<SEC-DOCUMENT>0001144204-14-055430.txt : 20140911
<SEC-HEADER>0001144204-14-055430.hdr.sgml : 20140911
<ACCEPTANCE-DATETIME>20140911152601
ACCESSION NUMBER:		0001144204-14-055430
CONFORMED SUBMISSION TYPE:	POS AM
PUBLIC DOCUMENT COUNT:		4
FILED AS OF DATE:		20140911
DATE AS OF CHANGE:		20140911

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Net Element, Inc.
		CENTRAL INDEX KEY:			0001499961
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-COMPUTER PROCESSING & DATA PREPARATION [7374]
		IRS NUMBER:				901025599
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		POS AM
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-182076
		FILM NUMBER:		141098123

	BUSINESS ADDRESS:	
		STREET 1:		3363 NE 163RD STREET
		STREET 2:		SUITE 705
		CITY:			NORTH MIAMI BEACH
		STATE:			FL
		ZIP:			33160
		BUSINESS PHONE:		(305) 507-8808

	MAIL ADDRESS:	
		STREET 1:		3363 NE 163RD STREET
		STREET 2:		SUITE 705
		CITY:			NORTH MIAMI BEACH
		STATE:			FL
		ZIP:			33160

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Net Element International, Inc.
		DATE OF NAME CHANGE:	20121002

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Cazador Acquisition Corp Ltd.
		DATE OF NAME CHANGE:	20100825
</SEC-HEADER>
<DOCUMENT>
<TYPE>POS AM
<SEQUENCE>1
<FILENAME>v388664_pos-am.htm
<DESCRIPTION>POST-EFFECTIVE AMENDMENT TO S-3
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B> As filed with the Securities and
Exchange Commission on September 11, 2014 </B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>File No. 333-182076</B></P>

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

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<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: center"><B>UNITED STATES SECURITIES AND EXCHANGE
COMMISSION</B><BR>
<B>Washington, D.C. 20549</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B> POST-EFFECTIVE AMENDMENT NO. 6
</B><BR>
<B>ON</B><BR>
<B>FORM S-3</B><BR>
<B>TO</B><BR>
<B>REGISTRATION STATEMENT ON FORM S-4 (FILE NO. 333-182076)</B></P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact name of registrant as specified
in its charter)</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-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 STYLE="width: 49%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Delaware</B></FONT></td>
    <TD STYLE="width: 2%">&nbsp;</td>
    <TD STYLE="width: 49%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>90-1025599 </B></FONT></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(State or other jurisdiction of incorporation
    or organization)</FONT></td>
    <TD>&nbsp;</td>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(I.R.S. Employer Identification No.)</FONT></td></tr>
</table>
<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>3363 NE 163rd St., Suite 705</B><BR>
<B>North Miami Beach, Florida 33160</B><BR>
<B>(305) 507-8808 </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">(Address, including zip code, and telephone
number, including area code, of registrant&rsquo;s principal executive offices)</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>Jonathan New </B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Net Element, Inc.</B><BR>
<B>3363 NE 163rd St., Suite 705</B><BR>
<B>North Miami Beach, Florida 33160</B><BR>
<B>(305) 507-8808</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">(Name, address, including zip code, and
telephone number,<BR>
including area code, of agent for service)</P>

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>350 South Grand Avenue, Suite 2600</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Los Angeles, California 90071</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Telephone: (213) 929-2543 </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>Facsimile:
(213) 929-2525</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Approximate date
of commencement of proposed sale to the public:</B> From time to time after this Registration Statement becomes effective.</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">If the only securities
being registered on this Form are being offered pursuant to dividend or interest reinvestment plans, please check the following
box. <FONT STYLE="font-family: Wingdings">&uml;</FONT></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 any of the securities
being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act
of 1933, other than securities offered only in connection with dividend or interest reinvestment plans, please check the following
box. <FONT STYLE="font-family: Wingdings">x</FONT></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">If this Form is filed
to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, please check the following
box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering.
<FONT STYLE="font-family: Wingdings">&uml;</FONT></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">If this Form is a
post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities
Act registration statement number of the earlier effective registration statement for the same offering. <FONT STYLE="font-family: Wingdings">&uml;</FONT></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">If this Form is a
registration statement pursuant to General Instruction I.D. or a post-effective amendment thereto that shall become effective
upon filing with the Commission pursuant to Rule 462(e) under the Securities Act, check the following box. <FONT STYLE="font-family: Wingdings">&uml;</FONT></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">If this Form is post-effective
amendment to a registration statement filed pursuant to General Instruction I.D. filed to register additional securities or additional
classes of securities pursuant to Rule 413(b) under the Securities Act, check the following box. <FONT STYLE="font-family: Wingdings">&uml;</FONT></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">Indicate by check
mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting
company. See the definitions of &ldquo;large accelerated filer,&rdquo; &ldquo;accelerated filer&rdquo; and &ldquo;smaller reporting
company&rdquo; in Rule 12b-2 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>

<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: 23%; padding-bottom: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Large accelerated filer
    </FONT><FONT STYLE="font: 10pt Wingdings">&uml;</FONT></td>
    <td style="width: 21%; padding-bottom: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Accelerated filer </FONT><FONT STYLE="font: 10pt Wingdings">&uml;</FONT></td>
    <td style="width: 23%; padding-bottom: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Non-accelerated filer
    </FONT><FONT STYLE="font: 10pt Wingdings">&uml;</FONT></td>
    <td style="width: 33%; padding-bottom: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Smaller reporting company
    </FONT><FONT STYLE="font: 10pt Wingdings">x</FONT></td></tr>
<tr style="vertical-align: top">
    <td style="padding-bottom: 10pt; text-align: justify">&nbsp;</td>
    <td style="padding-bottom: 10pt; text-align: justify">&nbsp;</td>
    <td style="padding-bottom: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(Do not check if a smaller reporting
    company)</FONT></td>
    <td style="padding-bottom: 10pt; text-align: justify">&nbsp;</td></tr>
</table>


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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Title&nbsp;of&nbsp;Each&nbsp;Class&nbsp;of&nbsp;Securities&nbsp;to&nbsp;be</B></FONT><br>
    <FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Registered</B></FONT></td>
    <TD>&nbsp;</td>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Amount&nbsp;to&nbsp;be</B></FONT><br>
    <FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Registered<SUP>(1)</SUP></B></FONT></td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Proposed</B></FONT><br>
    <FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Maximum</B></FONT><br>
    <FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Offering</B></FONT><br>
    <FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Price&nbsp;Per</B></FONT><br>
    <FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Security</B></FONT></td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Proposed</B></FONT><br>
    <FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Maximum</B></FONT><br>
    <FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Aggregate</B></FONT><br>
    <FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Offering</B></FONT><br>
    <FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Price</B></FONT></td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Amount&nbsp;of</B></FONT><br>
    <FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Registration</B></FONT><br>
    <FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Fee</B></FONT></td>
    <TD>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 52%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Common stock issuable upon exercise of the warrants
    that were issued in the Registrant&rsquo;s initial public offering (the &ldquo;Warrants&rdquo;)<SUP>(2)</SUP></FONT></td>
    <TD STYLE="width: 1%">&nbsp;</td>
    <TD STYLE="width: 1%">&nbsp;</td>
    <TD STYLE="width: 10%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4,598,900</FONT></td>
    <TD STYLE="width: 1%">&nbsp;</td>
    <TD STYLE="width: 1%">&nbsp;</td>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></td>
    <TD STYLE="width: 6%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">9.875</FONT></td>
    <TD STYLE="width: 2%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(3)</FONT></td>
    <TD STYLE="width: 1%">&nbsp;</td>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></td>
    <TD STYLE="width: 10%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">45,414,137.50</FONT></td>
    <TD STYLE="width: 1%">&nbsp;</td>
    <TD STYLE="width: 1%">&nbsp;</td>
    <TD STYLE="width: 1%; border-bottom: black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></td>
    <TD STYLE="width: 8%; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5,849.35</FONT></td>
    <TD STYLE="width: 2%; padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(4)</FONT></td></tr>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Total</B></FONT></td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD STYLE="border-bottom: black 2.25pt double"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>$</B></FONT></td>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>5,849.35</B></FONT></td>
    <TD>&nbsp;</td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; color: #C00000">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 24px; padding-bottom: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(1)</FONT></td>
    <td style="padding-bottom: 10pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Pursuant to Rule
    416 under the Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;), there is also being registered such indeterminable
    number of additional shares of Common Stock as may be issued to prevent dilution resulting from share dividends, split-up,
    reverse split-up or similar events.</FONT></td></tr>
<tr style="vertical-align: top">
    <td style="padding-bottom: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(2)</FONT></td>
    <td style="padding-bottom: 10pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On October 2,
    2012, the Registrant effected a domestication under Section 388 of the General Corporation Law of the State of Delaware and
    a migration under Cayman Islands law, pursuant to which the Registrant&rsquo;s jurisdiction of incorporation was changed from
    the Cayman Islands to the State of Delaware. In connection therewith, the Registrant previously registered with the Commission
    the automatic conversion of the Warrants and the shares of Common Stock underlying such Warrants and paid the then current
    registration fee in accordance with Rule 457(f)(1) under the Securities Act.</FONT></td></tr>
<tr style="vertical-align: top">
    <td style="padding-bottom: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(3)</FONT></td>
    <td style="padding-bottom: 10pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Estimated solely
    for the purpose of calculating the registration fee, based on the average of the high and low prices of the ordinary shares
    of the Registrant on The NASDAQ Capital Market on June 5, 2012 (five business days prior to the initial filing of the Registrant&rsquo;s
    registration statement on Form S-4 (File No. 333-182076), which is amended hereby), in accordance with Rule 457(f)(1) under
    the Securities Act.</FONT></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"> (4) </FONT></td>
    <TD STYLE="padding-bottom: 0; text-align: justify"> Previously paid. </td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"></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"><B>The Registrant
hereby amends this registration statement on such date or dates as may be necessary to delay its effective date until the Registrant
shall file a further amendment which specifically states that this registration statement shall thereafter become effective in
accordance with Section 8(a) of the Securities Act of 1933 or until this registration statement shall become effective on such
date as the Commission, acting pursuant to said Section 8(a), may determine.</B></P>

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

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<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; text-indent: 0.5in"><B>&nbsp;</B></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: center"><B>EXPLANATORY NOTE</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"> This Post-Effective Amendment No. 6 on Form S-3 to the Registration
Statement on Form S-4 (File No. 333-182076) relates to the public offering by the Registrant of shares of common stock of the
Registrant upon exercise of certain warrants issued in connection with the Registrant&rsquo;s initial public offering, as contemplated
by the Registration Statement on Form S-4 (File No. 333-182076) (the &ldquo;Prior Registration Statement&rdquo;), and is being
filed in order to maintain the effectiveness of the Prior Registration Statement to the extent that such Prior Registration Statement
pertains to the shares of the Registrant&rsquo;s common stock issuable upon exercise of such warrants. </P>

