
supplement to any Preliminary Prospectus, the Disclosure Package or the Prospectus or for additional information; (iv) of the issuance
by the Commission of any stop order suspending the effectiveness of the Registration Statement or any post-effective amendment
or of any order preventing or suspending the use of any Preliminary Prospectus, the Disclosure Package or the Prospectus, or of
the suspension of the qualification of the Public Securities for offering or sale in
any jurisdiction, or of the initiation or threatening of any proceedings for any of such purposes or of any examination pursuant
to Section 8(d) or 8(e) of the Securities Act concerning the Registration Statement; and (v) if the Company becomes the subject
of a proceeding under Section 8A of the Securities Act in connection with the Offering of the Public Securities. The Company shall effect all filings required under Rule 424(b) of the Securities Act Regulations, in the manner and
within the time period required by Rule 424(b) (without reliance on Rule 424(b)(8)), and shall take such steps as it deems necessary
to ascertain promptly whether the form of prospectus transmitted for filing under Rule 424(b) was received for filing by the Commission
and, in the event that it was not, it will promptly file such prospectus. The Company shall use its best efforts to prevent the
issuance of any stop order, prevention or suspension and, if any such order is issued, to obtain the lifting thereof at the earliest
possible moment.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">3.2.2&nbsp;<U>Continued
Compliance</U>. The Company shall comply with the Securities Act, the Securities Act Regulations, the Exchange Act and the Exchange
Act Regulations so as to permit the completion of the distribution of the Public Securities as contemplated in this Agreement and
in the Registration Statement, the Disclosure Package and the Prospectus. If at any time when a prospectus relating to the Public
Securities is (or, but for the exception afforded by Rule 172 of the Securities Act Regulations (&ldquo;<B>Rule 172</B>&rdquo;),
would be) required by the Securities Act to be delivered in connection with sales of the Public Securities, any event shall occur
or condition shall exist as a result of which it is necessary, in the opinion of counsel for the Underwriters or for the Company,
to (i) amend the Registration Statement in order that the Registration Statement will not include an untrue statement of a material
fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading;
(ii) amend or supplement the Disclosure Package or the Prospectus in order that the Disclosure Package or the Prospectus, as the
case may be, will not include any untrue statement of a material fact or omit to state a material fact necessary in order to make
the statements therein not misleading in the light of the circumstances existing at the time it is delivered to a purchaser or
(iii) amend the Registration Statement or amend or supplement the Disclosure Package or the Prospectus, as the case may be, in
order to comply with the requirements of the Securities Act or the Securities Act Regulations, the Company will promptly (A) give
the Representative notice of such event; (B) prepare any amendment or supplement as may be necessary to correct such statement
or omission or to make the Registration Statement, the Disclosure Package or the Prospectus comply with such requirements and,
a reasonable amount of time prior to any proposed filing or use, furnish the Representative with copies of any such amendment or
supplement and (C) file with the Commission any such amendment or supplement; <I>provided</I>, <I>however</I>, that the Company
shall not file or use any such amendment or supplement to which the Representative or counsel for the Underwriters shall reasonably
object. The Company will furnish to the Underwriters such number of copies of such amendment or supplement as the Underwriters
may reasonably request. The Company has given the Representative notice of any filings made pursuant to the Exchange Act or the
Exchange Act Regulations within 48 hours prior to the Applicable Time. The Company shall give the Representative notice of its
intention to make any such filing from the Applicable Time until the later of the Closing Date and the exercise in full or expiration
of the Over-Allotment Option specified in Section 1.2 hereof and will furnish the Representative with copies of the related document(s)
a reasonable amount of time prior to such proposed filing, as the case may be, and will not file or use any such document to which
the Representative or counsel for the Underwriters shall reasonably object.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">3.2.3&nbsp;<U>Exchange
Act Registration</U>. For a period of three (3) years after the date of this Agreement, the Company shall use its best efforts
to maintain the registration of the shares of Common Stock under the Exchange Act. The Company shall not deregister the shares
of Common Stock under the Exchange Act without the prior written consent of the Representative.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">3.2.4&nbsp;<U>Free
Writing Prospectuses</U>. The Company agrees that, unless it obtains the prior written consent of the Representative, it shall
not make any offer relating to the Public Securities that would constitute an Issuer Free Writing Prospectus or that would otherwise
constitute a &ldquo;free writing prospectus,&rdquo; or a portion thereof, required to be filed by the Company with the Commission
or retained by the Company under Rule 433; <I>provided</I>, <I>however</I>, that the Representative shall be deemed to have consented
to each Issuer General Use Free Writing Prospectus hereto and any &ldquo;road show that is a written communication&rdquo; within
the meaning of Rule 433(d)(8)(i) that has been reviewed by the Representative. The Company represents that it has treated or agrees
that it will treat each such free writing prospectus consented to, or deemed consented to, by the Underwriters as an &ldquo;issuer
free writing prospectus,&rdquo; as defined in Rule 433, and that it has complied and will comply with the applicable requirements
of Rule 433 with respect thereto, including timely filing with the Commission where required, legending and record keeping. If
at any time following issuance of an Issuer Free Writing Prospectus there occurred or occurs an event or development as a result
of which such Issuer Free Writing Prospectus conflicted or would conflict with the information contained in the Registration Statement
or included or would include an untrue statement of a material fact or omitted or would omit to state a material fact necessary
in order to make the statements therein, in the light of the circumstances existing at that subsequent time, not misleading, the
Company will promptly notify the Underwriters and will promptly amend or supplement, at its own expense, such Issuer Free Writing
Prospectus to eliminate or correct such conflict, untrue statement or omission.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">3.2.5&nbsp;<U>Testing-the-Waters
Communications</U>. If at any time following the distribution of any Written Testing-the-Waters Communication there occurred or
occurs an event or development as a result of which such Written Testing-the-Waters Communication included or would include an
untrue statement of a material fact or omitted or would omit to state a material fact necessary in order to make the statements
therein, in the light of the circumstances existing at that subsequent time, not misleading, the Company shall promptly notify
the Representative and shall promptly amend or supplement, at its own expense, such Written Testing-the-Waters Communication to
eliminate or correct such untrue statement or omission.</P>

<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; text-indent: 0.5in"></P>

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<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; text-indent: 0.5in">3.3&nbsp;<U>Delivery
to the Underwriters of Registration Statements</U>. The Company has delivered or made available or shall deliver or make available
to the Representative and counsel for the Representative, without charge, signed copies of the Registration Statement as originally
filed and each amendment thereto (including exhibits filed therewith or incorporated by reference therein and documents incorporated
or deemed to be incorporated by reference therein) and signed copies of all consents and certificates of experts, and will also
deliver to the Underwriters, without charge, a conformed copy of the Registration Statement as originally filed and each amendment
thereto (without exhibits) for each of the Underwriters. The copies of the Registration Statement and each amendment thereto furnished
to the Underwriters will be identical to the electronically transmitted copies thereof filed with the Commission pursuant to EDGAR,
except to the extent permitted by Regulation S-T.</P>

<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; text-indent: 0.5in">3.4&nbsp;<U>Delivery
to the Underwriters of Prospectuses</U>. The Company has delivered or made available or will deliver or make available to each
Underwriter, without charge, as many copies of each Preliminary Prospectus as such Underwriter reasonably requested, and the Company
hereby consents to the use of such copies for purposes permitted by the Securities Act. The Company will furnish to each Underwriter,
without charge, during the period when a prospectus relating to the Public Securities is (or, but for the exception afforded by
Rule 172, would be) required to be delivered under the Securities Act, such number of copies of the Prospectus (as amended or supplemented)
as such Underwriter may reasonably request. The Prospectus and any amendments or supplements thereto furnished to the Underwriters
will be identical to the electronically transmitted copies thereof filed with the Commission pursuant to EDGAR, except to the extent
permitted by Regulation S-T.</P>

<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; text-indent: 0.5in">3.5&nbsp;<U>Events
Requiring Notice to the Representative</U>. The Company shall use its best efforts to cause the Registration Statement to remain
effective with a current prospectus for at least nine (9) months after the Applicable Time, and shall notify the Representative
immediately and confirm the notice in writing: (i) of the issuance by the Commission of any stop order or of the initiation, or
the threatening, of any proceeding for that purpose; (ii) of the issuance by any state securities commission of any proceedings
for the suspension of the qualification of the Public Securities for offering or sale in any jurisdiction or of the initiation,
or the threatening, of any proceeding for that purpose; (iii) of the mailing and delivery to the Commission for filing of any amendment
or supplement to the Registration Statement or Prospectus; (iv) of the receipt of any comments or request for any additional information
from the Commission; and (v) of the happening of any event during the period described in this Section 3.5 that, in the judgment
of the Company, makes any statement of a material fact made in the Registration Statement, the Disclosure Package or the Prospectus
untrue or that requires the making of any changes in (a) the Registration Statement in order to make the statements therein not
misleading, or (b) in the Disclosure Package or the Prospectus in order to make the statements therein, in light of the circumstances
under which they were made, not misleading. If the Commission or any state securities commission shall enter a stop order or suspend
such qualification at any time, the Company shall make every reasonable effort to obtain promptly the lifting of such order.</P>

<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; text-indent: 0.5in">3.6&nbsp;<U>Review
of Financial Statements.</U> For a period of five (5) years after the date of this Agreement, the Company, at its expense, shall
cause its regularly engaged independent registered public accounting firm to review (but not audit) the Company&rsquo;s financial
statements for each of the three fiscal quarters immediately preceding the announcement of any quarterly financial information.</P>

<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; text-indent: 0.5in">3.7&nbsp;<U>Listing</U>.
The Company shall use its best efforts to maintain the listing of the shares of Common Stock (including shares of Common Stock
included in the Public Securities) on the Exchange
for at least three years from the date of this Agreement.</P>

<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; text-indent: 0.5in"></P>

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<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; text-indent: 0.5in">3.8&nbsp;<U>Financial
Public Relations Firm</U>. The Company has retained a financial public relations firm reasonably acceptable to the Representative
and the Company, which shall initially be Rubenstein Public Relations, which firm shall be experienced in assisting issuers in
public offerings of securities and in their relations with their security holders, and shall retain such firm or another firm reasonably
acceptable to the Representative for a period of not less than two (2) years after the Effective Date.</P>

<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; text-indent: 0.5in">3.9&nbsp;<U>Reports
to the Representative</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">3.9.1&nbsp;<U>Periodic
Reports, etc</U>. For a period of three (3) years after the date of this Agreement, the Company shall furnish or make available
to the Representative copies of such financial statements and other periodic and special reports as the Company from time to time
furnishes generally to holders of any class of its securities and also promptly furnish to the Representative: (i) a copy of each
periodic report the Company shall be required to file with the Commission under the Exchange Act and the Exchange Act Regulations;
(ii) a copy of every press release and every news item and article with respect to the Company or its affairs which was released
by the Company; (iii) a copy of each Form 8-K prepared and filed by the Company; (iv) five copies of each registration statement
filed by the Company under the Securities Act; (v) a copy of each report or other communication furnished to stockholders and (vi)
such additional documents and information with respect to the Company and the affairs of any future subsidiaries of the Company
as the Representative may from time to time reasonably request; <I>provided</I>, <I>however</I>, the Representative shall sign,
if requested by the Company, a Regulation FD compliant confidentiality agreement which is reasonably acceptable to the Representative
and Representative Counsel in connection with the Representative&rsquo;s receipt of such information. Documents filed with the
Commission pursuant to its EDGAR system shall be deemed to have been delivered to the Representative pursuant to this Section 3.9.1.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">3.9.2&nbsp;<U>Transfer
Agent; Transfer Sheets</U>. For a period of three (3) years after the date of this Agreement, the Company shall retain a transfer
agent and registrar acceptable to the Representative (the &ldquo;<B>Transfer Agent</B>&rdquo;) and shall furnish to the Representative
at the Company&rsquo;s sole cost and expense such transfer sheets of the Company&rsquo;s securities as the Representative may reasonably
request, including the daily and monthly consolidated transfer sheets of the Transfer Agent and DTC. American Stock Transfer &amp;
Trust Company, LLC is acceptable to the Representative to act as Transfer Agent for the shares of Common Stock.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">3.9.3&nbsp;<U>Trading
Reports</U>. During such time as the shares of Common Stock<B>&nbsp;</B>are listed on the<B>&nbsp;</B>Exchange, the Company shall
provide to the Representative, at the Company&rsquo;s expense, such reports published by Exchange relating to price trading of
the shares of Common Stock (including the Firm Shares, the Option Shares, and the Preferred Conversion Shares), as the Representative
shall reasonably request.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">3.10&nbsp;<U>Payment
of Expenses</U>. The Company hereby agrees to pay on each of the Closing Date and the Option Closing Date, if any, to the
extent not paid at the Closing Date all expenses incident to the performance of the obligations of the Company under this
Agreement, including, but not limited to: <FONT STYLE="font-family: TimesNewRomanPSMT">(a) all filing fees and communication
expenses relating to the registration of the Public Securities to be sold in the Offering (including the Option Shares) with
the Commission; (b) all filing fees and expenses associated with the review of the Offering by FINRA; (c) all fees and
expenses relating to the listing of the Common Stock (including, without limitation, the Firm Shares, the Preferred
Conversion Shares, and the Option Shares,) on
The Nasdaq Capital Market, The Nasdaq Global Market, The Nasdaq Global Select Market, the NYSE or the NYSE American and on
such other stock exchanges as the Company and Representative together determine, including any fees charged by The Depository
Trust Company (DTC) for new securities; (d) all fees, expenses and disbursements relating to background checks of the
Company&rsquo;s officers, directors and entities in an amount not to exceed $6,000 in the aggregate; (e) all fees, expenses
and disbursements relating to the registration, qualification or exemption of such Shares under the securities laws of such
foreign jurisdictions as Representative may reasonably designate; (f) the costs of all mailing and printing of the
underwriting documents (including, without limitation, the this Agreement, any Blue Sky Surveys and, if appropriate, any
Agreement Among Underwriters, Selected Dealers&rsquo; Agreement, Underwriters&rsquo; Questionnaire and Power of
Attorney), Registration Statements, Disclosure Packages, Prospectuses and all amendments, supplements and exhibits thereto
and as many preliminary and final Prospectuses as Representative may reasonably deem necessary; (g) the costs and expenses of
the public relations firm </FONT>referred to in Section 3.8 hereof; (h) the costs of preparing, printing and delivering
certificates representing the Pu<FONT STYLE="font-family: TimesNewRomanPSMT">blic Securities; (i) fees and expenses of the
transfer agent for the Common Stock; (j) stock transfer and/or stamp taxes, if any, payable upon the transfer of the Public
Securities from the Company to Representative; (k) the costs associated with bound volumes of the public offering materials
as well as commemorative mementos and Lucite tombstones, each of which the Company or its designee will provide within a
reasonable time after the Closing and Option Closing (if any) in such quantities as Representative may reasonably request, in
an amount not to exceed $2,500; (l) the fees and expenses of the Company&rsquo;s accountants; (m) the fees and expenses of
the Company&rsquo;s legal counsel and other agents and representatives; (n) the fees and expenses of the
Underwriter&rsquo;s legal counsel not to exceed $75,000; (o) the $10,000 cost associated with the use of Ipreo&rsquo;s book
building, prospectus tracking and compliance software for the Offering; and (p) up to $10,000 of Representative&rsquo;s
actual accountable &ldquo;road show&rdquo; expenses for the Offering</FONT>. The Representative may deduct from the net
proceeds of the Offering payable to the Company on the Closing Date, or the Option Closing Date, if any, the expenses set
forth herein to be paid by the Company to the Underwriters, provided, however, that in the event that the Offering is
terminated, the Company agrees to reimburse the Underwriters pursuant to Section 8.3 hereof.</P>

<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; text-indent: 0.5in">3.11&nbsp;<U>Non-accountable
Expenses</U>. The Company further agrees that, in addition to the expenses payable pursuant to Section 3.10, on the Closing Date
it shall pay to the Representative, by deduction from the net proceeds of the Offering contemplated herein, a non-accountable expense
allowance equal to one percent (1.0%) of the gross proceeds received by the Company from the sale of the Firm Securities (and not
in connection with any sales of securities pursuant to the Over-allotment Option)), provided, however, that in the event that the
Offering is terminated, the Company agrees to reimburse the Underwriters pursuant to Section 8.3 hereof.</P>

<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; text-indent: 0.5in">3.12&nbsp;<U>Application
of Net Proceeds</U>. The Company shall apply the net proceeds from the Offering received by it in a manner consistent with the
application thereof described under the caption &ldquo;Use of Proceeds&rdquo; in the Registration Statement, the Disclosure Package
and the Prospectus.</P>

<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; text-indent: 0.5in">3.13&nbsp;<U>Delivery
of Earnings Statements to Security Holders</U>. The Company shall make generally available to its security holders as soon as practicable,
but not later than the first day of the fifteenth (15<SUP>th</SUP>) full calendar month following the date of this Agreement, an
earnings statement (which need not be certified by independent registered public accounting firm unless required by the Securities
Act or the Securities Act Regulations, but which shall satisfy the provisions of Rule 158(a) under Section 11(a) of the Securities
Act) covering a period of at least twelve (12) consecutive months beginning after the date of this Agreement.</P>