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


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: red"><B> SUBJECT TO COMPLETION,
DATED SEPTEMBER 11, 2014 </B></P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: Red"><IMG SRC="logo.jpg" ALT="" STYLE="width: 301px; height: 73px"></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>4,598,900 Shares of Common Stock </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-indent: 0.25in">This prospectus relates to the issuance
and sale by us of up to 4,598,900 shares of our common stock, par value $0.0001 per share, upon the exercise of warrants that
were originally issued by Cazador Acquisition Corporation Ltd., a blank check company incorporated as a Cayman Islands exempted
company (&ldquo;Cazador&rdquo;), in connection with its initial public offering (the &ldquo;Warrants&rdquo;) and that became exercisable
for shares of our common stock upon the consummation of the transactions contemplated by that certain Agreement and Plan of Merger,
dated as of June 12, 2012 (the &ldquo;Merger Agreement&rdquo;), by and between Cazador and the previous legal entity known as
Net Element, Inc., a Delaware corporation (&ldquo;Prior Net Element&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: 0pt 0; text-indent: 0.25in">Each Warrant entitles the holder thereof
to purchase one share of our common stock upon payment of the exercise price of $7.50 per share. We will receive the proceeds
from the exercise of the Warrants, but not from the resale of the underlying shares of common stock.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"> Our common stock is listed on The NASDAQ
Capital Market under the symbol &ldquo;NETE.&rdquo; The Warrants are quoted on the Over-the-Counter Bulletin Board under the symbol
&ldquo;NETEW.&rdquo; On September 10, 2014 the closing sale prices of our common stock and the Warrants were $3.80 and $0.22, respectively. </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-indent: 0.25in"><B>Investing in our securities involves
significant risks. Prior to making an investment decision, you should carefully review the information under the heading &ldquo;Risk
Factors&rdquo; beginning on page 4 of this prospectus.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B>Neither the Securities and Exchange
Commission nor any state securities commission has approved or disapproved of the securities to be issued under this prospectus
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-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"> The date of this prospectus is
September 11, 2014. </P>

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


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

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

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD STYLE="width: 90%; text-align: right">&nbsp;</td>
    <TD STYLE="width: 10%; background-color: white; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Page
    </B></FONT></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: right">&nbsp;</td>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</td></tr>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#a_001"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>INFORMATION CONCERNING FORWARD-LOOKING STATEMENTS</B></FONT></A>
    </td>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1 </FONT></td></tr>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td></tr>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#a_002"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>INFORMATION ABOUT THE COMPANY</B></FONT></A>
    </td>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2 </FONT></td></tr>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td></tr>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#a_003"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>RISK FACTORS</B></FONT></A><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>
    </B></FONT></td>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4 </FONT></td></tr>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td></tr>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#a_004"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>USE OF PROCEEDS</B></FONT></A><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>
    </B></FONT></td>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">9 </FONT></td></tr>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td></tr>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#a_005"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>DESCRIPTION OF SECURITIES</B></FONT></A> </td>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">9 </FONT></td></tr>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td></tr>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#a_006"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>PLAN OF DISTRIBUTION</B></FONT></A><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>
    </B></FONT></td>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">11 </FONT></td></tr>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td></tr>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#a_007"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>LEGAL MATTERS</B></FONT></A><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>
    </B></FONT></td>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">11 </FONT></td></tr>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td></tr>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#a_008"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>EXPERTS</B></FONT></A><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>
    </B></FONT></td>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">11 </FONT></td></tr>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td></tr>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#a_009"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>WHERE YOU CAN FIND MORE INFORMATION</B></FONT></A>
    </td>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">11 </FONT></td></tr>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td></tr>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#a_010"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>INFORMATION INCORPORATED BY REFERENCE</B></FONT></A>
    </td>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">12 </FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">You should rely only on the information
contained or incorporated by reference in this prospectus. No one has been authorized to provide you with information that is
different from that contained or incorporated by reference in this prospectus. This prospectus is dated as of the date set forth
on the cover hereof. You should not assume that the information contained in this prospectus is accurate as of any date other
than that date. You should not assume that the information incorporated by reference in this prospectus is accurate as of any
date other than the date of such incorporated document.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>Unless the context indicates otherwise,
the terms (i) &ldquo;the Company,&rdquo; &ldquo;we,&rdquo; &ldquo;us,&rdquo; and &ldquo;our&rdquo; refer to Net Element, Inc.,
a Delaware corporation and (ii)&ldquo;Cazador&rdquo; refers to Cazador Acquisition Corporation Ltd.</I></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: center"><A NAME="a_001"></A><B>INFORMATION CONCERNING
FORWARD-LOOKING STATEMENTS</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-indent: 0.5in">This prospectus, including the documents
incorporated by reference herein, contains statements that do not directly or exclusively relate to historical facts. Such statements
are &ldquo;forward-looking statements.&rdquo; You can typically identify forward-looking statements by the use of forward-looking
words, such as &ldquo;may,&rdquo; &ldquo;will,&rdquo; &ldquo;could,&rdquo; &ldquo;project,&rdquo; &ldquo;believe,&rdquo; &ldquo;anticipate,&rdquo;
&ldquo;expect,&rdquo; &ldquo;estimate,&rdquo; &ldquo;continue,&rdquo; &ldquo;potential,&rdquo; &ldquo;plan,&rdquo; &ldquo;forecast&rdquo;
and other similar words. These include, but are not limited to, statements relating to our future financial and operating results,
plans, objectives, expectations and intentions and other statements that are not historical facts. These statements represent
our intentions, plans, expectations, assumptions and beliefs about future events and are subject to risks, uncertainties and other
factors. Many of these factors are outside of our control and could cause actual results to differ materially from the results
expressed or implied by these forward-looking statements. In addition to the risk factors described under &ldquo;Risk Factors&rdquo;
beginning on page 4 of this prospectus, these factors include:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <TD STYLE="width: 0.5in; padding-bottom: 10pt">&nbsp;</td>
    <TD STYLE="width: 0.5in; padding-bottom: 10pt"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></td>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the impact of any new or changed laws,
    regulations, card network rules or other industry standards affecting our business, including the U.S. government decision
    to impose sanctions or other legal restrictions that may restrict our ability to do business in Russia;</FONT></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt">&nbsp;</td>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></td>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the impact of any significant chargeback
    liability and liability for merchant or customer fraud, which we may not be able to accurately anticipate and/or collect;</FONT></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt">&nbsp;</td>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></td>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">our ability to secure or successfully
    migrate merchant portfolios to new bank sponsors if current sponsorships are terminated;</FONT></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt">&nbsp;</td>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></td>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">our and our bank sponsors&rsquo; ability
    to adhere to the standards of the Visa&reg; and MasterCard&reg; payment card associations;</FONT></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt">&nbsp;</td>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></td>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">our reliance on third-party processors
    and service providers;</FONT></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt">&nbsp;</td>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></td>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">our dependence on independent sales
    groups (&ldquo;ISGs&rdquo;) that do not serve us exclusively to introduce us to new merchant accounts;</FONT></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt">&nbsp;</td>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></td>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">our ability to pass along increases
    in interchange costs and other costs to our merchants;</FONT></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt">&nbsp;</td>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></td>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">our ability to protect against unauthorized
    disclosure of merchant and cardholder data, whether through breach of our computer systems or otherwise;</FONT></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt">&nbsp;</td>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></td>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the effect of the loss of key personnel
    on our relationships with ISGs, card associations, bank sponsors and our other service providers;</FONT></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt">&nbsp;</td>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></td>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the effects of increased competition,
    which could adversely impact our financial performance;</FONT></td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></td>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the impact of any increase in attrition
    due to an increase in closed merchant accounts and/or a decrease in merchant charge volume that we cannot anticipate or offset
    with new accounts;</FONT></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt">&nbsp;</td>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></td>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the effect of adverse business conditions
    on our merchants;</FONT></td></tr>
</TABLE>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; width: 0.5in">&nbsp;</td>
    <TD STYLE="padding-bottom: 10pt; width: 0.5in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></td>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">our ability to adopt technology to
    meet changing industry and customer needs or trends;</FONT></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt">&nbsp;</td>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></td>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the impact of any decline in the use
    of credit cards as a payment mechanism for consumers or adverse developments with respect to the credit card industry in general;</FONT></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt">&nbsp;</td>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></td>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the impact of any adverse conditions
    in industries in which we obtain a substantial amount of our bankcard processing volume;</FONT></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt">&nbsp;</td>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></td>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the impact of seasonality on our operating
    results;</FONT></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt">&nbsp;</td>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></td>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the impact of any failure in our systems
    due to factors beyond our control;</FONT></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt">&nbsp;</td>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></td>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the impact of any material breaches
    in the security of third-party processing systems we use;</FONT></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt">&nbsp;</td>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></td>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the impact of any new and potential
    governmental regulations designed to protect or limit access to consumer information;</FONT></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt">&nbsp;</td>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></td>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the impact on our profitability if
    we are required to pay federal, state or local taxes on transaction processing;</FONT></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt">&nbsp;</td>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></td>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the impact on our growth and profitability
    if the markets for the services that we offer fail to expand or if such markets contract;</FONT></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt">&nbsp;</td>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></td>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">our ability (or inability) to continue
    as a going concern;</FONT></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt">&nbsp;</td>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></td>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the willingness of the Company&rsquo;s
    majority stockholders, and/or other affiliates of the Company, to continue investing in the Company&rsquo;s business to fund
    working capital requirements;</FONT></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt">&nbsp;</td>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></td>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the Company&rsquo;s ability (or inability)
    to obtain additional financing in sufficient amounts or on acceptable terms when needed;</FONT></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt">&nbsp;</td>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></td>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the impact on our operating results
    as a result of impairment of our goodwill and intangible assets;</FONT></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt">&nbsp;</td>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></td>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">our material weaknesses in internal
    control over financial reporting and our ability to maintain effective controls over financial reporting in the future; and</FONT></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt">&nbsp;</td>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></td>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the other factors identified in the
    section of this prospectus entitled &ldquo;Risk Factors.&rdquo;</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Forward-looking statements are based on
our current expectations about future events. Although we believe that the expectations reflected in the forward-looking statements
are reasonable, these expectations may not be achieved. We are under no duty to update any of the forward-looking statements after
the date of this prospectus to conform those statements to actual results. In evaluating these statements, you should consider
various factors, including the risks outlined in the section entitled &ldquo;Risk Factors&rdquo; beginning on page 4 of this prospectus.</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: center"><A NAME="a_002"></A><B>INFORMATION ABOUT
THE COMPANY</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"><B><I>Background and Business</I></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>Company Overview</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-indent: 0.5in">Net Element, Inc. (&ldquo;Net Element&rdquo;)
is a financial technology-driven group specializing in mobile payments and other transactional services in emerging countries
and in the United States. We operate in a single operating segment, that being a provider of transactional services and mobile
payment solutions. Geographic areas in which we operate include the United States, where through our U.S. based subsidiaries we
generate revenues from transactional services and other payment technologies for small and medium-sized businesses (&ldquo;SME&rdquo;).
Through TOT Group Russia and Net Element Russia, we provide transactional services, mobile payments transactions and other payment
technologies in emerging countries including Russian Federation and the Commonwealth of Independent States (&ldquo;CIS&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; text-indent: 0.5in"></P>

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<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>General Business Developments</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-indent: 0.5in">In 2013, we completed a number of acquisitions
and dispositions in pursuit of our strategy to reposition our business activities with the goal of enhancing financial results,
creation of a strong operational foundation and competitive advantage. We believe these transactions have realigned our company
into a strong financial technology driven service company with a more balanced and stable business mix.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our primary acquisitions and dispositions
during 2013 were as follows:</P>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 24px">&nbsp;</td>
    <td style="width: 24px"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></td>
    <td><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On April 16, 2013, newly formed TOT Group and its subsidiaries
    acquired substantially all of the business assets of Unified Payments, LLC, a Delaware limited liability company (&ldquo;Unified
    Payments&rdquo;). Unified Payments provides comprehensive turnkey, payment-processing solutions to small and medium size business
    owners (&ldquo;Merchants&rdquo;), independent sales agents and independent sales groups (&ldquo;ISGs&rdquo;) across the United
    States.</FONT></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 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 STYLE="font: 10pt Symbol">&middot;</FONT></td>
    <td><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On June 24, 2013, TOT Group, through its newly formed subsidiary
    Aptito, LLC (&ldquo;Aptito&rdquo;) acquired substantially all of the business assets of Aptito.com, Inc., a New York corporation.
    Aptito is a new generation of smart, customer engaged, patent-pending, cloud-based payments platform, mobile Point of Sale
    (&ldquo;mPOS&rdquo;), mobile commerce application and self-ordering Apple&reg; iPad&reg;-based kiosk.</FONT></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 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 STYLE="font: 10pt Symbol">&middot;</FONT></td>
    <td><FONT STYLE="font: 10pt Times New Roman, Times, Serif">During the third quarter of 2013, in order to reposition our business
    activities and focus on financial technology and transactional services, the Company divested its ownership in non-core assets,
    which included its subsidiaries Openfilm, LLC, Motorsport, LLC, Splinex, LLC, LegalGuru, LLC and MUSIC 1 LLC (a/k/a OOO Music1)
    (collectively, the &ldquo;Disposed Subsidiaries&rdquo;) by contributing to T1T Lab, LLC, a Florida limited liability company
    (&ldquo;T1T Lab&rdquo;) all of its membership and participation interests in such subsidiaries in exchange for a 10% membership
    interest in T1T Lab. T1T Lab is a wholly owned subsidiary of T1T Group, LLC, a Delaware limited liability company (&ldquo;T1T
    Group&rdquo;). T1T Group was issued a 90% membership interest in T1T Lab in exchange for contributions that will be made to
    T1T Lab from time to time when requested by T1T Lab of such services and/or cash as determined by T1T Group in its sole and
    absolute discretion in order to manage and operate the Disposed Subsidiaries and their respective businesses. T1T Group is
    wholly-owned by Enerfund, LLC (which is wholly-owned by Mike Zoi, a majority stockholder and former director of the Company).&nbsp;
    Openfilm, LLC, which develops technology and a website that supports the advancement of independent film on the Internet,
    was originally acquired in 2010. Motorsport, LLC, which is an online news and information service that distributes content
    related to the motor sports industry, was originally acquired in 2011. Splinex, LLC, which develops technology and web services
    focused in the areas of three dimensional (3D) imagery and video, was formed by the Company in 2011. LegalGuru, LLC, which
    is developing a video-centric, legal information portal, was originally acquired in 2012. MUSIC1 LLC, which operates an online
    music distribution platform in the Commonwealth of Independent States (CIS) countries, was acquired by the Company in 2011.
    The Disposed Subsidiaries constituted all of the Company&rsquo;s interests in online media businesses and operations (referred
    to herein collectively as the Company&rsquo;s &ldquo;entertainment assets&rdquo;).</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 24px">&nbsp;</td>
    <td style="width: 24px"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></td>
    <td><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Subsequent to the 2013 fiscal year, during the first quarter of
    2014, the Company further reduced its liabilities by divesting its 10% ownership interest in T1T Lab, LLC in exchange for
    termination of its obligation to commit funding of T1T Lab, LLC associated with its equity ownership.</FONT></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 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 STYLE="font: 10pt Symbol">&middot;</FONT></td>
    <td><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The Company changed its name to Net Element, Inc. on December 15,
    2013.</FONT></td></tr>
</table>
<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>Our Corporate Organization</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-indent: 0.5in">Our Company was formed in 2010 and incorporated
as a Cayman Islands exempted company with limited liability under the name Cazador Acquisition Corporation Ltd. Cazador was a
blank check company incorporated for the purpose of effecting a merger; share capital exchange; asset acquisition; share purchase;
reorganization or similar business combination with one or more operating businesses or assets. In 2012, Cazador completed a merger
(the &ldquo;Merger&rdquo;) with Prior Net Element, which was a company with businesses in the online media and mobile commerce
payment processing markets. Immediately prior to the effectiveness of the Merger, the Company (then known as Cazador Acquisition
Corporation Ltd.) changed its jurisdiction of incorporation by discontinuing as an exempted company in the Cayman Islands and
continuing and domesticating as a corporation incorporated under the laws of the State of Delaware. Effective upon consummation
of the Merger, (i) Prior Net Element was merged with and into the Company, resulting in Prior Net Element ceasing to exist and
the Company continuing as the surviving company in the Merger, and (ii) the Company changed its name to Net Element International,
Inc. In 2013, the Company divested its non-core entertainment assets. In December 2013, the Company changed its name to Net Element,
Inc. We entered the mobile payments business through the launch of TOT Money in Russia in 2012. We entered the financial technology
and value-added transactional service business through the acquisitions of Unified Payments in April 2013 and Aptito in June 2013.
<FONT STYLE="background-color: yellow"> </FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Additional Information</I></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-indent: 0.5in">Our principal office is located at 3363
NE 163<SUP>rd</SUP>&nbsp;Street, Suite 705, North Miami Beach, Florida 33160, and our main telephone number is (305) 507-8808.
Our website address is www.netelement.com. The information on our website is not a part of, and should not be construed as being
incorporated by reference into, this prospectus.</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: center"><A NAME="a_003"></A><B>RISK FACTORS</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-indent: 0.5in"><I> An investment in our securities involves
a high degree of risk. Before making an investment decision, you should consider carefully the risks discussed below, together
with the risks under the heading &ldquo;Risk Factors&rdquo; in our Annual Report on Form 10-K for the fiscal year ended December
31, 2013, our Quarterly Reports on Form 10-Q for the quarters ended March 31, 2014 and June 30, 2014, and any subsequent Annual
Report on Form 10-K or Quarterly Report on Form 10-Q, which are incorporated by reference into this prospectus, as well as the
other information included or incorporated by reference in this prospectus. Our business, prospects, financial condition, or operating
results could be harmed by any of these risks, as well as other risks not currently known to us or that we currently consider
immaterial. The trading price of our securities could decline due to any of these risks, and, as a result, you may lose all or
part of your investment. </I></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><I>Risks Related to Our Common Stock and Warrants</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"><B>The historic price of our common stock has been volatile
and the future market price of our common stock is likely to continue to be volatile. Further, the limited trading volume in our
common stock contributes significantly to the high volatility in the market price of our common stock. This may make it difficult
for you to sell our common stock for a positive return on your investment.</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-indent: 0.5in"> The public market for our common
stock has historically been very volatile. Since trading began in the common stock of the Company on October 3, 2012 and
through September 10, 2014, the per-share market price for our common stock has ranged from $0.88 to $12.25. Any future market
price for our common stock is likely to continue to be very volatile. This price volatility may make it more difficult for
holders of our common stock to sell shares when they want and at prices they find attractive. We do not know of any one
particular factor that has caused volatility in our stock price. However, the trading volume in our common stock is limited,
which contributes significantly to that volatility, and we cannot assure you that a larger or more liquid market will ever be
developed or maintained. In addition, the stock market in general has experienced extreme price and volume fluctuations that
have often been unrelated or disproportionate to the operating performance of companies. Broad market factors and the
investing public&rsquo;s negative perception of our business may reduce our stock price, regardless of our operating
performance. Market fluctuations and volatility, as well as general economic, market and political conditions, could reduce
the market price of our common stock. These fluctuations may also cause short sellers to periodically enter the market in the
belief that we will have poor results in the future. As a result, this may make it difficult or impossible for holders of our
common stock to sell shares when they want and at prices they find attractive. </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>Our operating results and financial condition may fluctuate
which could negatively affect the market price of our securities.</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-indent: 0.5in">Our operating results could vary significantly
from quarter to quarter and year to year because of a variety of factors, many of which are outside of our control. As a result,
comparing our operating results on a period-to-period basis may not be meaningful and the market price of our securities may be
negatively affected. The following factors, among others, may contribute to the variability of our quarterly and annual results
and negatively affect the market price of our securities:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0.5in; padding-bottom: 6pt">&nbsp;</td>
    <TD STYLE="width: 0.25in; padding-bottom: 6pt"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></td>
    <TD STYLE="padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the fact that our payment processing
    business first launched operations and began generating revenue during the third quarter of 2012;</FONT></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-bottom: 6pt">&nbsp;</td>
    <TD STYLE="padding-bottom: 6pt"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></td>
    <TD STYLE="padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">our ability to maintain existing, and
    secure additional, contracts with mobile phone carriers and content providers to use our payment processing services;</FONT></td></tr>
</TABLE>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD STYLE="padding-bottom: 6pt; width: 0.5in">&nbsp;</td>
    <TD STYLE="padding-bottom: 6pt; width: 0.25in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></td>
    <TD STYLE="padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the effects of increased competition
    on our business;</FONT></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-bottom: 6pt">&nbsp;</td>
    <TD STYLE="padding-bottom: 6pt"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></td>
    <TD STYLE="padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">our ability to successfully expand
    in existing markets and enter new markets;</FONT></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-bottom: 6pt">&nbsp;</td>
    <TD STYLE="padding-bottom: 6pt"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></td>
    <TD STYLE="padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the impact of worldwide economic conditions,
    including the resulting effect on consumer spending;</FONT></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-bottom: 6pt">&nbsp;</td>
    <TD STYLE="padding-bottom: 6pt"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></td>
    <TD STYLE="padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">our ability to protect our intellectual
    property;</FONT></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-bottom: 6pt">&nbsp;</td>
    <TD STYLE="padding-bottom: 6pt"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></td>
    <TD STYLE="padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">our ability to keep pace with changes
    in technology;</FONT></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-bottom: 6pt">&nbsp;</td>
    <TD STYLE="padding-bottom: 6pt"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></td>
    <TD STYLE="padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the success of our sales and marketing
    efforts;</FONT></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-bottom: 6pt">&nbsp;</td>
    <TD STYLE="padding-bottom: 6pt"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></td>
    <TD STYLE="padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">costs associated with defending intellectual
    property infringement and other claims and related judgments or settlements;</FONT></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-bottom: 6pt">&nbsp;</td>
    <TD STYLE="padding-bottom: 6pt"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></td>
    <TD STYLE="padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">changes in government licensing and
    regulation affecting our business;</FONT></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-bottom: 6pt">&nbsp;</td>
    <TD STYLE="padding-bottom: 6pt"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></td>
    <TD STYLE="padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">interruptions in service and any related
    impact on our reputation;</FONT></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-bottom: 6pt">&nbsp;</td>
    <TD STYLE="padding-bottom: 6pt"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></td>
    <TD STYLE="padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the attraction and retention of qualified
    employees and key personnel;</FONT></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-bottom: 6pt">&nbsp;</td>
    <TD STYLE="padding-bottom: 6pt"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></td>
    <TD STYLE="padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">our ability to choose and effectively
    manage third-party service providers;</FONT></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-bottom: 6pt">&nbsp;</td>
    <TD STYLE="padding-bottom: 6pt"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></td>
    <TD STYLE="padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the impact of fluctuations in currency
    exchange rates;</FONT></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-bottom: 6pt">&nbsp;</td>
    <TD STYLE="padding-bottom: 6pt"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></td>
    <TD STYLE="padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">our ability to successfully manage
    and integrate any acquisitions of businesses, solutions or technologies;</FONT></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-bottom: 6pt">&nbsp;</td>
    <TD STYLE="padding-bottom: 6pt"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></td>
    <TD STYLE="padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the effects of natural or man-made
    catastrophic events;</FONT></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-bottom: 6pt">&nbsp;</td>
    <TD STYLE="padding-bottom: 6pt"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></td>
    <TD STYLE="padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">changes in consumer behavior;</FONT></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-bottom: 6pt">&nbsp;</td>
    <TD STYLE="padding-bottom: 6pt"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></td>
    <TD STYLE="padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">our ability to increase the effectiveness
    of our internal controls; and</FONT></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-bottom: 6pt">&nbsp;</td>
    <TD STYLE="padding-bottom: 6pt"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></td>
    <TD STYLE="padding-bottom: 6pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">changes in our tax rates or exposure
    to additional tax liabilities.</FONT></td></tr>
</table>
<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>The market price of the Warrants will be directly affected
by the market price of our common stock, which may be volatile. </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-indent: 0.5in">We believe that the market price of the
Warrants will be significantly affected by the market price of our common stock. We cannot predict how the shares of our common
stock will trade in the future. This may result in greater volatility in the market price of the Warrants than would be expected
for non-exercisable securities.</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"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>If an effective registration is not in place and a current
prospectus is not available when an investor desires to exercise Warrants, such investor may be unable to exercise his, her or
its Warrants, causing such Warrants to expire worthless.</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-indent: 0.5in">Holders of shares of common stock received
pursuant to the exercise of the Warrants will be able to sell their warrant shares only if a registration statement relating to
such securities is then in effect, or if such transaction is exempt from the registration requirements of the Securities Act of
1933, as amended (the &ldquo;Securities Act&rdquo;) and such securities are qualified for sale or exempt from qualification under
the applicable securities laws of the states in which the purchaser of such securities resides. We intend to use our best efforts
to keep a registration statement in effect covering the common stock underlying the Warrants and to maintain a current prospectus
relating to the common stock underlying the Warrants until the expiration of the Warrants. We cannot assure you that we will be
able to do so, and if we do not maintain a current prospectus related to the common stock underlying the Warrants, holders may
be unable to sell the common stock underlying their Warrants. If the prospectus relating to the common stock underlying the Warrants
is not current, the Warrants may have no value, we will have no obligation to settle the Warrants for cash, the market for such
Warrants may be limited, and such Warrants may expire worthless.</P>