<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; text-indent: 0.5in">3.14&nbsp;<U>Stabilization</U>.
Neither the Company nor, to its knowledge, any of its employees, directors or shareholders (without the consent of the Representative)
has taken or shall take, directly or indirectly, any action designed to or that has constituted or that might reasonably be expected
to cause or result in, under Regulation M of the Exchange Act, or otherwise, stabilization or manipulation of the price of any
security of the Company to facilitate the sale or resale of the Public Securities.</P>

<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; text-indent: 0.5in"></P>

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<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; text-indent: 0.5in">3.15&nbsp;<U>Internal
Controls</U>. The Company shall maintain a system of internal accounting controls sufficient to provide reasonable assurances that:
(i) transactions are executed in accordance with management&rsquo;s general or specific authorization; (ii) transactions are recorded
as necessary in order to permit preparation of financial statements in accordance with GAAP and to maintain accountability for
assets; (iii) access to assets is permitted only in accordance with management&rsquo;s general or specific authorization; and (iv)
the recorded accountability for assets is compared with existing assets at reasonable intervals and appropriate action is taken
with respect to any differences.</P>

<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; text-indent: 0.5in">3.16&nbsp;<U>Accountants</U>.
As of the date of this Agreement, the Company shall continue to retain a nationally recognized independent registered public accounting
firm for a period of at least three (3) years after the date of this Agreement. The Representative acknowledges that Whitley Penn
LLP is acceptable to the Representative.</P>

<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; text-indent: 0.5in">3.17&nbsp;<U>FINRA</U>.
The Company shall advise the Representative (who shall make an appropriate filing with FINRA) if it is or becomes aware that (i)
any officer or director of the Company, (ii) any beneficial owner of 5% or more of any class of the Company's securities or (iii)
any beneficial owner of the Company's unregistered equity securities which were acquired during the 180 days immediately preceding
the filing of the Registration Statement is or becomes an affiliate or associated person of a FINRA member participating in the
Offering (as determined in accordance with the rules and regulations of FINRA).</P>

<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; text-indent: 0.5in">3.18&nbsp;<U>No
Fiduciary Duties</U>. The Company acknowledges and agrees that the Underwriters&rsquo; responsibility to the Company is solely
contractual in nature and that none of the Underwriters or their affiliates or any selling agent shall be deemed to be acting in
a fiduciary capacity, or otherwise owes any fiduciary duty to the Company or any of its affiliates in connection with the Offering
and the other transactions contemplated by this Agreement.</P>

<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; text-indent: 0.5in">3.19&nbsp;<U>Restriction
on Continuous Offerings</U>. Notwithstanding the restrictions contained in Section 3.18, the Company, on behalf of itself and any
successor entity, agrees that, without the prior written consent of the Representative, it will not, for a period of 12 months
after the date of this Agreement, directly or indirectly in any &ldquo;at-the-market&rdquo; or continuous equity transaction, offer
to sell, sell, contract to sell, grant any option to sell or otherwise dispose of shares of capital stock of the Company or any
securities convertible into or exercisable or exchangeable for shares of capital stock of the Company.</P>

<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; text-indent: 0.5in">3.20&nbsp;<U>Company
Lock-Up Agreements</U>. The Company, on behalf of itself and any successor entity, agrees that, without the prior written consent
of the Representative, it will not for a period of ninety (90) days after the date of this Agreement (the &ldquo;<B>Lock-Up Period</B>&rdquo;),
(i) offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant
any option, right or warrant to purchase, lend, or otherwise transfer or dispose of, directly or indirectly, any shares of capital
stock of the Company or any securities convertible into or exercisable or exchangeable for shares of capital stock of the Company;
(ii) file or cause to be filed any registration statement with the Commission relating to the offering of any shares of capital
stock of the Company or any securities convertible into or exercisable or exchangeable for shares of capital stock of the Company;
or (iii) complete any offering of debt securities of the Company, other than entering into a line of credit with a traditional
bank or (iv) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences
of ownership of capital stock of the Company, whether any such transaction described in clause (i), (ii), (iii) or (iv) above is
to be settled by delivery of shares of capital stock of the Company or such other securities, in cash or otherwise.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The restrictions contained
in this Section 3.20 shall not apply to (i) the Public Securities to be sold hereunder, (ii) the issuance by the Company of shares
of Common Stock upon the exercise of a stock option or warrant or the conversion of a security outstanding on the date hereof,
which is disclosed in the Registration Statement, Disclosure Package and Prospectus, (iii) the issuance by the Company of stock
options, shares of capital stock of the Company or other awards under any equity compensation plan of the Company, provided that
in each of (ii) and (iii) above, the underlying shares shall be restricted from sale during the entire Lock-Up Period.</P>

<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; text-indent: 0.5in"></P>

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<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; text-indent: 0.5in">3.21&nbsp;<U>Release
of D&amp;O Lock-up Period</U>. If the Representative, in its sole discretion, agrees to release or waive the restrictions set forth
in the Lock-Up Agreements described in Section 2.26 hereof for an officer or director of the Company and provide the Company with
notice of the impending release or waiver at least three (3) Business Days before the effective date of the release or waiver,
the Company agrees to announce the impending release or waiver by a press release substantially in the form of <U>Exhibit B</U>
hereto through a major news service at least two (2) Business Days before the effective date of the release or waiver.</P>

<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; text-indent: 0.5in">3.22&nbsp;<U>Blue
Sky Qualifications</U>. The Company shall use its best efforts, in cooperation with the Underwriters, if necessary, to qualify
the Public Securities for offering and sale under the applicable securities laws of such states and other jurisdictions (domestic
or foreign) as the Representative may designate and to maintain such qualifications in effect so long as required to complete the
distribution of the Public Securities; <I>provided</I>, <I>however</I>, that the Company shall not be obligated to file any general
consent to service of process or to qualify as a foreign corporation or as a dealer in securities in any jurisdiction in which
it is not so qualified or to subject itself to taxation in respect of doing business in any jurisdiction in which it is not otherwise
so subject.</P>

<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; text-indent: 0.5in">3.23&nbsp;<U>Reporting
Requirements</U>. The Company, during the period when a prospectus relating to the Public Securities is (or, but for the exception
afforded by Rule 172, would be) required to be delivered under the Securities Act, will file all documents required to be filed
with the Commission pursuant to the Exchange Act within the time periods required by the Exchange Act and Exchange Act Regulations.
Additionally, the Company shall report the use of proceeds from the issuance of the Public Securities as may be required under
Rule 463 under the Securities Act Regulations.</P>

<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; text-indent: 0.5in">3.24&nbsp;<U>Press
Releases</U>. Prior to the Closing Date and any Option Closing Date, the Company shall not issue any press release or other communication
directly or indirectly or hold any press conference with respect to the Company, its condition, financial or otherwise, or earnings,
business affairs or business prospects (except for routine oral marketing communications in the ordinary course of business and
consistent with the past practices of the Company and of which the Representative is notified), without the prior written consent
of the Representative, which consent shall not be unreasonably withheld, unless in the judgment of the Company and its counsel,
and after notification to the Representative, such press release or communication is required by law.</P>

<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; text-indent: 0.5in">3.25&nbsp;<U>Sarbanes-Oxley</U>.
Except as disclosed in the Registration Statement, the Disclosure Package and the Prospectus, the Company shall at all times comply
with all applicable provisions of the Sarbanes-Oxley Act in effect from time to time.</P>

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

<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; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-transform: uppercase">4.&nbsp;</FONT><U>Conditions
of Underwriters&rsquo; Obligations</U>. The obligations of the Underwriters to purchase and pay for the Public Securities, as provided
herein, shall be subject to (i) the continuing accuracy of the representations and warranties of the Company as of the date hereof
and as of each of the Closing Date and the Option Closing Date, if any; (ii) the accuracy of the statements of officers of the
Company made pursuant to the provisions hereof; (iii) the performance by the Company of its obligations hereunder; and (iv) the
following conditions:</P>

<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; text-indent: 0.5in">4.1&nbsp;<U>Regulatory
Matters</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">4.1.1&nbsp;<U>Effectiveness
of Registration Statement; Rule 430A Information</U>. The Registration Statement has become effective not later than 5:00 p.m.,
Eastern time, on the Effective Date or such later date and time as shall be consented to in writing by the Representative, and,
at each of the Closing Date and any Option Closing Date, no stop order suspending the effectiveness of the Registration Statement
or any post-effective amendment thereto has been issued under the Securities Act, no order preventing or suspending the use of
any Preliminary Prospectus or the Prospectus has been issued and no proceedings for any of those purposes have been instituted
or are pending or, to the Company&rsquo;s knowledge, contemplated by the Commission. The Company has complied with each request
(if any) from the Commission for additional information. The Prospectus containing the Rule 430A Information shall have been filed
with the Commission in the manner and within the time frame required by Rule 424(b) (without reliance on Rule 424(b)(8)) or a post-effective
amendment providing such information shall have been filed with, and declared effective by, the Commission in accordance with the
requirements of Rule 430A.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">4.1.2&nbsp;<U>FINRA
Clearance</U>. On or before the date of this Agreement, the Representative shall have received clearance from FINRA as to the amount
of compensation allowable or payable to the Underwriters as described in the Registration Statement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">4.1.3&nbsp;<U>Exchange<B>&nbsp;</B>Clearance</U>.
On the Closing Date, the Company&rsquo;s shares of Common Stock, including the Firm Securities, the Preferred Conversion
Shares, and the Options Shares) shall have been
approved for listing on the Exchange, subject only to official notice of issuance.</P>

<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; text-indent: 0.5in">4.2&nbsp;<U>Company
Counsel Matters</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">4.2.1&nbsp;<U>Closing
Date Opinion of Counsel</U>. On the Closing Date, the Representative shall have received the favorable opinion of Gracin&amp;
Marlow, LLP, counsel to the Company, and a written statement providing certain &ldquo;10b-5&rdquo; negative assurances, dated
the Closing Date and addressed to the Representative, in form and substance reasonably satisfactory to the Representative.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">4.2.2&nbsp;<U>Option
Closing Date Opinion of Counsel</U>. On the Option Closing Date, if any, the Representative shall have received the favorable
opinion of Gracin&amp; Marlow, LLP, counsel to the Company, and a written statement providing certain &ldquo;10b-5&rdquo; negative
assurances, dated the Closing Date and addressed to the Representative, in form and substance reasonably satisfactory to the Representative.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">4.2.3&nbsp;<U>Reliance</U>.
In rendering such opinions, such counsel may rely: (i) as to matters involving the application of laws other than the laws of the
United States and jurisdictions in which they are admitted, to the extent such counsel deems proper and to the extent specified
in such opinion, if at all, upon an opinion or opinions (in form and substance reasonably satisfactory to the Representative) of
other counsel reasonably acceptable to the Representative, familiar with the applicable laws; and (ii) as to matters of fact, to
the extent they deem proper, on certificates or other written statements of officers of the Company and officers of departments
of various jurisdictions having custody of documents respecting the corporate existence or good standing of the Company; <I>provided</I>
that copies of any such statements or certificates shall be delivered to Representative Counsel if requested. The opinions of Gracin&amp;
Marlow, LLP, and any opinion relied upon by Gracin&amp; Marlow, LLP, shall include a statement to the effect that it may be relied
upon by Representative Counsel in its opinion delivered to the Underwriters.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">4.2.4&nbsp;<U>Certificate
of Designation</U>. On or prior to the Closing Date, the Representative shall have received evidence of the filing and acceptance
of the Certificate of Designation of the Preferred Stock from the Secretary of State of the State of Delaware.</P>

<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; text-indent: 0.5in"></P>

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<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; text-indent: 0.5in">4.3&nbsp;<U>Comfort
Letters</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">4.3.1&nbsp;<U>Cold
Comfort Letter</U>. At the time this Agreement is executed you shall have received cold comfort letters from each of the Auditors
containing statements and information of the type customarily included in accountants&rsquo; comfort letters with respect to the
financial statements and certain financial information contained or incorporated or deemed incorporated by reference in the Registration
Statement, the Disclosure Package and the Prospectus, addressed to the Representative and in form and substance satisfactory in
all respects to you and to the Auditors,<B>&nbsp;</B>dated as of the date of this Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">4.3.2&nbsp;<U>Bring-down
Comfort Letter</U>. At each of the Closing Date and the Option Closing Date, if any, the Representative shall have received from
the Auditor letters, dated as of the Closing Date or the Option Closing Date, as applicable, to the effect that the Auditor each
reaffirm the statements made in their letters furnished pursuant to Section 4.3.1, except that the specified date referred to shall
be a date not more than three (3) business days prior to the Closing Date or the Option Closing Date, as applicable.</P>

<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; text-indent: 0.5in">4.4&nbsp;<U>Officers&rsquo;
Certificates</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">4.4.1&nbsp;<U>Officers&rsquo;
Certificate</U>. The Company shall have furnished to the Representative a certificate, dated the Closing Date and any Option Closing
Date (if such date is other than the Closing Date), of its Chief Executive Officer and its Chief Financial Officer stating that
(i) such officers have carefully examined the Registration Statement, the Disclosure Package, any Issuer Free Writing Prospectus
and the Prospectus and, in their opinion, the Registration Statement and each amendment thereto, as of the Applicable Time and
as of the Closing Date (or any Option Closing Date if such date is other than the Closing Date) did not include any untrue statement
of a material fact and did not omit to state a material fact required to be stated therein or necessary to make the statements
therein not misleading, and the Disclosure Package, as of the Applicable Time and as of the Closing Date (or any Option Closing
Date if such date is other than the Closing Date), any Issuer Free Writing Prospectus as of its date and as of the Closing Date
(or any Option Closing Date if such date is other than the Closing Date), and the Prospectus and each amendment or supplement thereto,
as of the respective date thereof and as of the Closing Date, did not include any untrue statement of a material fact and did not
omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances in which they
were made, not misleading, (ii) since the initial effective date of the Registration Statement, no event has occurred which should
have been set forth in a supplement or amendment to the Registration Statement, the Disclosure Package or the Prospectus, (iii)
to the best of their knowledge after reasonable investigation, as of the Closing Date (or any Option Closing Date if such date
is other than the Closing Date), the representations and warranties of the Company in this Agreement are true and correct and the
Company has complied with all agreements and satisfied all conditions on its part to be performed or satisfied hereunder at or
prior to the Closing Date (or any Option Closing Date if such date is other than the Closing Date), and (iv) there has not been,
subsequent to the date of the most recent audited financial statements included or incorporated by reference in the Disclosure
Package, any material adverse change in the financial position or results of operations of the Company, or any change or development
that, singularly or in the aggregate, would involve a Material Adverse Change and (v) all correspondence between the Company or
its counsel and the Commission are accurate and complete.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">4.4.2&nbsp;<U>Secretary&rsquo;s
Certificate</U>. At each of the Closing Date and the Option Closing Date, if any, the Representative shall have received a certificate
of the Company signed by the Secretary of the Company, dated the Closing Date or the Option Date, as the case may be, respectively,
certifying: (i) that each of the Charter<B>&nbsp;</B>and Bylaws<B>&nbsp;</B>is true and complete, has not been modified and is
in full force and effect; (ii) that the resolutions of the Company&rsquo;s Board of Directors relating to the Offering are in full
force and effect and have not been modified; (iii) as to the incumbency of the officers of the Company. The documents referred
to in such certificate shall be attached to such certificate.</P>

<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; text-indent: 0.5in"></P>

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<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; text-indent: 0.5in">4.5&nbsp;<U>No
Material Changes</U>. Prior to and on each of the Closing Date and each Option Closing Date, if any: (i) there shall have been
no material adverse change or development involving a prospective material adverse change in the condition or prospects or the
business activities, financial or otherwise, of the Company from the latest dates as of which such condition is set forth in the
Registration Statement and no change in the capital stock or debt of the Company, the Disclosure Package and the Prospectus; (ii)
no action, suit or proceeding, at law or in equity, shall have been pending or threatened against the Company or any Insider before
or by any court or federal or state commission, board or other administrative agency wherein an unfavorable decision, ruling or
finding may materially adversely affect the business, operations, properties, assets, prospects or financial condition or income
of the Company, except as set forth in the Registration Statement, the Disclosure Package and the Prospectus; (iii) no stop order
shall have been issued under the Securities Act and no proceedings therefor shall have been initiated or threatened by the Commission;
(iv) no action shall have been taken and no law, statute, rule, regulation or order shall have been enacted, adopted or issued
by any Governmental Entity which would prevent the issuance or sale of the Public Securities or materially and adversely affect
or potentially materially and adversely affect the business or operations of the Company; (v) no injunction, restraining order
or order of any other nature by any federal or state court of competent jurisdiction shall have been issued which would prevent
the issuance or sale of the Public Securities or materially and adversely affect or potentially materially and adversely affect
the business or operations of the Company; and (vi) the Registration Statement, the Disclosure Package and the Prospectus and any
amendments or supplements thereto shall contain all material statements which are required to be stated therein in accordance with
the Securities Act and the Securities Act Regulations and shall conform in all material respects to the requirements of the Securities
Act and the Securities Act Regulations, and neither the Registration Statement, the Disclosure Package, the Prospectus nor any
amendment or supplement thereto shall contain any untrue statement of a material fact or omit to state any material fact required
to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made,
not misleading.</P>

<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; text-indent: 0.5in">4.6&nbsp;<U>Corporate
Proceedings</U>. All corporate proceedings and other legal matters incident to the authorization, form and validity of each of
this Agreement, the Public Securities, the Registration Statement, the Disclosure Package and the Prospectus and all other legal
matters relating to this Agreement and the transactions contemplated hereby and thereby shall be reasonably satisfactory in all
material respects to counsel for the Underwriters, and the Company shall have furnished to such counsel all documents and information
that they may reasonably request to enable them to pass upon such matters.</P>