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

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

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<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>We may redeem your unexpired warrants prior to their exercise
at a time that is disadvantageous to you, thereby making your warrants worthless.</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-indent: 0.5in">We have the ability to redeem outstanding
Warrants at any time after they become exercisable and prior to their expiration, at a price of $0.01 per warrant, provided that
the last reported sales price of our common stock on The NASDAQ Capital Market equals or exceeds $15.00 per share for any 20 trading
days within a 30 trading-day period on the third business day prior to proper notice of such redemption; provided that on the
date we give notice of redemption and during the entire period thereafter until the time we redeem the warrants, we have an effective
registration statement under the Securities Act covering the issuance of our common stock underlying the warrants and a current
prospectus relating thereto. Redemption of the outstanding Warrants could force you (i) to exercise your Warrants and pay the
exercise price therefor at a time when it may be disadvantageous for you to do so, (ii) to sell your Warrants at the then current
market price when you might otherwise wish to hold your Warrants or (iii) to accept the nominal redemption price which, at the
time the outstanding Warrants are called for redemption, is likely to be substantially less than the market value of your Warrants.
None of the Warrants will be redeemable by us as long as they are held by Cazador Sub Holdings Ltd. (or its permitted transferees).</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>Our management&rsquo;s ability to require holders of Warrants
to exercise such Warrants on a cashless basis will cause holders to receive fewer ordinary shares upon their exercise of the Warrants
than they would have received had they been able to exercise their Warrants for cash.</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-indent: 0.5in">If we call the Warrants for redemption
after the redemption criteria described elsewhere in this prospectus or incorporated by reference herein have been satisfied,
our management will have the option to require any holder that wishes to exercise such holder&rsquo;s Warrants to do so on a &ldquo;cashless
basis.&rdquo; In such event, each holder would pay the exercise price by surrendering the Warrants for that number of shares of
common stock equal to the quotient obtained by dividing (x) the product of the number of shares of common stock underlying the
Warrants and the difference between the &ldquo;fair market value&rdquo; and the exercise price of the Warrants by (y) the fair
market value. The &ldquo;fair market value&rdquo; shall mean the average last reported sale price of our common stock on The NASDAQ
Capital Market for the 10 trading days ending on the third trading day prior to the date on which notice of redemption is sent
to the holders of the Warrants. If our management chooses to require holders to exercise their Warrants on a cashless basis, the
number of shares of common stock received by a holder upon exercise will be fewer than it would have been had such holder exercised
the Warrants for cash. This will have the effect of reducing the potential &ldquo;upside&rdquo; of the holder&rsquo;s investment
in us.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>The adjustment to the exercise price for Warrants and the
number of shares of common stock underlying each Warrant in connection with an anti-dilutive adjustment event may not adequately
compensate you for any lost value of your Warrants as a result of such transaction.</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-indent: 0.5in">If a specified corporate event or transaction
constituting a dilutive event occurs, under certain circumstances we will adjust the exercise price for the Warrants and the number
of shares of common stock underlying each warrant in connection with such dilutive adjustment event. The adjustment to the exercise
price for Warrants and the number of shares of common stock underlying each Warrant will be determined based on the date on which
the dilutive event occurs or becomes effective. The adjustment to the exercise price for the Warrants and the number of shares
of common stock underlying each Warrant in connection with a dilutive event may not adequately compensate you for any lost value
of your Warrants as a result of such dilutive event.</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>Under certain circumstances, holders may have to pay U.S.
federal income tax as a result of a deemed distribution with respect to our common stock or Warrants&mdash;even if holders do
not receive a corresponding distribution of cash&mdash;such as, if we adjust, or fail to adjust, the exercise price of the Warrants
in certain circumstances.</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-indent: 0.5in">Holders of our common stock or Warrants
may be treated as having received a constructive distribution in certain circumstances, for example if we make certain adjustments
to (or fail to make adjustments to) the exercise price of the Warrants and such adjustment (or failure to make an adjustment)
has the effect of increasing the proportionate interest of certain holders in our earnings and profits or assets. Such a distribution
could be treated as a taxable dividend or capital gain for U.S. federal income tax purposes even though holders do not receive
any cash with respect to such constructive distribution. In addition, you may be subject to U.S. federal withholding tax on any
such constructive distribution on our common stock or Warrants. You are advised to consult your independent tax advisor regarding
the possibility and tax treatment of any deemed distributions for U.S. federal income tax purposes.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Until the exercise of the Warrants, holders of these securities
do not have identical rights as holders of our common stock, but they will be subject to all changes made with respect to our
common 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-indent: 0.5in">Holders of the Warrants are not entitled
to any rights with respect to our common stock (including, without limitation, voting rights and rights to receive any dividends
or other distributions on our common stock), but they will be subject to all changes affecting our common stock. See &ldquo;Description
of Securities&rdquo; in this prospectus. Holders of Warrants will have rights with respect to our common stock only if they receive
our common stock upon exercise of the Warrants and only as of the date when such holder becomes a record owner of the shares of
our common stock upon such exercise. For example, with respect to Warrants, if an amendment is proposed to our certificate of
incorporation or bylaws requiring stockholder approval and the record date for determining the stockholders of record entitled
to vote on the amendment occurs prior to the date a Warrant holder is deemed to be the owner of the shares of our common stock
due upon exercise of the Warrants, the exercising Warrant holder will not be entitled to vote on the amendment, although such
holder will nevertheless be subject to any changes in the powers, preferences or special rights of our common stock.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>The market price of our common stock may or may not exceed
the exercise price of the Warrants.</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-indent: 0.5in">The Warrants are immediately exercisable.
As of the date of this prospectus, the market price of our common stock did not exceed the exercise price of the Warrants, and
we cannot provide you with any assurance that that the market price of our common stock will ever exceed the exercise price of
the Warrants in any or all periods prior to the date of expiration. Any Warrants not exercised by their date of expiration will
expire worthless and we will be under no further obligation to the Warrant holders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Since the Warrants are executory contracts, they may have
no value in a bankruptcy or reorganization proceeding.</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-indent: 0.5in">In the event a bankruptcy or reorganization
proceeding is commenced by or against us, a bankruptcy court may hold that any unexercised Warrants are executory contracts that
are subject to rejection by us with the approval of the bankruptcy court. As a result, holders of the Warrants may, even if we
have sufficient funds, not be entitled to receive any consideration for their Warrants or may receive an amount less than they
would be entitled to if they had exercised their Warrants prior to the commencement of any such bankruptcy or reorganization proceeding.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>We may sell equity securities in the future, which would
cause dilution.</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-indent: 0.5in">We may sell equity securities in the future
to obtain funds for general corporate, working capital, acquisitions or other purposes. We may sell these securities at a discount
to the market price. Any future sales of equity securities will dilute the holdings of existing stockholders, possibly reducing
the value of their investment.</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>The exercise of Warrants to purchase shares of our common
stock will increase the number of shares eligible for future resale in the public market and result in dilution to our existing
stockholders.</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-indent: 0.5in">There are outstanding warrants to purchase
an aggregate of 8,938,900 shares of our common stock. To the extent such warrants are exercised, additional shares of our common
stock will be issued, which will result in dilution to the existing holders of our common stock and increase the number of shares
eligible for resale in the public market. Sales of substantial numbers of such shares in the public market could adversely affect
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>We may not be able to continue to meet the continued listing
requirements for The NASDAQ Capital Market. If our common stock is delisted from The NASDAQ Capital Market, our business, financial
condition, results of operations and stock price could be adversely affected, and the liquidity of our stock reduced and our ability
to obtain financing could be impaired.</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-indent: 0.5in">We are currently in compliance with all
of the listing standards for listing on The NASDAQ Capital Market, but we cannot provide any assurance that we will continue to
be in compliance in the future. Any delisting of our common stock from The NASDAQ Capital Market could adversely affect our ability
to attract new investors, reduce the liquidity of our outstanding shares of common stock, reduce our flexibility to raise additional
capital, reduce the price at which our common stock trades and increase the transaction costs inherent in trading such shares
with overall negative effects for our stockholders. In addition, delisting of our common stock could deter broker-dealers from
making a market in or otherwise seeking or generating interest in our common stock, and might deter certain institutions and persons
from investing in our securities at all. For these reasons and others, delisting could adversely affect our business, financial
condition and results of operations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>The Warrants may be thinly traded, so you may be unable
to sell at or near ask prices or even at all if you need to sell your Warrants to raise money or otherwise desire to liquidate
your Warrants. </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-indent: 0.5in">The Warrants are quoted on the Over-the-Counter
Bulletin Board and may be &ldquo;thinly-traded,&rdquo; meaning that the number of persons interested in purchasing the Warrants
at or near bid prices at any given time may be relatively small or non-existent. This situation could be attributable to a number
of factors, including the fact that we are a relatively new company that may be 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, weeks or months when trading activity in the Warrants is minimal or non-existent, as compared to a seasoned issuer
which has a large and steady volume of trading activity that will generally support continuous sales without an adverse effect
on the price of the Warrants. We cannot give you any assurance that a broader or more active public trading market for the Warrants
will develop or be sustained, or that current trading levels will be sustained or not diminish.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Our management will have broad discretion over the use of
the proceeds that we receive from the exercise of the Warrants and might not apply the proceeds in ways that increase the value
our common 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-indent: 0.5in">We will receive the proceeds from the exercise
of the Warrants, but not from the sale of the underlying shares of common stock. Our management will have broad discretion to
use the proceeds that we receive from the exercise of the Warrants, and you will be relying on the judgment of our management
regarding the application of these proceeds. Our management might not apply these proceeds in ways that increase the value our
common stock. We intend to use these proceeds primarily for general corporate purposes, including working capital, sales and marketing
activities, general and administrative matters, repayment of indebtedness, and capital expenditures. We may also use a portion
of these proceeds to acquire or invest in complementary products or businesses. Pending the foregoing uses, we intend to invest
the proceeds that we receive from the exercise of the Warrants in short-term, investment-grade, interest-bearing securities, and
these investments may not yield a favorable rate of return. If we do not invest or apply the proceeds that we receive from the
exercise of the Warrants in ways that enhance stockholder value, we may fail to achieve expected financial results, which could
cause the price of our common stock to decline. You will not have the opportunity to influence our decisions on how we use the
proceeds that we receive from the exercise of the Warrants.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>If securities or industry analysts do not publish or cease
publishing research or reports about us, our business, or our market, or if they change their recommendations regarding our common
stock adversely, the price and trading volume of our securities could decline.</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-indent: 0.5in">Securities and industry analysts do not
currently, and may never, publish research on us. If securities or industry analysts do not publish or cease publishing research
or reports about us, our business, or our market, or if they change their recommendations regarding our common stock adversely,
the price and trading volume of our securities could decline. The trading markets for our securities will be influenced by the
research and reports that industry or securities analysts may publish about us, our business, our market, or our competitors.
If no securities or industry analysts commence coverage of us, the market price and trading volume of our securities would likely
be negatively impacted. If any of the analysts who may cover us change their recommendation regarding our securities adversely,
or provide more favorable relative recommendations about our competitors, the price of our securities would likely decline. If
any analyst who may cover us were to cease coverage of us or fail to regularly publish reports on us, we could lose visibility
in the financial markets, which in turn could cause the market price or trading volume of our securities to decline.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Provisions of Delaware law may prevent or delay a change
of control, which could depress the trading price of our securities.</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-indent: 0.5in">We are subject to the Delaware anti-takeover
laws regulating corporate takeovers. These anti-takeover laws prevent Delaware corporations from engaging in a merger or sale
of more than 10% of its assets with any stockholder, including all affiliates and associates of the stockholder, who owns 15%
or more of the corporation&rsquo;s outstanding voting stock, for three years following the date that the stockholder acquired
15% or more of the corporation&rsquo;s assets unless:</P>

<P STYLE="font: 10pt Symbol; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD STYLE="width: 0.5in; padding-bottom: 10pt">&nbsp;</td>
    <TD STYLE="width: 0.25in; padding-bottom: 10pt"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></td>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the board of directors approved the
    transaction in which the stockholder acquired 15% or more of the corporation&rsquo;s assets;</FONT></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt">&nbsp;</td>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></td>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">after the transaction in which the
    stockholder acquired 15% or more of the corporation&rsquo;s assets, the stockholder owned at least 85% of the corporation&rsquo;s
    outstanding voting stock, excluding shares owned by directors, officers and employee stock plans in which employee participants
    do not have the right to determine confidentially whether shares held under the plan will be tendered in a tender or exchange
    offer; or</FONT></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt">&nbsp;</td>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></td>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">on or after this date, the merger
    or sale is approved by the board of directors and the holders of at least two-thirds (2/3) of the outstanding voting stock
    that is not owned by the stockholder.</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">A Delaware corporation may opt out of the
Delaware anti-takeover laws if its certificate of incorporation or bylaws so provides. We have not opted out of the provisions
of the anti-takeover laws. As such, these laws could prohibit or delay mergers or other takeover or change of control of us and
may discourage attempts by other companies to acquire us even if it would be beneficial to stockholders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Our certificate of incorporation and bylaws contain provisions
that could discourage a third-party from acquiring us.</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-indent: 0.5in">Our certificate of incorporation and bylaws,
as applicable, among other things, (1) provide our board with the ability to alter the bylaws without stockholder approval, and
(2) provide that vacancies on our board of directors may be filled by a majority of directors in office. These provisions, while
designed to reduce vulnerability to an unsolicited acquisition proposal, and to discourage certain tactics used in proxy fights,
may negatively impact a third-party&rsquo;s decision to acquire us even if it would be beneficial to our securityholders.</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"><A NAME="a_004"></A><B>USE OF PROCEEDS</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-indent: 0.5in">We will receive the proceeds from the exercise
of the Warrants, but not from the sale of the underlying shares of common stock. We intend to use the proceeds from the exercise
of the Warrants primarily for general corporate purposes, including working capital, sales and marketing activities, general and
administrative matters, repayment of indebtedness, and capital expenditures. We may also use a portion of the proceeds to acquire
or invest in complementary products or businesses.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We have not yet determined the amount of
proceeds from the exercise of the Warrants to be used specifically for any of the foregoing purposes. Accordingly, our management
will have broad discretion over the uses of such proceeds. Pending the uses described above, we intend to invest the proceeds
from the exercise of Warrants in short-term, investment-grade, interest-bearing securities such as money market accounts, certificates
of deposit, commercial paper, and guaranteed obligations of the U.S. government.</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"><A NAME="a_005"></A><B>DESCRIPTION OF SECURITIES</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"><B><I>Common Stock</I></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-indent: 0.5in">We are authorized to issue up to 100,000,000
shares of common stock, par value $0.0001 per share. As of August 13, 2014, approximately 38,350,329 shares of common stock were
outstanding. All outstanding shares of our common stock are fully paid and non-assessable.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Each holder of our common stock is entitled
to a pro rata share of cash distributions made to our stockholders, including dividend payments. The holders of our common stock
are entitled to receive dividends when, as and if declared by our board of directors from funds legally available therefore. Cash
dividends will be paid at the sole discretion of our board of directors.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The holders of our common stock are entitled
to one vote for each share of record on all matters to be voted on by our stockholders. There is no cumulative voting with respect
to the election of our directors or any other matter. Therefore, the holders of more than 50% of the shares of our common stock
voting for the election of our directors can elect all of our directors.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In the event of our liquidation, dissolution
or winding up, the holders of our common stock are entitled to share ratably in all assets remaining available for distribution
to them after payment of our liabilities and after provision has been made for each class of stock, if any, having any preference
in relation to our common stock.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Holders of our common stock have no conversion,
preemptive or other subscription rights, and there are no redemption provisions applicable to our common stock.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Warrants </I></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-indent: 0.5in">Each Warrant entitles the registered holder
thereof to purchase one share of our common stock at a price of $7.50 per share, subject to adjustment as discussed below. The
Warrants became exercisable for shares of our common stock upon the consummation of the transactions contemplated by the Merger
Agreement. Notwithstanding the foregoing, the Warrants will be exercisable only if a registration statement relating to the shares
of our common stock issuable upon exercise of the Warrants is effective and current.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Warrants will expire at 5:00 p.m.,
New York time, on October 2, 2017, or earlier upon redemption.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">At any time while the Warrants are exercisable
and there is an effective registration statement covering the shares of common stock issuable upon exercise of the Warrants available
and current, we may call the outstanding Warrants for redemption:</P>