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

<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; text-indent: 0.5in">4.7&nbsp;<U>Delivery
of Agreements</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">4.7.1&nbsp;<U>Lock-Up
Agreements</U>. On or before the date of this Agreement, the Company shall have delivered to the Representative executed copies
of the Lock-Up Agreements from each of the persons listed in <U>Schedule 3</U> hereto.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">4.7.2 <U>Intentionally
Omitted</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"></P>

<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; text-indent: 0.5in">4.8&nbsp;<U>Additional
Documents</U>. At the Closing Date and at each Option Closing Date (if any) Representative Counsel shall have been furnished with
such documents and opinions as they may require for the purpose of enabling Representative Counsel to deliver an opinion to the
Underwriters, or in order to evidence the accuracy of any of the representations or warranties, or the fulfillment of any of the
conditions, herein contained; and all proceedings taken by the Company in connection with the issuance and sale of the Public Securities
as herein contemplated shall be satisfactory in form and substance to the Representative and Representative Counsel.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="text-transform: uppercase">5.&nbsp;</FONT><U>Indemnification</U>.</P>

<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; text-indent: 0.5in">5.1&nbsp;<U>Indemnification
of the Underwriters.</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">5.1.1&nbsp;<U>General</U>.
Subject to the conditions set forth below, the Company agrees to indemnify and hold harmless each Underwriter, its affiliates and
each of its and their respective directors, officers, members, employees, representatives, partners, shareholders, affiliates,
counsel and agents and each person, if any, who controls any such Underwriter within the meaning of Section 15 of the Securities
Act or Section 20 of the Exchange Act (collectively the &ldquo;<B>Underwriter Indemnified Parties</B>,&rdquo; and each an &ldquo;<B>Underwriter
Indemnified Party</B>&rdquo;), against any and all loss, liability, claim, damage and expense whatsoever (including but not limited
to any and all legal or other expenses reasonably incurred in investigating, preparing or defending against any litigation, commenced
or threatened, or any claim whatsoever, whether arising out of any action between any of the Underwriter Indemnified Parties and
the Company or between any of the Underwriter Indemnified Parties and any third party, or otherwise) to which they or any of them
may become subject under the Securities Act, the Exchange Act or any other statute or at common law or otherwise or under the laws
of foreign countries (a &ldquo;<B>Claim</B>&rdquo;), arising out of or based upon any untrue statement or alleged untrue statement
of a material fact contained in (i) the Registration Statement, the Disclosure Package, the Preliminary Prospectus, the Prospectus
or any Issuer Free Writing Prospectus or in any Written Testing-the-Waters Communication (as from time to time each may be amended
and supplemented); (ii) any materials or information provided to investors by, or with the approval of, the Company in connection
with the marketing of the Offering, including any &ldquo;road show&rdquo; or investor presentations made to investors by the Company
(whether in person or electronically); (iii) any application or other document or written communication (in this Section 5, collectively
called &ldquo;<B>application</B>&rdquo;) executed by the Company or based upon written information furnished by the Company in
any jurisdiction in order to qualify the Public Securities under the securities laws thereof or filed with the Commission, any
state securities commission or agency, the Exchange or any other national securities exchange; or the omission or alleged omission
therefrom of a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances
under which they were made, not misleading, unless such statement or omission was made in reliance upon, and in conformity with,
the Underwriters&rsquo; Information, or (iv) otherwise arising in connection with or allegedly in connection with the Offering.
The Company also agrees that it will reimburse each Underwriter Indemnified Party for all fees and expenses (including but not
limited to any and all legal or other expenses reasonably incurred in investigating, preparing or defending against any litigation,
commenced or threatened, or any claim whatsoever, whether arising out of any action between any of the Underwriter Indemnified
Parties and the Company or between any of the Underwriter Indemnified Parties and any third party, or otherwise) (collectively,
the &ldquo;Expenses&rdquo;), and further agrees wherever and whenever possible to advance payment of Expenses as they are incurred
by an Underwriter Indemnified Party in investigating, preparing, pursuing or defending any Claim.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">5.1.2&nbsp;<U>Procedure</U>.
If any action is brought against an Underwriter Indemnified Party in respect of which indemnity may be sought against the Company
pursuant to Section 5.1.1, such Underwriter Indemnified Party shall promptly notify the Company in writing of the institution of
such action and the Company shall assume the defense of such action, including the employment and fees of counsel (subject to the
approval of such Underwriter Indemnified Party) and payment of actual expenses if an Underwriter Indemnified Party requests that
the Company do so. Such Underwriter Indemnified Party shall have the right to employ its or their own counsel in any such case,
but the fees and expenses of such counsel shall be at the expense of the Company, and shall be advanced by the Company.
The Company shall not be liable for any settlement of any action effected without its consent (which shall not be unreasonably
withheld). In addition, the Company shall not, without the prior written consent of the Underwriters, settle, compromise or consent
to the entry of any judgment in or otherwise seek to terminate any pending or threatened action in respect of which advancement,
reimbursement, indemnification or contribution may be sought hereunder (whether or not such Underwriter Indemnified Party is a
party thereto) unless such settlement, compromise, consent or termination (i) includes an unconditional release of each Underwriter
Indemnified Party, acceptable to such Underwriter Indemnified Party, from all liabilities, expenses and claims arising out of such
action for which indemnification or contribution may be sought and (ii) does not include a statement as to or an admission of fault,
culpability or a failure to act, by or on behalf of any Underwriter Indemnified Party.</P>

<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; text-indent: 0.5in"></P>

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<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; text-indent: 0.5in">5.2&nbsp;<U>Indemnification
of the Company</U>. Each Underwriter, severally and not jointly, agrees to indemnify and hold harmless the Company, its directors,
its officers who signed the Registration Statement and persons who control the Company within the meaning of Section 15 of the
Securities Act or Section 20 of the Exchange Act against any and all loss, liability, claim, damage and expense described in the
foregoing indemnity from the Company to the several Underwriters, as incurred, but only with respect to untrue statements or omissions
made in the Registration Statement, any Preliminary Prospectus, the Disclosure Package or Prospectus or any amendment or supplement
thereto or in any application, in reliance upon, and in strict conformity with, the Underwriters&rsquo; Information. In case any
action shall be brought against the Company or any other person so indemnified based on any Preliminary Prospectus, the Registration
Statement, the Disclosure Package or Prospectus or any amendment or supplement thereto or any application, and in respect of which
indemnity may be sought against any Underwriter, such Underwriter shall have the rights and duties given to the Company, and the
Company and each other person so indemnified shall have the rights and duties given to the several Underwriters by the provisions
of Section 5.1.2. The Company agrees promptly to notify the Representative of the commencement of any litigation or proceedings
against the Company or any of its officers, directors or any person, if any, who controls the Company within the meaning of Section
15 of the Securities Act or Section 20 of the Exchange Act, in connection with the issuance and sale of the Public Securities or
in connection with the Registration Statement, the Disclosure Package, the Prospectus or any Issuer Free Writing Prospectus or
any Written Testing-the-Waters Communication.</P>

<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; text-indent: 0.5in">5.3&nbsp;<U>Contribution</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">5.3.1&nbsp;<U>Contribution
Rights</U>. If the indemnification provided for in this Section 5 shall for any reason be unavailable to or insufficient to hold
harmless an indemnified party under Section 5.1 or 5.2 in respect of any loss, claim, damage or liability, or any action in respect
thereof, referred to therein, then each indemnifying party shall, in lieu of indemnifying such indemnified party, contribute to
the amount paid or payable by such indemnified party as a result of such loss, claim, damage or liability, or action in respect
thereof, (i) in such proportion as shall be appropriate to reflect the relative benefits received by the Company, on the one hand,
and the Underwriters, on the other, from the Offering of the Public Securities, or (ii) if the allocation provided by clause (i)
above is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred
to in clause (i) above but also the relative fault of the Company, on the one hand, and the Underwriters, on the other, with respect
to the statements or omissions that resulted in such loss, claim, damage or liability, or action in respect thereof, as well as
any other relevant equitable considerations. The relative benefits received by the Company, on the one hand, and the Underwriters,
on the other, with respect to such Offering shall be deemed to be in the same proportion as the total net proceeds from the Offering
of the Public Securities purchased under this Agreement (before deducting expenses) received by the Company, as set forth in the
table on the cover page of the Prospectus, on the one hand, and the total underwriting discounts and commissions received by the
Underwriters with respect to the shares of the Common Stock purchased under this Agreement, as set forth in the table on the cover
page of the Prospectus, on the other hand. The relative fault shall be determined by reference to whether the untrue or alleged
untrue statement of a material fact or omission or alleged omission to state a material fact relates to information supplied by
the Company or the Underwriters, the intent of the parties and their relative knowledge, access to information and opportunity
to correct or prevent such statement or omission. The Company and the Underwriters agree that it would not be just and equitable
if contributions pursuant to this Section 5.3.1 were to be determined by pro rata allocation (even if the Underwriters were treated
as one entity for such purpose) or by any other method of allocation that does not take into account the equitable considerations
referred to herein. The amount paid or payable by an indemnified party as a result of the loss, claim, damage or liability, or
action in respect thereof, referred to above in this Section 5.3.1 shall be deemed to include, for purposes of this Section 5.3.1,
any legal or other expenses reasonably incurred by such indemnified party in connection with investigating or defending any such
action or claim. Notwithstanding the provisions of this Section 5.3.1 in no event shall an Underwriter be required to contribute
any amount in excess of the amount by which the total underwriting discounts and commissions received by such Underwriter with
respect to the Offering of the Public Securities exceeds the amount of any damages that such Underwriter has otherwise been required
to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. No person guilty of fraudulent misrepresentation
(within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty
of such fraudulent misrepresentation.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">5.3.2&nbsp;<U>Contribution
Procedure</U>. Within fifteen (15) days after receipt by any party to this Agreement (or its representative) of notice of the commencement
of any action, suit or proceeding, such party will, if a claim for contribution in respect thereof is to be made against another
party (&ldquo;contributing party&rdquo;), notify the contributing party of the commencement thereof, but the failure to so notify
the contributing party will not relieve it from any liability which it may have to any other party other than for contribution
hereunder. In case any such action, suit or proceeding is brought against any party, and such party notifies a contributing party
or its representative of the commencement thereof within the aforesaid 15 days, the contributing party will be entitled to participate
therein with the notifying party and any other contributing party similarly notified. Any such contributing party shall not be
liable to any party seeking contribution on account of any settlement of any claim, action or proceeding affected by such party
seeking contribution on account of any settlement of any claim, action or proceeding affected by such party seeking contribution
without the written consent of such contributing party. The contribution provisions contained in this Section 5.3.2 are intended
to supersede, to the extent permitted by law, any right to contribution under the Securities Act, the Exchange Act or otherwise
available. Each Underwriter&rsquo;s obligations to contribute pursuant to this Section 5.3 are several and not joint.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="text-transform: uppercase">6.&nbsp;</FONT><U>Default
by an Underwriter</U>.</P>

<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; text-indent: 0.5in">6.1&nbsp;<U>Default
Not Exceeding 10% of Firm Securities or Option Shares</U>. If any Underwriter or Underwriters shall default in its or their obligations
to purchase the Firm Securities or the Option Shares, if the Over-allotment Option is exercised hereunder, and if the number of
the Firm Securities or Option Shares with respect to which such default relates does not exceed in the aggregate 10% of the number
of Firm Securities or Option Shares that all Underwriters have agreed to purchase hereunder, then such Firm Securities or Option
Shares to which the default relates shall be purchased by the non-defaulting Underwriters in proportion to their respective commitments
hereunder.</P>

<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; text-indent: 0.5in">6.2&nbsp;<U>Default
Exceeding 10% of Firm Securities or Option Shares</U>. In the event that the default addressed in <U>Section 6.1</U> relates to
more than 10% of the Firm Securities or Option Shares, you may in your discretion arrange for yourself or for another party or
parties to purchase such Firm Securities or Option Shares to which such default relates on the terms contained herein. If, within
one (1) Business Day after such default relating to more than 10% of the Firm Securities or Option Shares, you do not arrange for
the purchase of such Firm Securities or Option Shares, then the Company shall be entitled to a further period of one (1) Business
Day within which to procure another party or parties satisfactory to you to purchase said Firm Securities or Option Shares on such
terms. In the event that neither you nor the Company arrange for the purchase of the Firm Securities or Option Shares to which
a default relates as provided in this Section 6, this Agreement will automatically be terminated by you or the Company without
liability on the part of the Company (except as provided in <U>Section 3.9</U> and <U>Section 5</U> hereof) or the several Underwriters
(except as provided in <U>Section 5</U> hereof); <I>provided</I>, <I>however</I>, that if such default occurs with respect to the
Option Shares, this Agreement will not terminate as to the Firm Securities; and <I>provided</I>, <I>further</I>, that nothing herein
shall relieve a defaulting Underwriter of its liability, if any, to the other Underwriters and to the Company for damages occasioned
by its default hereunder.</P>

<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; text-indent: 0.5in"></P>

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<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; text-indent: 0.5in">6.3&nbsp;<U>Postponement
of Closing Date</U>. In the event that the Firm Securities or Option Shares to which the default relates are to be purchased by
the non-defaulting Underwriters, or are to be purchased by another party or parties as aforesaid, you or the Company shall have
the right to postpone the Closing Date or Option Closing Date (if any) for a reasonable period, but not in any event exceeding
five (5) Business Days, in order to effect whatever changes may thereby be made necessary in the Registration Statement, the Disclosure
Package or the Prospectus or in any other documents and arrangements, and the Company agrees to file promptly any amendment to
the Registration Statement, the Disclosure Package or the Prospectus that in the opinion of counsel for the Underwriter may thereby
be made necessary. The term &ldquo;<B>Underwriter</B>&rdquo; as used in this Agreement shall include any party substituted under
this Section 6 with like effect as if it had originally been a party to this Agreement with respect to such shares of Common Stock.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="text-transform: uppercase">7.&nbsp;</FONT><U>Additional
Covenants</U>.</P>

<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; text-indent: 0.5in">7.1&nbsp;<U>Board
Composition and Board Designations</U>. The Company shall ensure that: (i) the qualifications of the persons serving as members
of the Board of Directors and the overall composition of the Board comply with the Sarbanes-Oxley Act, with the Exchange Act and
with the listing rules of the Exchange or any other national securities exchange, as the case may be, in the event the Company
seeks to have any of its securities listed on another exchange or quoted on an automated quotation system, and (ii) if applicable,
at least one member of the Audit Committee of the Board of Directors qualifies as an &ldquo;audit committee financial expert,&rdquo;
as such term is defined under Regulation S-K and the listing rules of the Exchange.</P>

<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; text-indent: 0.5in">7.2&nbsp;<U>Prohibition
on Press Releases and Public Announcements</U>. The Company shall not issue press releases or engage in any other publicity, without
the Representative&rsquo;s prior written consent, for a period ending at 5:00 p.m., Eastern time, on the first (1<SUP>st</SUP>)
Business Day following the fortieth (40<SUP>th</SUP>) day after the Closing Date, other than normal and customary releases issued
in the ordinary course of the Company&rsquo;s business.</P>

<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; text-indent: 0.5in"><U STYLE="text-decoration: none">7</U>.3.&#9;<U>Right
of First Refusal</U>. Provided that the Firm Securities are sold in accordance with the terms of this Agreement, commencing on
May 11, 2020 (the &ldquo;<B>Commencement Date</B>&rdquo;), the Representative shall have a right of first refusal (the &ldquo;<B>Right
of First Refusal</B>&rdquo;), for a period of twelve (12) months after the Commencement Date, to act as sole and exclusive investment
banker, sole and exclusive book-runner, sole and exclusive financial advisor, sole and exclusive underwriter and/or sole and exclusive
placement agent, at the Representative&rsquo;s sole and exclusive discretion, for each and every future public equity and debt
offerings, including all equity linked financings (each, a &ldquo;<B>Subject Transaction</B>&rdquo;), during such twelve (12) month
period, of the Company, or any successor to or Subsidiary of the Company, on terms and conditions customary to the Representative
for such Subject Transactions. For the avoidance of any doubt, the Company shall not retain, engage or solicit any additional investment
banker, book-runner, financial advisor, underwriter and/or placement agent in a Subject Transaction without the express written
consent of the Representative. The Representative shall have the sole right to determine whether or not any other broker dealer
shall have the right to participate in any Subject Transaction in which it exercises its right of first refusal and the economic
terms of any such participation.</P>

<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; text-indent: 0.5in"></P>

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    <!-- Field: /Page -->

<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; text-indent: 1in">The
Company shall notify the Representative of its intention to pursue a Subject Transaction, including the material terms thereof,
by providing written notice thereof by registered mail or overnight courier service addressed to the Representative. If the Representative
fails to exercise its Right of First Refusal with respect to any Subject Transaction within ten (10) Business Days after the mailing
of such written notice, then the Representative shall have no further claim or right with respect to the Subject Transaction. The
Representative may elect, in its sole and absolute discretion, not to exercise its Right of First Refusal with respect to any Subject
Transaction; provided that any such election by the Representative shall not adversely affect the Representative&rsquo;s Right
of First Refusal with respect to any other Subject Transaction during the twelve (12) month period agreed to above.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt">7.4 <U>Stock
Options and Restricted Stock Units</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">7.4.1
Notwithstanding anything to the contrary contained herein, until the Company effects a reverse stock split the Company shall
not issue any shares of Common Stock with respect to new equity awards that may be granted under the Company&rsquo;s equity
incentive plans.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">7.4.2 The
Company shall cause the holders of any stock options and restricted stock units (&ldquo;<B>RSUs</B>&rdquo;) listed on <U>Schedule
7.4.2</U> hereto to agree that no shares of Common Stock shall be issued by the Company with respect to any such stock options
or RSUs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"></P>