<P STYLE="font: 10pt Symbol; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD STYLE="width: 0.5in; padding-bottom: 10pt">&nbsp;</td>
    <TD STYLE="width: 0.25in; padding-bottom: 10pt"><FONT STYLE="font: 10pt Symbol">&middot; </FONT></td>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">in whole and not in part;</FONT></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt">&nbsp;</td>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font: 10pt Symbol">&middot; </FONT></td>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">at a price of $0.01 per Warrant;</FONT></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt">&nbsp;</td>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font: 10pt Symbol">&middot; </FONT></td>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">upon not less than 30 days&rsquo;
    prior written notice of redemption (the 30-day redemption period) to each Warrant holder; and</FONT></td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD><FONT STYLE="font: 10pt Symbol">&middot; </FONT></td>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">if, and only if, the last reported sale price of our common stock
    on The NASDAQ Capital Market equals or exceeds $15.00 per share for any 20 trading days within a 30 trading day period ending
    on the third business day prior to the notice of redemption to Warrant holders.</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We will not redeem the Warrants unless
an effective registration statement covering the shares of common stock issuable upon exercise of the Warrants is effective and
current throughout the 30-day redemption period.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We have established these redemption criteria
to provide Warrant holders with a significant premium to the $7.50 exercise price as well as a sufficient degree of liquidity
to cushion the market reaction, if any, to our redemption call. If the foregoing conditions are satisfied and we issue a notice
of redemption of the Warrants, each Warrant holder will be entitled to exercise his or her Warrants prior to the scheduled redemption
date. However, there can be no assurance that the price of the shares of common stock issuable upon exercise of such Warrants
will exceed the redemption trigger price or the warrant exercise price after the redemption notice is issued.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If we call the Warrants for redemption,
we will have the option to require all holders that wish to exercise Warrants to do so on a &ldquo;cashless basis,&rdquo; although
you will not be eligible to do so at your option. In such event, each holder would pay the exercise price by surrendering the
Warrants for that number of shares of our common stock equal to the quotient obtained by dividing (x) the product of the number
of shares of our common stock underlying the Warrants and the difference between the &ldquo;fair market value&rdquo; (defined
below) and the exercise price of the Warrants by (y) the &ldquo;fair market value.&rdquo; The &ldquo;fair market value&rdquo;
shall mean the average last reported sale price of our common stock on The NASDAQ Capital Market for the 10 trading days ending
on the third trading day prior to the date on which the notice of redemption is sent to the holders of Warrants. If we take advantage
of this option, the notice of redemption will contain the information necessary to calculate the number of shares of our common
stock to be received upon exercise of the Warrants, including the &ldquo;fair market value&rdquo; in such case. Requiring a cashless
exercise in this manner will reduce the number of shares of our common stock to be issued and thereby lessen the dilutive effect
of a redemption. We believe this feature is an attractive option to us if we do not need the cash from the exercise of the Warrants.
If we call all of our outstanding warrants for redemption and we do not take advantage of this option, Cazador Sub Holdings Ltd.
and its permitted transferees would still be entitled to exercise their Warrants for cash or on a cashless basis using the same
formula described above that other warrant holders would have been required to use had all warrant holders been required to exercise
their warrants on a cashless basis, as described in more detail below.</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-indent: 0.5in">The Warrants have been issued in registered
form under a warrant agreement between Continental Stock Transfer &amp; Trust Company, as warrant agent, and us. You should review
a copy of the warrant agreement, which is filed as an exhibit to the registration statement of which this prospectus is a part,
for a complete description of the terms and conditions of the Warrants.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The exercise price and number of shares
of our common stock issuable on exercise of the Warrants may be adjusted in certain circumstances including in the event of a
share dividend, or our recapitalization, reorganization, merger or consolidation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Warrants may be exercised upon surrender
of the warrant certificate on or prior to the expiration date at the offices of the warrant agent, with the exercise form on the
reverse side of the warrant certificate completed and executed as indicated, accompanied by full payment of the exercise price
for the number of Warrants being exercised. On the exercise of any Warrant, the warrant exercise price will be paid directly to
us and not placed in the trust account. In no event may the Warrants be net cash settled. Warrant holders do not have the rights
or privileges of holders of shares of our common stock, including voting rights, until they exercise their Warrants and receive
shares of our common stock. After the issuance of shares of our common stock upon exercise of the Warrants, each holder will be
entitled to one vote for each share held of record on all matters to be voted on by stockholders.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">No Warrants will be exercisable and we
will not be obligated to issue shares of common stock unless, at the time a holder seeks to exercise such Warrant, a registration
statement relating to the shares of common stock issuable upon exercise of the Warrants is effective with the SEC and current
and the shares of common stock have been registered or qualified or deemed to be exempt under the securities laws of the state
or jurisdiction of residence of the holder of the Warrants. Under the terms of the warrant agreement, we have agreed to use our
best efforts to meet these conditions and to maintain a current prospectus relating to the shares of common stock issuable upon
exercise of the Warrants until the expiration of the Warrants. However, we cannot assure you that we will be able to do so and,
if we do not maintain a current prospectus relating to the shares of common stock issuable upon exercise of the Warrants, holders
will be unable to exercise their Warrants and we will not be required to net cash settle any such warrant exercise. If the prospectus
relating to the shares of common stock issuable upon the exercise of the Warrants is not current or if the shares of common stock
are not qualified or exempt from qualification in the jurisdictions in which the holders of the warrants reside, we will not be
required to net cash settle or cash settle the warrant exercise, the Warrants may have no value, the market for the Warrants may
be limited and the Warrants may expire worthless.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">No fractional shares will be issued upon
exercise of the Warrants. If a holder exercises Warrants and would be entitled to receive a fractional interest of a share, we
will round up the number of shares of common stock to be issued to the Warrant holder to the nearest whole number of shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Our Transfer Agent and Warrant Agent </I></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-indent: 0.5in">The transfer agent for our securities and
warrant agent for our warrants is Continental Stock Transfer &amp; Trust Company, which is located at 17 Battery Place, 8<SUP>th
</SUP>Floor, New York, new York 10004, telephone: (212) 509-4000.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our common stock is listed on The NASDAQ
Capital Market under the symbol &ldquo;NETE.&rdquo; The Warrants are quoted on the Over-the-Counter Bulletin Board under the symbol
&ldquo;NETEW.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a_006"></A><B>PLAN OF DISTRIBUTION</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-indent: 0.5in">The shares of common stock underlying the
Warrants offered and sold pursuant to this prospectus will be issued directly to the holders of Warrants upon payment of the exercise
price therefor to us.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We are required to pay all fees and expenses
incident to the registration of the shares of our common stock underlying the Warrants to be offered and sold pursuant to this
prospectus.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a_007"></A><B>LEGAL MATTERS</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-indent: 0.5in">The validity of the securities offered
hereby will be passed upon for us by Snell &amp; Wilmer L.L.P., Los Angeles, California.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><A NAME="a_008"></A><B>EXPERTS</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-indent: 0.5in">BDO USA, LLP, independent registered public
accounting firm, has audited our financial statements as of, and for the years ended, December 31, 2013 and 2012, included in
our Annual Report on Form 10-K for the year ended December 31, 2013, as set forth in their report, which is incorporated by reference
in this prospectus. Our financial statements are incorporated by reference in reliance on BDO USA, LLP&rsquo;s report, given on
their authority as experts in accounting and auditing.</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: center"><A NAME="a_009"></A><B>WHERE YOU CAN FIND
MORE INFORMATION</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-indent: 0.5in">We file annual, quarterly and current reports,
proxy statements and other information with the SEC. We have also filed a registration statement on Form S-3, including exhibits,
under the Securities Act with respect to the common stock offered by this prospectus, which amends our prior registration statement
on Form S-4 (File No. 333-182076). This prospectus is part of the registration statement, but does not contain all of the information
included in the registration statement or the exhibits. You may read and copy the registration statement and any other document
that we file with the SEC at the SEC&rsquo;s Public Reference Room at 100 F Street, N.E., Washington, D.C. 20549. Please call
the SEC at 1-800-SEC-0330 for further information on the Public Reference Room. Our SEC filings are also available to the public
on the internet at a website maintained by the SEC located at http://www.sec.gov.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a_010"></A><B>INFORMATION INCORPORATED
BY REFERENCE</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-indent: 0.5in">The SEC allows us to &ldquo;incorporate
by reference&rdquo; information into this document. This means that we can disclose important information to you by referring
you to another document filed separately with the SEC. The information incorporated by reference is considered to be a part of
this document, except for any information superseded by information that is included directly in this document or incorporated
by reference subsequent to the date of this document.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This prospectus incorporates by reference
the documents listed below and any future filings that we make with the SEC under Section 13(a), 13(c), 14 or 15(d) of the Exchange
Act (other than current reports on Form 8-K furnished under Item 2.02 or Item 7.01 and exhibits filed on such form that are related
to such items), until all the securities offered under this prospectus are sold.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0.5in; padding-bottom: 10pt">&nbsp;</td>
    <TD STYLE="width: 0.25in; padding-bottom: 10pt"><FONT STYLE="font: 10pt Symbol">&middot; </FONT></td>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Our Annual Report on Form 10-K for
    the fiscal year ended December 31, 2013, filed with the SEC on April 15, 2014; </FONT></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt">&nbsp;</td>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font: 10pt Symbol">&middot; </FONT></td>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Our Quarterly Reports on Form 10-Q
    for the quarters ended March 31, 2014, filed with the SEC on May 15, 2014, and June 30, 2014, filed with the SEC on August
    14, 2014; </FONT></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt">&nbsp;</td>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font: 10pt Symbol">&middot; </FONT></td>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Our Current Reports on Form 8-K, filed
    with the SEC on February 13, 2014, April 10, 2014, April 21, 2014, April 22, 2014, May 22, 2014, June 11, 2014, July 2, 2014,
    July 7, 2014 and August 18, 2014 (in each case, not including any information furnished under Items 2.02 or 7.01 of Form 8-K,
    including the related exhibits, which information is not incorporated by reference herein); and </FONT></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt">&nbsp;</td>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font: 10pt Symbol">&middot; </FONT></td>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The descriptions of our common stock
    and Warrants contained in our Registration Statement on Form 8-A, filed with the SEC on September 28, 2010 and amended on
    October 2, 2012, and any other amendment or report filed for the purposes of updating such descriptions.</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Documents incorporated by reference are
available from the SEC as described above or from us without charge, excluding any exhibits to those documents unless the exhibit
is specifically incorporated by reference as an exhibit in this document. You can obtain documents incorporated by reference in
this document by requesting them in writing or by telephone at the following address:</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-top: 0pt; margin-bottom: 0pt; text-align: center">Net Element, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">3363 NE 163rd St.,
Suite 705</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">North Miami Beach,
Florida 33160</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(305) 507-8808</P>

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

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

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


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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Item 14.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other
Expenses of Issuance and Distribution.</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-indent: 0.5in">The following table sets forth the expenses
to be borne by the Registrant in connection with the issuance and distribution of the shares of common stock being registered
hereby. Other than the Securities and Exchange Commission registration fee, all of the amounts below are estimates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&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: 86%; font: 10pt Times New Roman, Times, Serif; text-align: left">Securities and Exchange Commission registration
    fee</TD><TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">5,849.35</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Accounting fees and expenses</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">7,000.00</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Legal fees and expenses</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">50,000.00</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Financial printing and miscellaneous
    expenses</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">5,000.00</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">&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: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">Total</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">67,849.35</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Item 15.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indemnification
of Directors and Officers.</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-indent: 0.5in">Section 102 of the Delaware General Corporation
Law (the &ldquo;DGCL&rdquo;) allows a corporation to eliminate the personal liability of directors of a corporation to the corporation
or its stockholders for monetary damages for breach of fiduciary duty as a director, except where the director breached the duty
of loyalty, failed to act in good faith, engaged in intentional misconduct or knowingly violated a law, authorized the payment
of a dividend or approved a stock repurchase in violation of the DGCL or obtained an improper personal benefit.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Under Section 145 of the DGCL, we can indemnify
our directors and officers against liabilities they may incur in such capacities, including liabilities under the Securities Act
of 1933, as amended (the &ldquo;Securities Act&rdquo;). Our certificate of incorporation provides that, pursuant to the DGCL,
our directors shall not be liable for monetary damages for breach of the directors&rsquo; fiduciary duty of care to us and our
stockholders. This provision in the certificate of incorporation does not eliminate the duty of care, and in appropriate circumstances
equitable remedies such as injunctive or other forms of non-monetary relief will remain available under the DGCL. In addition,
each director will continue to be subject to liability for breach of the director&rsquo;s duty of loyalty to us or our stockholders,
for acts or omissions not in good faith or involving intentional misconduct or knowing violations of the law, for actions leading
to improper personal benefit to the director, and for payment of dividends or approval of stock repurchases or redemptions that
are unlawful under the DGCL. The provision also does not affect a director&rsquo;s responsibilities under any other law, such
as the federal securities laws or state or federal environmental laws.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 174 of the DGCL provides, among
other things, that a director who willfully or negligently approves of an unlawful payment of dividends or an unlawful stock purchase
or redemption may be held liable for such actions. A director who was either absent when the unlawful actions were approved or
dissented at the time, may avoid liability by causing his or her dissent to such actions to be entered in the books containing
minutes of the meetings of our board of directors at the time such action occurred or immediately after such absent director receives
notice of the unlawful acts.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In addition, our directors and officers
are covered under directors&rsquo; and officers&rsquo; liability insurance policies maintained by us, subject to the limits of
the policies, insuring such persons against various liabilities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Insofar as indemnification for liabilities
arising under the Securities Act may be permitted to directors, officers and controlling persons of the Registrant pursuant to
the foregoing provisions, or otherwise, the Registrant has been advised that, in the opinion of the Securities and Exchange Commission,
such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable.</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: bottom">
    <TD STYLE="width: 15%; padding-bottom: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Item 16.</B></FONT></td>
    <TD STYLE="width: 85%; padding-bottom: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Exhibits.</B></FONT></td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Exhibit Number</B></FONT></td>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Description</B></FONT></td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-bottom: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2.1</FONT></td>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agreement and Plan of Merger, dated
    as of June 12, 2012, by and between Cazador Acquisition Corporation Ltd. and Net Element, Inc. (incorporated by reference
    from Exhibit 2.1 to the Form 8-K filed by the Registrant on June 12, 2012)</FONT></td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-bottom: 10pt; text-align: center; vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2.2</FONT></td>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Contribution Agreement, dated April
    16, 2013, among Net Element International, Inc., Unified Payments, LLC, TOT Group, Inc., Oleg Firer, and Georgia Notes 18
    LLC (incorporated by reference to Exhibit 2.1 to the Company&rsquo;s Current Report on Form 8-K filed with the Commission
    on April 17, 2013)</FONT></td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-bottom: 10pt; text-align: center; vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2.3</FONT></td>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Term Sheet, dated May 20, 2013, among
    TOT Group, Inc., Net Element International, Inc. and Aptito.com, Inc. (incorporated by reference to Exhibit 2.1 to the Company&rsquo;s
    Current Report on Form 8-K filed with the Commission on May 22, 2013)</FONT></td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-bottom: 10pt; text-align: center; vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2.4</FONT></td>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Asset Purchase Agreement, dated June
    18, 2013, between Aptito, LLC and Aptito.com, Inc. (incorporated by reference to Exhibit 2.1 to the Company&rsquo;s Current
    Report on Form 8-K filed with the Commission on June 24, 2013)</FONT></td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-bottom: 10pt; text-align: center; vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2.5</FONT></td>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Letter of Intent, dated June 27, 2013,
    among TOT Group, Inc., Net Element International, Inc., Quickpay USA, Inc., UPC-Kazakhstan, LLP, United Processing System
    of Panama, Inc., Quickpay Multinational Payment System LTD, MPS, LLC, MPS, LTD, Quickpay Columbia SAS, System Quickpay, LLC
    and Express MIT, LLC (incorporated by reference to Exhibit 2.1 to the Company&rsquo;s Current Report on Form 8-K filed with
    the Commission on July 3, 2013)</FONT></td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-bottom: 10pt; text-align: center; vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2.6</FONT></td>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Contribution Agreement, dated September
    25, 2013, among T1T Lab, LLC, Net Element International, Inc. and T1T Group, LLC (incorporated by reference to Exhibit 2.1
    to the Company&rsquo;s Current Report on Form 8-K filed with the Commission on September 25, 2013)</FONT></td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-bottom: 10pt; text-align: center; vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2.7</FONT></td>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Assignment of Membership Interest,
    dated February 11, 2014, among T1T Group, LLC, Net Element, Inc., and T1T LAB, LLC (incorporated by reference to Exhibit 2.7
    to the Company&rsquo;s Current Report on Form 10-K filed with the Commission on April 15, 2014)</FONT></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3.1</FONT></td>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Certificate of Corporate Domestication
    of Cazador, filed with the Secretary of State of the State of Delaware on October 2, 2012 (incorporated by reference from
    Exhibit 3.1 to the Form 8-K filed by the Registrant on October 5, 2012)</FONT></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3.2</FONT></td>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Amended and Restated Certificate of
    Incorporation of Net Element International, Inc., a Delaware corporation, filed with the Secretary of State of the State of
    Delaware on October 2, 2012 (incorporated by reference from Exhibit 3.2 to the Form 8-K filed by the Registrant on October
    5, 2012)</FONT></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3.3</FONT></td>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Amended and Restated Bylaws of Net
    Element International, Inc., a Delaware corporation (incorporated by reference from Exhibit 3.3 to the Form 8-K filed by the
    Registrant on October 5, 2012)</FONT></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3.4</FONT></td>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Certificate of Merger, filed with
    the Secretary of State of the State of Delaware on October 2, 2012 (incorporated by reference from Exhibit 3.4 to the Form
    8-K filed by the Registrant on October 5, 2012)</FONT></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3.5</FONT></td>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Certificate of Amendment to Amended
    and Restated Certificate of Incorporation, dated December 5, 2013, changing the Company&rsquo;s name from Net Element International,
    Inc. to Net Element, Inc. (incorporated by reference to Exhibit 3.1 to the Company&rsquo;s Current Report on Form 8-K filed
    with the Commission on December 6, 2013)</FONT></td></tr>
</TABLE>

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

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

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; text-align: center; width: 15%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4.1</FONT></td>
    <TD STYLE="padding-bottom: 10pt; width: 85%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Specimen Common Stock
    Certificate of Net Element International, Inc. (incorporated by reference from Exhibit 4.2 to the Registrant&rsquo;s Amendment
    No. 4 to Registration Statement on Form S-4 (SEC File No. 333-182076) filed with the Securities and Exchange Commission on
    August 31, 2012)</FONT></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4.2</FONT></td>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Warrant Certificate of Cazador Acquisition
    Corporation Ltd. (incorporated by reference to Exhibit 4.3 to the Registration Statement on Form F-1 filed by the Company
    with the Commission on September 3, 2010)</FONT></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4.3</FONT></td>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Registration Rights Agreement by and
    between Cazador Acquisition Corporation Ltd., Cazador Sub Holdings Ltd. and Others (incorporated by reference to Exhibit 10.5
    to the Registration Statement, as amended, on Form F-1/A filed by the Company with the Commission on October 6, 2010)</FONT></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4.4</FONT></td>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Warrant Agreement by and between Cazador
    Acquisition Corporation Ltd. and Continental Stock Transfer &amp; Trust Company (incorporated by reference to Exhibit 4.4
    to the Registration Statement, as amended, on Form F-1/A filed by the Company with the Commission on October 6, 2010)</FONT></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5.1</FONT></td>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Opinion of Snell &amp; Wilmer L.L.P.</FONT></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">23.1</FONT></td>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Consent of BDO USA, LLP</FONT></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">23.2</FONT></td>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Consent of Snell &amp; Wilmer L.L.P.
    (included in Exhibit 5.1)</FONT></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">24.1</FONT></td>
    <TD STYLE="padding-bottom: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Power of Attorney (previously filed)</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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Item 17.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Undertakings.</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-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
undersigned Registrant hereby undertakes:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
include any prospectus required by Section 10(a)(3) of the Securities Act of 1933;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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-indent: 0.5in"><I>&nbsp;</I></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;That,
for the purpose of determining any liability under the Securities Act of 1933, each such post-effective amendment shall be deemed
to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time
shall be deemed to be the initial bona fide offering thereof.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;That,
for the purpose of determining liability under the Securities Act of 1933 to any purchaser:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
prospectus filed by the Registrant pursuant to Rule 424(b)(3) shall be deemed to be part of the registration statement as of the
date the filed prospectus was deemed part of and included in the registration statement; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
prospectus required to be filed pursuant to Rule 424(b)(2), (b)(5), or (b)(7) as part of a registration statement in reliance
on Rule 430B relating to an offering made pursuant to Rule 415(a)(1)(i), (vii), or (x) for the purpose of providing the information
required by section 10(a) of the Securities Act of 1933 shall be deemed to be part of and included in the registration statement
as of the earlier of the date such form of prospectus is first used after effectiveness or the date of the first contract of sale
of securities in the offering described in the prospectus. As provided in Rule 430B, for liability purposes of the issuer and
any person that is at that date an underwriter, such date shall be deemed to be a new effective date of the registration statement
relating to the securities in the registration statement to which that prospectus relates, and the offering of such securities
at that time shall be deemed to be the initial bona fide offering thereof. Provided, however, that no statement made in a registration
statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by
reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with
a time of contract of sale prior to such effective date, supersede or modify any statement that was made in the registration statement
or prospectus that was part of the registration statement or made in any such document immediately prior to such effective date;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;That,
for the purpose of determining liability of the Registrant under the Securities Act of 1933 to any purchaser in the initial distribution
of the securities, the undersigned Registrant undertakes that in a primary offering of securities of the undersigned Registrant
pursuant to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if
the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned Registrant
will be a seller to the purchaser and will be considered to offer or sell such securities to such purchaser:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
preliminary prospectus or prospectus of the undersigned Registrant relating to the offering required to be filed pursuant to Rule
424;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
&ldquo;free writing prospectus&rdquo; 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-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
portion of any other &ldquo;free writing prospectus&rdquo; 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-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
undersigned Registrant hereby undertakes that, for purposes of determining any liability under the Securities Act of 1933, each
filing of the Registrant&rsquo;s annual report pursuant to Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934
(and, where applicable, each filing of an employee benefit plan&rsquo;s annual report pursuant to Section 15(d) of the Securities
Exchange Act of 1934) that is incorporated by reference in 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-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Insofar as indemnification for liabilities
arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the Registrant pursuant
to the provisions set forth or described in Item 15 of this registration statement, or otherwise, the Registrant has been advised
that in the opinion of the Commission such indemnification is against public policy as expressed in the Securities Act of 1933
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 of 1933 and will be governed by the final adjudication of such issue.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> Pursuant to the requirements of the
Securities Act of 1933, as amended, the Registrant certifies that it has reasonable grounds to believe that it meets all of the
requirements for filing on Form S-3 and has duly caused this Post-Effective Amendment No. 6 on Form S-3 to the Registration Statement
on Form S-4 (File No. 333-182076) to be signed on its behalf by the undersigned, thereunto duly authorized, in Miami, Florida
on this 11th day of September, 2014. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.25in; text-indent: 0.5in"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD COLSPAN="3"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>NET ELEMENT, INC. </B></FONT></td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD COLSPAN="2">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</td>
    <TD STYLE="width: 3%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">By: </FONT></td>
    <TD STYLE="border-bottom: Black 1pt solid; width: 32%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">/s/ Jonathan
    New </FONT></TD>
    <TD STYLE="width: 15%">&nbsp;</TD></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Name: Jonathan New </FONT></td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Title: Chief Financial Officer </FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> Pursuant to the requirements of the
Securities Act of 1933, as amended, this Post-Effective Amendment No. 6 on Form S-3 to the Registration Statement on Form S-4
(File No. 333-182076) has been signed by the following persons in the capacities and on the dates indicated.&nbsp; </P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; width: 34%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B> Signature
    </B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 2%"> &nbsp; </TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; width: 35%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B> Title
    </B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 2%"> &nbsp; </TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; width: 25%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B> Date
    </B></FONT></TD>
    <TD STYLE="width: 2%"> &nbsp; </TD></TR>
<TR>
    <TD STYLE="vertical-align: top"> &nbsp; </TD>
    <TD STYLE="vertical-align: top"> &nbsp; </TD>
    <TD STYLE="vertical-align: top"> &nbsp; </TD>
    <TD STYLE="vertical-align: top"> &nbsp; </TD>
    <TD STYLE="vertical-align: top"> &nbsp; </TD>
    <TD> &nbsp; </TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"> /s/
    Oleg Firer </FONT></TD>
    <TD STYLE="vertical-align: top"> &nbsp; </TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"> Chief Executive Officer and Director
    </FONT></TD>
    <TD STYLE="vertical-align: top"> &nbsp; </TD>
    <TD STYLE="vertical-align: top"> September 11, 2014 </TD>
    <TD> &nbsp; </TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"> Oleg Firer </FONT></TD>
    <TD STYLE="vertical-align: top"> &nbsp; </TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"> (Principal Executive Officer) </FONT></TD>
    <TD STYLE="vertical-align: top"> &nbsp; </TD>
    <TD STYLE="vertical-align: top"> &nbsp; </TD>
    <TD> &nbsp; </TD></TR>
<TR>
    <TD STYLE="vertical-align: top"> &nbsp; </TD>
    <TD STYLE="vertical-align: top"> &nbsp; </TD>
    <TD STYLE="vertical-align: top"> &nbsp; </TD>
    <TD STYLE="vertical-align: top"> &nbsp; </TD>
    <TD STYLE="vertical-align: top"> &nbsp; </TD>
    <TD> &nbsp; </TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"> /s/
    Jonathan New </FONT></TD>
    <TD STYLE="vertical-align: top"> &nbsp; </TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"> Chief Financial Officer </FONT></TD>
    <TD STYLE="vertical-align: top"> &nbsp; </TD>
    <TD STYLE="vertical-align: top"> September 11, 2014 </TD>
    <TD> &nbsp; </TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"> Jonathan New </FONT></TD>
    <TD STYLE="vertical-align: top"> &nbsp; </TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"> (Principal Financial Officer; Principal
    </FONT></TD>
    <TD STYLE="vertical-align: top"> &nbsp; </TD>
    <TD STYLE="vertical-align: top"> &nbsp; </TD>
    <TD> &nbsp; </TD></TR>
<TR>
    <TD STYLE="vertical-align: top"> &nbsp; </TD>
    <TD STYLE="vertical-align: top"> &nbsp; </TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"> Accounting Officer) </FONT></TD>
    <TD STYLE="vertical-align: top"> &nbsp; </TD>
    <TD STYLE="vertical-align: top"> &nbsp; </TD>
    <TD> &nbsp; </TD></TR>
<TR>
    <TD STYLE="vertical-align: top"> &nbsp; </TD>
    <TD STYLE="vertical-align: top"> &nbsp; </TD>
    <TD STYLE="vertical-align: top"> &nbsp; </TD>
    <TD STYLE="vertical-align: top"> &nbsp; </TD>
    <TD STYLE="vertical-align: top"> &nbsp; </TD>
    <TD> &nbsp; </TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"> * </FONT></TD>
    <TD STYLE="vertical-align: top"> &nbsp; </TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"> Director </FONT></TD>
    <TD STYLE="vertical-align: top"> &nbsp; </TD>
    <TD STYLE="vertical-align: top"> September 11, 2014 </TD>
    <TD> &nbsp; </TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"> Kenges Rakishev </FONT></TD>
    <TD STYLE="vertical-align: top"> &nbsp; </TD>
    <TD STYLE="vertical-align: top"> &nbsp; </TD>
    <TD STYLE="vertical-align: top"> &nbsp; </TD>
    <TD STYLE="vertical-align: top"> &nbsp; </TD>
    <TD> &nbsp; </TD></TR>
<TR>
    <TD STYLE="vertical-align: top"> &nbsp; </TD>
    <TD STYLE="vertical-align: top"> &nbsp; </TD>
    <TD STYLE="vertical-align: top"> &nbsp; </TD>
    <TD STYLE="vertical-align: top"> &nbsp; </TD>
    <TD STYLE="vertical-align: top"> &nbsp; </TD>
    <TD> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD> &nbsp; </TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"> Director </FONT></TD>
    <TD> &nbsp; </TD>
    &nbsp;</TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"> William Healy </FONT></TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD COLSPAN="2"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD COLSPAN="2"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"> * </FONT></TD>
    <TD> &nbsp; </TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"> Director </FONT></TD>
    <TD> &nbsp; </TD>
    <TD COLSPAN="2"> September 11, 2014 </TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"> David P. Kelley II </FONT></TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD COLSPAN="2"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD COLSPAN="2"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"> * </FONT></TD>
    <TD> &nbsp; </TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"> Director </FONT></TD>
    <TD> &nbsp; </TD>
    <TD COLSPAN="2"> September 11, 2014 </TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"> James Caan </FONT></TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD COLSPAN="2"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD COLSPAN="2"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD> &nbsp; </TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"> Director </FONT></TD>
    <TD> &nbsp; </TD>
    &nbsp;</TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"> Drew Freeman </FONT></TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD COLSPAN="2"> &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">&nbsp;</P>