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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="text-transform: uppercase">8.&nbsp;</FONT><U>Effective
Date of this Agreement and Termination Thereof</U>.</P>

<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; text-indent: 0.5in">8.1&nbsp;<U>Effective
Date</U>. This Agreement shall become effective when both the Company and the Representative have executed the same and delivered
counterparts of such signatures to the other party.</P>

<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; text-indent: 0.5in">8.2&nbsp;<U>Termination</U>.
The Representative shall have the right to terminate this Agreement at any time prior to any Closing Date, (i) if any domestic
or international event or act or occurrence has materially disrupted, or in your opinion will in the immediate future materially
disrupt, general securities markets in the United States; or (ii) if trading on the New York Stock Exchange or the Nasdaq Stock
Market LLC shall have been suspended or materially limited, or minimum or maximum prices for trading shall have been fixed, or
maximum ranges for prices for securities shall have been required by FINRA or by order of the Commission or any other government
authority having jurisdiction; or (iii) if the United States shall have become involved in a new war or an increase in major hostilities;
or (iv) if a banking moratorium has been declared by a New York State or federal authority; or (v) if a moratorium on foreign exchange
trading has been declared which materially adversely impacts the United States securities markets; or (vi) if the Company shall
have sustained a material loss by fire, flood, accident, hurricane, earthquake, theft, sabotage or other calamity or malicious
act which, whether or not such loss shall have been insured, will, in your opinion, make it inadvisable to proceed with the delivery
of the Firm Securities or Options Shares; or (vii) if the Company is in material breach of any of its representations, warranties
or covenants hereunder; or (viii) if the Representative shall have become aware after the date hereof of such a material adverse
change in the conditions or prospects of the Company, or such adverse material change in general market conditions as in the Representative&rsquo;s
judgment would make it impracticable to proceed with the offering, sale and/or delivery of the Public Securities or to enforce
contracts made by the Underwriters for the sale of the Public Securities.</P>

<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; text-indent: 0.5in">8.3&nbsp;<U>Expenses</U>.
Notwithstanding anything to the contrary in this Agreement, in the event that this Agreement shall be terminated by the Company
for any reason whatsoever, pursuant to the terms herein, the Company shall be obligated to pay to the Underwriters their actual
and accountable out-of-pocket expenses related to the transactions contemplated herein then due and payable (including the fees
and disbursements of Representative&rsquo;s Counsel) up to $40,000, and upon demand the Company shall pay the full amount thereof
to the Representative on behalf of the Underwriters; provided, however, that such expense cap in no way limits or impairs the indemnification
and contribution provisions of this Agreement. Notwithstanding the foregoing, any advance received by the Representative will be
reimbursed to the Company to the extent not actually incurred in compliance with FINRA Rule 5110(f)(2)(C).</P>

<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; text-indent: 0.5in">8.4&nbsp;<U>Survival
of Indemnification</U>. Notwithstanding any contrary provision contained in this Agreement, any election hereunder or any termination
of this Agreement, and whether or not this Agreement is otherwise carried out, the provisions of Section 5 shall remain in full
force and effect and shall not be in any way affected by, such election or termination or failure to carry out the terms of this
Agreement or any part hereof.</P>

<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; text-indent: 0.5in">8.5&nbsp;<U>Representations,
Warranties, Agreements to Survive</U>. All representations, warranties and agreements contained in this Agreement or in certificates
of officers of the Company submitted pursuant hereto, shall remain operative and in full force and effect regardless of (i) any
investigation made by or on behalf of any Underwriter or its Affiliates or selling agents, any person controlling any Underwriter,
its officers or directors or any person controlling the Company or (ii) delivery of and payment for the Public Securities.</P>

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

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

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="text-transform: uppercase">9.&nbsp;</FONT><U>Miscellaneous</U>.</P>

<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; text-indent: 0.5in">9.1&nbsp;<U>Notices</U>.
All communications hereunder, except as herein otherwise specifically provided, shall be in writing and shall be mailed (registered
or certified mail, return receipt requested), personally delivered or sent by e-mail or facsimile transmission and confirmed and
shall be deemed given when so delivered, e-mailed or faxed and confirmed or if mailed, two (2) days after such mailing.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">If to the Representative:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">ThinkEquity, a division of Fordham Financial Management,
Inc.<BR>
17 State Street, 22<SUP>nd</SUP> Floor<BR>
New York, New York 10004<BR>
Attention: Mr. Eric Lord, Head of Investment Banking</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt; text-indent: 13pt">E-mail: el@think-equity.com</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">with a copy (which shall not constitute notice) to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.1pt"><BR>
Ellenoff Grossman &amp; Schole LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.1pt">1345 Avenue of the Americas, 11<SUP>th</SUP> Floor</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.1pt">New York, New York 10105</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.1pt">Attn: Barry I. Grossman, Esq.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.1pt">Email: bigrossman@egsllp.com</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">If to the Company:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">SG Blocks, Inc.<BR>
195 Montague Street, 14th Floor<BR>
Brooklyn, NY 11201</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Attention: Paul M. Galvin</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Email: pgalvin@sgblocks.com</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">with a copy (which shall not constitute notice) to:</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">405 Lexington Avenue,
26th Floor</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">New York, New York
10174</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Attention:
Leslie Marlow, Esq. or Patrick J. Egan, Esq.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Fax No: (212) 208-4657</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">E-mail: lmarlow@gracinmarlow.com
or pegan@gracinmarlow.com</P>

<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; text-indent: 0.5in"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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; text-indent: 0.5in">9.2&nbsp;<U>Research
Analyst Independence</U>. The Company acknowledges that each Underwriter&rsquo;s research analysts and research departments are
required to be independent from its investment banking division and are subject to certain regulations and internal policies, and
that such Underwriter&rsquo;s research analysts may hold views and make statements or investment recommendations and/or publish
research reports with respect to the Company and/or the Offering that differ from the views of their investment banking division.
The Company acknowledges that each Underwriter is a full service securities firm and as such from time to time, subject to applicable
securities laws, rules and regulations, may effect transactions for its own account or the account of its customers and hold long
or short positions in debt or equity securities of the Company; <I>provided</I>, <I>however</I>, that nothing in this Section 9.2
shall relieve the Underwriter of any responsibility or liability it may otherwise bear in connection with activities in violation
of applicable securities laws, rules or regulations.</P>

<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; text-indent: 0.5in">9.3&nbsp;<U>Headings</U>.
The headings contained herein are for the sole purpose of convenience of reference, and shall not in any way limit or affect the
meaning or interpretation of any of the terms or provisions of this Agreement.</P>

<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; text-indent: 0.5in">9.4&nbsp;<U>Amendment</U>.
This Agreement may only be amended by a written instrument executed by each of the parties hereto.</P>

<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; text-indent: 0.5in">9.5&nbsp;<U>Entire
Agreement</U>. This Agreement (together with the other agreements and documents being delivered pursuant to or in connection with
this Agreement) constitutes the entire agreement of the parties hereto with respect to the subject matter hereof and thereof, and
supersedes all prior agreements and understandings of the parties, oral and written, with respect to the subject matter hereof.
Notwithstanding anything to the contrary set forth herein, it is understood and agreed by the parties hereto that all other terms
and conditions of that certain engagement letter between the Company and ThinkEquity, a division of Fordham Financial Management,
Inc., dated [_______], 2019, shall remain in full force and effect.</P>

<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; text-indent: 0.5in">9.6&nbsp;<U>Binding
Effect</U>. This Agreement shall inure solely to the benefit of and shall be binding upon the Representative, the Underwriters,
the Company and the controlling persons, directors and officers referred to in Section 5 hereof, and their respective successors,
legal representatives, heirs and assigns, and no other person shall have or be construed to have any legal or equitable right,
remedy or claim under or in respect of or by virtue of this Agreement or any provisions herein contained. The term &ldquo;successors
and assigns&rdquo; shall not include a purchaser, in its capacity as such, of securities from any of the Underwriters.</P>

<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; text-indent: 0.5in">9.7&nbsp;<U>Governing
Law; Consent to Jurisdiction; Trial by Jury</U>. This Agreement shall be governed by and construed and enforced in accordance with
the laws of the State of New York, without giving effect to conflict of laws principles thereof. The Company hereby agrees that
any action, proceeding or claim against it arising out of, or relating in any way to this Agreement shall be brought and enforced
in the New York Supreme Court, County of New York, or in the United States District Court for the Southern District of New York,
and irrevocably submits to such jurisdiction, which jurisdiction shall be exclusive. The Company hereby waives any objection to
such exclusive jurisdiction and that such courts represent an inconvenient forum. Any such process or summons to be served upon
the Company may be served by transmitting a copy thereof by registered or certified mail, return receipt requested, postage prepaid,
addressed to it at the address set forth in Section 9.1 hereof. Such mailing shall be deemed personal service and shall be legal
and binding upon the Company in any action, proceeding or claim. The Company agrees that the prevailing party(ies) in any such
action shall be entitled to recover from the other party(ies) all of its reasonable attorneys&rsquo; fees and expenses relating
to such action or proceeding and/or incurred in connection with the preparation therefor. The Company (on its behalf and, to the
extent permitted by applicable law, on behalf of its stockholders and affiliates) and each of the Underwriters hereby irrevocably
waives, to the fullest extent permitted by applicable law, any and all right to trial by jury in any legal proceeding arising out
of or relating to this Agreement or the transactions contemplated hereby.</P>

<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; text-indent: 0.5in">9.8&nbsp;<U>Execution
in Counterparts</U>. This Agreement may be executed in one or more counterparts, and by the different parties hereto in separate
counterparts, each of which shall be deemed to be an original, but all of which taken together shall constitute one and the same
agreement, and shall become effective when one or more counterparts has been signed by each of the parties hereto and delivered
to each of the other parties hereto. Delivery of a signed counterpart of this Agreement by facsimile or email/pdf transmission
shall constitute valid and sufficient delivery thereof.</P>

<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; text-indent: 0.5in">9.9&nbsp;<U>Waiver,
etc</U>. The failure of any of the parties hereto to at any time enforce any of the provisions of this Agreement shall not be deemed
or construed to be a waiver of any such provision, nor to in any way effect the validity of this Agreement or any provision hereof
or the right of any of the parties hereto to thereafter enforce each and every provision of this Agreement. No waiver of any breach,
non-compliance or non-fulfillment of any of the provisions of this Agreement shall be effective unless set forth in a written instrument
executed by the party or parties against whom or which enforcement of such waiver is sought; and no waiver of any such breach,
non-compliance or non-fulfillment shall be construed or deemed to be a waiver of any other or subsequent breach, non-compliance
or non-fulfillment.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>[<I>Signature Page Follows</I>]</B></P>

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


<!-- Field: Page; Sequence: 37; Value: 2 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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; text-indent: 0.5in">If the foregoing correctly
sets forth the understanding between the Underwriters and the Company, please so indicate in the space provided below for that
purpose, whereupon this letter shall constitute a binding agreement between us.</P>

<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; text-indent: 0.5in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Very truly yours,</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: -42pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: -42pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">SG BLOCKS, INC.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: -42pt; width: 60%">&nbsp;</TD>
    <TD STYLE="padding-right: -42pt; width: 4%">&nbsp;</TD>
    <TD STYLE="padding-right: -42pt; width: 36%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: -48pt">&nbsp;</TD>
    <TD STYLE="padding-right: -48pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="padding-right: -48pt; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: -0.5in">&nbsp;</TD>
    <TD STYLE="padding-right: -0.5in">&nbsp;</TD>
    <TD STYLE="padding-right: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: -0.5in">&nbsp;</TD>
    <TD STYLE="padding-right: -0.5in">&nbsp;</TD>
    <TD STYLE="padding-right: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD></TR>
</TABLE>


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

<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"></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 COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Confirmed as of the date
    first written above mentioned, on behalf of itself and as Representative of the several Underwriters named on <U>Schedule
    1</U> hereto:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">THINKEQUITY</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A Division of Fordham Financial
    Management, Inc.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 35%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 60%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title: </FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</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>

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


<!-- Field: Page; Sequence: 38 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><U>SCHEDULE
1</U></P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 58%; text-align: left; vertical-align: bottom; white-space: nowrap; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Underwriter</B></FONT></TD>
    <TD STYLE="width: 2%; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="width: 12%; text-align: center; vertical-align: bottom; white-space: nowrap; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Total Number of<BR>
Firm Shares to be <BR>
Purchased</B></FONT></TD>
    <TD STYLE="width: 2%; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 12%; text-align: center; white-space: nowrap; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Total Number of<BR>
Firm Preferred <BR>
Shares to be <BR>
Purchased</B></FONT></TD>
    <TD STYLE="width: 2%; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 12%; text-align: center; white-space: nowrap; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Total Number of <BR>
Option Shares to <BR>
be Purchased if <BR>
the Over-<BR>
Allotment Option <BR>
is Fully Exercised </B></FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ThinkEquity, a division of Fordham Financial Management, Inc.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>TOTAL</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 1pt; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-bottom: 1pt; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-bottom: 1pt; border-bottom: Black 1.5pt solid">&nbsp;</TD></TR>
</TABLE>


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

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


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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>SCHEDULE 2-A&nbsp;</U></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U><BR>
</U>Pricing Information</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">Number of Firm Shares: [&#9679;]</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">Number of Firm Preferred Shares: [&#9679;]</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">Number of Option Shares: [&#9679;]</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">Public Offering Price per Firm Share/Option Share: $[&#9679;]</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">Public Offering Price per Firm Preferred Share: $1,000</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">Underwriting Discount per Share: $[&#9679;]</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">Proceeds to Company per Firm Share (before expenses): $[&#9679;]</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">Proceeds to Company per Option Share (before expenses): $[&#9679;]&nbsp;</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>SCHEDULE 2-B</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Issuer General Use Free Writing Prospectuses</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">Free Writing Prospectus, dated December 9, 2019</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><U>SCHEDULE 2-C</U></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"><B>Written Testing-the-Waters Communications</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">None.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</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><U>SCHEDULE 2.17</U></B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">1.</TD><TD STYLE="text-align: justify">On or about August 10, 2018, Pizzarotti, LLC filed a complaint
against the Company and Mahesh Shetty, the Company&rsquo;s President, and others seeking unspecified damages for an alleged breach
of contract by the Company and another entity named Phipps &amp; Co. (&ldquo;<U>Phipps</U>&rdquo;). The lawsuit was filed as Pizzarotti,
LLC. v. Phipps &amp; Co., et al., Index No. 653996/2018 and commenced in the Supreme Court of the State of New York for the County
of New York. The claims against the Company arise from an Assignment Agreement, dated as of May 30, 2018, between Pizzarotti,
Phipps and the Company (the &ldquo;<U>Assignment Agreement</U>&rdquo;), pursuant to which the Company intended to provide a letter
of credit in exchange for an assignment of the proceeds from certain subcontracted work to be provided by Phipps to Pizzarotti.
The Assignment Agreement was ultimately terminated, and the Company returned all payments to Phipps. Notwithstanding the above,
Pizzarotti has sued seeking damages for nonperformance of the sub-contracted work and the return of a $500,000 payment from Phipps.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">2.</TD><TD STYLE="text-align: justify">On January 1, 2019, the Company filed a suit against Teton
Buildings, LLC (&ldquo;<U>Teton</U>&rdquo;) to recover breach of contract damages of approximately $2.1 million plus attorneys&rsquo;
fees related to the HOLA Community Partners construction project in Los Angeles, California (the &ldquo;<U>HOLA Project</U>&rdquo;),
for which Teton was engaged by the Company to supply modular units in early 2017. The Company&rsquo;s complaint alleged that Teton
failed to comply with specific product requirements with respect to the modular units for the HOLA Project and that Teton&rsquo;s
delay and product quality resulted in damages. The Company&rsquo;s claims include breach of contract, negligence, and breach of
express warranty. The lawsuit was filed as SG Blocks, Inc. v. Teton Buildings, LLC; Case Number 2019-02827 in the U.S. District
Court for the Southern District of Texas.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">3.</TD><TD STYLE="text-align: justify">There is an ongoing dispute between the Company and HOLA
Community Partners, a California non-profit corporation, in connection with the parties&rsquo; Construction and Delivery Agreement,
dated June 1, 2017, pursuant to which HOLA Community Partners hired the Company for design, engineering, fabrication, and installation
services for the construction of the HOLA Project. The Company claims that HOLA Community Partners owes the Company certain amounts
due for work performed on the HOLA Project and extra costs incurred due to delays and impacts caused by HOLA Community Partners.
HOLA Community Partners disputes the amounts owed, and claims that the Company failed to meet its contractual obligations. The
parties are in ongoing settlement discussions. Neither party has commenced litigation as of the date of this Agreement.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">4.</TD><TD STYLE="text-align: justify">On June 21, 2019, SG Blocks, Inc. filed suit against EDI
International, PC (&ldquo;EDI&rdquo;) arising out of EDI&rsquo;s interference with SG Blocks, Inc.&rsquo;s contractual and economic
relations with HOLA Community Partners and the Heart of Los Angeles Youth, Inc., related to the HOLA Project, for which EDI was
engaged to provide certain design and engineering services to SG Blocks, Inc. In the lawsuit, SG Blocks, Inc. asserts claims for
intentional interference with economic advantage, negligent interference with economic advantage, and intentional interference
with contractual relations and seeks to recover from EDI damages in excess of $1,274,752. The lawsuit was filed as <I>SG Blocks,
Inc. v. EDI International, PC Which Will Do Business In California As EDI International California et al.</I>, Case No. 19STCV21725,
in the Superior Court of California, County of Los Angeles.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</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><U>SCHEDULE 2.41</U></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"><B>Contracts Affecting Capital</B></P>

<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: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">1.</TD><TD STYLE="text-align: justify">SG Blocks customer, CPF MF 2019-1 LLC, a Delaware limited
liability company (&ldquo;Monticello&rdquo;) has completed a $5.0 million equity financing to develop the 302-unit multifamily
project in Sullivan County, New York (the &ldquo;Project&rdquo;). Concurrently, Monticello acquired 16 acres of undeveloped land
in Sullivan County, New York (the &ldquo;Land&rdquo;) on which the Project will be built. The $5.0 million equity capital is for
acquisition of the Land and the first phase of construction for the Project. SG Blocks owns a 50% membership interest in CPF GP
2019-1 LLC (&ldquo;CPF GP&rdquo;), which is the managing member of Monticello. Subject to finalization of documents, SG Blocks
is expected to contribute up to approximately $1.3 million of its cash collected from the Project to CPF GP, which will in turn
contribute the cash to Monticello, and the remaining equity capital is being contributed by the other investors in CPF MF 2019-1
LLC.</TD>
</TR></TABLE>



<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; text-align: center"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: bold 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><U>SCHEDULE 7.4.2</U></B></P>

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

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



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

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

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>SCHEDULE 3</U></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">List of Lock-Up Parties</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&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>Paul M. Galvin</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&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>Yaniv Blumenfeld</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&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>Christopher Melton</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&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>James C. Potts</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&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>Mahesh S. Shetty</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&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>Stevan Armstrong</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&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>Gerald Sheeran</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

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

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



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





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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Form of Lock-Up Agreement</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: right; text-indent: 0.5in">December [&#9679;], 2019</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">ThinkEquity</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A Division of Fordham Financial Management, Inc.<BR>
17 State Street, 22<SUP>nd</SUP> Floor</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">New York, NY 10004</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">Ladies and Gentlemen:</P>

<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; text-indent: 0.5in">The undersigned understands
that ThinkEquity, a division of Fordham Financial Management, Inc., (the &ldquo;<B>Representative</B>&rdquo;) proposes to enter
into an Underwriting Agreement (the &ldquo;<B>Underwriting Agreement</B>&rdquo;) with SG Blocks, Inc., a Delaware corporation (the
&ldquo;<B>Company</B>&rdquo;), providing for the public offering (the &ldquo;<B>Public Offering</B>&rdquo;) of shares of common
stock, par value $0.01 per share, of the Company (the &ldquo;<B>Shares</B>&rdquo;).</P>

<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; text-indent: 0.5in">To induce the Representative
to continue its efforts in connection with the Public Offering, the undersigned hereby agrees that, without the prior written consent
of the Representative, the undersigned will not, during the period commencing on the date hereof and ending 180 days after the
date of the final prospectus (the &ldquo;<B>Prospectus</B>&rdquo;) relating to the Public Offering (the &ldquo;<B>Lock-Up Period</B>&rdquo;),
(1) offer, pledge, sell, contract to sell, grant, lend, or otherwise transfer or dispose of, directly or indirectly, any Shares
or any securities convertible into or exercisable or exchangeable for Shares, whether now owned or hereafter acquired by the undersigned
or with respect to which the undersigned has or hereafter acquires the power of disposition (collectively, the &ldquo;<B>Lock-Up
Securities</B>&rdquo;); (2) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the
economic consequences of ownership of the Lock-Up Securities, whether any such transaction described in clause (1) or (2) above
is to be settled by delivery of Lock-Up Securities, in cash or otherwise; (3) make any demand for or exercise any right with respect
to the registration of any Lock-Up Securities; or (4) publicly disclose the intention to make any offer, sale, pledge or disposition,
or to enter into any transaction, swap, hedge or other arrangement relating to any Lock-Up Securities. Notwithstanding the foregoing,
and subject to the conditions below, the undersigned may transfer Lock-Up Securities without the prior written consent of the Representative
in connection with (a) transactions relating to Lock-Up Securities acquired in open market transactions after the completion of
the Public Offering; <U>provided</U> that no filing under Section&nbsp;13 or Section 16(a) of the Securities Exchange Act of 1934,
as amended (the &ldquo;<B>Exchange Act</B>&rdquo;), or other public announcement shall be required or shall be voluntarily made
in connection with subsequent sales of Lock-Up Securities acquired in such open market transactions; (b) transfers of Lock-Up Securities
as a <I>bona fide</I> gift, by will or intestacy or to a family member or trust for the benefit of a family member (for purposes
of this lock-up agreement, &ldquo;family member&rdquo; means any relationship by blood, marriage or adoption, not more remote than
first cousin); (c) transfers of Lock-Up Securities to a charity or educational institution; or (d) if the undersigned, directly
or indirectly, controls a corporation, partnership, limited liability company or other business entity, any transfers of Lock-Up
Securities to any shareholder, partner or member of, or owner of similar equity interests in, the undersigned, as the case may
be; <U>provided</U> that in the case of any transfer pursuant to the foregoing clauses&nbsp;(b), (c) or (d), (i) any such transfer
shall not involve a disposition for value, (ii) each transferee shall sign and deliver to the Representative a lock-up agreement
substantially in the form of this lock-up agreement and (iii) no filing under Section 13 or Section&nbsp;16(a) of the Exchange
Act shall be required or shall be voluntarily made. The undersigned also agrees and consents to the entry of stop transfer instructions
with the Company&rsquo;s transfer agent and registrar against the transfer of the undersigned&rsquo;s Lock-Up Securities except
in compliance with this lock-up agreement.</P>

<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; text-indent: 0.5in"></P>

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<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; text-indent: 0.5in">If the undersigned
is an officer or director of the Company, (i) the undersigned agrees that the foregoing restrictions shall be equally applicable
to any issuer-directed or &ldquo;friends and family&rdquo; Shares that the undersigned may purchase in the Public Offering; (ii)
the Representative agrees that, at least three (3) business days before the effective date of any release or waiver of the foregoing
restrictions in connection with a transfer of Lock-Up Securities, the Representative will notify the Company of the impending release
or waiver; and (iii) the Company has agreed in the Underwriting Agreement to announce the impending release or waiver by press
release through a major news service at least two (2) business days before the effective date of the release or waiver. Any release
or waiver granted by the Representative hereunder to any such officer or director shall only be effective two (2) business days
after the publication date of such press release. The provisions of this paragraph will not apply if (a) the release or waiver
is effected solely to permit a transfer of Lock-Up Securities not for consideration and (b) the transferee has agreed in writing
to be bound by the same terms described in this lock-up agreement to the extent and for the duration that such terms remain in
effect at the time of such transfer.</P>

<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; text-indent: 0.5in">No provision in this
agreement shall be deemed to restrict or prohibit the exercise, exchange or conversion by the undersigned of any securities exercisable
or exchangeable for or convertible into Shares, as applicable; <U>provided</U> that the undersigned does not transfer the Shares
acquired on such exercise, exchange or conversion during the Lock-Up Period, unless otherwise permitted pursuant to the terms of
this lock-up agreement. In addition, no provision herein shall be deemed to restrict or prohibit the entry into or modification
of a so-called &ldquo;10b5-1&rdquo; plan at any time (other than the entry into or modification of such a plan in such a manner
as to cause the sale of any Lock-Up Securities within the Lock-Up Period). Notwithstanding anything to the contrary contained in this agreement, the undersigned acknowledges Section
7.4 of the Underwriting Agreement and further that the undersigned entered into an agreement with the Company to consent to the
covenants and conditions contained therein.</P>

<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; text-indent: 0.5in">The undersigned understands
that the Company and the Representative are relying upon this lock-up agreement in proceeding toward consummation of the Public
Offering. The undersigned further understands that this lock-up agreement is irrevocable and shall be binding upon the undersigned&rsquo;s
heirs, legal representatives, successors and assigns.</P>

<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; text-indent: 0.5in">The undersigned understands
that, if the Underwriting Agreement is not executed by December 31, 2019, or if the Underwriting Agreement (other than the provisions
thereof which survive termination) shall terminate or be terminated prior to payment for and delivery of the Shares to be sold
thereunder, then this lock-up agreement shall be void and of no further force or effect.</P>

<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; text-indent: 0.5in">Whether or not the
Public Offering actually occurs depends on a number of factors, including market conditions. Any Public Offering will only be made
pursuant to an Underwriting Agreement, the terms of which are subject to negotiation between the Company and the Representative.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%">&nbsp;</TD>
    <TD STYLE="width: 40%">Very truly yours,</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>(Name - Please Print)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>(Signature)</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in; text-indent: -0.5in"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in; text-indent: -0.5in">&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: 60%">&nbsp;</TD>
    <TD STYLE="width: 40%; border-bottom: Black 1.5pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>(Name of Signatory, in the case of entities - Please Print)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>(Title of Signatory, in the case of entities - Please Print)</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in; 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: top">
    <TD STYLE="width: 60%">&nbsp;</TD>
    <TD STYLE="width: 10%">Address:</TD>
    <TD STYLE="width: 30%; border-bottom: Black 1.5pt solid">&nbsp;</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>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</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>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in">&nbsp;</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><U>EXHIBIT B</U></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Form of Press Release</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>SG BLOCKS, INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><BR>
[Date]</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">SG BLOCKS, INC. (the &ldquo;Company&rdquo;)
announced today that ThinkEquity, a division of Fordham Financial Management, Inc., acting as representative for the underwriters
in the Company&rsquo;s recent public offering of&nbsp;_______ shares of the Company&rsquo;s common stock, is [waiving] [releasing]
a lock-up restriction with respect to _________&nbsp;shares of the Company&rsquo;s common stock held by [certain officers or directors]
[an officer or director] of the Company.&nbsp; The [waiver] [release] will take effect on&nbsp;________, 20___, and the shares
may be sold on or after such date.&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"><B>This press release is not an offer or
sale of the securities in the United States or in any other jurisdiction where such offer or sale is prohibited, and such securities
may not be offered or sold in the United States absent registration or an exemption from registration under the Securities Act
of 1933, as amended.</B></P>