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



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

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<tr style="vertical-align: top">
    <TD STYLE="width: 34%; border-bottom: black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">*/s/ Jonathan
    New</FONT></td>
    <TD STYLE="width: 2%">&nbsp;</td>
    <TD STYLE="width: 35%">&nbsp;</td>
    <TD STYLE="width: 2%">&nbsp;</td>
    <TD STYLE="width: 25%">&nbsp;</td>
    <TD STYLE="width: 2%">&nbsp;</TD></tr>
<tr style="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Jonathan New </FONT></td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</TD></tr>
<tr style="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">as attorney-in-fact&nbsp;&nbsp;&nbsp;</FONT></td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</TD></tr>
</table>

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<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>2
<FILENAME>v388664_ex5-1.htm
<DESCRIPTION>EXHIBIT 5.1
<TEXT>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<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: right">Exhibit 5.1</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: center"></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><U>[Opinion of Snell &amp; Wilmer L.L.P.]</U></B></P>

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

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

<!-- Field: Rule-Page --><DIV ALIGN="CENTER"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&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: 0pt 0">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">September 11, 2014</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">Net Element, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">3363 NE 163rd St., Suite 705</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">North Miami Beach, Florida 33160</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">Re:</TD><TD>Post-Effective Amendment No. 6 to Registration Statement on Form S-3 to Registration Statement on Form S-4 (File No. 333-182076)</TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We have acted as counsel to Net Element,
Inc., a Delaware corporation (the &ldquo;Company&rdquo;), in connection with the Company&rsquo;s preparation and filing with the
Securities and Exchange Commission (the &ldquo;Commission&rdquo;) of that certain Post-Effective Amendment No. 6 to the Registration
Statement on Form S-3 to the Registration Statement on Form S-4 (File No. 333-182076) (the &ldquo;Registration Statement&rdquo;)
under the Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;). The Registration Statement relates to the sale
from time to time by the Company of an aggregate of 4,598,900 shares of the Company&rsquo;s common stock, par value $0.0001 per
share (the &ldquo;Shares&rdquo;), issuable upon exercise of warrants (the &ldquo;Warrants&rdquo;) that were issued pursuant to
a Warrant Agreement, dated as of October 7, 2010, by and between the Company and Continental Stock Transfer &amp; Trust Company
(the &ldquo;Warrant Agreement&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; text-indent: 0.5in">This opinion is being furnished in accordance
with the requirements of Item 601(b)(5) of Regulation S-K under the Securities Act in connection with the filing of the Registration
Statement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In our examination, we have reviewed and
are familiar with the Registration Statement and exhibits thereto, including the prospectus comprising a part thereof. For the
purpose of rendering this opinion, we have made such factual and legal examinations as we deemed necessary under the circumstances,
and in that connection we have examined, among other things, originals or copies, certified or otherwise identified to our satisfaction,
of such documents, corporate records, certificates of public officials, certificates of officers or other representatives of the
Company, and other instruments and have made such inquiries as we have deemed appropriate for the purpose of rendering this opinion.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In our examination, we have
assumed without independent verification (i) the legal capacity and competency of all natural persons, (ii) the genuineness
of all signatures, (iii) the authenticity of all documents submitted to us as originals, (iv) the
conformity to original documents of all documents submitted to us as conformed or photostatic copies and the authenticity of
the originals of such latter documents and (v) the power and authority of all persons (other than the Company) signing such documents to execute,
deliver and perform under such documents, and the valid authorization, execution and delivery of such documents by such
persons. Our opinions are subject to applicable bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and
similar laws affecting creditors&rsquo; rights and remedies generally, and subject, as to enforceability, to general
principles of equity, including principles of commercial reasonableness, good faith and fair dealing (regardless of whether
enforcement is sought in a proceeding at law or in equity). As to any facts material to the opinions expressed herein which
were not independently established or verified, we have relied upon oral or written statements and representations of
officers or other representatives of the Company and others.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On the basis of, and in reliance on, the
foregoing examination and subject to the assumptions, exceptions, qualifications and limitations contained herein, we are of the
opinion that:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(1) The Warrants constitute valid and binding
obligations of the Company enforceable against the Company in accordance with their terms.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(2) The shares of Common Stock underlying
the Warrants, when issued upon exercise of the Warrants in the manner and on the terms described in the Registration Statement,
the Warrant Agreement and the Warrants, including receipt of the requisite consideration set forth therein, will be duly authorized,
validly issued, fully paid and non-assessable.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We hereby consent to the filing of this
opinion with the Commission as Exhibit 5.1 to the Registration Statement. We also consent to the reference to our firm under the
heading &ldquo;Legal Matters&rdquo; in the Registration Statement. In giving such consent, we do not thereby concede that we are
included in the category of persons whose consent is required under Section 7 of the Securities Act or the rules and regulations
of the Commission promulgated thereunder.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">/s/ Snell &amp; Wilmer L.L.P.</P>

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

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

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

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

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

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<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>3
<FILENAME>v388664_ex23-1.htm
<DESCRIPTION>EXHIBIT 23.1
<TEXT>
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<P STYLE="margin-top: 0; text-align: right; margin-bottom: 0">Exhibit 23.1</P>

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

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0"><B><U>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</U></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-indent: 0.5in">&nbsp;</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We hereby consent to the incorporation
by reference in the Joint Proxy Statement/Prospectus constituting a part of this Post-Effective Amendment No. 6 on Form S-3 to
the Registration Statement on Form S-4 (File No. 333-182076) of Net Element, Inc. of our report dated April 15, 2014, relating
to the consolidated financial statements as of and for the years ended December 31, 2013 and 2012, which appear in the Annual Report
on Form 10-K of Net Element, Inc. Our report contains an explanatory paragraph regarding the Company&rsquo;s ability to continue
as a going concern.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We also consent to the reference to us
under the caption &ldquo;Experts&rdquo; in the 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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ BDO USA, LLP</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">Certified Public Accountants</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">September 11, 2014</P>

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

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

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

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