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


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    <!-- Field: /Page -->


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



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

</BODY>
</HTML>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.7
<SEQUENCE>3
<FILENAME>fs12019a1ex3-7_sgblocksinc.htm
<DESCRIPTION>CERTIFICATE OF DESIGNATION OF PREFERENCES
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif; text-align: right"><B>Exhibit 3.7</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><B>SG
BLOCKS, INC.</B></FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><B>CERTIFICATE
OF DESIGNATION OF PREFERENCES,</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><B>RIGHTS
AND LIMITATIONS</B></FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><B>SERIES
B CONVERTIBLE PREFERRED STOCK</B></FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">PURSUANT
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">TO SECTION 151 OF THE</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The
undersigned, Paul Galvin, does hereby certify that:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. <FONT STYLE="background-color: white">He
is the Chief Executive Officer of SG Blocks, Inc., a Delaware corporation (the &ldquo;Corporation&rdquo;).</FONT></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. The
Corporation is a corporation organized and existing under the General Corporation Law of the State of Delaware.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. <FONT STYLE="background-color: white">The
Corporation is authorized to issue 5,405,010 shares of preferred stock.</FONT></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">3. The
following resolutions were duly adopted by the board of directors of the Corporation (the &ldquo;Board of Directors&rdquo;):</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>RESOLVED</B>,
that the Authorized Officer be, and hereby is, authorized, empowered and directed to file with the Secretary of State of the State
of Delaware a Certificate of Designation for Series B Convertible Preferred Stock, par value $1.00 per share (the &ldquo;<U>Certificate
of Designation</U>&rdquo;), <FONT STYLE="background-color: white">having the voting powers, preferences and relative, participating,
optional and other special rights, and qualifications, limitations and restrictions thereof as follows:</FONT></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><B>TERMS
OF SERIES B CONVERTIBLE PREFERRED STOCK</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
1. <FONT STYLE="background-color: white"><U>Definitions</U>. For the purposes hereof, the following terms shall have the following
meanings:</FONT></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">&ldquo;Affiliate&rdquo;
means any Person that, directly or indirectly through one or more intermediaries, controls or is controlled by or is under common
control with a Person, as such terms are used in and construed under Rule 405 of the Securities Act.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">&ldquo;Alternate
Consideration&rdquo; shall have the meaning set forth in Section 7(d).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">&ldquo;Beneficial
Ownership Limitation&rdquo; shall have the meaning set forth in Section 6(d).</FONT></P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">&ldquo;Business
Day&rdquo; means any day except any Saturday, any Sunday, any day which is a federal legal holiday in the United States or any
day on which banking institutions in the State of New York are authorized or required by law or other governmental action to close.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">&ldquo;Buy-In&rdquo;
shall have the meaning set forth in Section 6(c)(iv).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">&ldquo;Commission&rdquo;
means the United States Securities and Exchange Commission.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">&ldquo;Common
Stock&rdquo; means the Corporation&rsquo;s common stock, par value $0.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0<FONT STYLE="background-color: white">1
per share, and stock of any other class of securities into which such securities may hereafter be reclassified or changed.</FONT></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">&ldquo;Common
Stock Equivalents&rdquo; means any securities of the Corporation or the Subsidiaries which would entitle the holder thereof to
acquire at any time Common Stock, including, without limitation, any debt, preferred stock, rights, options, warrants or other
instrument that is at any time convertible into or exercisable or exchangeable for, or otherwise entitles the holder thereof to
receive, Common Stock.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">&ldquo;Conversion
Amount&rdquo; means the sum of the Stated Value at issue.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">&ldquo;Conversion
Date&rdquo; shall have the meaning set forth in Section 6(a).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">&ldquo;Conversion
Price&rdquo; shall have the meaning set forth in Section 6(b).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">&ldquo;Conversion
Shares&rdquo; means, collectively, the shares of Common Stock issuable upon conversion of the shares of Preferred Stock in accordance
with the terms hereof.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">&ldquo;Exchange
Act&rdquo; means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">&ldquo;Fundamental
Transaction&rdquo; shall have the meaning set forth in Section 7(d).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">&ldquo;GAAP&rdquo;
means United States generally accepted accounting principles.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">&ldquo;Holder&rdquo;
shall have the meaning set forth in Section 2.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">&ldquo;Liquidation&rdquo;
shall have the meaning set forth in Section 5.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">&ldquo;New
York Courts&rdquo; shall have the meaning set forth in Section 8(d).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">&ldquo;Notice
of Conversion&rdquo; shall have the meaning set forth in Section 6(a).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">&ldquo;Original
Issue Date&rdquo; means the date of the first issuance of any shares of the Preferred Stock regardless of the number of transfers
of any particular shares of Preferred Stock and regardless of the number of certificates which may be issued to evidence such
Preferred Stock.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">&ldquo;Person&rdquo;
means an individual or corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability
company, joint stock company, government (or an agency or subdivision thereof) or other entity of any kind.</FONT></P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">&ldquo;Preferred
Stock&rdquo; shall have the meaning set forth in Section 2.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">&ldquo;Representative&rdquo;
means ThinkEquity, a division of Fordham Financial Management, Inc.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">&ldquo;Securities
Act&rdquo; means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">&ldquo;Share
Delivery Date&rdquo; shall have the meaning set forth in Section 6(c).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">&ldquo;Stated
Value&rdquo; shall have the meaning set forth in Section 2, as the same may be increased pursuant to Section 3.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">&ldquo;Subsidiary&rdquo;
means any subsidiary of the Corporation and shall, where applicable, also include any direct or indirect subsidiary of the Corporation
formed or acquired after the date hereof.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">&ldquo;Successor
Entity&rdquo; shall have the meaning set forth in Section 7(d).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">&ldquo;Trading
Day&rdquo; means a day on which the principal Trading Market is open for business.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">&ldquo;Trading
Market&rdquo; means any of the following markets or exchanges on which the Common Stock is listed or quoted for trading on the
date in question: the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market, the NYSE American or the
New York Stock Exchange</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">, OTCQB or OTCQX <FONT STYLE="background-color: white">(or
any successors to any of the foregoing).</FONT></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">&ldquo;Transfer
Agent&rdquo; means American Stock Transfer &amp; Trust Company, the current transfer agent of the Corporation, with a mailing
address of 6201 15th Ave, Brooklyn, New York 11219 and an email address of </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CArmenia@astfinancial.com
<FONT STYLE="background-color: white">and any successor transfer agent of the Corporation.</FONT></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">&ldquo;Underwriting
Agreement&rdquo; means the underwriting agreement, dated as of December </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[&#9679;]<FONT STYLE="background-color: white">,
2019, by and between the Corporation and the Representative as representative of the underwriters named therein, as amended, modified
or supplemented from time to time in accordance with its terms.</FONT></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
2. <FONT STYLE="background-color: white"><U>Designation, Amount and Par Value</U>. The series of preferred stock shall be designated
as the Series B Convertible Preferred Stock (the &ldquo;Preferred Stock&rdquo;) and the number of shares so designated shall be
up to </FONT>[_______] <FONT STYLE="background-color: white">(</FONT>[&#9679;]<FONT STYLE="background-color: white">) (which shall
not be subject to increase without the written consent of </FONT>the Holders representing a majority <FONT STYLE="background-color: white">of
the Preferred Stock (each, a &ldquo;Holder&rdquo; and collectively, the &ldquo;Holders&rdquo;)). Each share of Preferred Stock
shall have a par value of $</FONT>1.00 <FONT STYLE="background-color: white">per share and a stated value equal to </FONT>One
Thousand Dollars ($<FONT STYLE="background-color: white">1,000</FONT>.00) <FONT STYLE="background-color: white">(the &ldquo;Stated
Value&rdquo;).</FONT></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
3. <FONT STYLE="background-color: white"><U>Dividends</U>. Except for stock dividends or distributions for which adjustments
are to be made pursuant to Section 7, Holders shall be entitled to receive, and the Corporation shall pay, dividends on shares
of Preferred Stock equal (on an as-if-converted-to-Common-Stock basis</FONT> (<FONT STYLE="background-color: white">without </FONT>giving
effect <FONT STYLE="background-color: white">to </FONT>the Beneficial Ownership Limitation)) <FONT STYLE="background-color: white">to
and in the same form as dividends actually paid on shares of the Common Stock when, as and if such dividends are paid on shares
of the Common Stock. </FONT>Other than as set forth in the previous sentence, no <FONT STYLE="background-color: white">other dividends
shall be paid on shares of Preferred Stock</FONT>, and the <FONT STYLE="background-color: white">Corporation shall pay </FONT>no
<FONT STYLE="background-color: white">dividends </FONT>(other than dividends in the form of Common Stock) <FONT STYLE="background-color: white">on
</FONT>shares of <FONT STYLE="background-color: white">the Common Stock unless </FONT>it <FONT STYLE="background-color: white">simultaneously
complies with </FONT>the previous sentence<FONT STYLE="background-color: white">.</FONT></FONT></P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
4. <FONT STYLE="background-color: white"><U>Voting Rights</U>. Except as otherwise provided herein or as otherwise required
by law, the Preferred Stock shall have no voting rights. However, as long as any shares of Preferred Stock are outstanding, the
Corporation shall not, without the affirmative vote of the Holders of a majority of the then outstanding shares of the Preferred
Stock, (a) alter or change adversely the powers, preferences or rights given to the Preferred Stock or alter or amend this Certificate
of Designation, (b) amend its certificate of incorporation or other charter documents in any manner that adversely affects any
rights of the Holders, (c) increase the number of authorized shares of Preferred Stock, or (d) enter into any agreement with respect
to any of the foregoing</FONT>. For the avoidance of doubt, the holders of shares of Preferred Stock are entitled to vote upon
the conversion of Preferred Stock into shares of Common Stock<FONT STYLE="background-color: white">.</FONT></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
5. <FONT STYLE="background-color: white"><U>Liquidation</U>. Upon any liquidation, dissolution or winding-up of the Corporation,
whether voluntary or involuntary (a &ldquo;Liquidation&rdquo;), the Holders shall be entitled to receive out of the assets, whether
capital or surplus, of the Corporation the same amount that a holder of Common Stock would receive if the Preferred Stock were
fully converted (disregarding for such purposes any conversion limitations hereunder) to Common Stock which amounts shall be paid
<I>pari passu</I> with all holders of Common Stock. The Corporation shall mail written notice of any such Liquidation, not less
than 45 days prior to the payment date stated therein, to each Holder.</FONT></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
6. <FONT STYLE="background-color: white"><U>Conversion</U>.</FONT></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a) <FONT STYLE="background-color: white"><U>Conversions
at Option of Holder</U>. Each share of Preferred Stock shall be convertible, at any time and from time to time from and after
the Original Issue Date at the option of the Holder thereof, into that number of shares of Common Stock (subject to the limitations
set forth in Section 6(d)) determined by dividing the Stated Value of such share of Preferred Stock by the Conversion Price</FONT>
then in effect.<FONT STYLE="background-color: white">. Holders shall effect conversions by providing the Corporation with the
form of conversion notice attached hereto as <U>Annex A</U> (a &ldquo;Notice of Conversion&rdquo;). Each Notice of Conversion
shall specify the number of shares of Preferred Stock to be converted, the number of shares of Preferred Stock owned prior to
the conversion at issue, the number of shares of Preferred Stock owned subsequent to the conversion at issue and the date on which
such conversion is to be effected, which date may not be prior to the date the applicable Holder delivers by facsimile </FONT>or
e-mail <FONT STYLE="background-color: white">such Notice of Conversion to the Corporation (such date, the &ldquo;Conversion Date</FONT>&quot;).
Upon delivery of the Notice of Conversion, the Holder shall be deemed for all corporate purposes to have become the holder of
record of the Conversion Shares with respect to which the shares of Preferred Stock have been converted irrespective of the date
of delivery of the Conversion Shares.<FONT STYLE="background-color: white">&rdquo;). If no Conversion Date is specified in a Notice
of Conversion, the Conversion Date shall be the date that such Notice of Conversion to the Corporation is deemed delivered hereunder.
No ink-original Notice of Conversion shall be required, nor shall any medallion guarantee (or other type of guarantee or notarization)
of any Notice of Conversion form be required. The calculations and entries set forth in the Notice of Conversion shall control
in the absence of manifest or mathematical error. To effect conversions of shares of Preferred Stock, a Holder shall not be required
to surrender the certificate(s) representing the shares of Preferred Stock to the Corporation unless all of the shares of Preferred
Stock represented thereby are so converted, in which case such Holder shall deliver the certificate</FONT>(s) within five (5)
Trading Days after delivery of the Notice of Conversion relating to the conversion of the last <FONT STYLE="background-color: white">shares
of Preferred Stock</FONT>. The calculations and entries set forth in <FONT STYLE="background-color: white">the </FONT>Notice of
<FONT STYLE="background-color: white">Conversion </FONT>shall control in the absence of manifest or mathematical error. <FONT STYLE="background-color: white">Shares
of Preferred Stock converted into Common Stock or redeemed in accordance with the terms hereof shall be canceled and shall not
be reissued.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b) <FONT STYLE="background-color: white"><U>Conversion
Price</U>. The conversion price for the Preferred Stock shall equal $</FONT>[&#9679;]<FONT STYLE="background-color: white">, subject
to adjustment herein (the &ldquo;Conversion Price&rdquo;).</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c) <FONT STYLE="background-color: white"><U>Mechanics
of Conversion</U>.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-align: justify; text-indent: 72pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">i. <FONT STYLE="background-color: white"><U>Delivery
of Conversion Shares Upon Conversion</U>. </FONT>Promptly after each Conversion Date but in any case within the <FONT STYLE="background-color: white">earlier
of (i) two (2) Trading Days and (ii) the Standard Settlement Period</FONT>, thereof (the &quot;<FONT STYLE="background-color: white">Share
Delivery Date</FONT>&quot;), <FONT STYLE="background-color: white">the Corporation shall deliver, or cause to be delivered, to
the converting Holder the number of Conversion Shares being acquired upon the conversion of the Preferred Stock, which Conversion
Shares shall be </FONT>issued <FONT STYLE="background-color: white">free of restrictive legends and trading restrictions</FONT>,
<FONT STYLE="background-color: white">and a </FONT>wire transfer of immediately available funds <FONT STYLE="background-color: white">in
the amount of accrued and unpaid dividends, if any. </FONT>Conversion Shares issuable hereunder shall be transmitted by the Transfer
Agent to the Holder by crediting the account of the Holder's or its designee's balance account with <FONT STYLE="background-color: white">The
</FONT>Depository Trust Company (&ldquo;<U>DTC</U>&rdquo;) through its Deposit or Withdrawal at Custodian system (&ldquo;<U>DWAC</U>&rdquo;)
if the <FONT STYLE="background-color: white">Corporation </FONT>is then a participant in such system, and otherwise by physical
delivery of a certificate, registered in the Corporation's share register in the name of the Holder or its designee, for the number
of Conversion Shares to which the Holder is entitled pursuant to such conversion to the address specified by the Holder in the
Notice of Conversion. The Corporation shall <FONT STYLE="background-color: white">deliver </FONT>(or cause <FONT STYLE="background-color: white">to
be delivered</FONT>) to the converting Holder (A) a certificate or certificates for the number of shares of Common Stock issuable
upon conversion, and (B) if less than the number of shares of Preferred Stock evidenced by the surrendered certificate or certificates
are being converted, a new certificate or certificates, of like tenor, for the number of shares evidenced by any surrendered Preferred
Stock certificate or certificates (if applicable) less the number of shares converted. The Corporation agrees to maintain a transfer
agent that is a participant in the FAST program so long as any shares of Preferred Stock remain outstanding. <FONT STYLE="background-color: white">As
used herein, &ldquo;<U>Standard Settlement Period</U>&rdquo; means the standard settlement period, expressed in a number of Trading
Days, on the Corporation&rsquo;s primary Trading Market with respect to the Common Stock as in effect on the date of delivery
of the Notice of Conversion. Notwithstanding the foregoing, with respect to any Notice(s) of Conversion delivered by 12:00 </FONT>p.m.
(New York City <FONT STYLE="background-color: white">time) on the Original Issue Date, the Corporation agrees to deliver the Conversion
Shares subject to such notice(s) by 4:00 </FONT>p.m. (New York City <FONT STYLE="background-color: white">time) on the Original
Issue Date.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-align: justify; text-indent: 72pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-align: justify; text-indent: 72pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ii. <FONT STYLE="background-color: white"><U>Failure
to Deliver Conversion Shares</U>. If, in the case of any Notice of Conversion, such Conversion Shares are not delivered to or
as directed by the applicable Holder by the Share Delivery Date, </FONT>in addition to any other rights herein, <FONT STYLE="background-color: white">the
Holder shall be entitled to elect by written notice to the Corporation at any time on or before its receipt of such Conversion
Shares, to rescind such Conversion, in which event the Corporation shall promptly return to the Holder any original Preferred
Stock certificate delivered to the Corporation and the Holder shall promptly return to the Corporation the Conversion Shares issued
to such Holder pursuant to the rescinded Notice of Conversion.</FONT></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-align: justify; text-indent: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-align: justify; text-indent: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-align: justify; text-indent: 72pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">iii. <FONT STYLE="background-color: white"><U>Obligation
Absolute; Partial Liquidated Damages</U>. The Corporation&rsquo;s obligation to issue and deliver the Conversion Shares upon conversion
of Preferred Stock in accordance with the terms hereof are absolute and unconditional, irrespective of any action or inaction
by a Holder to enforce the same, any waiver or consent with respect to any provision hereof, the recovery of any judgment against
any Person or any action to enforce the same, or any setoff, counterclaim, recoupment, limitation or termination, or any breach
or alleged breach by such Holder or any other Person of any obligation to the Corporation or any violation or alleged violation
of law by such Holder or any other person, and irrespective of any other circumstance which might otherwise limit such obligation
of the Corporation to such Holder in connection with the issuance of such Conversion Shares; provided, however, that such delivery
shall not operate as a waiver by the Corporation of any such action that the Corporation may have against such Holder. </FONT>In
the event a Holder shall elect to convert any or all of the Stated Value of its Preferred Stock, the Corporation may not refuse
conversion based on any claim that such Holder or any one associated or affiliated with such Holder has been engaged in any violation
of law, agreement or for any other reason, unless an injunction from a court, on notice to Holder, restraining and/or enjoining
conversion of all or part of the Preferred Stock of such Holder shall have been sought and obtained, and the Corporation posts
a surety bond for the benefit of such Holder in the amount of 150% of the Stated Value of Preferred Stock which is subject to
the injunction, which bond shall remain in effect until the completion of arbitration/litigation of the underlying dispute and
the proceeds of which shall be payable to such Holder to the extent it obtains judgment. In the absence of such injunction, the
Corporation shall issue Conversion Shares and, if applicable, cash, upon a properly noticed conversion. If the Corporation fails
to deliver to a Holder such Conversion Shares pursuant to Section 6(c)(i) on <FONT STYLE="background-color: white">the Share Delivery
Date applicable to such conversion, the Corporation shall pay to such Holder, in cash, as liquidated damages and not as a penalty,
for each $1,000 of Stated Value of Preferred Stock being converted, $10 per Trading Day</FONT> (increasing to $20 per Trading
Day on the fifth Trading Day after such damages begin to accrue) <FONT STYLE="background-color: white">for each Trading Day after
the Share Delivery Date until such Conversion Shares are delivered or Holder rescinds such conversion. Nothing herein shall limit
a Holder&rsquo;s right to pursue actual damages for the Corporation&rsquo;s failure to deliver Conversion Shares within the period
specified herein and such Holder shall have the right to pursue all remedies available to it hereunder, at law or in equity including,
without limitation, a decree of specific performance and/or injunctive relief. The exercise of any such rights shall not prohibit
a Holder from seeking to enforce damages pursuant to any other Section hereof or under applicable law.</FONT></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 33pt; text-align: justify; text-indent: 108pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 33pt; text-align: justify; text-indent: 108pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-align: justify; text-indent: 72pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">iv. <FONT STYLE="background-color: white"><U>Compensation
for Buy-In on Failure to Timely Deliver Conversion Shares Upon Conversion</U>. In addition to any other rights available to the
Holder, if the Corporation fails for any reason to deliver to a Holder the applicable Conversion Shares by the Share Delivery
Date pursuant to Section 6(c)(i), and if after such Share Delivery Date such Holder is required by its brokerage firm to purchase
(in an open market transaction or otherwise), or the Holder&rsquo;s brokerage firm otherwise purchases, shares of Common Stock
to deliver in satisfaction of a sale by such Holder of the Conversion Shares which such Holder was entitled to receive upon the
conversion relating to such Share Delivery Date (a &ldquo;Buy-In&rdquo;), then the Corporation shall (A) pay in cash to such Holder
(in addition to any other remedies available to or elected by such Holder) the amount, if any, by which (x) such Holder&rsquo;s
total purchase price (including any brokerage commissions) for the Common Stock so purchased exceeds (y) the product of (1) the
aggregate number of shares of Common Stock that such Holder was entitled to receive from the conversion at issue multiplied by
(2) the actual sale price at which the sell order giving rise to such purchase obligation was executed (including any brokerage
commissions) and (B) at the option of such Holder, either reissue (if surrendered) the shares of Preferred Stock equal to the
number of shares of Preferred Stock submitted for conversion (in which case, such conversion shall be deemed rescinded) or deliver
to such Holder the number of shares of Common Stock that would have been issued if the Corporation had timely complied with its
delivery requirements under Section 6(c)(i). For example, if a Holder purchases shares of Common Stock having a total purchase
price of $11,000 to cover a Buy-In with respect to an attempted conversion of shares of Preferred Stock with respect to which
the actual sale price of the Conversion Shares (including any brokerage commissions) giving rise to such purchase obligation was
a total of $10,000 under clause (A) of the immediately preceding sentence, the Corporation shall be required to pay such Holder
$1,000. The Holder shall provide the Corporation written notice indicating the amounts payable to such Holder in respect of the
Buy-In and, upon request of the Corporation, evidence of the amount of such loss. Nothing herein shall limit a Holder&rsquo;s
right to pursue any other remedies available to it hereunder, at law or in equity including, without limitation, a decree of specific
performance and/or injunctive relief with respect to the Corporation&rsquo;s failure to timely deliver Conversion Shares upon
conversion of the shares of Preferred Stock as required pursuant to the terms hereof.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 33pt; text-align: justify; text-indent: 108pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-align: justify; text-indent: 72pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">v. <FONT STYLE="background-color: white"><U>Reservation
of Shares Issuable Upon Conversion</U>. The Corporation covenants that it will at all times reserve and keep available out of
its authorized and unissued shares of Common Stock for the sole purpose of issuance upon conversion of the Preferred Stock as
herein provided, free from preemptive rights or any other actual contingent purchase rights of Persons other than the Holder (and
the other holders of the Preferred Stock), not less than such aggregate number of shares of the Common Stock as shall be issuable
(taking into account the adjustments and restrictions of Section 7) upon the conversion of the then outstanding shares of Preferred
Stock. The Corporation covenants that all shares of Common Stock that shall be so issuable shall, upon issue, be duly authorized,
validly issued, fully paid and nonassessable.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 33pt; text-align: justify; text-indent: 108pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-align: justify; text-indent: 72pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">vi. <FONT STYLE="background-color: white"><U>Fractional
Shares</U>. No fractional shares or scrip representing fractional shares shall be issued upon the conversion of the Preferred
Stock. As to any fraction of a share which the Holder would otherwise be entitled to purchase upon such conversion, the Corporation
shall at its election, either pay a cash adjustment in respect of such final fraction in an amount equal to such fraction multiplied
by the Conversion Price or round </FONT>to the next whole share, with 0.5 shares being rounded up to one whole share. Subject
to the foregoing, fractional shares of Preferred Stock may be issued and / or converted hereunder<FONT STYLE="background-color: white">.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 33pt; text-align: justify; text-indent: 108pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 33pt; text-align: justify; text-indent: 108pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-align: justify; text-indent: 72pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">vii. <FONT STYLE="background-color: white"><U>Transfer
Taxes and Expenses</U>. The issuance of Conversion Shares on conversion of this Preferred Stock shall be made without charge to
any Holder for any documentary stamp or similar taxes that may be payable in respect of the issue or delivery of such Conversion
Shares, provided that the Corporation shall not be required to pay any tax that may be payable in respect of any transfer involved
in the issuance and delivery of any such Conversion Shares upon conversion in a name other than that of the Holders of such shares
of Preferred Stock and the Corporation shall not be required to issue or deliver such Conversion Shares unless or until the Person
or Persons requesting the issuance thereof shall have paid to the Corporation the amount of such tax or shall have established
to the satisfaction of the Corporation that such tax has been paid. The Corporation shall pay all Transfer Agent fees required
for same-day processing of any Notice of Conversion and all fees to the DTC (or another established clearing corporation performing
similar functions) required for same-day electronic delivery of the Conversion Shares.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 33pt; text-align: justify; text-indent: 108pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d) <FONT STYLE="background-color: white"><U>Beneficial
Ownership Limitation</U>. Notwithstanding anything to the contrary herein, the Corporation shall not effect any conversion of
the Preferred Stock, and a Holder shall not have the right to convert any portion of the Preferred Stock, to the extent that,
after giving effect to the conversion set forth on the applicable Notice of Conversion, such Holder (together with such Holder&rsquo;s
Affiliates, and any Persons acting as a group together with such Holder or any of such Holder&rsquo;s Affiliates (such Persons,
&ldquo;Attribution Parties&rdquo;)) would beneficially own in excess of the Beneficial Ownership Limitation (as defined below).
For purposes of the foregoing sentence, the number of shares of Common Stock beneficially owned by such Holder and its Affiliates
and Attribution Parties shall include the number of shares of Common Stock issuable upon conversion of the Preferred Stock with
respect to which such determination is being made, but shall exclude the number of shares of Common Stock which are issuable upon
(i) conversion of the remaining, unconverted Stated Value of Preferred Stock beneficially owned by such Holder or any of its Affiliates
or Attribution Parties and (ii) exercise or conversion of the unexercised or unconverted portion of any other securities of the
Corporation subject to a limitation on conversion or exercise analogous to the limitation contained herein (including, without
limitation, the Preferred Stock) beneficially owned by such Holder or any of its Affiliates or Attribution Parties. Except as
set forth in the preceding sentence, for purposes of this Section 6(d), beneficial ownership shall be calculated in accordance
with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder. To the extent that the limitation
contained in this Section 6(d) applies, the determination of whether the Preferred Stock is convertible (in relation to other
securities owned by such Holder together with any Affiliates and Attribution Parties) and of how many shares of Preferred Stock
are convertible shall be in the sole discretion of such Holder, and the submission of a Notice of Conversion shall be deemed to
be such Holder&rsquo;s determination of whether the shares of Preferred Stock may be converted (in relation to other securities
owned by such Holder together with any Affiliates and Attribution Parties) and how many shares of the Preferred Stock are convertible,
in each case subject to the Beneficial Ownership Limitation. To ensure compliance with this restriction, each Holder will be deemed
to represent to the Corporation each time it delivers a Notice of Conversion that such conversion will not violate the restrictions
set forth in this paragraph and the Corporation shall have no obligation to verify or confirm the accuracy of such representation.
In addition, a determination as to any group status as contemplated above shall be determined in accordance with Section 13(d)
of the Exchange Act and the rules and regulations promulgated thereunder. For purposes of this Section 6(d), in determining the
number of outstanding shares of Common Stock, a Holder may rely on the number of outstanding shares of Common Stock as stated
in the most recent of the following: (i) the Corporation&rsquo;s most recent periodic or annual report filed with the Commission,
as the case may be, (ii) a more recent public announcement by the Corporation or (iii) a more recent written notice by the Corporation
or the Transfer Agent setting forth the number of shares of Common Stock outstanding. Upon the written or oral request (which
may be via email) of a Holder, the Corporation shall within two Trading Days confirm orally and in writing to such Holder the
number of shares of Common Stock then outstanding. In any case, the number of outstanding shares of Common Stock shall be determined
after giving effect to the conversion or exercise of securities of the Corporation, including the Preferred Stock, by such Holder
or its Affiliates or Attribution Parties since the date as of which such number of outstanding shares of Common Stock was reported.
The &ldquo;Beneficial Ownership Limitation&rdquo; shall be 4.99% (or </FONT>upon <FONT STYLE="background-color: white">the </FONT>election
by a Holder <FONT STYLE="background-color: white">prior to the issuance of any </FONT>shares of <FONT STYLE="background-color: white">Preferred
Stock</FONT>, 9.99%) <FONT STYLE="background-color: white">of the number of shares of the Common Stock outstanding immediately
after giving effect to the issuance of shares of Common Stock issuable upon conversion of Preferred Stock held by the applicable
Holder. A Holder</FONT>, upon notice to the Corporation, <FONT STYLE="background-color: white">may increase or decrease the Beneficial
Ownership Limitation </FONT>provisions of this Section 6(d) <FONT STYLE="background-color: white">applicable to its Preferred
Stock provided that the Beneficial Ownership Limitation in no event </FONT>exceeds <FONT STYLE="background-color: white">9.99%
of the number of shares of the Common Stock outstanding immediately after giving effect to the issuance of shares of Common Stock
upon conversion of this Preferred Stock held by the Holder and the provisions of this Section 6(d) shall continue to apply</FONT>.
<FONT STYLE="background-color: white">Any such increase in the Beneficial Ownership Limitation will not be effective until the
61<SUP>st</SUP> day after such </FONT>notice <FONT STYLE="background-color: white">is delivered to the Corporation and shall only
apply to such Holder and no other Holder. The provisions of this paragraph shall be construed and implemented in a manner otherwise
than in strict conformity with the terms of this Section 6(d) to correct this paragraph (or any portion hereof) which may be defective
or inconsistent with the intended Beneficial Ownership Limitation contained herein or to make changes or supplements necessary
or desirable to properly give effect to such limitation. The limitations contained in this paragraph shall apply to a successor
holder of Preferred Stock.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
7. <FONT STYLE="background-color: white"><U>Certain Adjustments</U>.</FONT></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a) <FONT STYLE="background-color: white"><U>Stock
Dividends and Stock Splits</U>. If the Corporation, at any time while this Preferred Stock is outstanding: (i) pays a stock dividend
or otherwise makes a distribution or distributions payable in shares of Common Stock on shares of Common Stock or any other Common
Stock Equivalents (which, for avoidance of doubt, shall not include any shares of Common Stock issued by the Corporation upon
conversion of, or payment of a dividend on, this Preferred Stock), (ii) subdivides outstanding shares of Common Stock into a larger
number of shares, (iii) combines (including by way of a reverse stock split) outstanding shares of Common Stock into a smaller
number of shares, or (iv) issues, in the event of a reclassification of shares of the Common Stock, any shares of capital stock
of the Corporation, then the Conversion Price shall be multiplied by a fraction of which the numerator shall be the number of
shares of Common Stock (excluding any treasury shares of the Corporation) outstanding immediately before such event, and of which
the denominator shall be the number of shares of Common Stock outstanding immediately after such event. Any adjustment made pursuant
to this Section 7(a) shall become effective immediately after the record date for the determination of stockholders entitled to
receive such dividend or distribution and shall become effective immediately after the effective date in the case of a subdivision,
combination or re-classification.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b) <FONT STYLE="background-color: white"><U>Subsequent
Rights Offerings</U>. In addition to any adjustments pursuant to Section 7(a) above, if at any time the Corporation grants, issues
or sells any Common Stock Equivalents or rights to purchase stock, warrants, securities or other property pro rata to the record
holders of any class of shares of Common Stock (the &ldquo;Purchase Rights&rdquo;), then the Holder will be entitled to acquire,
upon the terms applicable to such Purchase Rights, the aggregate Purchase Rights which the Holder could have acquired if the Holder
had held the number of shares of Common Stock acquirable upon complete conversion of such Holder&rsquo;s Preferred Stock (without
regard to any limitations on exercise hereof, including without limitation, the Beneficial Ownership Limitation) immediately before
the date on which a record is taken for the grant, issuance or sale of such Purchase Rights, or, if no such record is taken, the
date as of which the record holders of shares of Common Stock are to be determined for the grant, issue or sale of such Purchase
Rights (provided, however, to the extent that the Holder&rsquo;s right to participate in any such Purchase Right would result
in the Holder exceeding the Beneficial Ownership Limitation, then the Holder shall not be entitled to participate in such Purchase
Right to such extent (or beneficial ownership of such shares of Common Stock as a result of such Purchase Right to such extent)
and such Purchase Right to such extent shall be held in abeyance for the Holder until such time, if ever, as its right thereto
would not result in the Holder exceeding the Beneficial Ownership Limitation).</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c) <FONT STYLE="background-color: white"><U>Pro
Rata Distributions</U>. During such time as this Preferred Stock is outstanding, if the Corporation declares or makes any dividend
or other distribution of its assets (or rights to acquire its assets) to holders of shares of Common Stock, by way of return of
capital or otherwise (including, without limitation, any distribution of cash, stock or other securities, property or options
by way of a dividend, spin off, reclassification, corporate rearrangement, scheme of arrangement or other similar transaction)
(a &ldquo;Distribution&rdquo;), at any time after the issuance of this Preferred Stock, then, in each such case, the Holder shall
be entitled to participate in such Distribution to the same extent that the Holder would have participated therein if the Holder
had held the number of shares of Common Stock acquirable upon complete conversion of this Preferred Stock (without regard to any
limitations on conversion hereof, including without limitation, the Beneficial Ownership Limitation) immediately before the date
of which a record is taken for such Distribution, or, if no such record is taken, the date as of which the record holders of shares
of Common Stock are to be determined for the participation in such Distribution (provided, however, to the extent that the Holder&rsquo;s
right to participate in any such Distribution would result in the Holder exceeding the Beneficial Ownership Limitation, then the
Holder shall not be entitled to participate in such Distribution to such extent (or in the beneficial ownership of any shares
of Common Stock as a result of such Distribution to such extent) and the portion of such Distribution shall be held in abeyance
for the benefit of the Holder until such time, if ever, as its right thereto would not result in the Holder exceeding the Beneficial
Ownership Limitation).</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d) <FONT STYLE="background-color: white"><U>Fundamental
Transaction</U>. If, at any time while any shares of Preferred Stock are outstanding, (i) the Corporation, directly or indirectly,
in one or more related transactions effects any merger or consolidation of the Corporation with or into another Person, (ii) the
Corporation, directly or indirectly, effects any sale, lease, license, assignment, transfer, conveyance or other disposition of
all or substantially all of its assets in one or a series of related transactions, (iii) any, direct or indirect, purchase offer,
tender offer or exchange offer (whether by the Corporation or another Person) is completed pursuant to which holders of Common
Stock are permitted to sell, tender or exchange their shares for other securities, cash or property and has been accepted by the
holders of 50% or more of the outstanding Common Stock, (iv) the Corporation, directly or indirectly, in one or more related transactions
effects any reclassification, reorganization or recapitalization of the Common Stock or any compulsory share exchange pursuant
to which the Common Stock is effectively converted into or exchanged for other securities, cash or property, or (v) the Corporation,
directly or indirectly, in one or more related transactions consummates a stock or share purchase agreement or other business
combination (including, without limitation, a reorganization, recapitalization, spin-off or scheme of arrangement) with another
Person whereby such other Person acquires more than 50% of the outstanding shares of Common Stock (not including any shares of
Common Stock held by the other Person or other Persons making or party to, or associated or affiliated with the other Persons
making or party to, such stock or share purchase agreement or other business combination) (each a &ldquo;Fundamental Transaction&rdquo;),
then, upon any subsequent conversion of the Preferred Stock by the Holder thereof, the Holder shall receive, for each Conversion
Share that would have been issuable upon such conversion immediately prior to the occurrence of such Fundamental Transaction (without
regard to any limitation in Section 6(d) on the conversion of the Preferred Stock), the number of shares of common stock (as applicable)
of the successor or acquiring corporation or the number of shares of Common Stock of the Corporation (as applicable), if it is
the surviving corporation, and all additional consideration, including securities (equity or debt), cash, property or any other
consideration (all such additional consideration, the &ldquo;Alternate Consideration&rdquo;), receivable as a result of such Fundamental
Transaction by a holder of the number of shares of Common Stock for which such Holder&rsquo;s Preferred Stock is convertible immediately
prior to such Fundamental Transaction (without regard to any limitation in Section 6(d) on the conversion of the Preferred Stock).
For purposes of any such conversion, the determination of the Conversion Price shall be appropriately adjusted to apply to such
Alternate Consideration based on the amount of Alternate Consideration issuable in respect of one share of Common Stock in such
Fundamental Transaction, and the Corporation shall apportion the Conversion Price among the Alternate Consideration in a reasonable
manner reflecting the relative value of any different components of the Alternate Consideration. If holders of Common Stock are
</FONT>given any choice as <FONT STYLE="background-color: white">to the securities, cash</FONT> or <FONT STYLE="background-color: white">property
or other consideration to be received in a Fundamental Transaction, then </FONT>the <FONT STYLE="background-color: white">Holder
shall be given the same choice as to the </FONT>Alternate Consideration it receives <FONT STYLE="background-color: white">upon
any conversion of such Holder&rsquo;s shares of Preferred Stock following such Fundamental Transaction. To the extent necessary
to effectuate the foregoing provisions, any successor to the Corporation or surviving entity in such Fundamental Transaction shall
file a new Certificate of Designation in respect of a new series of preferred stock of the successor or acquiring corporation,
or the Corporation, if it is the surviving corporation, setting forth the same rights, preferences, privileges and other terms
contained in this Certificate of Designation in respect of the Preferred Stock, including, without limitation, the provisions
contained in this Section 7(d) and evidencing, among other things, the Holders&rsquo; right to convert such new preferred stock
into Alternate Consideration. The Corporation shall cause any successor entity in a Fundamental Transaction in which the Corporation
is not the survivor (the &ldquo;Successor Entity&rdquo;) to assume in writing all of the obligations of the Corporation under
this Certificate of Designation in accordance with the provisions of this Section 7(d) pursuant to written agreements in form
and substance reasonably satisfactory to the Holder and approved by the Holder (without unreasonable delay) prior to such Fundamental
Transaction and shall, at the option of a Holder of Preferred Stock, deliver to such Holder in exchange for such Holder&rsquo;s
Preferred Stock a security of the Successor Entity evidenced by a written instrument substantially similar in form and substance
to the Preferred Stock which is convertible for a corresponding number of shares of capital stock of such Successor Entity (or
its parent entity) equivalent to the shares of Common Stock acquirable and receivable upon conversion of the Preferred Stock (without
regard to any limitations on the conversion of the Preferred Stock) prior to such Fundamental Transaction, and with a conversion
price which applies the conversion price hereunder to such shares of capital stock (but taking into account the relative value
of the shares of Common Stock pursuant to such Fundamental Transaction and the value of such shares of capital stock, such number
of shares of capital stock and such conversion price being for the purpose of protecting the economic value of the Preferred Stock
immediately prior to the consummation of such Fundamental Transaction), and which is reasonably satisfactory in form and substance
to the Holder(s) thereof. Upon the occurrence of any such Fundamental Transaction, the Successor Entity shall succeed to, and
be substituted for (so that from and after the date of such Fundamental Transaction, the provisions of this Certificate of Designation
referring to the &ldquo;Corporation&rdquo; shall refer instead to the Successor Entity), and may exercise every right and power
of the Corporation and shall assume all of the obligations of the Corporation under this Certificate of Designation with the same
effect as if such Successor Entity had been named as the Corporation herein.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e) <FONT STYLE="background-color: white"><U>Calculations</U>.
All calculations under this Section 7 shall be made to the nearest cent or the nearest 1/100th of a share, as the case may be.
For purposes of this Section 7, the number of shares of Common Stock deemed to be issued and outstanding as of a given date shall
be the sum of the number of shares of Common Stock (excluding any treasury shares of the Corporation) issued and outstanding.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f) <FONT STYLE="background-color: white">Notice
to the Holders.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 108pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">i. <FONT STYLE="background-color: white"><U>Adjustment
to Conversion Price</U>. Whenever the Conversion Price is adjusted pursuant to any provision of this Section 7, the Corporation
shall promptly deliver to each Holder </FONT>by facsimile or email <FONT STYLE="background-color: white">a notice setting forth
the Conversion Price after such adjustment and setting forth a brief statement of the facts requiring such adjustment.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 108pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 108pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ii. <FONT STYLE="background-color: white"><U>Notice
to Allow Conversion by Holder</U>. If (A) the Corporation shall declare a dividend (or any other distribution in whatever form)
on the Common Stock, (B) the Corporation shall declare a special nonrecurring cash dividend on or a redemption of the Common Stock,
(C) the Corporation shall authorize the granting to all holders of the Common Stock of rights or warrants to subscribe for or
purchase any shares of capital stock of any class or of any rights, (D) the approval of any stockholders of the Corporation shall
be required in connection with any reclassification of the Common Stock, any consolidation or merger to which the Corporation
is a party, any sale or transfer of all or substantially all of the assets of the Corporation, or any compulsory share exchange
whereby the Common Stock is converted into other securities, cash or property or (E) the Corporation shall authorize the voluntary
or involuntary dissolution, liquidation or winding up of the affairs of the Corporation, then, in each case, the Corporation shall
cause to be filed at each office or agency maintained for the purpose of conversion of this Preferred Stock, and shall cause to
be delivered to each Holder at its last </FONT>facsimile number or email <FONT STYLE="background-color: white">address as it shall
appear upon the stock books of the Corporation, at least </FONT>twenty (20<FONT STYLE="background-color: white">) calendar days
prior to the applicable record or effective date hereinafter specified, a notice stating (x) the date on which a record is to
be taken for the purpose of such dividend, distribution, redemption, rights or warrants, or if a record is not to be taken, the
date as of which the holders of the Common Stock of record to be entitled to such dividend, distributions, redemption, rights
or warrants are to be determined or (y) the date on which such reclassification, consolidation, merger, sale, transfer or share
exchange is expected to become effective or close, and the date as of which it is expected that holders of the Common Stock of
record shall be entitled to exchange their shares of the Common Stock for securities, cash or other property deliverable upon
such reclassification, consolidation, merger, sale, transfer or share exchange, provided that the failure to deliver such notice
or any defect therein or in the delivery thereof shall not affect the validity of the corporate action required to be specified
in such notice. To the extent that any notice provided hereunder constitutes, or contains, material, non-public information regarding
the Corporation or any of the Subsidiaries, the Corporation shall simultaneously file such notice with the Commission pursuant
to a Current Report on Form 8-K. The Holder shall remain entitled to convert the Conversion Amount of this Preferred Stock (or
any part hereof) during the </FONT>20<FONT STYLE="background-color: white">-day period commencing on the date of such notice through
the effective date of the event triggering such notice except as may otherwise be expressly set forth herein.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 108pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 108pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 108pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
8. <FONT STYLE="background-color: white"><U>Miscellaneous</U>.</FONT></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a) <FONT STYLE="background-color: white"><U>Notices</U>.
Any and all notices or other communications or deliveries to be provided by the Holders hereunder including, without limitation,
any Notice of Conversion, shall be in writing and delivered personally, by facsimile, email address or sent by a nationally recognized
overnight courier service, addressed to the Corporation at:</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 72pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">SG
Blocks, Inc.<BR>
195 Montague Street, 14<SUP>th </SUP>Floor<BR>
Brooklyn, NY 11201<BR>
Attention: Chief Executive Officer<BR>
Facsimile: (646) 240-4235<BR>
Email address: </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">pgalvin@sgblocks.com</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 72pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 72pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">with
a copy (which shall not constitute notice) to:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 72pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 72pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Gracin
&amp; Marlow, LLP<BR>
405 Lexington Avenue, 26th Floor<BR>
New York, New York 10174<BR>
Attention: Leslie Marlow<BR>
Email address: lmarlow@gracinmarlow.com<BR>
Facsimile: (212) 208-4657</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 72pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">or
such other facsimile number, e-mail address or address as the Corporation may specify for such purposes by notice to the Holders
delivered in accordance with this Section 8. Any and all notices or other communications or deliveries to be provided by the Corporation
hereunder shall be in writing and delivered personally, by facsimile, by </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">e-mail
<FONT STYLE="background-color: white">or sent by a nationally recognized overnight courier service addressed to each Holder at
the facsimile number, email address or address of such Holder appearing on the books of the Corporation, or if no such facsimile
number, email address or address appears on the books of the Corporation, at the principal place of business of such Holder. Any
notice or other communication or deliveries hereunder shall be deemed given and effective on the earliest of (i) the </FONT>date
<FONT STYLE="background-color: white">of transmission, if such notice or communication is delivered via facsimile or email attachment
at the facsimile number or email address set forth in this Section prior to 5:30 p.m. (New York City time) on any date, (ii) the
next Trading Day after the date of transmission, if such notice or communication is delivered via facsimile or email address set
forth in this Section on a day that is not a Trading Day or later than 5:30 p.m. (New York City time) on any Trading Day, (iii)
the second Trading Day following the date of mailing, if sent by U.S. nationally recognized overnight courier service, or (iv)
upon actual receipt by the Person to whom such notice is required to be given. </FONT>To the extent that <FONT STYLE="background-color: white">any
</FONT>notice provided pursuant to <FONT STYLE="background-color: white">this Certificate of Designation</FONT> constitutes, or
contains, material, non-public information regarding the Corporation or <FONT STYLE="background-color: white">any </FONT>Subsidiaries,
the Corporation shall simultaneously file <FONT STYLE="background-color: white">such notice </FONT>with the Commission <FONT STYLE="background-color: white">pursuant
to </FONT>a Current Report on Form 8-K.</FONT></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; font-size: 10pt">&nbsp;</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b) <FONT STYLE="background-color: white"><U>Absolute
Obligation</U>. Except as expressly provided herein, no provision of this Certificate of Designation shall alter or impair the
obligation of the Corporation, which is absolute and unconditional, to pay liquidated damages and accrued dividends, as applicable,
on the shares of Preferred Stock at the time, place, and rate, and in the coin or currency, herein prescribed.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c) <FONT STYLE="background-color: white"><U>Lost
or Mutilated Preferred Stock Certificate</U>. If a Holder&rsquo;s Preferred Stock certificate shall be mutilated, lost, stolen
or destroyed, the Corporation shall execute and deliver, </FONT>or cause to be executed and delivered, <FONT STYLE="background-color: white">in
exchange and substitution for and upon cancellation of a mutilated certificate, or in lieu of or in substitution for a lost, stolen
or destroyed certificate, a new certificate for the shares of Preferred Stock so mutilated, lost, stolen or destroyed, but only
upon receipt of evidence of such loss, theft or destruction of such certificate, and of the ownership hereof reasonably satisfactory
to the Corporation.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d) <FONT STYLE="background-color: white"><U>Governing
Law</U>. All questions concerning the construction, validity, enforcement and interpretation of this Certificate of Designation
shall be governed by and construed and enforced in accordance with the internal laws of the State of Delaware, without regard
to the principles of conflict of laws thereof. Each of the Corporation and each Holder agrees that all legal proceedings concerning
the interpretation, enforcement and defense of the transactions contemplated by this Certificate of Designation (whether brought
against the Corporation, a Holder or any of their respective Affiliates, directors, officers, shareholders, employees or agents)
shall be commenced in the state and federal courts sitting in the City of New York, Borough of Manhattan (the &ldquo;New York
Courts&rdquo;). Each of the Corporation and each Holder hereby irrevocably submits to the exclusive jurisdiction of the New York
Courts for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or
discussed herein, and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that it
is not personally subject to the jurisdiction of such New York Courts, or such New York Courts are improper or inconvenient venue
for such proceeding. Each of the Corporation and each Holder hereby irrevocably waives personal service of process and consents
to process being served in any such suit, action or proceeding by mailing a copy thereof via registered or certified mail or overnight
delivery (with evidence of delivery) to such Person at the address in effect for notices to it under this Certificate of Designation
and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein
shall be deemed to limit in any way any right to serve process in any other manner permitted by applicable law. Each of the Corporation
and each Holder hereby irrevocably waives, to the fullest extent permitted by applicable law, any and all right to trial by jury
in any legal proceeding arising out of or relating to this Certificate of Designation or the transactions contemplated hereby.
If the Corporation or any Holder shall commence an action or proceeding to enforce any provisions of this Certificate of Designation,
then the prevailing party in such action or proceeding shall be reimbursed by the other party for its attorneys&rsquo; fees and
other costs and expenses incurred in the investigation, preparation and prosecution of such action or proceeding.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e) <FONT STYLE="background-color: white"><U>Waiver</U>.
Any waiver by the Corporation or a Holder of a breach of any provision of this Certificate of Designation shall not operate as
or be construed to be a waiver of any other breach of such provision or of any breach of any other provision of this Certificate
of Designation or a waiver by any other Holders. The failure of the Corporation or a Holder to insist upon strict adherence to
any term of this Certificate of Designation on one or more occasions shall not be considered a waiver or deprive that Person (or
any other Holder) of the right thereafter to insist upon strict adherence to that term or any other term of this Certificate of
Designation on any other occasion. Any waiver by the Corporation or a Holder must be in writing.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f) <FONT STYLE="background-color: white"><U>Severability</U>.
If any provision of this Certificate of Designation is invalid, illegal or unenforceable, the balance of this Certificate of Designation
shall remain in effect, and if any provision is inapplicable to any Person or circumstance, it shall nevertheless remain applicable
to all other Persons and circumstances. If it shall be found that any interest or other amount deemed interest due hereunder violates
the applicable law governing usury, the applicable rate of interest due hereunder shall automatically be lowered to equal the
maximum rate of interest permitted under applicable law.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g) <FONT STYLE="background-color: white"><U>Next
Business Day</U>. Whenever any payment or other obligation hereunder shall be due on a day other than a Business Day, such payment
shall be made on the next succeeding Business Day.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(h) <FONT STYLE="background-color: white"><U>Headings</U>.
The headings contained herein are for convenience only, do not constitute a part of this Certificate of Designation and shall
not be deemed to limit or affect any of the provisions hereof.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i) <FONT STYLE="background-color: white"><U>Status
of Converted or Redeemed Preferred Stock</U>. If any shares of Preferred Stock shall be converted, redeemed or reacquired by the
Corporation, such shares shall resume the status of authorized but unissued shares of preferred stock and shall no longer be designated
as Preferred Stock.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">RESOLVED,
FURTHER, that the executive chairman, the president or any vice-president, and the secretary or any assistant secretary, of the
Corporation be and they hereby are authorized and directed to prepare and file this Certificate of Designation of Preferences,
Rights and Limitations in accordance with the foregoing resolution and the provisions of Delaware law.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">IN
WITNESS WHEREOF, the undersigned have executed this Certificate this&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; day of December, 2019.</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT>SG BLOCKS, INC.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 36%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT>By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT>Name: Paul Galvin</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT>Title: Chief Executive Officer</FONT></TD></TR>
</TABLE>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 216pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 216pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>




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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">(TO
BE EXECUTED BY THE REGISTERED HOLDER IN ORDER TO CONVERT SHARES OF<BR>
 </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SERIES
B CONVERTIBLE <FONT STYLE="background-color: white">PREFERRED STOCK)</FONT></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The
undersigned hereby elects to convert the number of shares of Series B Convertible Preferred Stock indicated below into shares
of common stock, par value $0.01 per share (the &ldquo;Common Stock&rdquo;), of SG Blocks, Inc., a Delaware corporation (the &ldquo;Corporation&rdquo;),
according to the conditions hereof, as of the date written below. If shares of Common Stock are to be issued in the name of a
Person other than the undersigned, the undersigned will pay all transfer taxes payable with respect thereto. No fee will be charged
to the Holders for any conversion, except for any such transfer taxes.</FONT></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; font-size: 10pt">&nbsp;</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Date
to Effect Conversion: _____________________________________________________<U> </U></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Number
of shares of Preferred Stock owned prior to Conversion: <U> </U></FONT>________________________</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Number
of shares of Preferred Stock to be Converted: <U>  </U></FONT>________________________________</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Stated
Value of shares of Preferred Stock to be Converted: <U> </U></FONT>_____________________________</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Number
of shares of Common Stock to be Issued: <U> </U></FONT>____________________________________</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Applicable
Conversion Price: <U> </U></FONT>____________________________________________________</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Number
of shares of Preferred Stock subsequent to Conversion: __________________________<U> </U></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Address
for Delivery:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">or</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">DWAC
Instructions:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Broker
no: <U> </U></FONT>_______________________________</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Account
no: <U> </U></FONT>_____________________________</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">[HOLDER]</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 91%; border-collapse: collapse; margin-left: 36pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%"><FONT>By:</FONT></TD>
    <TD STYLE="width: 36%; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="width: 60%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT>Name:</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT>Title:</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>


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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-top: 0pt; text-align: center; margin-bottom: 0pt">- 16 -</P>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>4
<FILENAME>fs12019a1ex5-1_sgblockinc.htm
<DESCRIPTION>LEGAL OPINION OF GRACIN & MARLOW, LLP
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>Exhibit 5.1</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><IMG SRC="image_001.jpg" ALT="" STYLE="height: 104px; width: 329px"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&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: 60%; text-align: center; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 40%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">December 9, 2019</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 7.7pt; text-indent: -7.7pt">The Board of Directors</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">SG Blocks, Inc.<BR>
195 Montague Street, 14<SUP>th</SUP> Floor<BR>
Brooklyn, New York 11201</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Re: <U>Registration Statement on Form S-1 (Registration No. 333-235295)</U></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We have acted as U.S. securities
counsel to SG Blocks, Inc., a Delaware corporation (the &ldquo;<U>Company</U>&rdquo;), in connection with the preparation and filing
with the Securities and Exchange Commission (the &ldquo;<U>Commission</U>&rdquo;) pursuant to the Securities Act of 1933, as amended
(the &ldquo;<U>Securities Act</U>&rdquo;), of a Registration Statement on Form S-1, as amended (Registration No. 333-235295)(the
&ldquo;<U>Registration Statement</U>&rdquo;), relating to the registration by the Company of up to $5,750,000 of securities consisting
of (i) shares (the &ldquo;<U>Shares</U>&rdquo;) of the Company&rsquo;s common stock, par value $0.01 per share (the &ldquo;<U>Common
Stock</U>&rdquo;), (ii) shares of the Company&rsquo;s Series B Convertible Preferred Stock, par value $1.00 per share (the &ldquo;<U>Series
B Preferred Stock</U>&rdquo;), and (iii) shares of Common Stock issuable upon conversion of the Series B Preferred Stock (&ldquo;<U>Preferred
Conversion Shares</U>&rdquo;). The Shares, the Series B Preferred Stock and the Preferred Conversion Shares are collectively referred
to as the &ldquo;<U>Securities.</U>&rdquo; The Securities are to be sold by the Company pursuant to an underwriting agreement (the
&ldquo;<U>Underwriting Agreement</U>&rdquo;) to be entered into by and between the Company and ThinkEquity, a division of Fordham
Financial Management, Inc., as representative of the several underwriters named therein (the &ldquo;<U>Underwriters</U>&rdquo;),
the form of which will be filed as Exhibit 1.1 to the Registration Statement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In rendering the opinion
set forth herein, we have examined originals or copies, certified or otherwise identified to our satisfaction, of such documents,
corporate records, certificates of public officials and other instruments as we have deemed necessary or advisable, including,
but not limited to: (i) the Registration Statement; (ii) the Underwriting Agreement; (iii) the Company&rsquo;s Amended and Restated
Certificate of Incorporation, as amended; (iv) the Certificate of Designation of the Series B Convertible Preferred Stock; (v)
the Company&rsquo;s Amended and Restated Bylaws, as currently in effect; and (vi) certain resolutions of the Board of Directors
of the Company relating to the issuance, sale and registration of the Securities. In such examination, we have assumed the genuineness
of all signatures, the legal capacity of natural persons, the authenticity of all items submitted to us as originals, the conformity
with originals of all items submitted to us as copies, and the authenticity of the originals of such copies. As to any facts material
to the opinions expressed herein that we did not independently establish or verify, we have relied upon statements and representations
of officers and other representatives of the Company and public officials.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We express no opinion
herein as to the laws of any state or jurisdiction other than the General Corporation Law of the State of Delaware (including
all related provisions of the Delaware Constitution and all reported judicial decisions interpreting the General Corporation Law
of the State of Delaware and the Delaware Constitution) and the federal laws of the United States of America.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt">SG Blocks, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">December 9, 2019</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Page 2</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Based upon and subject
to the foregoing, we are of the opinion that: (i) the Shares have been duly authorized for issuance and, when issued, delivered
and paid for in accordance with the terms of the Underwriting Agreement, the Shares will be validly issued, fully paid and non-assessable;
(ii) the shares of Series B Convertible Preferred Stock have been duly authorized for issuance and, when issued against payment
therefor as set forth in the Registration Statement, will be validly issued, fully paid and non-assessable; and (iii) the Preferred
Conversion Shares have been duly authorized for issuance and, when issued upon conversion of the shares of Series B Convertible
Preferred Stock, will be validly issued, fully paid and non-assessable.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We consent to the inclusion
of this opinion as an exhibit to the Registration Statement and further consent to all references to us under the caption &ldquo;Legal
Matters&rdquo; in the Prospectus. In giving this consent, we do not admit that we are in the category of persons whose consent
is required under Section 7 of the Securities Act or the rules and regulations of the Commission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&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: 60%">&nbsp;</TD>
    <TD STYLE="width: 40%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Very truly yours,</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Gracin &amp; Marlow, LLP</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Gracin &amp; Marlow, LLP</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>



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

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<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>5
<FILENAME>fs12019a1ex23-1_sgblocksinc.htm
<DESCRIPTION>CONSENT OF WHITLEY PENN LLP, INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We consent to the incorporation by reference
in this registration statement on Form S-1, as amended (Registration No. 333-235295), of SG Blocks, Inc. of our report dated March
28, 2019, related to our audits of the consolidated balance sheets of SG Blocks, Inc. and subsidiaries as of December 31, 2018
and 2017, and the related consolidated statements of operations, changes in stockholders&rsquo; equity, and cash flows for the
years then ended, which report appears in the Company&rsquo;s Annual Report on Form 10-K for the year ended December 31, 2018.
We also consent to the reference to our firm under the heading &ldquo;Experts&rdquo; in this Registration Statement.</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">December 9, 2019</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>



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

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end
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</DOCUMENT>
</SEC-DOCUMENT>
